HomeMy WebLinkAboutORD 2890 , . ,. _ _ .
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CITY OF RENTOIQ, �`1ASHI1`dGTOI�t
ORDIN'ANCE NO. 2890
AN ORDINANCE providing for the issuance of
$442 ,000.00 par value of "Refunding Liinited General
Obligation Bonds, 1974, " for the purpo`se of nroviding
funds to pay and redeem i.ts outsta.nding "Limited �
General Obligation Bonds, 1972 , " dated Feb ruar�.� l,
1972 , and its "Limited General Obligation Library
Bonds, 1972, " dated November l, 1972� fixing the
date, form, denominations, maturities, interest
rate, 'terms and covenants of such refunding bonds;
providing�for and authorizing the purchase of_ certain
obligations "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 payment and redemt�tion of the
outstanding bonds to be refunded; and confirming
the sale of� such refunding bonds to Seattle-Northwest
Securities Corporation of Seattle, �aashington.
i�FiEREAS, the City of Renton, [�Iashington (hereinafter called
the "City") , now has outstanding $275 ,000 .00 principal amount of its.
"Limited General Obligation Bonds, 1972 , " issued under date �of
February 1, 1972 (hereinafter called the "February l, 1g72 Bonds") ,
and $235,000 . 00 principal amount of its "Limited General Obliqation
� Library Bonds, 1972 ," issued under date of November 1, 1972 (hereinafter
called the "November l, 1972 Bonds" ) (both of which outstanding bond
issues are sometimes hereinafter called the "Outstanding Bond�'°) , wnich
February l, 1972 Bonds mature serially on February 1 in each of the
years 1975 through 1982 and bear interest at various rates from 4 . 100
per annum to 4.60 o per annum and �ahich November l, 1972 Bonds inature
serially on November 1 in each of the years 1974 through 1982 an�. bear
interest at various rates from 4 .d0% per annum to 5 .25o per annum; and
WHEREAS, under the provisions of Ordinance No. 2683 passed
and approved December 6, 1971, authorizing the issuance of the
February 1, 1972 Bonds and in such bonds anc� under the provisions of
Ordinance No. 2735 passed and approved August 28, 1972 , authorizing
the issuance of the Ilovember 1, 1972 Bonds anc� in such bonds , such `
Outstanding Bonds were issued without the right or option of the City
to redeem the same prior to their stated maturit_y dates; and
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' � WHEREAS, after due consideration it apPears to the City � ' ,
Council that all of the Outstanding Bonds may be paid and refunded
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by the issuance and sale of the general obligation refunding bonds
of the City authorized herein (hereinafter called the "Refunding
Bonds") so that a� substantial saving to the City and ita taxx�ay,ers
will be effected by the issuance of the Refunding Bonds in a lesser
principal amount and the payment of the Outstanding Bonds as they
respectively mature up 'to and including November l, 1982; an'd
WHEREAS, in order to effect such refunding in the manner that
will be most advantageous to the City and its taxpayers , it is hereby
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found necessary and advisable that certain "Acquired Obligations"
(hereinafter identified) bearing interest and maturing at such time or
times as necessary to pay the principal of and interest on the February
l, 1972 Bonds as the same shall become due up to and includinq February
1, 19 82, and the November l, 19 72 Bonds as the same shall become due up
to and including November l, 19 82, be purchased out of the proceeds of
the sale of the Refunding Bonds; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF REIdTON, WASHII�TG^10rd� DO
ORDAIN, as follows:
Section l. For the purpose of providing the moneys required, '
together with moneys presently on deposit representing accrued interest
and available therefor in the respective bond redemption funds for the
Outstanding Bonds, to pay the principal of and interest on the February
1, 1972 Bonds coming due to and including February 1, 1982, and the
November 1, 1972 Bonds coming due to and including November 1 , 1982
(except the $20 ,000 .00 par value of such bonds maturing on November l,
1974, which will be paid from moneys presently on deposit in the bond
redemption fund for such bonds) , the City shall issue the Refunding
Bonds in the aggregate principal amount of $442,000 . 00.
