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CITY OF RENTON, WASHINGTON
ORDINANCE N0. 4157
AN ORDINANCE relating to the waterworks utility
of the City, including the sewerage system as a part
thereof; specifying and adopting a system or plan of
additions to and betterments and extensions of the
waterworks utility; providing for the issuance of
$3 , 460 , 000 par value of Water and Sewer Revenue
Bonds, 1988, of the City for the purpose of obtaining
a part of the funds with which to pay the cost of
carrying out that system or plan; fixing the date,
form, denominations, maturities , interest rates ,
terms and covenants of those bonds ; creating a spe-
cial bond redemption account to provide for the pay-
ment of the bonds; and providing for the sale and
delivery of those bonds to Seattle-Northwest Securi-
ties Corporation, Seattle, Washington.
WHEREAS, by Ordinance No . 1156, as amended by Ordinances
Nos . 1157 and 1173 , the sewerage system of the City of Renton
(the "City" ) has become and is considered a part of the water-
works utility of the City (defined below as the "Waterworks
Utility of the City" ) ; and
WHEREAS, by Ordinance No . 2020 the system of storm or sur-
face water sewers was determined to consist as a part of the
sewerage system and, together with the sewerage system, combined
with the Waterworks Utility of the City; and
WHEREAS, the City previously has issued $315, 000 par value
of City of Renton Water and Sewer Refunding and Improvement
Revenue Bonds , 1953 (the "1953 Bonds" ) , dated March 1, 1953 ,
pursuant to Ordinances Nos . 1450 and 1452 ; and
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ORDINANCE TdO. 4157 ' '
WHEREAS, by Section 15 of Ordinance No. 1450, the City
reserved the right to issue additional water and sewer revenue
bonds which would constitute a charge and lien upon the revenue
of the Waterworks Utility of the City on a parity with the 1953
Bonds on compliance at the time of the issuance of such addi-
tional bonds with the following conditions :
" (A) Al1 payments required by this ordinance to
be paid into the 'Renton 1953 Water and Sewer Refund-
ing and Improvement Revenue Bond Fund' shall have
been made; and
" (B) The revenues of said waterworks system,
including the sewerage system, shall be and be deemed
sufficient, after the payment of operation and main-
tenance costs and taxes, based upon the historical
experience of said systems or the pro forma revenues
under then existing rates over a period of any
twenty-four consecutive months out of the thirty-six
months immediately precedinq the time of the issuance
of such additional bonds, to equal at least 1 . 5 times
the average annual principal and interest require-
ments of the bonds of this issue then outstanding and
of the revenue bonds proposed to be so issued. Such
determination of the sufficiency of the revenues
shall be made and certified to by an engineer experi-
enced in municipal utilities; and
" (C) The Ordinance authorizing the issuance of
such additional revenue bonds shall provide for the
setting aside into a reserve fund or account of an
amount not less than the average annual debt service
requirement, both principal and interest of the addi-
tional revenue bonds proposed to be so issued, which
reserve fund or account shall be maintained in such
amount so long as any of said bonds are outstanding
to the last maturity thereof" ;
and
WHEREAS, the City thereafter issued $325 , 000 par value of
Water and Sewer Revenue Bonds , 1954 , dated September l, 1954 ,
pursuant to Ordinance No . 1489 (the "1954 Bonds" ) ; $750, 000 par
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ORDINANCE N0. 4157 �
value of Water and Sewer Revenue Bonds , 1959 , dated July l,
1959 , pursuant to Ordinance No. 1766 (the "1959 Bonds" ) ;
$500, 000 par value of Water and Sewer Revenue Bonds, 1965, dated
May l, 1965, pursuant to Ordinance No . 2151 (the "1965 Bonds" ) ;
$545, 000 par value of Water and Sewer Revenue Refunding Bonds ,
1965, dated December 15, 1965, pursuant to Ordinance No . 2195
( "the 1965 Refunding Bonds") , for the purpose of refunding,
redeeming and retiring on July 1, 1974 , all of the then out-
standing 1959 Bonds; $3 , 000, 000 par value of Water and Sewer
Revenue Bonds, 1975, dated July 1, 1975, pursuant to Ordinance
No . 2930 (the "1975 Bonds") ; $2 , 950 , 000 par value of Water and
Sewer Revenue Refunding Bonds , 1976 , dated February 1, 1976,
pursuant to Ordinance No . 3007 (the "1976 Bonds" ) , for the pur-
pose of refunding, redeeming and retiring on January 1, 1989 ,
and July l, 1989 , all of the then outstanding 1975 Bonds ;
$3 , 095, 000 par value of Water and Sewer Revenue Refunding Bonds ,
1977, dated June 1, 1977, pursuant to Ordinance No . 3141, as
amended by Ordinance No. 3145 (the "1977 Bonds" ) , for the pur-
pose of providing a part of the money required to pay the prin-
cipal of and interest on the 1976 Bonds coming due to and
including July 1, 1989 , and to redeem and retire on July 1,
1989 , the outstanding 1976 Bonds numbered 96 to 590, inclusive,
maturing from July l, 1990 , to July 1, 2000, inclusive; and
$800, 000 par value of Water and Sewer Revenue Refunding Bonds ,
1977, Issue No . 2 , dated November l, 1977, pursuant to Ordinance
No . 3169 (the "1977 Bonds, Issue No . 2" ) , for the purpose of
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ORDIPdANCE N0. 4157
obtaining a part of the funds with which to refund, pay and
retire the outstanding 1954 Bonds, 1965 Bonds and 1965 Refunding
Bonds, all of which bonds at the time of their issuance were
issued on a parity of lien with the then outstanding 1953 Bonds
and with each other pursuant to the provisions of Section 15 of
Ordinance No. 1450, such parity issues of bonds being a first
lien and charge upon the gross revenue of the Waterworks Utility
of the City, excluding charges for maintenance and operation,
except that all of the 1953 Bonds have now been paid and
retired, and except the conditions of subparagraph (B) of Sec-
tion 15 of Ordinance No . 1450 were modified by Section 12 of
Ordinance No. 2930 pertaining to the 1975 Bonds , and by Sec-
tion 13 of Ordinance No . 3169 pertaining to the outstanding 1977
Bonds, Issue No . 2 , as to any parity bonds issued in the future,
and the City, by Section 13 of Ordinance No . 3169 , reserved the
right to issue Future Parity Bonds (as therein defined) which
will constitute a lien and charge upon the gross revenue of the
