HomeMy WebLinkAboutORD 2150 r
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CITY OF RENTON, WASHINGTON
ORDINANCE NO, 2150
AN ORDINANCE of the City of Renton, Wash-
ington, providing for the issuance , specifying
the maturities and maximum interest rates and
fixing the form of $400 ,000 .00 par value of
"General Obligation North Renton Interchange
Approach Bonds , 1965 , " authorized by the
qualified voters of the City at a special
election held on February 11 , 1964 , and
$150 ,000.00 par value of "General Obligation City
Library Bonds , 1965 , " authorized by the
qualified voters of the City at a special
election held on November 3 , 1964; creating
certain special funds; and providing for the
public sale of the bonds .
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF RENTON, WASHINGTON , as follows:
Section 1 . The City of Renton , Wasizington, shall presently
issue and sell the total r�ot to exceed $400 ,000.00 par value of North R�nton
Interchange Approach Bonds authorized by the qualified voters of the City
� at a special election held therein on February 11 , 1964 , in conjunction with
the City primary election held on the same date , pursuant to Ordinance
No. 2064. The bonds shall be designated "General Obligation North Renton
Interchange Approach Bonds , 1965 , " shall be dated May 1 , 1965 , shall be
in the denomination of $5 ,000 .00 each , shall be numbered from 1 to 80 ,
inclusive , and shall bear intere st at an c-�ective raie not exceeding 6% per
annum , payable semiannually on May 1 and November 1 of each year, as
evidenced by interest coupons to be attached to the bonds representing interest
to maturity with full obligation on the part of the City to pay interest at the
same rate or rates from and after maturity until those bonds , both principal
and interest, are paid in full. Both principal and interest are to be paid in
lawful money of the United States of America at the office of the City
Treasurer of the City of Renton , Washington. The bonds shall be payable
serially over a period of from 2 to 10 years from the date of issue and shall
mature in order of their numbers as follows:
�
' . .
I .
Bond Numbers
(Inclusive) Amounts Maturitie s
I 1 to 8 $40 ,000 May 1 , 1967
' 9 to 16 $40 ,000 May 1 , 1968
17 to 24 $40 ,000 May 1 , 1969
25 to 33 $45 ,000 May 1 , 1970
34 to 42 $45 ,000 May 1 , 1971
43 to 51 $45 ,000 May 1 , 1972
S2 to 60 $45 ,000 May 1 , 1973
61 to 70 $50 ,000 May 1 , 1974
71 to 80 $50 ,000 May 1 , 1975
The City reserves the right to redeem the bonds as a whole ,
or in part in inverse numerical order, on Nlay 1 , 1973 , or on any semiannual
interest payment date , at par �lus accrued interest to date of redemption.
Any call for the redemption of such bonds shall be made by publishing
notice thereof in the official newspaper of the City at least once not less
than thirty nor more than forty-five days prior to the call date . Notice of
such intended redemption shall also be mailed to the successful bidder
for the bonds not more than forty-five nor less than thirty days prior to the
call date . Interest on any bonds so called for redemption shall cease on dates
fixed for such redemption.
Section 2. The City of Renton, Wa shington, shall pre sently
issue and sell the total not to exceed $150 ,000.00 par value of City Library
Bonds authorized by the qualified voters of the City at a special election
held therein on November 3 , 1964 , in conjunction with the State general election
held on the same date , pursuant to Ordinance No. 2110. The bonds shall be
designated "General Obligation City Library Bonds , 1965 , " shall be dated
May 1 , 1965 , shall be in the denomination of $5 ,000 .00 each , shall be
numbered from 1 to 30, inclusive , and shall bear interest at an effective
rate not exceeding 6% per annum , payable semiannually on May 1 and November 1
of each year, as evidenced by interest coupons to be attached to the bonds
representing interest to maturity with full obligation on':the part of the City
to pay interest at the same rate or rates from and after maturity until those
bonds , both principal and interest, are paid in full. Both principal and interest
are to be paid in lawful money of the United States of America at the office of
the City Treasurer of the City of Renton , Washington. The bonds shall be
payable serially over a period from 2 to 10 years from the date of issue and
shall mature in order of their numbers as follows:
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S ,
Bond Numbers
(Inclusive) Amounts Maturities
1 to 3 $15 ,000 May 1 , 1967
4 to 6 $15 ,000 May 1 , 1968
7 to 9 $15 ,000 May 1 , 1969
10 to 12 $15 ,000 May 1 , 1970
13 to 15 $15 ,000 May 1 , 1971
16 to 18 $15 ,000 May 1 , 1972
19 to 22 $20 ,000 May 1 , 1973
23 to 26 $20 ,000 May 1 , 1974
27 to 30 $20 ,000 May 1 , 1975
The bonds shall be issued without the right or option of the �
.