The Refunding Bonds shall be dated November 1, 1974; shall
be in denominations of $5,000.00 each, except that Bond No. 1 shall be
in the denomination of $2 ,000.00 ; and shall b ear interest at the rate �
of 6 . 25o per annum, payable on January 1, 1975 , and semiannually
thereafter on the first days of each succeeding July and January,
interest to maturity being evidenced by coupons to be attached to the
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Refunding Bonds with full obligation on the part of the City to pay '
interest at the bond rate from and after the bond maturity dates until
the Refunding Bonds with interest are paid in full. The Refunding
Bonds shall be numbered and shall mature on January 1 of each year as
follows: �
Bond Numbers
(Inclusive) Amounts Years
1 to 6 $27,000 1975
7 to 16 50,000 ' 1976
17 to 26 50 ,000 1977
27 to 37 � 55,000 1978
38 to 48 55,000 1979
49 to 61 65,000 1980
62 to 75 70,000. 1981
76 to 89 70,000 1982
Both principal of and interest on the Refunding Bonds shall
be payable in lawful money of the United States of America at the
office of the Director of Finance of the City, or, at the ontion of
the holder, at either fiscal agency of the State of Washington in the
Cities of Seattle, Washington, or New York, Ne�a York, solely out of
the "Refunding Limited General Obligation Bond Fund, 1974" (herein
called the "Bond Fund") , hereinafter created in the office of the
Director of Finance of the City.
Sectiori 2 . The Refunding Bonds sha11 be issued without the
right or option of the City to redeem the same prior to their stated
maturity dates.
Section 3. The Refunding Bonds shall be known and designated
as "Refunding Limited General Obligation Bonds, 1974, " and shall be in
substant�ally the following form:
No. $5,000. 00
� ($2 ,000.00 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF RENTON
REFUNDING LIMITED GENERAL OBLIGATION BOND, 1974
6 . 250
KNOW ALL MEN BY THESE PRESENTS : That the City of
Renton, Washington (hereinfter called the "City") , is
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justly indebted to and for value received hereby '
promises to pay to the bearer on the FIRST DAY OF
JANUAR�, 19 , the sum of
FIVE THOUSAND DOLLARS
($2 ,000 .00 on Bond No. 1)
together with interest thereon at the rate of 6. 250
per annum, payable on January l, 1975, and semiannually
thereafter on the first days of each succeeding July and
January, . interest to maturity being evidenced by and
payable upon the presentation and surrender of __the
attached interest coupons as they severally become due
up to the bond maturity date and with full obligation
on"the part of the City to pay interest at the same
rate from and after the bond maturi,ty date until this
bond-with interest is paid in full. Both principal of
and interest on, this bond are payable in lawful money
of the United States of-America at the office �of the
Director of Finance of the City, or, at the- option of
the holder, at either fiscal agency• of the State -of
Washington in the Cities of Seattle, Washington, or
New York, New York, solely out of the "Refunding Limited
General Obligation Bond Funcl, 1974" (hereinafter called
' the "Bond Fund") , of the City. �
This bond is issued without the right or option of the
City to redeem the same prior to' its stated maturity date.
This bond is one of an issue of 89 bond� of like date
and tenor, except as to denomination", number and date
of maturity, in the aggregate principal amount of_
$442,000 .00 , issued by the City pursuant to the
provisions of Chapter 138, Laws of 1965, Ex. Ses. , of
the Legislature of the, 5tate of Washingtori, as amended,
known as the "Refunding Bond Act" (RC[� Chapter • 39. 53) ,
for the purpose of refunding its outs tanding "Limited
General Obligation Bonds, 1972 ," an'd "Limited General
Obligation Lib rary, Bonds , 1972 , " originally issued by
the City for general municipal purpose� pursuant to
Ordinances Nos . �2683 and 2735 , respectively, all as
provided in Ordinance No. , and i's issued in full
compliance with the ordinances of the City ancl the
Constitution, and laws of the State of� Washington.
