HomeMy WebLinkAboutORD 2909 .
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CITY OF RENTON, WASHINGTON
ORDINANCE N0 . 2909
AN ORDINANCE OF THE CITY OF RENTON WASHINGTON FIXING I
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THE AMOUNT , FORM, DATE 0�' ISSUE AND MATURITY, AND S ;
INTEREST OF INSTALLMENT NOTE ; DIRECTING THE ISSUANCE
AND SALE THEREOF UNTO PEOPLES NATIONAL BANK OF WASHINGTON,
PERTAINING TO LOCAL IMPROVEMENT DISTRICT N0 . 281
THE CITY COUI�ICIL OF THE CITY QF RENTOiV, WASHINGTON , DO
ORDAIN AS FOLLOWS : II
S-ECTION I : The total amount of the assessment roll of
Local Improvement District No. 281 as heretofore revised, approved and
confirmed by the City Council under date of September 9 , 1974 , as
per City of Renton Ordinance No. 2gp6 was in the sum of $12 , 400. 47
The thirtyf( 30) day period for making cash payments o� assessments
without interest in said District expired on� the 18th day of october
1974 and the total amount of assessments paid in cash was the sum
of $ 2 . 233060 leaving a balance of assessments unpaid on the
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assessment roll in the sum of $10 ,166 . 87 .
SECTION II : Upon call for bids , as provided by law, the
City of Renton has received a written offer from the �EOPL�S NATIONAL
�ANK OF WASHINGTON for the purchase of an i.nstallment note and the
indebtedness evidenced thereby in said principal sum of $10 ,16E . 87 ,
and sai.d note and payment record ther�or being in the form attached
hereto labeled Exh.ibit "A" and made a part of this Ordinance as if
fully set forth. Said. note shall bear interest at the rate of 6 . 44%
per annum. Said bid was the lowest , responsible bid received by the
' City of Renton.
The City has also entered into that certain "Agreement't
with �the PEOPLE� NATIONAL BANK OP WASHINGTON for the purchase of said
Local Improvement District installment note and a copy of said Agreement
being likewise attached hereto, laTaded Exhibit "B" and incorporated
herein as if fully set forth. The Mayor and City Clerk are hereby
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authorized and directed to sign said Ag�ment and installment note.
Thereupon said installment note shall immediately be deli.vered to II
said PEQPLES NATIONAL BANK OF WASHINGTON i.n exchange for the principal I
amount of said note, together with accrued interest, at the rate of
6 . 44o per annum. Said installment n.ote being dated February 24 , 197�.
SECTION III : The aforesaid note and any non-interest
bearing default of installment inter.est certi.ficates shall be subject
to the same redemption privileges as applied to any Local Improvement
District bonds and warrants as provided for in RCW 35 .54 et seq.
SECTI03� IV : This Ordinance shall be effective upon its
passage , approval and five days after its publi.cation, unless atherwise
provided for hereinabove.
PASSED BY THE CITY COUNCIL this lOth day of Februar�, 1975
Delores A. Me�i�lerk �
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APPRQVED BY THE MAYQR this lOth day of Fe�ruary, 1975 .
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B,t�,�'�'� _ �,a�
�.very G�.rrett, Mayor
Approved as to form:
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�erard M. Shellan, City Attorney
Date of Publication: 2-14-75