HomeMy WebLinkAboutORD 3010 ,.. .,
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CITY. OF RENTON, WASHING.TON
ORDINANCE N0. " 3010 � � �
AN .ORDINANCE OF THE CITY. OF RENTON, WASHIN.GTON,
FIXING. THE AMOUNT,. FORM, DATE. OF ISSUE AND. MATURITY,
AND INTERES.T .OF INS.TP;LLMENT NOTE.; DIRE.CTING
THE ISSUANCE AND SALE .THEREOF UNTO PEOPLES NATIONAL
BANK OF WASHING.TON,. PERTAINING. TO. LOCAL IMPROVEMENT
DISTRICT N0. 292 .
THE CITY COUNC.IL OF THE CITY OF RENTON, WASHING.TON,
DO ORDAIN AS FOLLOWS :
SECTTON I•:� The. total amount of the as:sessmeri� roll of
Local Improvement District Nsa292. as her.etofore rev.ised, approved
and confirmed by. the City. Council under date of October 27 , 1975
as per City of Renton Ordinance No.. 2980 was in the sum of $37 ,795. 53 .
4 The thirty ( 30) day per:iod for making cash .payments of assessments
without interest in said District expired on the 30th day of December,
197K� and the. total amount of assessmerits paid in cash was the sum
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of $ 19 , 427s63 leaving a balance of assessmerits unpaid on the assess-
ment roll in the sum of $18 , 367 .�90.
SECTTON TI :� Upon call for bids , as pr.ovided by. law,
the City of Reriton has recei:ved a written offer, from the PEOPLES
NATIONAL BANK OF WASHINGTON for the .purchase of an installment
note and the indebtedness evidenced thereby in said principal sum
of $I8, 367. 90, and said note and payment reeord therefor being in
the form attached hereto labeled Exhibit "A" and made a part .of
this Ordinance as if fully set forth. Said note shall bear interest
at the rate of 6 . 23a per annum. Said bi.d was. the lowest, responsible I
bid received by the City. of Re.riton and duly accepted: the:refor.
The City has also eriter:ed into. th:at cer.tain "Agreement" I
with. PEOPLES NATIONAL BANK OF WASHINGTON .for the .purcha.se of said
Local Improvement District .insta.11ment note and a copy of said
Agreement bei:ng likewise :attached hereto, labe:led Exhibit !'B" and
incorporated herein as if fully set forth..
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The Mayor and the City. Clerk are hereby authorized and
directed to sign said znstallment note and Agreerrient. Ther.eupon
said installment note .shall immediately be. deliver.ed. to said PEO.PLES
NATIONAL BANK OF WASHIN.GTON in ex.change for the principal amount
of said note, to:geth.er wi.th accrued. interest, at the rate. of 6..23a
per annum. Said installmen:t note being dated February 18 , lg�_6 . �
SECT•IO�N 'I�T�I:: � The. afores:aid note. and any non-interest
bearing default of insta.11ment .interest cer.tif.icates shall be. sub.ject
to the. same redemption pr.ivileges: as ap.plied to any Local Improvement .
District bonds and warrants as provided for in RCW 35. 54 .et seq.
SECT•T03� ��IV: � This �Ordinance :shall be effective upon its.
passage, approval and, five. days after its publ.icati:on.
PASSED BY THE CITY. GOUNC.IL thi:s 2nd day of February, 1976.
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Delores. A. Mead, Ci�y, Clerk
APPROVED BY THE MAYOR this 2nd day of Feb:r.uary, 1.976.
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'harles Del.aurenti, Mayor
Approved as to. form:
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G�rard M. Shellan, City. Att.orney I
Date of Publication: 2-6-76
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