The City hereby irrevocably pledges itself to levy
taxes annually within the constitutional and statutory
tax limitations p�ovided by law upon all property in the
Cit_y subject to taxation in aznounts sufficient to pay
the principal of and interest on the bonds of this issue
as the same sh all�become due . The full faith , credit
and resources of the City are hereby irrevocably pledged
for the annual �levy and collection of such taxes and the
prompt `payment of such principal anc� interest.
It is hereby certified that all acts , conditions and
things required to be� done precedent to and i`n the
issuance of this bond have been done, h ave 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 statutorv limitations . ,
IN �aITNESS WHEREOF, the Cityo uf Renton, Washinaton, �
has caused this bond to be signed by the facsimile
signature of its Mayor and attested by the manual signature
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of its City Clerk and its corporate seal to be hereto
affixed and the interest coupons attached- to be si_qned
with the f�acsimile signatures of those officials this
first day of November, 1974 . -
CITY OF RErdTON, WASHIi�7GTON
By (facsimile signature)
Mayor
ATTEST:
City C�lerk
The form of the interest coupons shall be substantially
as follows:
Coupon No. ($52.08
�' on
� $156. 25 Coupon
No. 1)
On the FIRST DAY OF (JANUARY) (JULY) , 19 , the CITY
OF RENTON, T�IASHINGTON, upon presentation and surrender "
of this coupon, will pay to the bearer at the office
of the Director of Firiance of the City, �or, at the option
of the holder, at either fiscal agency �of- the State of
Washington in the Cities of Seattle, Washington, or New
York, New �York, the sum shown hereon in law_ful money of
the United States of America, said �sum being the interest
due that date on its "Refunding Limited General Obligation
Bond, 1974 , " dated November� l, 1974 , and num'�ered
CITY OF RENTON, WASHID?GTON
By (facsimile signature)
May or
ATTEST;
(facsimile signature)
City Clerk
Section 4. The Refunding Bonds shall be printed or
lithographed on good bond paper and sha11 be signed by the facsimile
signature of the Mayor and attested by the manual signature of the
City Clerk of the City, under the seal of the City, and the coupons
shall bear the � facsimile signatures of the Mayor and the City Clerk.
Section 5. The Bond Fund is hereby created and established
in the office of the Director of Finance of the City for the payment
of the principal of and interest on the Refunding Bonds . All taxes
collected for and allocated to the payment of the principal of and �I
interest on the Refunding Bonds shall be deposited in the Bond Fund. �
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Section 6 . The City 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 in an amount sufficient to pay the principal of_ and interest
on the Refunding Bonds as the same shall become due. The full faith,
credit and resources of the City are hereb_y irrevocably pledged for
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the annual levy and collection of such taxes and for the prompt payment
of such principal and interest. '
Section 7. The proceeds of the sale of tize Refunding Bonds,
exclusive of the accrued interest thereon which� shall be paid into �
the Bond Fund, �sh all be used immediately upon the receipt thereof to
discharge the obligations of the City under Ordinance No. 2683 , passed
and approved December 6, 1971, authorizing tne issuance of the February l,
1972 Bonds and under Ordinance No. 2735, passed and approved August 28 , �
1972, authorizing the issuance of the November l, 1972 Bonds by providing
for the payment as hereinafter set forth in this section of the
principal of and interest on the Outstanding Bonds . To the extent
practicable the City shall discharge such obligations by the purchase
of Federal Land Bank Bonds, Federal National Mortgage Association
Debentures and Government National Mortgage Association Participation
Certificates ("Acquired Obligations") bearing such interest and
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maturing as to principal and interest in such amounts and at such
times so as to provide for the payment of the principal of and interest
on the February l, 1972 Bonds which will become due and payable on or
before February 1, 1982, and the principal of and interest on the
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November l, 1972 Bonds which will become due and payable on or before
November l, 1982. Such Acquired Obliqations and the pri.ces to be paid
for the same are more particularly described in the proposal of Seattle-
Northwest Securities Corporation hereinafter re.ferred to. .
