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HomeMy WebLinkAboutORD 2296 �__ _ _-o � �I�IT�AL CITY OF RENTON, WASHINGTON ORDINANCE NO. �� AN ORDINANCE of the City of Renton , Wash- ington, providing for the construction of a city hall on a presently acquired civic center site , including the landscaping, installation of parking lot, underground wiring and lighting thereof, together with the acquisition of fixtures , furnishings , equipment, machinery, including data processing equipment, and other appurtenances and site impro:�ements necessary thereto; declaring the estimated cost thereof as nearly as may be; providing for the issuance and sale of "General Obligation City Hall Bonds , 1967 , " of the City; specifying the maturities and fixing the form and maximum effective interest rate of such bonds; establishing a "General Obligation City Hall Bond Fund, 1967, " and a"City Hall Construction Fund"; and providing for the sale of such bonds. WHEREAS, the City of Renton is in urgent need of constructing a new city hall on a presently acquired civic center site , including the landscaping, installation of parking lot, underground wiring and lighting thereof, together with the acquisition of fixtures , furnishings , equipment, machinery, including data processing equipment, and other appurtenances and site improvements necessary thereto and the City does not have aVailable sufficient funds to meet the estimated costs thereof; and WHEREAS, the as se s sed valuation of the taxable property in the City as ascertained by the last preceding assessment for City purposes for the calendar year 1967 is $116 ,000 ,037 and the existing indebtedness of the City at the date of the passage of this ordinance , which indebtedness ���r�' includes the amount £or which the bonds herein authorized are to be issued, is the sum of $2, 100 ,000, the presently outstanding $600,000 par value of bonds having been heretofore issued pursuant to a vote of the qualified electors of the City as a part of the:indebtedness permitted by the constitution and the laws of the State of Washington to be incurred for general municipal capital purposes within the limitation of 1 1/2% to 5% of the valuation of the taxable property within the City, NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, as follows: Section l . The Gity of Renton, Washington, for strictly municipal purposes shall construct a city hall on a presently acquired civic center site , including the landscaping, installation of parking lot, underground wiring and lighting thereof, together with the acqusition of fixtures , furnishings , equipment, machinery, including data processing equipment, and other appurtenances and site improvements necessary thereto. The estimated cost of the foregoing , including the cost of the issuance of the general obligation bonds herein authorized, is hereby declared to b� as near as may be, the sum of $1 ,500 ,000. The City shall borrow money on the credit of the City and issue negotiable general obligation bonds evidencing such indebt- edness. Such general indebtedness to be incurred shall be within the limit up to 1 1/2% of the assessed valuation of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein. Section 2. The bonds shall be called "General Obligation City � Hall Bonds , 1967 , " of the City of Renton, Washington, shall be dated April 1 , 1967; shall be in denominations of $5 ,000 each; shall be numbered from 1 to 300 , inclusive , and shall bear interest at a maximum effective rate of not to exceed 6% per annum , payable on December 1 , 1967 , and semiannually thereafter on June 1 and December 1 of each year as evidenced by coupons attached to the bonds representing interest to maturity with full obligation on the part of the City to pay interest at the bond rate, from and after maturity, until the 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, and the bonds shall be paid serially in order of their numbers as follows: Bond Numbers (Inclusive) Amounts Maturitie s 1 to 8 $ 40,000 December 1 , 1969 9 to 26 90,000 December 1 , 1970 27 to 44 9 0 ,000 December 1 , 1971 45 to 63 95 ,000 December 1 , 1972 64 to 83 100 ,000 December 1 , 1973 84 to 104 105 ,000 December 1 , 1974 � -2- I05 to 125 105,000 December 1, 1975 126 to 147 110, 000 December 1, 1976 148 to 170 115, 000 December 1, 1977 171 to 194 120, 000 December 1, 1978 195 to 219 125,000 December 1, 1979 ' 220 to 245 130, 000 December 1, 1980 246 to 272 � 135 000 December 1 1981 273 to 300 140,000 December 1, 1982 Section 3. The City reserves the right to redeem the bonds as a whole, or in part in inverse numerical order, on December 1, 19 74, or on any semiannual interest payment date thereafter, at par plus accrued inter- est 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 inte�ided redemption shall also be mailed to the successful bidder at its principal place of business not more than forty-five nor less than thirty days prior to the call date. In addition such redemption notice shall also be sent to Moody's Investor Service, Inc. , and Standard & Poor's Corporation, at their offices in New York, New York. Interest on any bonds so called for redemption shall cease on dates fixed for such redemption. Section 4. The bonds herein authorized to be issued shall be in substantially the following form: No. $5, 000 UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF RENTON GENERAL OBLIGATION CITY HALL BOND, 1967 o� � 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 DECEMBER, 19 , the principal sum of FNE THOUSAND DOLLARS together with interest thereon at the rate of PERCENT ( %) per annum, payable on Decem- ber 1 , 19 67, and semiannually thereafter on June 1 and -3- December 1 of each year, the interest to maturity being evidenced by and payable upon the presentation and surrender of the attached interest coupons as they severally become due, � with full obligation on the part of the City 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 Treasurer of the City of Renton, Washington. This bond is one of an issue of $1,500, 000 of bonds 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 purposes, to-wit, for the purpose of constructing a city hall on a presently acquired civic center site, including the landscaping, installation of parking lot, underground wiring and lighting thereof, to- gether with the acquisition of fixtures, furnishings, equipment, machinery, including data processing equipment, and other appurtenances and site improvements necessary thereto and paying the cost of the issuance of the bonds, all as provided in Ordinance No.