HomeMy WebLinkAboutORD 2195 ,�, _ ' ' � � • ° ' ;
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CITY OF RENTON, WASHINGTON
ORDINANCE NO. a��
AN ORDINANCE of the City of Renton, Wash-
ington, providing for the issuance of $540,000.00
par value of "City of Renton Water and Sewer
Revenue Refunding Bonds , 1965 , " for the purpose
of providing funds to redeem $545 ,000.00 par
value of outstanding "City of Renton Water and
Sewer Revenue Bonds , 19 59;" fixing the date ,
form , denomination, maturitie s , intere st rate ,
terms and covenants of such refunding bonds;
creating a special fund to provide for the payment
of such refunding bonds; providing for and authorizing
' the purchase of certain direct obligations of the
United States of America out of the proceeds of
the sale of such refunding bonds and for the use �
and application of the moneys to be derived from
such investment; providing for the redemption
on July 1 , 1974 , of the then outstanding "City
of Renton Water and Sewer Revenue Bonds , 1959;" ,
and providing for the sale and delivery of the �'
refunding bonds to Foster & Marshall Inc. of ,
Seattle , Washington. _
WHEREAS, by Ordinance No. 1156 , as amended by Ordinances
Nos . 1157 and 1173 , the sewerage system of the City of Renton has become
and is considered a part of the waterworks utility of the City; and
WHEREAS, the City of Renton has heretofore "issued under date
of March 1 , 1953 , $315 ,000.00 par value of "City of Renton Water and Sewer
' Refunding and Improvement Revenue Bonds , 1953 , " pursuant to Ordinances
Nos. 1450 and 1452 and, under date of September,l , 1954 , $325 ,000.00 par
value of "City of Renton Water and Sewer Revenue Bonds , 1954 , " pursuant to
Ordinance No. 1489 , and, under date of july 1 , 1959 , $750 ,000 .00 par value
of "City of Renton Water and Sewer Revenue Bonds , 1959 , " pursuant to Ordinance
No. 1766 , and, under date of May 1 , 1965 , $500 ,000.00 par val ue of "City
of Renton Wat�r and Sewer Revenue Bonds , 1965:, " pursuant to Ordinance No. 2151 ,
which bonds were issued on a parity of lien with said outstanding "City of Renton
Water and Sewer Refunding and Improvement Revenue Bonds , 1953 , " and with each other
pursuant to the provisions of Section 15 of said Ordinance No. 1450 , said parity
issues of bonds being a first lien and charge upon the gr..oss revenues from the combined
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water and sewerage systems:�of the City, excluding charges for maintenance
and operation; and
WHEREAS, by said Section 15 of Ordinance No. 1450 , the City
� of Renton reserved the right to issue additional water and sewer revenue bonds ,
which shall constitute a charge and lien upon the revenues of the waterworks
utility, including the sewerage system as a part thereof, on a parity with the said
"City of Renton Water and Sewer Refunding and Improvement Revenue Bonds ,
1953 , " and the said "City of Renton Water and Sewer Revenue Bonds , 1954 , " and
the "City of Renton Water and Sewer Revenue Bonds , 1959 , " and the"City of
Renton Water and Sewer Revenue Bonds , 1965 , " subsequently issued on a
parity therewith, on compliance with the following conditions at the time
of �the issuance of such additional bonds:
"(A) All payments required by this ordinance to
be paid into the 'Renton 1953 Water and Sewer
Refunding and Improvement Revenue Bond Fund'
shall have been made; and
"(B) The revenue s of said waterworks system,
including the sewerage system, shall be and be
deemed sufficient, after the payment of operation
and maintenance 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 preceding the
time of the issuance of such additional bonds , to
equal at least 1 .5 times the average annual principal
and interest requirement 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 rev�naes shall be made and certified to by an
, engineer experienced 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 additional revenue
bonds proPosed to be so issued, which reserve fund or
account shall be maintained in such amount so long as
any of said brnds are outstanding to the last maturity
thereof";
and �
WHEREAS , as provided in Ordinance No. 1766 and in the
outstanding "City of Renton Water and Sewer Revenue Bonds , 1959 , " the