City to redeem the same prior to their stated maturity dates.
Section 3 . The City of Renton hereby irrevocably pledges itself
to levy taxes annually without limitation as to rate or amount on all property
in the City subject to taxation in an amount sufficient to pay the principal of
and interest on said issues of bonds as the same shall become due , and the
full , faith, credit and resources of the City are hereby irrevocably pledged
for the payment of the principal of and interest on those bonds .
Section 4 . The bonds of each of said issues shall be substantially
� the following form:
No. $5 ,000 .00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF RENTON
(GENERAL OBLIGATION NORTH RENTON INTERCHANGE APPROACH BOND, 1965)
(GENERAL OBLIGATION CITY LIBRARY BOND, 1965)
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KNOW ALL MEN BY THESE PRESENTS: That the
City of Renton , Washington, is justly indebted
to and for value received promises to pay to
bearer on the FIRST DAY OF MAY, 19 , the
sum of
FIVE THOUSAND DOLLARS
together with intere st thereon at the rate of
PERCENT ( %) per annum, payable semi-
annually on May 1 and November 1 of each year,
interest to maturity being evidenced by and
payable upon the presentation and surrender of
the attached interest coupons as they severally
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become due , with full obligation on the part of
' the Gity to pay interest at the same rate from and after
the maturity date , in the absence of coupons , until
this bond with interest is paid in full. This bond
is payable , both principal and interest, in lawful "
money of the United States of America at the office
of the City Treasurer of Renton, Washington.
[This bond is one of a total authorized issue of
$400 ,000.00 par value of bonds , all of like date ,
tenor and effect, except as to maturities (and
interest rates if more than one interest rate is bid) ,
and is issued by the City of Renton for strictly
municipal capital purposes , other than the replace-
ment of equipment, to-wit, for the purpose of
paying the cost of constructinq the North Renton
Interchange Approach, all as provided in
Ordinance No. 2064 , and is issued in full com-
pliance with the ordinances of the City of Renton
and the laws and Constitution of the State of
Washington.]
[This bond is one of a total authorized issue of
$150 ,000.00 par value of bonds , all of like date ,
tenor and effect, except as to maturities (and interest
rates if more than one interest rate is bid) , and is
issued by the City of Renton for strictly municipal
capital purposes , other than the replacement of
equipment, to-wit, for the purpose of paying the
cost of constructing and equipping a new city
library in the general area of Liberty Park, all
a provided in Ordinance No. 2110 , and is issued
in full compliance with the ordinances of the
City of Renton and the laws and Constitution of
the State of Wa shington.]
[The City has reserved the right to redeem the bonds as
a whole , or in part in inverse numerical order, on
May 1 , 1973 , or on any semiannual interest payment
date , at par plus accrued interest to date of redemption.
Any call for the redemption of sucn bonds shall be made
by publishing notice thereof in the official newspaper
of the City at least once not less than thirty nor more
than forty-five days prior to the call date . Notice of
such intended redemption shall also be mailed to the
successful bidder for the bonds not more than forty-five
� nor less than thirty days prior to tne call date . Interest
on any bonds so called for redemption shall cease on
dates fixed for such redemption, ]
[The bonds are issued without the right or option
of the City to redeem the same prior to their stated
maturity dates .)
The City of Renton hereby irrevocably pledges
itself to levy taxes annually without limitation as
to rate or amount on all property in the City subject
to taxation in an amount sufficient to pay the principal
of and interest on this issue of bonds as the
same become due , and the full faith, credit and
resources of the City are hereby irrevocably pledged
for the payment of the principal of and interest on
the bonds . '
It is hereby certified that all acts , conditions
and things required to be done precedent to and "
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, o � .
I � • I
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in the issuance of this bond have been done ,
have happened and have been performed as re-
quired by law, and that the total indebtedness
of the City, including this bond issue , does
not exceed any constitutional or statutory limitations .
IN WITNESS WHEREOF , the City of Renton , '
Washington, has caused these presents to be signed by
its Mayor and attested by the City Clerk and
its corporate seal to be hereto affixed and the
interest coupons attached to be signed by the '
facsimile signatures of said officials this first �
day of May, 1965 .