Waterworks Utility of the City on a parity with the 1977 Bonds ,
Issue No . 2, if the conditions set forth in Section 15 of Ordi-
nance No . 1450, as modified, are met and complied with at the
time of the issuance of such Future Parity Bonds, which section
was incorporated by reference in Ordinance No . 3169 and made a
part thereof and shall continue to be applicable even though the
1953 Bonds have been paid and retired; and
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ORDINANCE NO. 4157
WHEREAS, the City issued $3 , 045 , 000 par value of Water and
Sewer Revenue Refunding Bonds, 1977, Issue No . 3, dated Decem-
ber 1, 1977, pursuant to Ordinance No . 3188 (the "1977 Bonds ,
Issue No . 3" ) , for the purpose of obtaining a part of the funds
with which to refund, pay and retire all of the then outstanding
1977 Bonds ; $1, 500 , 000 par value of Water and Sewer Revenue
Bonds, 1983 , dated May 1, 1983 , pursuant to Ordinance No . 3720
(the "1983 Bonds" ) , for the purpose of carryinq out a system or
plan of additions to and betterments and extensions of the
Waterworks Utility of the City; $2 , 600, 000 par value of Water
and Sewer Revenue Bonds , 1985, dated April 1, 1985 , pursuant to
Ordinance No . 3896 (the "1985 Bonds" ) , for the purpose of carry-
ing out a system or plan of additions to and betterments and
extensions of the Waterworks Utility of the City; $1, 800, 000 par
value of Water and Sewer Revenue Bonds, 1986, dated February l,
1986, pursuant to Ordinance No . 3970 (the " 1986 Bonds" ) , for the
purpose of carrying out a system or plan of additions to and
betterments and extensions of the Waterworks Utility of the
City; and $3 , 375 , 000 par value of Water and Sewer Revenue Bonds,
1987, dated June l, 1987, pursuant to Ordinance No . 4068 (the
" 1987 Bonds" ) for the purpose of carrying out a system or plan
of additions to and betterments and extensions of the Waterworks
Utility of the City, which 1977 Bonds , Issue No . 3 , 1983 Bonds ,
1985 Bonds , 1986 Bonds and 1987 Bonds were issued on a parity of
lien with the outstanding 1977 Bonds, Issue No . 2 , pursuant to
the provisions of Section 15 of Ordinance No . 1450 , as modified
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ORDINANCE NO. 4157
by Section 13 of Ordinance No . 3169 and, with respect to the
1985 Bonds , 1986 Bonds and 1987 Bonds , as modified by Section 12
of Ordinance No . 3720; and
WHEREAS, the 1977 Bonds, Issue No . 2 , the 1977 Bonds , Issue
No . 3 , the 1983 Bonds , the 1985 Bonds, the 1986 Bonds and the
1987 Bonds are the only bonds presently outstanding payable out
of the revenue of the Waterworks Utility of the City; and
WHEREAS, the parity provisions of Section 15 of Ordinance
No . 1450, as modified by Section 13 of Ordinance No. 3169 and
Section 12 of Ordinance No . 3720 , provide that the City may
issue additional water and sewer revenue bonds which will con-
stitute a charge and lien upon the revenue of the Waterworks
Utility of the City on a parity with the 1977 Bonds, Issue
No . 2 , the 1977 Bonds , Issue No . 3 , the 1983 Bonds, the 1985
Bonds, the 1986 Bonds , the 1987 Bonds and any bonds issued
thereafter and having a charge and lien upon the revenue of the
Waterworks Utility of the City on a parity with those bonds on
compliance at the time of the issuance of such additional bonds
with the followinq conditions :
" (A) All payments required by any ordinance to
be paid into any bond redemption funds and accounts
thereof created to secure the payment of bonds issued
on a parity of lien herewith shall have been made
into the respective bond redemption funds and
accounts thereof for the payment of such bonds and no
deficiency exists therein; and
" (B) The revenues of said waterworks system,
including the sewerage system, shall be and be deemed
sufficient, after the payment of operation and main-
tenance costs and taxes , based upon the historical
experience of said systems or the pro forma revenues
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ORDINANCE N0. 4157
under then existing rates over a period of any
twenty-four consecutive months out of the thirty-six
months immediately preceding the time of the issuance
of such additional bonds , to equal at least 1 . 3 times
the average annual principal and interest require-
ments of the bonds of this issue then outstanding and
of the revenue bonds proposed to be so issued. Such
determination of the sufficiency of the revenues
shall be made and certified to by an engineer experi-
enced in municipal utilities ; and
" (C) The ordinance authorizing the issuance of
such additional revenue bonds shall provide for the
setting aside into a reserve fund or account of an
amount not less than the average annual debt service
requirement, both principal and interest of the addi-
tional revenue bonds proposed to be so issued, which
reserve fund or account shall be maintained in such
amount so long as any of said bonds are outstanding
to the last maturity thereof" ;
and
WHEREAS, on June 11, 1984 , the City Council passed and the
Mayor approved Resolutions Nos . 2546 and 2547 adopting the 1983
Comprehensive Sanitary Sewer Plan and 1983 Comprehensive Water
System Plan, respectively, for the City, but for the purpose of
financing facilities in those plans it is necessary to specify
and adopt them by ordinance; and
WHEREAS, the City Council has determined that it is neces-
sary and in the best interests of the City that certain addi-
tional improvements described in the 1983 Comprehensive Water
System Plan and the 1983 Comprehensive Sanitary Sewer Plan be
made and there be adopted a system or plan of additions to and
betterments and extensions of the Waterworks Utility of the
City; and
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ORDINANCE N0. 4157
WHEREAS, the City Council has determined that it is neces-
sary to issue and sell $3 , 460, 000 par value of water and sewer
revenue bonds to provide a part of the funds necessary to carry
out the system or plan providing for additions to and better-
ments and extensions of the Waterworks Utility of the City and
to pay the costs of issuance and sale of the water and sewer
revenue bonds provided for herein; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN, as follows :
SECTION I . As used in this ordinance, the following words
shall have the following meanings :
"Annual Debt Service" for the Bonds shall mean all the
interest plus all principal which will mature or come due in any
year .