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City reserved the right to redeem such outstanding bonds in inverse numerical
order on july 1 , 1974 , or on any semiannual interest payment date thereafter
at par plus accrued interest to date of redemption,and on july 1 , 1974 , the
following numbered bonds maturing and bearing interest as follows will be
outstanding after the payment of the principal amount of bonds maturing on
july 1 , 1974 , to-wit:
Bond Numbers Interest
(Inclusive) Amounts Rates Maturities
206 to 225 $20,000 4 3/8% July 1 , 1975
226 to 245 $20 ,000 4 3/8% july 1 , 1976 �
246 to 265 $20,000 4 3/8% July 1 , 1977
266 to 285 $20 ,000 4 3/8% july 1 , 1978
286 to 305 $20,000 4 3/8% july 1 , 1979
306 to 325 $20,000 4 3/8% July 1 , 1980
326 to 345 $20 ,000 4 3/8% july 1 , 1981
346 to 365 �20,000 4 3/8% july l , 1982
366 to 385 $20,000 4 3/8% July l , 1983
386 to 410 $25 ;000 4 3/8% July 1 , 1984
411 to 470 $60,000 4 1/2% july 1 , 1985
471 to 535 $65 ,000 4 1/2% july 1 , 1986
536 to 605 $70,000 4 1/2% july 1 , 1987
606 to 675 $70 ,000 4 1/2% july 1 , 1988
676 to 750 $75 ,000 4 % july 1 , 1989
and
WHEREAS, after due consideration it appears to the City
Council that the outstanding "City of Renton Water and Sewer Revenue Bonds ,
1959 , " numbered 206 to 750, inclusive , and maturing from july 1 , 1975 , to
july 1 , 1989 , inclusive , may be refunded by the issuance and sale of
refunding bonds so that a substantial savings will be effected by the
difference between the interest costaover the life of the refunding bonds
and interest cost over the life of such outstanding bonds; and
WHEREAS , in order to effect such refunding in the manner
that will be most advantageous to the City it is hereby found necessary
and advisable that sertain direct obligations of the United Stat�s of America ,
bearing interest and maturing at such time or times as necessary to pay
the interest on the refunding bonds until the said outstanding bonds are
refunded and retired and to pay the principal of such outsta}nding bonds
on the date when such bonds are to be called for such redemption, be purchased
out of the proceeds of the sale of the refunding bonds herein authorized; and
WHEREAS, the City Council hereby finds and declares that
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all payments required to have been made to date hereof into the "Renton
1953 Water and Sewer Refunding and,Improvement Revenue Bond Fund" by
Ordinance No. 1450, into the "Renton 1954 Water and Sewer Revenue Bond
Redemption Fund" by Ordinance No. 1489 , into the "Renton 1959 Water and
Sewer Redemption Fund" by Ordinance No. 1766 and into the "Renton
1965 Water and Sewer Revenue Bond Redemption Fund" by Ordinance
No. 2151 have been made , and that PIolly Cornell of Cornell, Howland,
Hayes & Merryfield, an engineer experienced in municipal utilities , has
certified that said revenues are sufficient to meet the 1 .5 coverage require-
ment as evidenced by his certificate to such effect on file with the City
Clerk, such certifying engineer having taken into consideration the fact
that no debt service payable out of revenues of the waterworks system,
including the sewerage system as a part thereof, will arise for the refunding
bonds until after july 1 , 1974 , and that debt service payable out of such
revenues for the 1959 bonds to be refunded will continue only until july 1 ,
1974 , at which time said bonds will be paid and retired and debt service
i on the refunding bonds payable out of such revenues will then commence
on such date, and that provision is hereinafter made for the setting aside
of the required amount into a reserve fund or acco unt, NOW, THEREFORE,
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF RENTON , WASHINGTON, as follows:
Section 1 . For the purpose of providing the funds necessary
to redeem and retire on ul 1 19 4 11 f " '
J y , 7 , a o the then outstanding City of Renton
Water and Sewer Revenue Bonds , 1959 , " being bonds numbered 206 to 750,
inclusive , in the principal amount of $545 ,000.00 , there shall be issued and
sold $540,000.00 par value of refunding water and sewer revenue bonds
of the City. The bonds shall be designated "City of Renton Water and
Sewer Revenue Refunding Bonds , 1965 , " (hereinafter called the "Bonds") .