Such Acquired Obligations shall be irrevocably deposited with
The National Bank of Commerce of Seattle, Seattle, Washington
(hereinafter called the "Refunding Trustee") . Any amounts described
in this section which are not provided for in full by the purchase
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and deposit of the Acquired Obligations described in this section
shall be provided for by the irrevocable deposit of a portion of �
the proceeds of sale of the Refunding Bonds or other moneys of the
City with the aforesaid Refunding Trustee.
Section 8.� The Refunding Trustee is hereby authorized and
directed "to pay the principal of and interest on the Outstanding Bonds
when due from the Acquired Obligations and moneys deposited �aith the
Refunding Trustee pursuant to the previous section of this � ordinance.
All Acquired Obligations and the moneys deposited with the� Refunding
Trustee and any income therefrom shall be h�ld, invested and applied
in accordance with the provisi�ons of Ordinance No. 2583 pertaining to
the February l, 1972 Bonds and in accordance with the provisions of
Ordinance No. 2735 pertaining to the November l, 1972 Bonds , this
ordinance and with the statutes of the State of Washington.
All necessary and proper fees , compensation and expenses
of the Refunding Trustee for the Refunding Bonds and all other costs
incidental to the refunding of the Outstanding Boncls , including, but
not limited to, reasonable ch arges of bond counsel, rating services
and bond printing, sh all be paid when due by the initial purchaser of
the Refunding Bonds . The proper officers and agents of the City are
directed to obtain from the Refunding Trustee an agreement setting
forth the duties, obligations and responsibilities of the Refunding
Trustee in connection with the retirement of the Outstanding Bonds as
provided herein and stating that such provisions for the payment of
the fees, compensation and expenses of such Refunding Trustee are
satisfactory to it..
In order to carry out the purposes of the preceding section
of this ordinance and this section, the Mayor and City Clerk of the
City are authorized and directed to execute and deliver to The National
Bank of Commerce of Seattle, Seattle, Washington, an agreer.tent
substantially in the form attached hereto, marked "Exhibit A, " and by
this reference thereto made a part of this ordinance.
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Section 9 . In the event that moneys and/or "Government
Obligations ," as such Obligations are defined in Ch. 39. 53 RCW,
as now or hereafter amended, maturing at such time or times and
bearing interest �to be earned thereon in amounts �(together with such
moneys, if necessary) sufficient to retire the Refunding Bonds in
accordance with their terms, are set aside in the Bond Fund of the
City to effect such retirement, and such moneys and the principal
of and interest on such Government Obligations are irrevocably set
aside and pledged for such purpose, then no further payments need be
made into the Bond Fund for the payment of the princi�al of and interest
on the Refunding Bonds, and the Refunding Bonds and the coupons
appurtenant thereto sh all cease to be entitled to any lien, benefit
or security of this ordinance except the right. to receive the moneys
so set aside and pledged, and the Refunding Bonds and such coupons
shall be deemed not to be outstanding hereunder.
Section 10 . The City hereby covenants that it will not
make any use of the proceeds of sale of_ the Refunding Bonds or any
other funds of the City which may be deemed to be proceeds of such
Refunding Bonds pursuant to Section 103 (d) (2) of the Internal Revenue
Code and the applicable Regulations thereunder which, if such use had
been reasonably expected on the date of delivery of the Refunding
Bonds to the initial purchaser thereof, would have caused the Refunding
Bonds to be "arbitrage bonds" within the meaning of said section and
said Regulations. The City will comply with the requirements of
subsection (d) of Section 103 of the Internal Revenue Code and the
applicable Regulations thereunder throughout the term of the Refunding
� Bonds.
