HomeMy WebLinkAboutORD 2739 �r ". .
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CITY OF RENTON, WASHINGTON
ORDINANCE N0. �����
AN ORDINANCE OF THE CITY OF RENTON , WASHINGTON,
AMENDING ORDINANCE N0 . 2728 RE LOAN FROM THE
ECONOMIC ASSISTANCE PROGRAM OF THE STATE OF
WASHINGTON
WHEREAS the City of Renton heretofore passed and approved
Ordinance No . 2728 under date of August 14 , 19.7.2 authorizing the
execution of the necessary documents to secure a loan from the
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Economic Assistance Authority of the State of Washington to
partially finance Project No:. . 53, Code FY72-15 , and
WHEREAS it is advisable to amend said Ordinance as set forth
hereinbelow, NOW THEREFORE
THE CITY COUNCIL OF THE CITY OF RENTON DO ORDAIN AS FOLLOWS :
SECTION I : Ordinance No . 2728 heretofore approved and �
passed under date of August 14, 1972 is hereby amended in Section I
thereof so that said Section sha�l read, as amended, to-wit: I
SECTION I : The above findings and recitals are hereby found
to be true and correct in all respects . The City of Renton hereby
agr�ees to the foregoing loan transaction in the total principal sum
, of $50 ,111. 00 from the Economic Assistance Authority of the State of
Washin ton for the afore ted r oses and hereb a rees and covenants
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to repay, said total principal loan in arinual installments , the first
payment being in the sum of $5 ,111. 00 , and subsequent payments in
the sum of $5 ,000 . 00 , together with in�est at the rate of four
I percent (4%) per annum on the unpair7., d�lining principal balance, the
first such annual payment to be made one (1) year from the receipt
of said loan funds by the City of Renton; The City further reserves
the right to prepay, without penalty, at any time .
The installment payments to A�:repay. the aforementioned debt
are to be made from T��ater Works Utility Fund � � � of
the Cit of Renton Washin ton. Said obli ation shall be subordinate
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to other existing legal obligations of the City of Renton and any
other or further obligations issued on a parity therewith.
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SECTIO�t II : This Ordinance shall be effective upon its
passage, approval and five days after its publication, unless
otherwise provided for hereinabove .
PASSED BY THE CITY COUNCIL this 1�.�� day of September, 1972 .
�,�L�%C�L-c,eJ i��t%�-_J
Helmie Nelson, City Clerk
APPROVED BY THE MAYOR this ��f� day of September, 1972 .
�,�D��
ery rrett, MayfSr
Approved as to form:
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Gerarc� M� Shellan; Ci.ty Attorney
Date of Publication: ���� 151972
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