The Bonds shall be in denominations of $5 ,000.00 each, shall be numbered
from 1 to 108 , inclusive , shall be dated December 15 , 1965 , and shall
bear interest at the rate of 3 .9% per annum, payable on june 1 , 1966 ,
and semiannually thereafter on each succeeding December 1 and June 1 ,
interest to maturity to be evidenced by coupons to be attached to the Bonds ,
, with full obligation on the part of the City to pay interest at the same
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rate from and after the Bond maturity dates until the B.onds with interest
are paid in full or funds sufficient to pay such Bonds with interest in full
are on deposit in the bond redemption fund hereinafter referred to and the
Bonds have been duly called for redemption. The Bonds shall mature in
accordance with the following schedule , to-wit:
Bond Numbers
(Inclusive) Amounts Maturitie s
1 to 4 $20 ,000 June 1 , 1975
5 to 8 20 ,000 june 1 , 1976
9 to 13 25 ,000 june 1 , 1977
14 to 18 25 ,000 June 1 , 1978
19 to 23 25 ,000 june 1 , 1979
24 to 29 30 ,000 June 1 , 1980
30 to 34 25 ,000 June 1 , L981
35 to 39 25 ,000 june 1 , 1982
40 to 45 30,000 June 1 , 1983
46 to 51 30,000 june 1 , 1984
52 to 65 70 ,000 June 1 , 1985
66 to 79 70 ,000 june 1 , 1986
80 to 93 70 ,000 june 1 , 1987
94 to 108 75 ,000 June 1 , 1988
Section 2. Both principal of and interest on the Bonds shall be
payable in lawful money of the United States of America at the office of the
Treasurer of the City of Renton, Washington. The Bonds shall be payable
solely out of the special fund hereinaft�r created and shall be a valid
claim of the holder thereof only as against such special fund and the
fixed amount of the revenues of the waterworks utility, including the
sewerage system as a part thereof, pledged to such fund, and shall not be
a general obligation of the City of Renton.
Section 3. The City of Renton reserves the right to redeem the
Bonds as a whole , or in part in inverse numerical order, on June 1 , 1974 , or
on any semiannual interest payment date thereafter at par, plus accrued
interest to date of redemption.
Notice of such call for redemption shall be published once
not less than thirty nor more than forty-five days prior to the call date
in the official newspaper of the City and shall also be mailed to Foster &
Marshall Inc. at its principal place of business in the City of Seattle ,
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Washington , within the same period. Interest on any Bonds so called for
I redemption shall cease on the date fixed for such redemption on payment of
the redemption price into the bond redemption fund hereinafter created.
Section 4. There is hereby created and established in
the office of the City Treasurer a special fund to be kno�vn as the "Renton
1965 Refunding Water and Sewer Revenue Bond Redemption Fund" (hereinafter
called the "Bond Fund") . The Bond Fund is hereby divided into three accounts ,
namely, a "Principal and Interest Account, " a "Reserve Account" and a
"Refunding Bonds Account. " Immediately upon receipt of payment in full
for the Bonds the accrued interest received, if any, shall be deposited in the
"Principal and interest Account" and a sufficient amount of the principal
proceeds received to pay all costs of the refunding o�peration shall be
deposited in the "Water and Sewer Fund" of the City. The balance of the
principal proceeds received from the sale of the Bonds shall be deposited
in the "Refunding Bonds Account" and then shall be used immediately
• to purchase $532 ,000.00 par value of United States Treasury Bonds
bearing 4 1/4% interest and maturing on May 15 , 1974 . The National
Bank of Commerce of Seattle has agreed to provide these investments at
a cost of $526 ,015 .00, plus accrued interest.
The United States Treasury Bonds to be purchased as above
provided shall be registered as to principal and interest in the name of
the "Treasurer of the City of Renton , Washington, for the Renton 1965
Refunding Water and Sewer Revenue Bond Redemption Fund, Refunding Bonds
Account, in care of The National Bank of Commerce of Seattle , Seattle ,
Washington. " All of such United States Treasury Bonds shall be held in
the custody of The National Bank of Commerce of Seattle , Seattle , Washington
(hereinafter called the "Bank") for such "Refunding Bonds Account" in the
Bond Fund, such Bank having been heretofore designated as a depositary
of City funds in the manner required by law.