"Averaqe Annual Debt Service" shall mean the sum of the
Annual Debt Service for the remaininq years to the last sched-
uled maturity of the Bonds divided by the number of those years .
"Bond Fund" shall mean that special fund of the City known
as the 1988 Water and Sewer Revenue Bond Redemption Account
created by this ordinance as a separate account in the Water and
Sewer Revenue Parity Bond Fund for the payment of the principal
of and interest on the Bonds .
"Bond Reqistrar" shall mean the fiscal agencies of the
State of Washington in Seattle, Washington, and New York, New
York, as the same shall be designated from time to time .
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ORDINANCE NO. 4157 J
" "Bonds" shall mean the $3 , 460, 000 par value City of Renton
Water and Sewer Revenue Bonds, 1988, authorized to be issued by
this ordinance.
"City" shall mean the City of Renton, Washington, a duly
organized and legally existing noncharter code city under the
laws of the State of Washington.
"Future Parity Bonds" shall mean all water and sewer reve-
nue bonds of the City issued after the date of the issuance of
the Bonds and having a lien and charge upon the Revenue of the
Waterworks Utility of the City on a parity with the lien and
charge upon such Revenue for the payment of the principal of and
interest on the Outstanding Parity Bonds and the Bonds .
"Maintenance and Operation Expense" shall mean all expenses
incurred by the City in causing the Waterworks Utility of the
City to be operated and maintained in good repair, working order
and condition, which shall not include any depreciation expenses
or taxes or charges in lieu of taxes levied or imposed by the
City.
"Outstanding Parity Bonds" shall mean the 1977 Bonds , Issue
No. 2 , the 1977 Bonds, Issue No . 3, the 1983 Bonds, the 1985
Bonds, the 1986 Bonds and the 1987 Bonds .
"Principal and Interest Account" shall mean the subaccount
of that name created in the Bond Fund by this ordinance for the
payment of the principal of and interest on the Bonds .
"Reserve Account" shall mean the subaccount of that name
created in the Bond Fund by this ordinance for the purpose of
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ORDINANCE NO. 4157
securing the payment of the principal of and interest on the
Bonds .
"Revenue of the Waterworks Utility of the City" shall mean
all the earnings and revenue received by the Waterworks Utility
of the City from any source whatsoever, including payments
received under contract with other municipal corporations for
water service, except general taxes, charges in lieu of taxes,
assessments in any utility local improvement district hereafter
created, proceeds from the sale of City property, bond proceeds
and earnings subject to a federal tax or rebate requirement .
"Term Bonds" shall mean those Bonds maturing in the year
2008, and any Outstanding Parity Bonds and/or Future Parity
Bonds identified as such in the ordinance authorizing the issu-
ance thereof, the payment of which is provided for by a require-
ment for mandatory deposits of money into the principal and
interest account of the bond redemption fund created for the
payment of such issue of bonds in accordance with a mandatory
sinking fund requirement .
"Water and Sewer Revenue Parity Bond Fund" shall mean the
fund of that name created by Ordinance No . 3896 .
"Waterworks Utility Fund of the City" shall mean that
special fund of the City into which all of the Revenue of the
Waterworks Utility of the City (except for earnings in any spe-
cial fund for the redemption of revenue obligations of the
Waterworks Utility) shall be deposited.
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ORDINALdCE N0. 4157
"Waterworks Utility of the City" shall mean the combined
water and sewerage systems, including the storm and surface
water sewers, of the City as the same may be added to, improved
and extended for as long as any of the Outstandinq Parity Bonds,
the Bonds and any Future Parity Bonds are outstandinq .
SECTION II . The City specifies, adopts and orders the
carrying out of a system or plan of additions to and betterments
and extensions of the Waterworks Utility of the City consisting
of the improvements, acquisitions and work described in Exhibit
A attached hereto and by this reference made a part hereof .
There shall be included in the foregoing system or plan the
acquisition and installation of all necessary valves , pumps,
fittings, couplings , connections, equipment and appurtenances ,
the acquisition of any easements, rights-of-way and land that
may be required and the performance of such work as may be inci-
dental thereto and necessary.
All of the foreqoing shall be in accordance with the plans
and specifications therefor prepared by the City' s engineers and
consulting engineers .
The City Council may modify the details of the foregoing
system or plan where, in its judgment, it appears advisable if
such modifications do not substantially alter the purposes of
that system or plan.
The life of the improvements comprising the foregoing sys-
tem or plan of additions to and betterments and extensions of
the Waterworks Utility of the City is declared to be at least
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ORDINANCE N0. 4157
twenty years . The estimated cost of the acquisition, construc-
tion, installation and financing of the above-described improve-
ments, including the costs of issuance and sale of the Bonds, is
declared to be approximately $5, 163 ,279 . That cost shall be
paid from the proceeds of the Bonds authorized in this ordinance
and other money of or received by the City which is made avail-
able therefor .
SECTION III . The City Council finds that all payments
required by Ordinances Nos . 3169 , 3188, 3720 , 3896 , 3970 and
4068 for the Outstanding Parity Bonds have been made into the
respective bond redemption funds and accounts therein for the
Outstanding Parity Bonds, that provision hereinafter is made for
the accumulation of the amounts required in the Reserve Account
of the Bond Fund, and that there will be on file prior to the
issuance and delivery of the Bonds a certificate of Richard H.
Harbert of RH2 Engineering, P.S. , an engineer experienced in
municipal utilities, that the Revenue of the Waterworks Utility
is sufficient to meet the 1 . 3 coveraqe requirement of those
ordinances .
SECTION IV. For the purpose of providing a part of the
money required to carry out the system or plan of additions to
and betterments and extensions of the Waterworks Utility of the
City, including the cost of issuance and sale of the Bonds , as
herein specified, adopted and ordered to be carried out , the
City shall issue the Bonds in the aggregate principal amount of
$3 , 460 , 000 . The Bonds shall be designated City of Renton Water
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ORDINANCE N0. 4157 * �
and Sewer Revenue Bonds, 1988 (defined above as the "Bonds" ) ;
shall be dated June 1, 1988; shall be in the denomination of
$5, 000 or any integral multiple thereof within a single matur-
ity; shall be numbered separately in the manner and with any
additional desiqnation as the Bond Registrar deems necessary for
the purpose of identification; and shall bear interest at the
rates set forth below, computed on the basis of a 360-day year
of twelve 30-day months, payable on December 1, 1988 , and semi-
annually thereafter on each succeeding June 1 and December l .