The Ci�Gy Council hereby finds and determines that the
issuance and sale of the Refunding Bonds at this time will effect a
saving to the City and its taxpayers . In making such finding and
' determination the City Council has given consideration to the reduction
in the principal amount of the Refunding Bonds over the Outstanding
Bonds, the interest to the fixed maturities of the Refunding Bonds
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and the Outstanding Bonds being refunded, the costs of issuance of
the Refunding Bonds and the known earned income •from the investment
of the proceeds of sale of the Refunding Bonds pending retirement of
the Outstanding Bonds.
The City Council hereby further finds and determines that
the moneys and Acquired Obligations to be deposited with the Refunding
Trustee for the Outstanding Bonds in accordance with Section 7 of this
:
ordinance will discharge and satisfy the obligations o� the City
under Ordinance No. 2683 authorizing the issuance of tne February l,
1972 Bonds and under. Ordinance No. 2735 authorizing the issuance of
the November 1, 1972 Bonds irur.ediately upon the deposit of such moneys
and Acquired Obligations with the Refunding Trustee.
Section 11. The action of the City Council of the City
heretofore taken accepting on October 21, 1974, the written offer of
Seattle-Northwest Securities Corporation, Seattle, Washington, to
purchase the Refunding Bonds and to sell to the City the Acquired
Obligations under the terms ancl conditions thereof as provided in
said offer and in this ordinance is hereby in all respects ratified
and confirmed, and such written offer on file with .the City Cler]c of
the City is by this reference incorporated herein and made a part
hereof.
The proper City officials are hereby authorized and
directed to do everything necessary for the prompt execution and
delivery of the Refunding Bonds to said purch aser and for the proper �
application and use of the proceeds of the sale thereof.
Section 12 . If any one or more of the covenants or
agreements provided in this ordinance to be performed on the part
of the City shall be declared by any court of competent jurisdiction
to be contrary to law, then such covenant or covenants , agreement
or agreements shall be null and void and shall be deemed separable
from the remaining covenants and agreements in this .ordinance and
shall in no way affect the validity of the other provisions of this
ordinance or of the Refunding Bonds .
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Section 13. This ordinance shall take effect and be in
force from and after its passage, approval and publication as provided
by law.
PASSED BY THE CITY COUNCIL this 4th day of November, 1974 ,
at a regular open public meeting thereof.
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Delores A. Mead, Cit� Clerk
APPROVED BY THE MAYOR this 4th day of November, 1974 .
� y Garret�, Ni,�yo °
Approved as to form:
��C ���'�+
Ge'�ard M. Shellan, City Attorney
Date of Publication: 11-s-74
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A G R E E M E N T , �
THIS AGREEMENT made and entered into as of the day
of November, 1974, by and between the CITY OF RENTON, TrL�SHIN�`l�ON, a
municipal corporation of the State of taashington (the "City") , and
THE NATIONAL BANK OF COMPZERCE OF SEATI'LE, Seattle, Washington (the
"Refunding.Trustee") ;
W I T N E S S E T H:
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SECTION 1. Recitals . The City now has outstanding its
"Limited General Obligation Bonds, 1972 ," issued under date of February
1, 1972, in the aggregate principal amount .of $275,000. 00 (hereinafter
called the "February 1, 1972 Bonds") and its "Limi ted General Obligation
Library Bonds, 1972, " issued under date of November 1, 1972, in the
aggregate principal amount of $235 ,000 . 00 (hereinaf_ter call�d the
"November 1, 1972 Bonds") (both of which outstanding bond issues are
sometimes hereinafter called the "Outstanding Bonds") . Under the terms
of Ordinance No. 2683 passed by the City Council and approved by the
Mayor on December �6 , '1"�71, pertaininq to 'the February 1, 1972 Bonds and
under the terms of Ordinance No. 2735 passed by the City Council and
approved by the Mayor on August 28, 1972 , pertaining to the November l,
1972 Bonds, the City may not call the Outstanding Bonds for redemption
prior to their respective maturity dates . The City by Ordinance No.