All the money received as principal of or interest on such
Government obligations shall be held by the Bank for the credit of the City
for the "Refunding Bonds Account" in the Bond Fun.d and shall be held in
trust and shall be used for the sole purpose of pa�Ting the interest on the
Bonds until the outstanding "City of Renton Water and Sewer Revenue Bonds ,
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1959 , " shall have been called, retired and paid and for the purpose of
paying the principal of said outstanding bonds on the date they are to be
called for redemption as aforesaid. The money shall be made available
to the City Treasurer by the Bank at least ten days prior to the date upon which
f interest is to be payable on the Bonds and the date when the principal
amount of the outstanding "City of Renton Water and Sewer Revenue
Bonds , 1959 , " are to be called, retired and paid as aforesaid. All
interest on and principal of the above-described Government obligations
received prior to the time such money is needed to make any payment
of interest on the Bonds or the principal of the outstanding "City of Renton
Water and Sewer Revenue Bonds , 1959 , " to be called and retired on
July 1 , 1974 , as provided herein, may be invested and reinvested only
in United States Government obligations maturing prior to the date or dates
such money will be needed for such payment upon express direction of
the City Treasurer.
Any moneys remaining in the'Refunding Bonds Account?' in
the Bond Fund after the payment and retirement in full of the outstanding '
"City of Renton Wat�r and Sewer Revenue Bonds , 1959 , " on July 1 , 1974 ,
shall be transferred and paid into the "Principal and Interest Account" in
the Bond Fund.
The Bank shall render a statement on the 30th day of June
and 31st day of December of each year to the City Treasurer of the Government
obligations and money, if any, it is holding on de.posit to the credit of
the "Refunding Bonds Account" in the Bond Fund and immediately upon
receipt of any principal of and/or interest on such Government obligations
shall also render a statement to the City Treasurer of the amount of such
money received.
Section 5. So long as Bonds are outstanding against the
Bond Fund the Treasurer of the City of Renton shall set aside and pay into
the Bond Fund out of the gross revenues of the waterworks utility of the
City; including all additions,betterments , extensions thereof no�iv� hereafter
made and including the sewerage system as a part thereof, a fixed amount
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without regard to any fixed proportion, namely, into the "Principal and
Interest Account" monthly on or before the 20th day of each month beginning
with the morith of May, 1974 , and continuing thereafter one-sixth of the
next ensuing six months' requirements of interest and one-twelfth of the
next ensuing twelve months' requirements of principal on the Bonds .
Immediately after the payment and retirement on july 1 , 1974 , of the
outstanding "City of Renton Water and Sewer Revenue Bonds , 1959 , " there shall be
transferred from the "Reserve Account" in the "Renton 1959 Water and Sewer
Revenue Bond Redemption Fund" all moneys then on deposit in such "Reserve
Acount" (being not less than the sum of $48,000.00) to the "Reserve Acebunt "
in the Bond Fund and the "Reserve Account" in the Bond Fund shall thereafter
be maintained in such amount, except for withdrawals therefrom as authorized
herein, at all times so long as any of the Bonds are outstanding.
In the event that there shall be a deficiency in the "Principal
and Interest Account" in the Bond Fund to meet maturing installments of either
principal or interest, as the case may be , such 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 such with-
drawal shall then be made up from the moneys from the revenues of said waterworks
utility, including the sewerage system as part thereof, first available after
making necessary provision for the required payments into the "Principal and
Interest Account. " The money in the "Reserve Account" shall otherwise be
held intact and may be applied against the last outstanding Bonds .
All money in the "Reserve Account" above provided for may be
kept on deposit in the official bank depository of the City of Renton, or
deposited in institutions permitted by law in an amount in each instance
not greater than the amount insured by any department or agency of the United
States Government or may be invested in United States Government obligations
having a guaranteed market, or in United States obligations maturing not
later than _M�a:.y 1 , 1988. Interest on any such investment or on such bank
account shall be deposited in and become a part of the "Reserve Account"
until the total required reserve sum shall have been accumulated therein,
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after which time such interest shall be deposited in the "Principal and
Intere st Account. "
Section 6. Subject to the redemption on july 1 , 1974 , of
all of the then outstanding "City of Renton Water and Sewer Revenue Bonds ,
1959 , " as herein provided, the gross revenues from the combined water and
sewer systems , comprising the waterworks utility of the City, including all
additions thereto and betterments and extensions thereof, are hereby pledged
to the payments required to be made as set forth in the immediately preceding
section and the Bonds shall constitute a lien and charge upon such revenues
prior and superior to any other charges whatsoever, excluding charges
for maintenance and operation of the waterworks utility of the City, except
that the lien and charge upon such revenues for the Bonds shall be on a parity
with the lien and charge upon such revenues ,:after:the payment and retirement
of said outstanding "City of Renton Water and Sewer Revenue Bonds , 1959 , "
for the outstanding "City of Renton Water and Sewer Refunding and Improvement
Revenue Bonds , 1953 , " the outstanding "City of Renton Water and Sewer
Revenue Bonds , 1954 , " and the outstanding "City of Renton Water and
Sewer Revenue Bonds , 1965 , " is sued on a parity therewith and any other
additional water and sewer revenue bonds hereafter issued on a parity with
said issues of bonds in accordance with the provisions of Section 15 of
Ordinance No. 14 5 0.