The Bonds shall bear interest at the rates and mature on June 1
in years and amounts as follows :
Maturity Interest
Years Amounts Rates
1989 $ 85, 000 5 . 25%
1990 90, 000 5 . 60
1991 95, 000 5 . 80
1992 100, 000 6 . 00
1993 110, 000 6 . 25
1994 115, 000 6 . 50
1995 125, 000 6 . 60
1996 130, 000 6 . 75
1997 140, 000 6 . 90
1998 150, 000 7 . 00
1999 160, 000 7 . 15
2000 175, 000 7 . 30
2001 185, 000 7 . 45
2002 200 , 000 7 . 60
2003 220, 000 7 . 70
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2008 1, 380 , 000 7 . 85
SECTION V. The Bonds shall be issued only in reqistered
form as to both principal and interest and recorded on books or
records maintained by the Bond Registrar (the "Bond Register" ) .
The Bond Register shall contain the name and mailing address of
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ORDINANCE N0. 4157
the owner of each Bond and the principal amount and number of
each of the Bonds held by each owner .
Bonds surrendered to the Bond Reqistrar may be exchanged
for Bonds in any authorized denomination of an equal aqqregate
principal amount and of the same interest rate and maturity.
Bonds may be transferred only if endorsed in the manner provided
thereon and surrendered to the Bond Registrar . Any exchange or
transfer shall be without cost to the owner or transferee. The
Bond Registrar shall not be obligated to exchange or transfer
any Bond during the fifteen days preceding any principal payment
or redemption date.
SECTION VI . Both principal of and interest on the Bonds
shall be payable in lawful money of the United States of
America . Interest on the Bonds shall be paid by checks or
drafts mailed on the interest payment date to the registered
owners at the addresses appearing on the Bond Register on the
fifteenth day of the month preceding the interest payment date.
Principal of the Bonds shall be payable upon presentation and
surrender of the Bonds by the registered owners at either of the
principal offices of the Bond Registrar at the option of the
owners . The Bonds shall be payable solely out of the Bond Fund
and shall be a valid claim of the owners thereof only as aqainst
the Bond Fund and the amount of the Revenue of the Waterworks
Utility of the City pledged to that fund and shall not be
general obligations of the City.
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ORDINANCE N0. 4157 ' �
SECTION VII . Bonds maturing in the years 1989 through
1998, inclusive, shall be issued without the right or option of
the City to redeem those Bonds prior to their stated maturity
dates . The City reserves the riqht and option to redeem Bonds
maturing on or after June 1, 1999, prior to their stated matur-
ity dates from funds from any source as a whole at any time on
or after June l, 1998, or in part by lot in such manner as the
Bond Registrar shall determine within one or more maturities
selected by the City, on June l, 1998, or on any interest
payment date thereafter, at par plus accrued interest to the
date fixed for redemption.
Bonds maturing in the year 2008 are Term Bonds and, if not
purchased in the open market or redeemed under the optional
redemption provisions set forth above, shall be called for
redemption by lot (in such manner as the Bond Registrar shall
determine) at par plus accrued interest on the followinq dates
and in the following amounts :
Mandatory Redemption Mandatory Redemption
Dates Amounts
June l, 2004 $235, 000
June l, 2005 255, 000
June 1, 2006 275, 000
June 1, 2007 295, 000
June l, 2008 320 , 000
Term Bonds previously redeemed by optional call or open
market purchase shall be credited to the principal amount of
Term Bonds to be called on the latest schedule mandatory
redemption date .
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ORDINANCE NO. 4157
Portions of the principal amount of any Bond, in install-
ments of $5, 000 or any integral multiple thereof, may be
redeemed. If less than all of the principal amount of any Bond
is redeemed, upon surrender of that Bond at either of the prin-
cipal offices of the Bond Registrar, there shall be issued to
the registered owner, without charge therefor, a new Bond (or
Bonds at the option of the registered owner) of the same inter-
est rate and maturity in any of the denominations authorized by
this ordinance in the agqregate total principal amount remaining
unredeemed.
The City further reserves the right and option to purchase
any or all of the Bonds in the open market at any time at a
price not in excess of par plus accrued interest to the date of
purchase.
All Bonds purchased or redeemed under this section shall be
cancelled.
SECTION VIII . The City shall cause notice of any intended
redemption of Bonds to be given not less than 30 nor more than
60 days prior to the date fixed for redemption by first-class
mail, postage prepaid, to the registered owner of any Bond to be
redeemed at the address appearing on the Bond Register at the
time the Bond Registrar prepares the notice, and the require-
ments of this sentence shall be deemed to have been fulfilled
when notice has been mailed as so provided, whether or not it is
actually received by the owner of any Bond. Interest on Bonds
called for redemption shall cease to accrue on the date fixed
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ORDINANCE NO. 4157
for redemption unless the Bond or Bonds called are not redeemed
when presented pursuant to the call . In addition, the redemp-
tion notice shall be mailed within the same period, postage pre-
paid, to Moody' s Investors Service, Inc. , and Standard & Poor ' s
Corporation at their offices in New York, New York, or their
successors, to Seattle-Northwest Securities Corporation, at its
principal office in Seattle, Washington, or its successor, and
to such other persons and with such additional information as
the City Finance Director shall determine, but these additional
mailings shall not be a condition precedent to the redemption of
Bonds .
SECTION IX. If any Bond is not redeemed when properly pre-
sented at its maturity or call date, the City shall be obligated
to pay interest on that Bond at the same rate provided in the
Bond from and after its maturity or call date until that Bond,
both principal and interest, is paid in full or until sufficient
money for its payment in full is on deposit in the bond redemp-
tion fund hereinafter created and the Bond has been called for
payment by giving notice of that call to the registered owner of
each of those unpaid Bonds .