, passed by the City Council and approved by the Mayor on November
4, 1974, has determined to pay and refund as they resnectively mature
all of the February 1, 1972 Bonds until February l , 1982, their final
maturity date, and all of the November l, 1972 Bonds until November l,
1982, their final maturity date (except the $20 ,000 .00 par value of such
bonds maturing on November l, 1974, �ahich will be paid from moneys
presently on deposit in the bond redemption fund for such bonds) , in
accordance with the terms of said Ordinance No. out of the proceeds
of sale of its "Refunding Limited General Obligation Bonds , 1974" (the
"Refunding Bonds") , and moneys presently in the bond redemption funds
for the Outstanding Bonds . _
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5ECTION 2. Provisions for Refunding the Outstanding Bonds .
To accomplish the refunding of the Outstanding Bonds , including the
payment of principal of and interest on the Februarv l , 1972 Bonds
until February l, 1982, and the payment of principal o.f and interest
on the November l, 1972 Bonds until November l, 1982 , the City,
simultaneously with the delivery of the Refundina Bonds issued pursuant
to said Ordinance No. , does �hereby agree to irrevocably deposit
with the Refunding Trustee in trust for the security and benef_it of
the holders and o��ners of the Outstanding Bonds and the Refunding
Bonds the sum of $83. 15 in cash from the proceeds of sale of the
Refunding Bonds and certain Federal Land Bank Bonds , Federal National
Mortgage Association Debentures and Government National Mortgage
� Association Participation Certificates with amounts , interest rates
and maturities as more particularly set forth in "Schedule A" attached
to this Agreement and by this reference incorporated herein, whiclz
securities are hereinafter referred to as "Oblia,ations , " and such cash
and Obligations, with the investment income therefrom, e�ill be
sufficient to provide for the payment of the principal. of and interest
on the February l, 1972 Bonds until February l, 19E2, the final
maturity date for the February 1, 1972 Bonds , and for the payment of
the principal of and interest on the Nover,iber l, 1972 Bonds until
November l, 1982, the final maturity date for the Nover.tber 1, 1972
Bonds . �
� On or before the delivery of the Refundina Bonds the City
agrees that it will cause to be delivered to the Refunding Trustee a
statement setting forth the amount of interest and principal to be
paid on each semiannual interest payment date on the February 1, 1972
Bonds up through February l, 1982 , and the amount of interest and
principal to be paid on each semiannual interest payment date on the
Nover�ber 1, 1972 Bonds up through November 1 , 1982.
SECTION 3. Disbursements by the Refunding Trustee. The
� Refunding Trustee shall present for payment on the due date thereof
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the Obligations so deposited and shall apply the proceeds derived
therefrom in accordance with the provisions of this section.
R f_undin Trus tee to
Moneys shall be transferred by the e g
the Director of Finance of the City or to the fiscal agency of the
State of Washington in the City of Seattle, Washington (hereinafter
called the "Fiscal Agent") , on behalf of the Director of Finance of
the City, in amounts sufficient to pay the interest on and principal
of the February l, 1972 Bonds becoming due and paXable on or before
February l, 1982, and to pay the interest on and princinal of_ the
November l, 1972 Bonds becoming due and payable on or before November
1, 19 82 .
SECTION 4. Nonreinvestment of Funds; Custody and
Safekeeping of Obligations. All moneys deposited with the Refunding
Trustee or received by the Refundina Trustee as maturing principal
or interest on Obligations prior to the time required to mak� the
payments hereinbefore set forth sh all be held by the Refunding Trustee
and shall not be reinvested.