Section 7 . In the judgment of the City Council, the gross revenues
and benefits to be derived from the operation and maintenance of the waterworks
utility of the City, including the sewerage system as a part thereof, at the rates to
be charged for water and sanitary sewage disposal service rn the entire
utility, will be more than sufficient to meet all expenses of operation and
maintenance thereof and the debt service requirements of the outstanding
"City of Renton Water and Sewer Refunding and Improvement Revenue Bonds ,
1953 , " the outstanding "City of Renton Water and Sewer Revenue Bonds , 1954 , "
the outstanding "City of Renton Water and Sewer Revenue Bonds , 1959 , "
(prior to the payment and retirement of such bonds on July 1 , 1974) and the I
outstanding "City of Renton Water and Sewer Revenue Bonds , 1965 , " and to
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permit the setting aside in the Bond Fund out of the gross revenues of the
entire utility of amounts sufficient to pay the interest on the Bonds as such
interest becomes payable after june 1 , 1974 , and to pay and redeem all of
the Bonds at maturity. The City Council and corporate authorities of the City
of Renton further hereby declare that in creating the Bond Fund and in fixing
the amounts to be paid into the same , as aforesaid, they have exercised due
regard for the cost of operation and maintenance of the waterworks utility,
including the sewerage system as a part thereof, and the debt service
requirements of the presently outstanding bonds above referred to and the
City has not bound and obligated itself to set aside and pay into the Bond
Fund a greater amount or proportion of the revenues of the said utility than
in the judgment of the City Council will be available over and above such
cost of maintenance and operation and debt service requirements of said
outstanding bonds , and that no portion of the revenues of the waterworks
utility, including the sewerage system as a part thereof, has been previously
pledged for any indebtedness other than the outstanding bond issues above
referred to.
Section 8. The City hereby covenants and agrees with the owner
and holder of each Bond at any time outstanding as follows:
(a) That it will establish, maintain and collect
such rates and charges for water and sanitary sewage
disposal service so long as any Bonds are outstanding
as will make available (1) for the payment of the
principal of and interest on the outstanding "City of Renton Water
and Sewer Refunding and Improvement Revenue Bonds ,
1953 , " "City of Renton Water and Sewer Revenue Bonds ,
1954 , " "City of Renton Water and Sewer Revenue Bonds ,
1959 , " and "City of Renton Water and Sewer Revenue
Bonds , 1965 , " an amount equivalent to at least 1 .5
times the average annual debt service requirements ,
both principal and interest, of such bonds , after de-
ducting costs of maintenance and operation from the
gross revenues of the waterworks utility of the City,
including the sewerage system as a part thereof, until
the outstanding "City of Renton Water and Sewer Revenue
Bonds , 1959 , " are paid and retired on July 1 , 1974,
and (2) thereafter for the payment of the principal of
and interest on the outstanding "City of Renton Water
and Sewer Refunding and Improvement Revenue Bonds ,
1953 , " "City of Renton Water and Sewer Revenue Bonds ,
� 19 54 , " "City of Renton Water and Sewer Revenue Bonds ,
1965 , " and the Bonds an amount equivalent to at least
1 . 5 times the average annual debt service require-
ments , both principal and interest, of such bonds ,
after deducting costs of maintenance and operation
from the gross revenues of the waterworks utility
of the City, including the sewerage system as a
part thereof.
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(b) That it will at all times maintain and keep the
waterworks utility, including the system of sewerage
as a part thereof, and all additions thereto and better-
ments , replacements and extensions thereof 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) That it will not sell, lease , mortgage or in any
manner encumber or dispose of all the property of the
waterworks utility, including the sewerage system as
a part thereof, unless provision is made for payment
into the Bond Fund of a sum sufficient to pay the
principal of and interest on all Bonds at any time
outstanding, and that it will ndt sell, lease , mortgage ,
or in any manner encumber or dispose of any
part of the property of said waterworks utility,
including the sewerage system as a part thereof,
that is used, useful and material to the operation
thereof, unless provision is made for replacement
thereof, or for payment into the 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 outstanding Bonds as the revenue
available for debt service for such outstanding
Bonds for the twelve months preceding such sale ,
lease , encumbrance or disposal from the portion
of the utility sold, leased, encumbered or dis:posed
of bears to the revenue av�ailable for debt service
for such Bonds from the entire utility for the same
period. Any such moneys so paid into the Bond Fund
shall be used to retire such outstanding Bonds at the
earliest possible date .