CITY OF RENT�N, WASHINGTON
By
Mayor
ATTEST:
City Clerk
The form of the interest coupons shall be substantially as follows: ,
Coupon No. I
$
On the FIRST DAY OF (MAY)(NOVEMBER) , 19 ,
the CITY OF RENTON, WASHINGTON , upon presenta-
tion and surrender of this coupon will pay to the bearer
at the office of the City Treasurer the sum of
DOLLARS
($ ) in ]awful money of the Un ited
State s of Ame rica , said sum being the semiannual
interest due that date upon its ("General Obligation
North Renton Interchange Approach Bond, 1965 , ")
("General Obligation City Library Bond, 1965 , ")
dated May 1 , 1965 , and numbered .
CITY OF RENTON , WASHINGTON
By (facsimile signature)
Mayor �
ATTEST:
(facsimile siqnature)
City Clerk
Section 6 . The bonds of each issue shall be printed or lithographed
on good bond paper and shall be signed by the Mayor and attested by the City
Clerk of the City of Renton under the seal of the City and the co.upons shall bear
the facsimile signatures of the Mayor and the Clerk.
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official newspaper of the City of Renton and such notice shall also be
published once in the Daily journal of Commerce of Seattle , Washington,
at least ten days before the bid opening date . Such no:tice shall specify
that bids for purchase of each of said issues of bonds shall be received
by the City Clerk of the City of Renton at the Council Chambers of the City
Hall of the City on May 26 , 1965 , up to 8:00 0'clock p,m.
(PDST) , at which time all bids will be publicly opened for the purchase of
said issues of bonds .
A copy of the Notice shall , at least three weeks prior to
the date fixed for the sale , be mailed to the State Finance Committee ,
Olympia , Washington.
Bids shall be invited for the purchase of the following:
"General Obligation North Renton Interchange Approach Bonds , 1965 , "
with fixed maturities in accordance with the schedule specified in Section 1
of this ordinance and "General Obligation City Library Bonds , 1965 , " with
fixed maturities in accordance with the schedule specified in Section 2 of this
' ordinance .
The Notice shall specify the maximum effective rate of interest
each of said issues of bonds shall bear, to-wit, 6% per annum , and shall require
bidders to submit a bid specifying as to each issue of bonds:
(a) The lowest rate or rates of interest and
premium , if any, above par at which the bidder will
purchase the bonds; or
(b) The lowest rate or rates of interest at
which the bidder will purchase the bonds at par.
Each bid shall state the total interest cost over the life of
the bonds bid for and the net effective interest rate of such bid.
Each bidder may submit bids for either or both of said issues .
A separate bid and bid deposit shall be submitted for each issue bid for.
Coupon rates shall be in multiples of 1/8 or 1/10 of 1% ,
or both. No more than one rate of interest may be fixed for any one maturity
of any one issue . Only one coupon will be attached to each bond for each
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� � , � 1 �
installment of interest thereon , and bids providing for additional or supplemental
coupons will be rejected. The maximum differential between the lowest and
highest coupon rates named in any bid for any one issue shall not exceed 2%.
' Each of said issues of bonds shall be sold to the bidder
making the best bid, subject to the right of the City Council of the City
of Renton to reject any and all bids and to readvertise the bonds for sale
in the manner provided by law, and no bid for le ss than all of the bonds of
each issue bid for shall be considered.
All bids shall be sealed and, except the bid of the State of
Washington, if one is received,shall be accompanied by a deposit of
5% of the principal par value of the particular issue of bonds bid for. The
deposit shall be either cash or by certified or cashier's check made payable
to the City Treasurer of the City of Renton, and shall be promptly returned if
the bid is not accepted. If the bonds are ready for delivery and the successful
bidder shall fail and neglect to complete the purchase of the bonds within
t forty days following the acceptance of his bid, the amount of his deposit
shall be forfeited to the City of Renton and in that event the City Council
may accept the bid of the one malcing the next best bid. If there be two or
more equal bids for the same issue of bonds for not less than par plus
accrued interest and such bids are the best bids received, the City Council
shall determine by lot which bid will be accepted. The bonds will be delivered
to the successful bidder at the office of the City Treasurer of the City of
Renton , or in the Gity of Seattle at the City's expense , or at such other
place as the City Treasurer and the successful bidder may mutually agree
upon at the purchaser's expense . A no-litigation certificate in the usual form
will be included in the closing papers of each bond issue .