All income derived from the Obligations and any moneys
deposited with the Refunding Trustee pursuant to Section 2 hereof in
the hands of the Refunding Trustee (which moneys are not required to
make the payments hereinbefore required to be made) shall be paid to
the Director of Finance of the City for the credit of the "Refunding
Limited General Obligation Bond Fund, 1974" of the City (hereinafter
called the "Bond Fund") as and v��hen realized and col.lected for use and
application as other moneys deposited in said Bond Fund.
For as long as any of the Outstanding Bonds are outstanding,
on or before the lOth day of each month, commencing with the month
of February, 1975, the Refunding Trustee snall render a statement as
of the last day of the preceding month to the Director of Finance of
, the City,_which .stater.lent shall set .forth the Obligati_ons which have
matured and the amounts received by the Refunding Trustee by reason
of such maturity, the amounts paid to said Director of Finance or to
�he�Fiscal Agent on behalf of such Director of Finance for credit to
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the Bond Fund, the amount of cash delivered to said Director. of
Finance or to the Fiscal Agent on behalf of such Director of Finance,
and the dates of such delivery, far the payment of the interest on
and principal of the February l, 19 72 Boncis as the s ame shal l become
due and/or payable up through February l, 1982 , and the interest on
and principal of the November 1, 1972 Bonds as the same shall become
due and/or payable up through November 1, 1982, ancl any other
transactions of the Refunding Trust�e pertaining to its duties and
obligations as set forth herein.
Al1 Obligations, moneys and investment income deposited
with or received by the Refunding Trustee pursuant to this Agreernent
shall be subject to the trust created by this Agreement and the
Refunding Trustee shall be liable for the preservation and safekeeping
thereof.
SECTION 5. Duties and Obligations of Refunding Trustee.
The duties and obligations of the Refunding Trustee shall be as
prescribed by the provisions of this Agreement, and the Refunding
Trustee shall not be liable except for the performance of its duties
. � and obligations as specifically set forth herein and to act in good
faith in the performance thereof and no implied duties or obligations
shall be incurred by such Refunding Trustee other than those specified
herein.
The Refunding Trustee may consult with counsel of its
choice and the opinion of such counsel shall be fu1.l and cor.:plete
authorization and protection in respect of any action taken or not
taken or suffered by it hereunder in good faith and in accordance _ �
with the opinion of such counsel. I
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Provisions for the fees , compensation aiid expenses of the 'I
Refunding Trustee satisfactory to it have been mad�.
. CITY OF R�NTOrd, WASIiINGTOPI
. BX
Mayor
ATTEST:
City Clerk
THE NATIONAL BAI1K OF CONI,'�IEJ:CE OF SEATTLE
By
Trust Office�
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' ���, -. � .. � . EXHIBIT A ' • .
ACQUI�RED 0
BLIGATIONS �
CITY OF RENTON
SECURITIES USED TO FUND ESCROW
. Amourtt Interest Rate Description Maturity Date
$25,000 7.300% FLB 10-20-82
40,000 7.300% FNMA 12-10-81 `
30,000 9.700% FNMA 9-10-81
40,000 6.600% FNMA 12-10-80
25,000 8.700% FLB 10-20-80
35,000 6.700% FLB 1-21-80
20,000 6.800% FLB 10-23-79
30,000 7.100% FLB ' 1-22-79
20,000 7.350% FLB 10-19-78
35,000 8.700% FLB 1-23-78
20,000 6.350% FLB 10-20-77
2�5,000 5.200% GNPC 1-19-77
20,000 7.150% FLB 10-20-76 ,
25,000 9.200% FLB 1-20-76 �
20>000 7.400% FLB 10-20-75
30,000 7.150% FLB 1-20-75 I
CODE: �
FLB - Federal Land Bank Bonds
FNMA - Federal National Mortgage Association Debentures
GNPC - Government National Mortgage Association Participation
Certificates .
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