SECTION X. There is created the 1988 Water and Sewer Reve-
nue Bond Redemption Account (heretofore defined as the Bond
Fund) which shall be a separate bond redemption account within
the Water and Sewer Revenue Parity Bond Fund. The Bond Fund is
divided into two subaccounts, the Principal and Interest Account
and the Reserve Account . So long as Bonds are outstanding
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ORDINANCE N0. 4157
against the Bond Fund, the City Finance Director shall (a) set
aside and pay into the Principal and Interest Account out of the
Revenue of the Waterworks Utility of the City a fixed amount,
without regard to any fixed proportion, namely, monthly, on or
before the first day of each month beginning with the month of
June 1988 , an amount, together with the accrued interest
received upon the delivery of the Bonds to the initial purchaser
thereof or other money on deposit therein, equal to 1/6 of the
next ensuing six months ' requirements for interest and 1/12 of
the amount of principal of the Bonds payable on the next ensuing
principal payment and/or mandatory redemption date and continu-
ing thereafter until the Bonds , both principal and interest, are
paid in full, and (b) set aside and pay into the Reserve Account
out of the Revenue of the Waterworks Utility of the City in
substantially equal monthly payments such amounts so that by no
later than June 1, 1993 , there shall have been accumulated in
the Reserve Account for the Bonds an amount not less than the
Average Annual Debt Service for the Bonds .
The Reserve Account in the Bond Fund may be accumulated
from any other money which the City may have available for that
purpose in addition to or in lieu of using revenue therefor .
The City further agrees that when the required amounts have
been paid into the Reserve Account in the Bond Fund, the City
will maintain those amounts therein at all times, except for
withdrawals therefrom as authorized herein, until there is
sufficient money in the Bond Fund, including the Reserve Account
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ORD INANCE Pd0. 415 7
therein, to pay the principal of and interest to maturity on all
outstanding Bonds, at which time no further payments need be
made into the Bond Fund, and the money in the Bond Fund, includ-
ing the Reserve Account, may be used to pay that principal and
interest .
In the event there shall be a deficiency in the Principal
and Interest Account to meet maturing installments of either
principal or interest, as the case may be, on the Bonds, the
deficiency shall be made up from the Reserve Account by the
withdrawal of cash therefrom for that purpose. Any deficiency
created in the Reserve Account by reason of any withdrawal shall
then be made up from the Revenue of the Waterworks Utility of
the City first available after making necessary provisions for
the required payments into the Principal and Interest Account .
All money in the Reserve Account not needed to meet the
payments of principal and interest when due may be kept on
deposit in the official bank depository of the City or in any
national bank or may be invested in any legal investment for
City funds maturing not later than the interest or principal and
interest payment date when the money will be needed. Interest
on any of those investment or on that bank account shall be
deposited in and become a part of the Reserve Account until the
total required reserve amount shall have been accumulated
therein, after which time the interest shall be deposited in the
Principal and Interest Account .
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ORDINANCE PdO. 4157
Notwithstanding the provisions for the deposit or mainte-
nance of earnings in accounts of the Bond Fund, any earnings
which are subject to a federal tax or rebate requirement may be
withdrawn from the Bond Fund for deposit into a separate fund or
account for that purpose.
If the City shall fail to set aside and pay into the Bond
Fund the amounts set forth above, the owner of any of the out-
standing Bonds may bring an action against the City to compel
that setting aside and payment .
SECTION XI . Funds in the Waterworks Utility Fund of the
City (other than in any bond redemption or federal rebate
account) shall be used in the following order of priority:
(a) To pay Maintenance and Operation Expense;
(b) To pay the interest on the Outstanding Parity
Bonds, the Bonds and any Future Parity Bonds ;
(c) To pay the principal of the Outstanding Parity
Bonds, the Bonds and any Future Parity Bonds;
(d) To make all payments required to be made into
any sinking fund or bond redemption fund here-
after created for the payment of Future Parity
Bonds which are Term Bonds;
(e) To make all payments required to be made into
the reserve accounts created to secure the pay-
ment of the Outstanding Parity Bonds, the Bonds
and any Future Parity Bonds;
(f) To make all payments required to be made into
any revenue bond optional redemption fund or
warrant redemption fund and debt service account
or reserve account created to pay and secure the
payment of the principal of and interest on any
revenue bonds or revenue warrants of the City
havinq a lien upon the Revenue of the Waterworks
Utility junior and inferior to the lien thereon
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ORDINANCE N0. 4157
for the payment of the principal of and interest
on the Outstanding Parity Bonds, the Bonds and
any Future Parity Bonds; and
(g) To retire by optional redemption or purchase in
the open market any outstanding revenue bonds or
revenue warrants of the City, to make necessary
additions, betterments, improvements and repairs
to or extensions and replacements of the Water-
works Utility of the City or for any other law-
ful City purpose .
SECTION XII . The Revenue of the Waterworks Utility of the
City is pledged to the payments set forth in Section X, and the
Bonds shall constitute a lien and charge on that revenue prior
and superior to any other charges whatsoever, excluding Mainte-
nance and Operation Expense, except that the lien and charqe on
such revenue for the Bonds shall be on a parity with the lien
and charge thereon for the Outstanding Parity Bonds and any
Future Parity Bonds hereafter issued.
SECTION XIII . In the judgment of the City Council, the
Revenue and benefits to be derived from the operation and main-
tenance of the Waterworks Utility of the City, at the rates to
be charged for water, sanitary sewage disposal service and storm
and surface water drainage service in the entire utility, will
be more than sufficient to meet all Maintenance and Operation
Expense (and cost of maintenance and operation of the Waterworks
Utility as that term is used in RCW 35 . 92 . 100) and the debt ser-
vice requirements of the Outstanding Parity Bonds and to permit
the setting aside in the Bond Fund, out of the revenue of the
entire utility, of amounts sufficient to pay the interest on the
Bonds as that interest becomes payable and to pay and redeem all
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ORDINANCE NO. 4157
of the Bonds at maturity. The City Council further declares
that in creating the Bond Fund and in fixing the amounts to be
paid into the same, as aforesaid, it has exercised due regard
for the Maintenance and Operation Expense (and costs of mainte-
nance and operation as used in RCW 35 . 92 . 100) and the debt ser-
vice requirements of the presently outstanding Outstanding
Parity Bonds, and the City has not bound and obligated itself to
set aside and pay into the Bond Fund a greater amount or propor-
tion of the revenue of that utility than in the judgment of the
City Council will be available over and above Maintenance and
Operation Expense (and such costs of maintenance and operation)
and debt service requirements of the Outstanding Parity Bonds
and that no portion of the Revenue of the Waterworks Utility of
the City has been previously pledged for any unrefunded indebt-
edness other than the payment of the presently outstanding Out-
standing Parity Bonds .