The City Clerk of the City of Renton shall be and is hereby
authorized and directed to publish Notice for the purchase of each issue of
bonds in the manner required by law in accordance with the provisions of this
section. The advertisement of the sale of each of said issues of bonds shall ,
be combined into one Notice of Bond Sale . Such Notice shall provide that
the City of Renton will cause each issue of bonds to be printed and lithographed
and signed and will furnish the approving legal opinion of Messrs. Roberts ,
Shefelman , Lawrence , Gay & Moch, municipal bond counsel of Seattle ,
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a �l . .� a � � .
Washington, covering each of said issues of bonds without cost to the '
purchasers , said opinion also being printed on each bond.
Section 11 . The proceeds from the sale of each of said
issues of bonds shall be used solely for municipal capital purposes , other
than the replacement of equipment, as herein provided.
PI�SSEU -�ay the City Council of the City of Renton, Wa shington ,
at a regular meeting thereof and APPROVED by the Mayor thereof, this 26th
day of -. �Au-r�l � , 1965 .
. . , .,
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��G'�.'. Ci "��.� "�� ____.._.. �
Mayor .
ATTEST
������� /!' � "G'���
/� City Clerk
< �, -�
FOR APPROVED:
/��� �'�r f
�
` City Af�torney
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NOTICE OF BOND SALE ,
�
� � � CITY OF RENTON, WASHINGTON
� $400 ,000 .00
� "GENERAL OBLIGATION NORTH RENTON INTERCHANGE APPROACH BONDS , 1965"
and �
. $150 ,000.00 \� ,
"GENERAL OBLIGATION CITY LIBRARY BONDS , 1965" - ---,, .
' SEALED PROPOSALS will be received at the office of the Clerk
of the City of Renton , V`Tashington , until 8��� o'clock p.m. (PDST) on �
May 26 , 1965
at which time said bids will be publicly opened and considered by the City
Council in the Council Chambers in the City Hall for the purchase of the
following issues of bonds:
(a) $400 ,000 . 00 of "General Obligation North
Renton Interchange Approach Bonds , 1965 , " autnorized
by Ordinances Nos . 2064 and 2150, and by vote
of the electors of tne City, for the purpose of paying
the cost of constructing the North Renton Interchange
Approach. The bonds will be dated May 1 , 1965 ,
will be in denominations of $5 ,000 .00 each, will
be numbered from 1 to 80 , inclusive , will bear �
interest at an effective rate not exceeding G%
per annum , payable semiannually on May 1 and
, November 1 of ea ch year, intere st to maturity
' to be evidenced by coupons to be attached to the
, bonds , will be payable , botn principal and interest,
at the office of the Treasurer of the City of Renton,
- Washington,ar�cl will mature serially as follows:
Bond Numbers
; (Inclusive) Amounts Maturities
�
1 to 8 $40 ,000 May 1 , 1967
9 to lo $40 ,000 � May 1 , 1968
• 17 to 24 $40 ,000 May 1 , 1969
. 25 to 33 $45 ,000 May 1 , 1970
34 to 42 $45 ,000 NTay 1 , 1971
43 to 51 $45 , 000 May 1 , 1972 '
S 5 2 to 60 $45 ,000 May 1 , 1973
61 to 70 $��,000 May 1 , 1974
; 71 to 80 $��, 000 May 1 , 1975
� The City has reserved the rignt to redeem the
bonds as a whole , or in part in inverse numerical
orc��r, an May 1 , 1973 , <�r on ar�y subsequ�nt semiannual �
i.nterest payment d.ate , at par plus accrucd interest
1:o d�te of rcdcmpti�n .
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(b) $150 ,000 .00 of "General Obligation City
Library Bonds , 1965 , " authorized by Ordinances
Nos . 2110 and 2150 , and by vote of the electors
of the City, for the purpose of paying the cost of
constructing and equipping a new city library in
the general area of Liberty Park. The bonds will
be dated May 1 , 1965 , will be in denominations
of $5 ,000 .00 each, will be numbered from 1 to
30 , inclusive , will bear interest at an effective
rate not exceeding 6% per annum , payable semiannually
on Niay 1 and November 1 of each year, interest
to maturity to be evidenced by coupons to be
attached to the bonds , will be payable , both
principal and interest at the office of the Treasurer
of the City of Renton, Washington, and will
mature serially as follows:
Bond Numbers
(Inclusive) Amounts Maturities
1 to 3 $15 ,000 May l , 1967
4 to 6 $15 ,000 May 1 , 1968 . �
7 to 9 $15 ,000 May l , 1969
10 to 12 $15 ,000 May 1 , 1970
13 to 15 $15 ,000 May 1 , 1971
16 to 18 $15 ,000 May 1 , 1972
19 to 22 $20 ,000 May 1 , 1973
23 to 26 $20 ,000 May 1 , 1974
27 to 30 $20 ,000 May 1 , ].975
The bands will be issued without the right or
option of the City to redeem the same prior to their
stated maturity date s .