(d) That it will while any of the Bonds remain
outstanding keep proper and separate accounts and
records in which complete and separate entries shall
be made of all transactions relating to its waterworks
utility, including the sewerage system as a part
thereof, and it will furnish the original purchaser
or purchasers of the Bonds or any subsequent
holder or holders thereof at the written request
of such holder or holders complete operating and
income statemenisof said utility in reasonable
detail covering any calendar year not more than
ninety days after the close of such calendar year
and it will grant any holder or holders of at least
twenty-five percent of the outstanding Bonds the right
at all reasonable times to inspect the entire water-
works utility, incl uding the sewerage system as
a part thereof, and all records , accounts and data
of the City relating thereto. Upon request of any
holder of any of said Bonds , it will also furnish
to such holder a copy of the most recently completed
audit of the City's accounts by the State Auditor
of Washington.
(e) That it will not furnish water or sanitary sewage
disposal se�rvice to any customer whatsoever free of
charge and will promptly take legal action to enforce �
collection of all delinquent accounts .
(f) That it will carry the types of insurance on its
waterworks utility, including the sewerage system as
a part thereof, properties in the amounts normally carried by
private water and sewer companies engaged in he
operation of water and sewerage systems , and the
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cost of such insurance shall be considered a part
of operating and maintaining said utility. If, as ,
and when, United States of America or some agency
thereof shall provide for War Risk Insurance , the
City further agrees to take out and maintain such
insurance on all or such portions of said system
on which such War Risk Insurance may be written
in an amount or amounts to cover adequately the
value thereof.
(g) That it will pay all costs of maintenance and
operation of the waterworks utility, including the
sewerage system as a part thereof, and the debt
service requirements for the outstanding "City of
Renton Water and Sewer Refunding and Improvement
Revenue Bonds , 1953 , " "City of Renton Water
and Sewer Revenue Bonds , 19 54 , " "City of Renton
Water and Sewer Revenue Bonds , 19 59 , " (until
the same are paid and retired on July 1 , 1974 ,)
and the "City of Renton Water and Sewer Revenue
Bonds , 1965, " and otherwise meet the obligations �
of the City as herein set forth.
Section 9 . The Bonds shall be substantially in the following
form:
No. $5 ,000 .00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF RENTON
WATER AND SEWER REVENUE REFUNDING BOND, 1965
3 .9%
KNOW ALL MEN BY THESE PRESENTS: That the
City of Renton , State of Washington, for value
received promises to pay to bearer on the FIRST
DAY OF jUNE, 19 , the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of
PERCENT
(, %) per annum , payable on'June:,1=, 196.6 , �and
-semianrivaily thereafter,on each succeeding
December 1 and june 1 , upon presentation and
surrender of the attached interest coupons as they
severally mature up to the bond maturity date until
this bond with interest is paid in full, or funds are
available in the "Renton 1965 Refunding Water and
Sewer Revenue Bond Redemption Fund"(hereinafter
called the "Bond Fund") for payment in full and
this bond has been duly called for redemption.
Both principal of and interest on this bond are
payable in lawful money of the United States of
America at the office of the City Treasurer of
Renton, Washington , solely out of the special
fund created by Ordinance No. s2�� and referred
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to herein as the "Bond Fund'; into which fund
the City of Renton hereby irrevocably binds itself
to pay the principal proceeds received from the
issuance of this bond and all investment income
therefrom and certain fixed amounts out of the gross
revenues of the waterworks utility, incl uding the
sewerage system as a part thereof, now belonging
to or which may hereafter belong to the City,
including all additions , extensions and betterments
thereof now or at any time made or constructed,
without regard to any fixed proportion, namely,
the various amounts required by Ordinance No.
�2I�S, to be paid into and maintained in said
Bond Fund, including the various accounts therein,
all within the times and in the manner set forth
in said Ordinance .