SECTION XIV. The City covenants and agrees with the owner
of each Bond at any time outstanding as follows :
(a) It will establish, maintain and collect such
rates and charges for water, sanitary sewage disposal
service and storm and surface water drainage service
so long as any Outstanding Parity Bonds and Bonds are
outstanding as will make available for the payment of
the principal of and interest on such bonds an amount
equal to at least 1 . 3 times the average annual debt
service requirements , both principal and interest, on
the Outstanding Parity Bonds and the Bonds after
deducting Maintenance and Operation Expense from the
Revenue of the Waterworks Utility of the City.
"Averaqe annual debt service requirements" shall mean
the aggregate amount of principal and interest payable
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ORDINANCE NO. 4157
in each year over the remaining life of such Outstand-
ing Parity Bonds and Bonds divided by the number of
maturity years remaining to the last maturity of the
longest maturing issue, being the year 2008 .
(b) It will at all times maintain and keep the
Waterworks Utility of the City in good repair, working
order and condition and also will at all times operate
such Utility and the business in connection therewith
in an efficient manner and at a reasonable cost .
(c) It will not sell, lease, mortgage or in any
manner encumber or dispose of all the property of the
Waterworks Utility of the City unless provision is
made for payment into each of the Renton 1977 Water
and Sewer Revenue Refundinq Bond Redemption Fund,
No . 2 (the " 1977 Bonds , Issue No . 2 Bond Fund" ) , the
Renton 1977 Water and Sewer Revenue Refunding Bond
Redemption Fund, No . 3 (the "1977 Bonds, Issue No . 3
Bond Fund" ) , the Renton 1983 Water and Sewer Revenue
Bond Fund (the "1983 Bond Fund" ) , and in the 1985
Water and Sewer Revenue Bond Redemption Account (the
"1985 Bond Fund" ) , the 1986 Water and Sewer Revenue
Bond Account (the "1986 Bond Fund" ) , the 1987 Water
and Sewer Revenue Bond Account (the "1987 Bond Fund" )
and the Bond Fund in the Water and Sewer Revenue
Parity Bond Fund of sums sufficient to pay, respec-
tively, the principal of and interest on all 1977
Bonds, Issue No . 2 , 1977 Bonds , Issue No . 3 , 1983
Bonds, 1985 Bonds , 1986 Bonds, 1987 Bonds and the
Bonds at any time outstanding, and that it will not
sell, lease, mortgage, or in any manner encumber or
dispose of any part of the property of the Waterworks
Utility of the City that is used, useful and material
to the operation thereof , unless provision is made for
replacement thereof , or for payment into the 1977
Bonds, Issue No . 2 Bond Fund, the 1977 Bonds, Issue
No . 3 Bond Fund, the 1983 Bond Fund, the 1985 Bond
Fund, the 1986 Bond Fund, the 1987 Bond Fund and the
Bond Fund in the Water and Sewer Revenue Parity Bond
Fund of the total amount of revenue received which
shall not be less than an amount which shall bear the
same ratio to the amount of the outstanding 1977
Bonds , Issue No . 2 , 1977 Bonds , Issue No . 3 , 1983
Bonds, 1985 Bonds , 1986 Bonds , 1987 Bonds and Bonds,
respectively, as the revenue available for debt ser-
vice for such outstanding bonds for the twelve months
preceding such sale, lease, encumbrance or disposal
from the portion of the utility sold, leased, encum-
bered or disposed of bears to the revenue available
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ORDINANCE NO. 4157
for debt service for such bonds from the entire util-
ity for the same period. Any such money so paid into
such funds shall be used to retire such outstanding
bonds at the earliest possible date.
(d) It will while any of the Bonds remains out-
standing keep proper and separate accounts and records
in which complete and separate entries shall be made
of all transactions relating to the Waterworks Utility
of the City, and it will furnish the original pur-
chaser or purchasers of the Bonds or any subsequent
owner or owners thereof at the written request of such
owner or owners complete operating and income state-
ments of such utility in reasonable detail issued in
any calendar year not more than ninety days after the
close of such calendar year, and it will grant any
owner or owners of at least twenty-five percent of the
outstanding Bonds the right at all reasonable times to
inspect the entire Waterworks Utility of the City and
all records, accounts and data of the City relating
thereto . Upon request of any owner of any of the
Bonds, it also will furnish to such owner a copy of
the most recently completed audit of the City' s
accounts by the State Auditor of Washington.
(e) It will not furnish water, sanitary sewage
disposal service or storm and surface water drainage
service to any customer whatsoever free of charge and
promptly will take legal action to enforce collection
of all delinquent accounts .
(f) It will carry the types of insurance on the
Waterworks Utility of the City properties in the
amounts normally carried by private water and sewer
companies engaged in the operation of water and
sewerage systems, and the cost of such insurance shall
be considered a part of operating and maintaining such
utility. If, as, and when the United States of
America or some aqency thereof shall provide for war
risk insurance, the City further agrees to take out
and maintain such insurance on all or such portions of
such utility on which such war risk insurance may be
written in an amount or amounts to cover adequately
the value thereof .
(g) It will pay all Maintenance and Operation
Expense and the debt service requirements for the Out-
standing Parity Bonds and the outstanding Bonds , and
otherwise meet the obligations of the City as herein
set forth.
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ORDINANCE N0. 4157 �
(h) It will take all actions necessary to pre-
vent the interest on the Bond from being included in
gross income for federal income tax purposes, and it
will neither take any action nor make or permit any
use of proceeds of the Bonds or other funds of the
City at any time during the term of the Bonds which
will cause the interest on the Bonds to be included in
gross income for federal income tax purposes . The
City also covenants that, if all gross proceeds of the
Bonds have not been spent within six months after the
date of issuance of the Bonds, it will calculate, or
cause to be calculated, and rebate to the United
States all earnings from the investment of gross
proceeds of the Bonds that are in excess of the amount
that would have been earned had the yield on those
investments been equal to the yield on the Bonds , plus
all income derived from those excess earnings, to the
extent and in the manner required by Section 148 of
the United States Internal Revenue Code of 1986, as
amended (the "Code" ) , and applicable regulations . If
the City fails to meet rebate requirements applicable
to the Bonds under Section 148 of the Code, the City
covenants that, to the extent permitted by that
Section, it will pay the penalty provided in Subsec-
tion 148(f) (7) (C) if required to prevent interest on
the Bonds from being included in gross income for
federal income tax purposes .