The City of Renton has , by Ordinances Nos . 2064 , 2110 and .
2150 , and by vote of the electors tnerein in the manner provided by law,
irrevocably pledged itself to levy taxes annually, without limitation as to
rate or amount, on all property in the City subject to taxation in an amount
sufficient to pay the principal of and interest on the bonds of each issue
as the same shall become due aizd has pledged the full faith, credit and
resources of the City for the payment of the principal of and interest on �
each of the said issues of bonds .
Bidders are invited to name the rate or rates of interest which
�� the bonds bid for are to bear, not exceeding 6% per annum. Each bidder is
required to and shall specify as to each issue of bonds bid for (a) the lowest
rate or rates of interest and premium , if any, above par at which the bidder will
purchase the bonds; or (b) the lowest rate or rates of interest at which the
bidder will p�.irch�se the bonds at par. Na bid w.ill bc considcrcd i`ar thc bonds
for less than par and accrued interest. Tne purchaser mt�st pay accrued interest
to d�te of del.ivery of the bonds . Each bidder shall state the total interest cost
over the life of the bonds bid for and the net effective interest rate of such bid.
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Each bidder may submit bids for one or both of said issues .
A separate bid and bid deposit shall be submitted for each issue bid for.
Coupon rates shall be in multiples of 1/8 or 1/10 of 1%,
or both. No more than one rate of interestmay be fixed for any one maturity
of any one issue . Only one coupon will be attached to each bond for each
installment of interest thereon, and bids providing for additional or supplemental
coupons will be rejected. The maximum differential between the lowest and
highest coupon rates named in any bid for any one issue shall not exceed 2%.
Each of said issues of bonds shall be sold to the bidder
making the best bid, subject to the right of the City Council of the City
of Renton to reject any and all bids and to readvertise the bonds for sale
in the manner provided by law and no bid for less than all of the bonds of
each issue bid for will be considered. ' �
All bids shall be sealed and, except the bid of th� Stat� of
� Washington , if one is received, shall be accompanied by a deposit of 5%
of the principal par value of the particular issue of bonds bid for. The
deposit shall be either cash or by certified or cashier's check made payable
� to the City Treasurer of the City of Renton , which shall be promptly returned if
the bid is not accepted. If the bonds are ready for delivery and the successful
bidder shall fail and neglect to complete the purchase of the bonds within
forty days following the acceptance of his bid, the amount of his deposit
shall be forfeited to tne City of Renton and in that event the City Council
may accept the bid of the one making the next best bid. If there be two or
more equal bids for the same issue of bonds for not less than par plus
accrued interest and such bids are the best bids received, the City Council
will determine by lot which bid will be accepted. The bonds will be delivered
to the successful bidder at the office of the City Treasurer of the City of
- Renton or in the City of Seattle at the expense of the City or at such other
place as the City Treasurer and the successful bidder may mutually agree
upon at the purchaser's expense . .
The City of Renton wil.l caus� the bonds to be printed or
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lithagralahed and signed without expense to the successful bidder.
'The approving legal opinion of Messrs . Roberts , Shefelman ,
Lawrence , Gay & Moch, attorneys , Seattle , Washington, will be furnished
ta the purcl�asers of each issue of bonds withaut cost to the purchasers , which
legal opinions will be print�d on each bond, and a no-litigatian certificate
will be included in the ciosing papers of each issue of bonds .
Further information concerning said bond issues may be �
received upon req�est made to the City Clerk, �r fram Foster & Marshall
Inc, the City"s financial consultant, at 400 Norton Building, Seattle ,
Washington , 98104 .
DATED at Renton, Wa shington, this 26th day af ,
April , 1965 .
� , �. i���G��` �
HELMIE W. NELSON , City Clerk �
i
PUBLICATIQN DATES: �
�
A�r�_1 28, 1965 ,
Mav 5, 1965 '.
Mav 12, 1965 .
Mav I9. 19�i5 ,
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