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Home My WebLink AboutORD 3069 . � �. � ,�z_ -a � .. 4, • � CITY OF RENTON, WASHINGT(1N 1 ORDINANCE NO. 3069 AN ORDINANCE fixing the amount, form, date, interest rate, maturities and denominations of Local Tmprovement District No. 291 Bonds and directinq the issuance and sale thereof to Seattle-Northwest Securities Corporation, Seattle, Washington. BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, as follows : Section l. The total amount of the assessment roll in Local Improvement District No. 291 in the City of Renton, Washington, " created under Ordinance No. 2922 , was $404 , 817 . 27 . The thirty-day period for making cash payments of assessments without interest in the District expired on September 27 , 1976 , and the total amount of assessments paid in cash was $30, 978 .19, leaving a balance o.f assessments unpaid on the assessment roll in the sum of $373 , 839 . 08 . Local improvement district bonds of Local Improvement District No. 291 shall, therefore, be issued in the total principal sum of $373, 839. 08. Bond No. 1 shall be in the denomination of $3, 839. 08 , and the remaining bonds numbered 2 to 75, inclusive, shall be in the denomination of $5, 000 . 00 each. The bonds shall all. be dated November 1, 1976 , and shall be payable out of the "Local Improvement Fund, District No. 291, " created by Ordinance No. 2922 , and shall be payable on November l, 1995; with the right reserved to the City to redeem the bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there sha11 be sufficient money in the "Local Improvement Fund, District No. 291, " to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds , by publishing notice of such call once in the official newspaper of_ the City not less than ten nor more than twenty days prior to the call date, and upon such date the interest on the bonds so called shall cease and each and every coupon � ;�t�.�� •ly . ` , � . � , r representing interest not accrued on such date shall be void. Notices of such call for redemption shall also be mailed to the principal office of Seattle-Northwest Securities Corporation in Seattle, Washington, at least ten days before such call dates. The bonds shall bear interest at the rate of 7 . 10% per annum, payable annually, beginning November l , 1977, to be represented by interest coupons to maturity attached to each bond. Section 2 . -Each of the bonds and interest coupons attached thereto shall be in substantially the following form: "No. $5, 000. 00 _ ($3 ,839 . 08 on Bond No. 1) r UNITED STATES OF AMERICA STATE OF �aASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF RENTON LOCAL IMPROVEMENT DISTRICT NO. 291 7 . 10% N.B. The laws of the State of [nlashington under which this bond is issued contain the followinq section (RCW 35 .�5. 070) : "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvements for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or toti�n as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof. A copy of the f_oregoing part of this section shall be plainly written, � printed or engraved on each bond. " THE CITY OF RENTOEd, WASHINGTON, a municipal corporation of the State of. [�Tashinctton, hereby promises to pay to Seattle-Northwest Securities Corporation, Seattle, Washington, or bearer, the sum of FIVE THOUSAND DOLLARS ($3, 839 . 08 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of 7. 10o per annum, v -2- . ' ....�...� „ . . . . ,�'. ' . . payable annually out of the .fund established by Ordinance No. 2922 of the City and known as "Local Improvement Fund, District No. 291, " and not otherwise, except from the guaranty fund, as herein provided. Both principal of_ and interest on this bond are payable at the office of the Director of Finance of the City. Coupons are heret�o attached for each installment of interest to accrue hereon, and interest shall be paid only on presentation and surrender of such coupons to the Director of Finance. The City Council of the Cit_y,l as agent of such , Local Improvement District No. 291, established by Ordinance No. 2922 , has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bonds or the proceeds thereof to be used to pay so much of the cost and expense of certain improvements as provided by Ordinance No. 2922 establishing Local Improvement District No. 291, as is levied and assessed against the property included in the local improvement district and benefited by those improvements , and the "Local Improvement Fund, District No. 291, " has been established by ordinance for that purpose. The holder or holders of this bond shall look only to that fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal of or the interest on this bond. This bond is one of an issue of 75 bonds agqregatinct in all the principal sum of $373 , 839. 