The gross revenues from the combined water and
sewerage systems , comprising the waterworks
utility of the City, have been pledged to the payments
required to be made as set forth in Section 5 of
Ordinance No.1/C. �, and subject to the redemption
on July 1 , 1974, of all of the then outstanding
"City of Renton Water and Sewer Revenue Bonds ,
1959 , " as provided in Ordinance No. �/ �5, the
bonds of this issue shall constitute a lien and
charge on such revenues prior and superior to
any other charges whatsoever, excluding charges .
for maintenance and operation, except that the
lien and charge upon such revenues for the bonds
of this issue shall , after the payment and retirement
of said outstanding "City of Renton Water and
Sewer Revenue Bonds , 1959 , " be on a parity
with the lien and charge upon such revenues
for the outstanding "City of Renton Water and
Sewer Refunding and Improvement Revenue Bonds ,
1953 , " the outstanding "City of Renton Water
and Sewer Revenue Bonds , 1954 , " and the out- �
standing "City of Renton Water and Sewer Revenue
Bonds , 1965 , " issued on a parity therewith and
any other additional water and sewer revenue
bonds hereafter issued on a parity with said
issues. of bonds in accordance with the provisi�ns
of Se ction 15 of Ordinance No. 145 0.
This bond is one of a total issue of $540 ,000. 00
par value of bonds , all of like date , tenor and effect,
except as to maturities , all payable from the Bond
Fund and all issued by the City under and in pursuance
of the laws of the State of Washin�t�ton, particularly
Chapter 138 , Laws of 1965 , Ex. Ses . , and Ordinance
' No.���'�for the purpose of providing the funds to
refund, pay and retire on July 1 , 1974 , $545 ,000.00
par value of then outstanding "City of Renton Water
and Sewer Revenue Bonds , 19 59 . "
The City of Renton has reserved the right to redeem
the bonds of this issue as a whole , or in part in
inverse numerical order, on june 1 , 1974 , or on
any semiannual interest payment date thereafter at
par, plus accrued interest to date of redemption.
-13-
Notice of such call for redemption shall be
published once not less than thirty nor more than
forty=five days prior to the call date in the
official newspaper of the City and shall also
be mailed to Foster & Marshall Inc. at its prin-
cipal place of business in the City of Seattle,
Washington, within the same period. Interest
on any bonds so called for redemption shall cease
on the date fixed for such redemption on payment
of the redemption price into the Bond Fund.
The City of Renton hereby covenants and agrees
with holders of each and every one of the bonds of
this issue to fully carry out all covenants and meet
all obligations of the City, as set forth in Ordinance
No.:�/l.�, to which Ordinance reference is hereby
made as more fully describing the covenants with
and rights of holders of bonds of this issue.
It is hereby certified and declared that the bonds
of this issue are issued pursuant to and in strict
compliance with the constitution and laws of the
State of Washington and the ordinances of the City
of Renton, and that all acts, conditions and things
required to be done precedent to and in the issuance
of this bond have happened, have been done and
have been performed as required by law.
IN WITNESS WHEREOF, the City of Renton, Wash-
ington, has caused this bond to be signed by the
facsimile signature of its Mayor and attested by
its Clerk and its corporate seal to be herto affixed
and the interest coupons attached to be signed with
the facsimile signatures of said officials this
fifteenth day,�of December, 1965 .
CITY OF RENTON, WASHINGTON
By (facsimile siqnature)
Mayor
ATTEST:
Clerk
The interest coupons attached to the Bonds shall be in
substantially the following form:
On the FIRST DAY OF (JUNE) (DECEMBEI� , 19_,
the City of Renton, Washington, upon presentation
and surrender of this coupon will pay to bearer at
the office of the City Treasurer the sum of
Ninety-Seven and 50/100 Dollars ($97 .50)
[Eighty-Nine and 37/100 Dollars ($89.37) on
Coupon No. 1] in lawful money of the United
States of America from the special fund of said
City, known as the "Renton 1965 Refunding
Water and Sewer Revenue Bond Redemption Fund, "
said sum being six months' (5 1/2 months on
Coupon No. 1) interest then due on its "City of
Renton Water and Sewer Revenue Refunding Bond,
1965 , " dated December 15 , 1965 , and numbered
-14-
. , . , !
. . ;. _ , , . . �.
Coupon No.
