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HomeMy WebLinkAboutRES 1091 ! } � . ' � �r , , ►*'^'* � � ,. . � � "! y � , . V � . ,� RT �.� 4�-2b-bl 6 , . . . . . . - RESOLUTION NO. I�� � A RESOLUTiON of the City Council of the City of Renton, Washington, providing for the issuance of bonds of Local Improvement District No. 244 in the total principal sum of $108,796.22. WHEREAS, the improvements provided for in Ordinance No. 1794 0� the city in Local Improvement District No. 244 have been completed and accepted b� the city; and WHEREAS, the tota2 cost of acquiring, constructing and in3talliny said improvements, plus all costs incidental thereto in sai.d local improvement di.strict, is $171,819, and the assessment roll in said district in such total principal sum of $171,819 has beert confirmed by Ordinance No. 1874 in the manner required by law; and WHEREAS, $63,022.78 of the assessments on�said assessment roll was paid during the thirty-day period permitted by law for the payment of assessments without penalty, interest or costs; and WHEREAS, after applying said amount of prepaid assessments to the payment of the cost and expense of said improvements and to the paynnent of all expenses incidental thereto, it will be necessary that the city issue bonds of said local improvernent district in the total principal sum of $108,796.22; and � WHEREAS, it is necessary�that the date, form, terms and I maturity of said bonds now be fixed; NOW, THEREFORE: BE IT RESOLVED by the Mayor and City Council of the City of Renton, Washington, as tollows; Section �l. That for the purpose of redeeming the outstanding �I warrants drawn on Local Improvement Fund, District No. 244 of the city, which warrants were issued in payment of the cost of the improvements acquired, constructed and installed in Local Improvement District No. 244 of the city, and for the purpose of paying all expenses incidental i ' . _ � � � . . _ . � . � � -� ., , , . �o sa,�d l�c�l impr�vement district, the city shall issue bonds of said loc�l improvement distr3c� in the total principal sum of �1A�,79b.22. Said bonds shall be dated May 15, 1961, shall be in de- nominations of $1,000 each except that Bond No. 1 shall be in the czez��mination of $796.22, shall be numbered from 1 to 109 inclusive, shal� bear interest at the rate of 4.951 per annuin payable annually 'I on the fifteenth day of May of each year commencing with the year 1962, anci shall mature on May 15, 1973. Said bonds shall be payable at the of�ice of the City Treasurer in Renton, Washington, in lawful money of the United States of America. Not3ce of any intended redemption of any such bonds prior ' to maturity shall be given by the City Treasurer by one publication thereof in the official city newspaper not more thari twenty nor less t'han ten days prior to said redemption date. Section 2. Said bonds shall be in substantially the fol- I.owing form: � UNITED STATES OF AMERICA $1,000 � (Bond No. 1) ($796.22) STATE OF WASHZNGTON CITY OF RENTON � LOCAL IMPROVEMENT DISTRICT NO. 244 '� N. B. Neither the holder nor the owner of this bond � shall have any claim therefor against the City of Renton except for payment from the special assessments made for the improvement for which this bond was issued, and except ' as against the local imprvvement guaranty fund of the city, and the city shall not be liable to the holder or owner of this bond for any loss to the guaranty �und occurr3.ng in the lawful operation thereof by the city. The remedy of the holder or owner of this bond in case of nonpayment shall be confined to the enforcement of the assessments and to the guaranty fund. THE CITY OF RENTON, a municipai corporation of the State o£ Washington, hereby promises to pay to bearer the 2. , � ' . e . 7 . . i � �'� • � . , I ��� pi.a ONE THOUSAND DOLLARS �.n ?awful money of the United States of America with interest thereon from the date hereof at the rate of 4.95/ per annum payable annually, upon presentation and surrender to the City Treasurer of this bond and. the annexed interest cou- �ons as they seve=ally become due. This bond, both principal �nd interest, is payable only r��.�t o� Local improvement Fund,� District No. 244, created by t3rdinance No. 1794 of the city, and frozn the Local Improvement Guaranty Fund of the city created by Chapter 209, Session Laws �.927. This bond is one of ari issue of bonds aggregating in ali � th� sum of $108,796.22, is payable on or before May 15, 1973, and is subject to call by the Treasurer of said city on any arinaal interest payment date whenever there shall be sufficient moz3ey in said Local Improvement Fund, D3.strict No. 244 to pay I the same and all unpaid bonds of this issue which are prior in numer�.cal order to this bond, over and above an araount suff3cient for the payment of the interest next coming due on the unpaid bonds of �this local� improvement district. In case this bond is called for payment before its f3.na1 � maturity, each and every interest coupon not accrued at the time of such payment shall be void. , Call for payment of this bond shall be made by the City Treasurer by one publication of such ca21 3.n the official city newspaper not more than twenty nor less than ten days- prior to said call date, and when such call is made this bond shall be paid on the day the next interest coupon thereon ` sha].1 become due after such call. 3. . ., � • -�� � i Ts�" ��:�'�"���S WHLRE4F, the City of Rentan, Washington, ' na: c�used this bond to be signed by its Mayor and atte�ted by it� Clerk with the corporate seal of the city i�pressed her�an, and has caused the interest caupons hereto attached to be executed with the facsimile signatures caf said o�fi- cials, thi� 15�h day c►f May, 19fi1. CITY 4F RElt�'T`ON� WAS�iINGTON By Mayor �.TTEST: City Clerk The interest coupons ta be attached to said bonds sha].l be iza substantially the following form: NO. $49.50 {Bond No. 1.'� {$39.41} , � �n the fifteenth day o� May, 19�, t'he Cit�r of � Re:�.ton, Wa�hington, wi11 pay to bearer at the affice a� the City Treasurer the sum of FORT'Y-NZNE AND SOji00 D�LLARS in Iawful money of the Un�.ted States of America aut of Local Imprc�vement Fund, District No, 244, said sum I being the annua2 interest due that date on bon.d� nurnbered �,,, of Lacal Improvement District Na. 244 of tl�,e c�,ty; pro- ,vided, that this coupan is subject to a17. the terms and conditions conta3.ned in the bond to which it is attached. CITY O�NTON, � - �NGTf7N By �'' �c.nti-�1 :f 1 r'" M.ayor A.TTES'T: ��/-��� ��,�t'��v�.--�' �-�f�� C ity C lerk I Sectican 3. Any moneys left a.n the Local Improvement District I No. 244 Construct�.on Fund created by Section �JI(b} af drdinance No. 1'�9�#, I 4. 1 i � i � � � � lJ . ♦i . y � ♦ � w ' ' • y y w ���e:� aJ.�. expenses of Local Improvement District No. 244 have been ��id, sha�.l be transferred to Local Tmprovement Fund, District No. ���, created by Section VI(a) of said Ordinance No, 1794. PASSED by the City Council of the City of Renton, Washington, ar�d approved by its Mayor a� a regular meeting of said Council held �rii.s 2d day of May, 1961. CITY O�NT�N� WASFiINGTON j By _��L����(� ,f7(..�..-��-," �/ t - Mayor ��TTEST: � � �2�-��. �� d_' City Clerk �.P�'.OtiIED AS TO FO : � .��,; rA � �, � ��---..- . � � City Attorney ° � 'I . 5.