The City has not been notified of any listing or proposed
listing by the Internal Revenue Service to the effect that it is
a bond issuer whose arbitrage certifications may not be relied
upon.
SECTION XV. The City has determined and certifies that
(a) the Bonds are not "private activity bonds" within the mean-
ing of Section 141 of the Code; (b) the reasonably anticipated
amount of tax-exempt obligations (other than private activity
bonds) which the City and any entity subordinate to the City
(including any entity which the City controls that derives its
authority to issue tax-exempt obligations from the City or which
issues tax-exempt obligations on behalf of the City) will issue
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ORDINANCE NO. 4157
during the calendar year in which the Bonds are issued will not
exceed $10, 000, 000; and (c) the amount of tax-exempt obliga-
tions , including the Bonds, designated by the City as "qualified
tax-exempt obligations" for the purposes of Section 265(b) (3) of
the Code during the calendar year in which the Bonds are issued
does not exceed $10, 000, 000 . The City designates the Bonds as
"qualified tax-exempt obligations" for the purposes of Section
265(b) (3) of the Code.
SECTION XVI . The Bonds shall be printed or lithographed on
good bond paper in a form consistent with the provisions of this
ordinance and state law, shall be signed by the Mayor and City
Clerk, either or both of whose siqnatures may be manual or in
facsimile, and the seal of the City of a facsimile reproduction
thereof shall be impressed or printed thereon.
Only Bonds bearing a Certificate of Authentication in the
following form, manually signed by the Bond Registrar, shall be
valid or obligatory for any purpose or entitled to the benefits
of this ordinance:
CERTIFICATE OF AUTHENTICATION
This bond is one of the fully registered City of
Renton, Washington Water and Sewer Revenue Bonds ,
1988 , described in te Bond Ordinance.
WASHINGTON STATE FISCAL AGENCY
Bond Registrar
By
Authorized Officer
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ORDINANC� NO. 4157
The authorized signing of a Certificate of Authentication shall
be conclusive evidence that the Bonds so authenticated have been
duly executed, authenticated and delivered and are entitled to
the benefits of this ordinance.
If any officer whose facsimile signature appears on the
Bonds ceases to be an officer of the City authorized to sign
bonds before the Bonds bearing his or her facsimile signature
are authenticated or delivered by the Bond Registrar or issued
by the City, those Bonds nevertheless may be authenticated,
delivered and issued and, when authenticated, issued and deliv-
ered, shall be as binding on the City as though that person had
continued to be an officer of the City authorized to sign
bonds . Any Bond also may be signed on behalf of the City by any
person who, on the actual date of signinq of the Bond, is an
officer of the City authorized to sign bonds , although he or she
did not hold the required office on the date of issuance of the
Bonds .
SECTION XVII . The Bond Registrar shall keep, or cause to
be kept, at its principal corporate trust office, sufficient
books for the registration and transfer of the Bonds which shall
be open to inspection by the City at all times . The Bond Regis-
trar is authorized, on behalf of the City, to authenticate and
deliver Bonds transferred or exchanged in accordance with the
provisions of the Bonds and this ordinance, to serve as the
City' s paying agent for the Bonds and to carry out all of the
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ORDINANCE NO. 4157
Bond Registrar ' s powers and duties under this ordinance and City
Ordinance No . 3755 establishing a system of registration for the
City' s bonds and obligations .
The Bond Registrar shall be responsible for its representa-
tions contained in the Bond Registrar ' s Certificate of Authenti-
cation on the Bonds . The Bond Registrar may become the owner of
Bonds with the same rights it would have if it were not the Bond
Registrar and, to the extent permitted by law, may act as depos-
itory for and permit any of its officers or directors to act as
members of, or in any other capacity with respect to, any com-
mittee formed to protect the rights of Bond owners .
SECTION XVIII . The Bonds shall be negotiable instruments
to the extent provided by RCW 62A. 8-102 and 62A. 8-105 .
SECTION XIX. In the event the City shall issue advance
refunding bonds pursuant to the laws of the State of Washington,
or have money available from any other lawful source, to pay the
principal of and interest on the Bonds or such portion thereof
included in the refunding or defeasance plan as the same become
due and payable and to refund or defease all such then outstand-
ing Bonds and to pay the costs of refunding or defeasance, and
shall have irrevocably set aside for and pledged to such pay-
ment, refunding or defeasance, money and/or direct obligations
of the United States of America sufficient in amount, together
with known earned income from the investment thereof , to make
such payments and to accomplish the refunding as scheduled
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ORDINAPICE NO. 4157
(hereinafter called the "trust account" ) and shall make irrevo-
cable provisions for redemption of such Bonds, then in that case
the Bonds shall be deemed defeased (hereinafter collectively
called the "defeased Bonds" ) . Thereafter, all right and inter-
est of the owners of the defeased Bonds in the covenants of this
ordinance, in the Revenue of the Waterworks Utility of the City
and in funds and accounts obligated to the payment of such Bonds
shall cease and become void, except such owners shall have the
right to receive payment of the principal of and interest on the
defeased Bonds from the trust account and, in the event the
funds in the trust account are not available for such payment,
shall have the residual right to receive payment of the princi-
pal of and interest on the defeased Bonds from the Revenue of
the Waterworks Utility of the City without any priority of lien
or charge against such revenue or covenants with respect thereto
except to be paid therefrom.
After the establishing and full funding of the trust
account, the City may then apply any money in any other fund or
account established for the payment or redemption of the
defeased Bonds to any lawful purposes as it shall determine,
subject only to the rights of the owners of any other bonds then
outstanding .
In the event the refunding plan provides that the Bonds
being refunded or the refunding bonds to be issued be secured by
cash and/or direct obligations of the United States of America
or other legal investments pending the prior redemption of those
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ORDINANCE N0. 4157 ,
Bonds being refunded and if such refunding plan also provides
that certain cash and/or direct obligations of the United States
of America or other legal investments are pledged irrevocably
for the prior redemption of those Bonds included in the refund-
ing plan, then only the debt service on the Bonds which are not
defeased Bonds and the refunding bonds , the payment of which is
not so secured by the refunding plan, shall be included in the
computation of coverage for issuance of Future Parity Bonds and
the annual computation of coverage for determining compliance
with the rate covenants .