$97.50 ,
($89 .37)
CITY OF RENTON, WASHINGTON
By (facsimile siqnature)
Mayor
ATTEST:
Clerk
The Bon s shall i
d be r nted on litho ra hed forms shall be
A 5 P ,
signed by the facsimile signature of the Mayor and attested by the Clerk
and shall have the seal of the City of Renton affixed thereto and the interest
coupons shall bear the facsimile signatures of the Mayor and the Clerk.
Section 10. The Cit of Renton reserves the ri ht t iss
y g o ue
additional water and sewer revenue bonds which will constitute a lien and
charge upon the gross revenues of the waterworks utility of the City, including
the sewerage system as a part thereof, on a parity with the outstanding
"City of Renton Water and Sewer Refunding and Improvement Revenue Bonds ,
1953 , " the outstanding "City of Renton Water and Sewer Revenue Bonds ,
1954 , " the outstanding "City of Renton Water and Sewer Revenue Bonds ,
1959 , " and,tHe outstanding "City of Renton Water and Sewer Revenue Bonds ,
1965 , " provided the conditions set forth in Section 15 of Ordinance No. 1450
are met and complied with at the time of the issuance of such additional
water and sewer revenue bonds whil " '
e any of said City of Renton Water
and Sewer Revenue Bonds , 1959 , " are outstanding and thereafter on a parity
of lien with the "City of Renton Water and Sewer Refunding and Improvement
Revenue Bonds , 1953 , " "City of Renton Water and Sewer Revenue Bonds ,
1954 , " "City of Renton Water and Sewer Revenue Bonds , 1965 , " and the
Bonds , provided the same conditions as set forth in Section 15 of Ordinance
No. 1450 are met and complied with at the time of the issuance of such
additional water and sewer revenue bonds , which Section is by this
reference incorporated herein and made a part hereof and shall be applicable
-15- I
. 1
, � � . . , ' . . . , .
- � -�� ,
r� . � '.
after the payment and retirement of said outstanding "City of Renton
Water and Sewer Refunding and Improvement Bonds , 1953 , "
Section 11 . The City Clerk is hereby authorized and directed
to cause to be published once not less than thirty nor more than forty-five
days prior to July 1 , 1974 , in the official newspaper of the City a notice
of call for redemption of "City of Renton Water and Sewer Revenue Bonds ,
1959 , " numbered 206 to 750 , inclusive , on july 1 , 1974 , and to mail a
copy of such notice of redempfiion to John Nuveen & Co. (Inc.) , 13 5 South
LaSalle Street, Chicago, Illinois., within the same period as provided in
Ordinance No. 1766 and in the Bonds .
Section 12. Foster & Marshall Inc. of Seattle , Washington,
heretofore offered to purchase the Bonds at a price of $98 .30 per each
$100.00 par value of Bonds , plus accrued interest from date of issue to
the date of delivery of the Bonds to such purchaser, the purchaser to pay
for the printed Bonds and the City to furnish and pay for the approving legal
opinion of Roberts , Shefelman, Lawrence , Gay & Moch, municipal bond
counsel of Seattle , Washington, approving the validity of the Bonds. The
City Council deeming that no better offer could be received for the Bonds
and that it was in the best interests of the City to accept such offer duly
accepted the same on November 15 , 1965 , and such acceptance is hereby
I ratified and confirmed. The Bonds:�shall, therefore , immediately upon their
execution be delivered to such purchaser upon payment therefor in accordance II
with its offer.
I PASSED by the City Council at a regular meeting thereof,
and APPROVED by the Mayor of Renton , Washington, on the 6th day of
December, 1965 .
s
i�,. C/ �,` '
Mayor
ATTEST:
//��'�hu.e/ �!��/
�" City Clerk ` -
FC�' M APPROVED:
�.�---��`2'" i. _ . _�
� City Attorney F�
D�y� OF PUBLIC�i�iON DE� � 5 1;9�5
-16-
�. .� . __ _ , �_ . . .. .�.. _ _ __ T __ __ _. � __��-r __ _ _ _ _.._ .. _...._.._.._.__.... _._.._._ _
' � .. • � , � • .
�. ~ � • � . . ' + a . a •Y
I, HELMIE W. NELSON , City Clerk of the City of Renton,
Washington, do hereby certify that the attached is a true and correct copy ,
of Ordinance No.ol�, passed December 6 , 1965 , as said ordinance �
appears on the Minute Book of the City. �
DATED this 6�day of December, 1965.
`���L���_��.���/ � '
. HELMIE W, NELSCN, Glerk -� -
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