08 , issued for Local Improvement District No. 291, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on November 1, 1995, but is subject to call by the Director of Finance for prior redemption whenever there shall be sufficient money in the "Local Improvement Fund, District No. 291 , " to pay the same and all unpaid bonds of the issue of_ which this bond is one, which are prior to this bond, in numerical order, over and above amounts sufficient for the payment of the interest on all unpaid bonds of this issue. The call for payment of this bond, or any bond of this issue of which this is one, shall be made by the Director of Finance by publishing the same once in the o.f_ficial newspaper of the Cit_y not less than ten nor more than twenty days prior to the call date, and when such call is made . for the payment of_ this bond, it will be paid on the date the next interest coupon thereon shall become due after that call and upon that day interest upon this bond shall cease and any remaining coupons shall be void. Notice of such call for redemption shall also be mailed to the principal office of Seattle- Northwest Securities Corporation in Seattle, Washington, at least ten days before such call date. IT IS HEREBY CERTIFIED, Recited and Declared that all acts, conditions and thinqs reauired to be done ' precedent to and in the levying of such special taxes or assessments and the issuing of these bonds have been properly done, have happened and have been -3- .. _� .,.:.. , , , � , � performed in regular and due form, as required by law; and that these bonds have not been issued in an amount in excess of the cost of the improvements. 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 those officials this first day of November, 1976 . CITY OF RENTON, WASHINGTON By (facsimile signature) Mayor ATTEST: City Clerk COUPON FORM Coupon No. $355. 00 ($272 . 57 on Bond No. 1) On the FIRST DAY OF NOVEMBER, 19 , the CITY OF RENTON, WASHINGTON, promises to pay to bearer at the office of the Director of Finance the sum shown hereon, this sum being twelve months ' interest due that day on Bond No. of the bonds of Local Improvement District No. 291 and not otherwise, provided that this coupon is subject to all terms and conditions contained in the bond to which it is annexed and, if that bond shall be called for payment before maturity hereof, this coupon shall be vo id. CITY OF RENTON, WASHINGTON By (facsimile signature) ° < ' � Mayor 4� ATTEST: F City Clerk Section 3 . The bonds shall be printed on lithoqraphed forms, shall be signed by the facsimile signature of the Mayour and attested by the manual signature of the City Clerk and shall have I the seal of the City affixed thereto, and the coupons shall bear the facsimile signatures o£ the Mayor and the City Clerk. Section 4 . Seattle-Northwest Securities Corporation, Seattle, [�iashington, heretofore offered to purchase all of the local improvement bonds of Local Improvement District No. 291 at a -4- � . . ,.+.A' . � • �• �' price of par, plus accrued interest from date of_ issuance to the date of delivery of the bonds to the purchaser, the City to furnish ' the printed bonds and the approving legal opinion of Roberts , Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, [n�ashington, at the City's expense. The City Council, deeming that it was in the best interest of the City to accept that offer, duly accepted the same on October 11, 1976 , and such acceptance is hereby ratified and confirmed. The bonds shall, therefore, immedi- ately upon their execution, be delivered to Seattle-Northwest Securities Corporation, Seattle, [aashington, upon payment there_for ir� accordance with that offer. - � Section 5. This ordinance shall be in full force and effect from and after its passage, approval and five (5) days after its publication. _ PASSED BY THE CITY COUNCIL, this 18th day of October, 1976 . //>�� -- , �ES A. MEAD; Cit Clerk Yi APPROVED BY THE MAYOR, this 18th day of October, 1976 . �--�-- �..��'��:�,�.�:� �� .µ-� CHARLES DELAURENTI , Mayor � • Ap:proved as to f . '' ��,---,�-� G�RARD M. SHELLAN, City Attorney l t: :� � Date of Publication: October 22 , 1976 -5- I