SECTION XX. The City reserves the riqht to issue Future
Parity Bonds which will constitute a lien and charge on the
Revenue of the Waterworks Utility of the City on a parity with
the Outstanding Parity Bonds and the Bonds if the conditions set
forth in Section 15 of Ordinance No . 1450 , as modified by the
provisions set forth in Section 13 of Ordinance No . 3169 and
Section 12 of Ordinance No . 3720 are met and complied with at
the time of the issuance of those Future Parity Bonds, which
sections are by this reference incorporated herein and made a
part hereof and shall continue to be applicable even though the
1953 Bonds have been paid and retired.
SECTION XXI . There has been created in the office of the
City Finance Director a special fund of the City known and
designated as the Water and Sewer Construction Fund, 1983 (the
"Construction Fund" ) . The principal proceeds received from the
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ORDINANCE NO. 4157
issuance and sale of the Bonds shall be deposited in the Con-
struction Fund and shall be used to pay the costs of carrying
out the system or plan of additions to and betterments and
extensions of the Waterworks Utility of the City specified,
adopted and ordered to be carried out by this ordinance and the
expenses incurred in the issuance of the Bonds . Pending the
expenditure of the principal proceeds out of the Construction
Fund, the money in that fund may be invested in any legal
investment and the investment income may be retained in that
fund and used for the purposes of the fund, except that earnings
subject to a federal tax or rebate requirement may be withdrawn
from the Construction Fund for those tax or rebate purposes .
The accrued interest on the Bonds, if any, received at the time
the Bonds are delivered to the initial purchaser thereof shall
be deposited in the Bond Fund.
SECTION XXII . Seattle-Northwest Securities Corporation, of
Seattle, Washington, has presented a bond purchase agreement
(the "Purchase Contract" ) to the City by which Seattle-Northwest
Securities Corporation has offered to purchase the Bonds under
the terms and conditions provided in the Purchase Contract,
which written Purchase Contract is on file with the City Clerk
and is incorporated herein by this reference . The City Council
finds that entering into the Purchase Contract is in the City' s
best interest and, therefore, accepts the offer contained in the
Purchase Contract and authorizes the execution of the Purchase
Contract by City officials .
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. ORDINANCE N0. 4157
The Bonds will be printed at City expense and will be
delivered to the purchaser in accordance with the terms of the
Purchase Contract with the approving legal opinion of Foster
Pepper & Shefelman, municipal bond counsel of Seattle,
Washington, relative to the issuance of the Bonds printed on
each Bond. Bond counsel has not been retained to and shall not
be required to review or express any opinion concerning the com-
pleteness or accuracy of any official statement, offering cir-
cular or other sales material issued or used in connection with
the Bonds, and bond counsel ' s opinion shall so state.
The proper City officials are authorized and directed to do
everything necessary for the prompt execution and delivery of
the Bonds to the purchaser, including the execution of the Offi-
cial Statement on behalf of the City, and for the proper appli-
cation and use of the proceeds of the sale thereof .
SECTION XXIII . Pending the printing, execution and deliv-
ery to the purchaser of the definitive Bonds, the City may cause
to be executed and delivered to the purchaser a single temporary
Bond in the total principal amount of the Bonds . The temporary
Bond shall bear the same date of issuance, interest rates , prin-
cipal payment dates and terms and covenants as the definitive
Bonds, shall be issued as a fully registered Bond in the name of
the purchaser and shall be in such form as acceptable to the
purchaser . The temporary Bond shall be exchanged for the
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ORDINANCE NO. 4157
definitive Bonds as soon as the same are printed, authenticated
and available for delivery.
PASSED BY THE CITY COUNCIL this 16th day of May, 1988 .
�
Maxine E. Motor, City Clerk
APPROVED BY THE MAYOR this 16th day of May, 1988 .
�
(�i �1
�C�t��\`'��.....�. ,ht'�,�4_.�`
Ear�IvClymer, Ma�r
��
Approved as to Form:
,,F-� � Y1�..�`:"�-
� v �
Date of Publication: Mav 20 . 1988
1 8 6 0 r
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ORDINANCE N0. 4157
EXHIBIT A
Water System Improvements and Rehabilitiations
Springbrook Watershed Land Acquisition
Well #1, #2 , and #3 Rehabilitation Final Phase
Telemetry Improvements Phase II
S. Talbot Reservoir and Pipeline Phase I Construction
Well Field Protection Multi-Year Project
Emergency Power Supply Wells and Shop Site
Well #5 Rehabilatation for Water Production Final Phase
Maplewood Deep Well #10, Exploratory Project
Maplewood 12" AC Replacement with Cast Iron
Mount Olivet Pump Station Renovation
Oakesdale Phase I
Water Reservoir Site Purchase
Maplewood Golf Course Well Development
Sanitary Sewer Improvements-Major Projects
Renton Highlands Sanitary Sewer Replacement Phase II
CBD Small Sewer Replacement Multi-Year Program
S. Second Street Sewer Rehabilitation
Renton Hill Alley Sewer Replacement Phase II
Shattuck Avenue 5. Sanitary Sewer Replacement Phase II
E. Kennydale Sanitary Sewer Interceptor Phase I
Renton Avenue and West Hill Sanitary Interceptor
Park Avenue N. Sanitary Sewer Replacement
West Kennydale Sanitary Sewer Interceptor
Oaksdale Phase I
Water System Rehabilitation - Rehabilitation, Extensions and
Improvement Project
Steel Watermain Replacement
Sanitary Sewer Rehabilitation - Rehabilitation, Extensions and
Improvement Projects
Sewer TV, Cleaning, Root Treatment
Sewer Main Extension/NE 19th
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ORDINANCE N0. 4157
Reimburse Operatinq Fund - Previous Work
Storm Drainaqe Improvement Projects
Stream Flow Monitoring System
Gypsy Creek Drainage Improvements Phase II
Cedar River Dredging Multi-Year Program
Windsor Hills Drainage Reconstruction
Springbrook N. Fork Drainage Rehabilitation
I-405 Renton Village Drainage Culvert
Box Culvert under I-405 for P-1 Drainage Channel
2 1 5 1 r
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