��g��" The City has resezved the right to redeem the bonds as a whole, or in part in inverse numerical order, on December l, 1974, or on any semiannual interest payment date thereafter, at par plus accrued interest to date of redemption. Any call for the redemption of such bonds shall be made by publishing notice thereof i_n 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 not more than forty-five nor less than thirty days prior to the call date. In addition such redemption notice shall be sent to Moody's Investor Service, Inc. , and Standard & Poor's Corporation, at their offices in New York, New York. Interest on any bonds so called for redemption shall cease on dates fixed for such redemption. The City of Renton hereby irrevocably pledges itself to levy taxes annually, within the con- stitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient to pay the principal of and interest on the bonds of this issue as the same shall accrue, and the full faith, credit and resources of the City are hereby irrevocably pledged for the payment of principal of and interest on said ' bonds . -4- It is hereby certified that all acts , conditions and things required to be done precedent to and in the issuance of this bond have been done , have happened and have been performed as required 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 this bond to be signed by the facsimile signature of its Mayor and attested by the manual signature of its City Clerk and its corporate seal to be hereto affixed and the interest coupons attached to be signed with the facsimile signatures of thcse officials this 1st day of April, 1967 . CITY OF RENTON, WASHINGTON By (facsimile signature) Mayor ATTEST: City Clerk The form of the interest coupons shall be substantially as follows: Coupon No. $ On the FIRST DAY OF (JUNE)(DECEMBER) , 19_, the CITY OF RENTON , WASHINGTON, upon pre- sentation and surrender of this coupon, will pay to tlie bearer at the office of the City Treasurer the sum of DOLLARS ($ ) , in lawful money of the United States of America , said sum being the semiannual interest (8 months' interest on Coupon No. 1) due that date upon its "General Obligation City Hall Bond, 1967 , " dated April 1 , 1967 , and numbered • CITY OF RENTON, WASHINGTON By (facsimile siqnature) Mayor ATTEST: (facsimile signature) City Clerk Section 5. The City of Renton hereby irrevocably pledges itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation -5- in an amount sufficient to pay the principal of and interest upon the bonds as the same shall accrue , and the full faith, credit and resources of the City are hereby irrevocably pledged for the payment of the principal of and interest on such bonds. Section 6. The bonds shall be printed or lithographed on good bond paper and shall be signed by the facsimile signature of the Mayor and attested by the manual signature of the City Clerk of the City of Renton, Washington, under the seal of the City and the coupons shall bear the I facsimile signatures of the Mayor and the City Clerk. Section 7. There are hereby created and established in the office of the City Treasurer two special funds to be known and designated as the "General Obligation City Hall Bond Fund, 1967 , " and the "City Hall Construction Fund" of the City. The accrued interest, if any, received upon the sale of the bonds shall be paid into the "General Obligation City Hall Bond Fund, 1967 , " and the principal proceeds received from the sale of the bonds shall be paid into the "City Hall Construction Fund" of the City. All taxes and other budgeted revenues collected for and allocated to the payment of the principal of and interest on the bonds shall hereafte,r be deposited in the "General Obligation City Hall Bond Fund, 1967. " All expenses incurred in carrying out the city hall improvement and in connection with the issuance and sale of the bonds shall be pa�id out of the "City Hall Construction Fund. " Section 8. The bonds shall be sold for cash at public sale for not less than par, plus accrued interest, upon sealed bids to be received at the office of the City Clerk up to the day and hour stated in the Notice of Bond Sale hereinafter directed to be given. Notice calling for bids to purchase the bonds shall be published once a week for four consecutive weeks in the official newspaper of the City of Renton and such notice shall also be published once in the Daily j ournal of Commerce of Seattle , Washington, at least ten days before the bid opening date. Such notice shall specify that bids for purchase of the bonds shall be received by the City Clerk of the City of Renton at the Council Chambers -6- of the City Hall of the City on February 27 , 1967, up to 8 0'clock p.m. (PST) , at which time all bids wi11 be publicly opened for the purchase of the bonds. and considered by the Coun�i:l at a meeting thereof then to be held. 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 , Olym pia , Wa shington. Bids shall be invited for the purchase of the bonds 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 the bonds shall bear, to-wit, 6% per annum, and shall require bidders to submit a bid specifying: (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 lowe st rate or rate s of intere st at which the bidder will purchase the bonds at par. 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, 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 shall_not exceed 2%. For the purpose of comparing the bids only, the coupon rates bid being controlling, each bid shall state the total interest cost over the life of the bonds and the net effective interest rate of the bid. I 1 t the bidder makin the best bid The bonds shall be so d o g , 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 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 -7- 5% of the principal par value of the bonds . 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 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 making the next best bid. If there be two or more equal bids 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 Treasurer of the City of Renton, or in the City of Seattle , at the City's expense , or at such other place as the Treasurer and the successful bidder may mutually agree upon at the purchaser's expense. A no-litigatio.n certificate in the usual form will be included in the closing papers . The City Clerk of the City of Renton shall be and is hereby authorized and directed to publish Notice for the purchase of the bonds in the manner required by law in accordance with the provisions of this section. Such Notice shall provide that the City of Renton will cause the 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 , Washington, without cost to the pu.rchasers , said opinion also being printed on each bond. Such Notice shall further provide that information concerning the bonds may be received upon request made to the City Clerk, or Foster & Marshall Inc. , the City's financial consultant, at 400 Norton Building, Seattle , Washington. PASSED by the City Council of the City of Renton, Washington , I at a regular meeting thereof, and APPROVED by the Mayor this 23rd day of january, 19 6 7. Gi v • C���s``�_ �li ATTEST: , . Mayor � ���� ����� Ci y Clerk � / ,� � RM APPROVF`L�: ''` .�����,r,/, � City Attorriey ` Date of Publication: ���V �,� ��� _8_