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Home My WebLink AboutORD 3095• � . ��t. �•, .. �s .. „ � ,f , �- , _ . . �_ „ , CITY OF RENTON, WASHIIdGTON ORDINAI�TCE NO. 3 0 9 5 AN ORDINANCE fixing the amount, form, date, interest rate, maturities and aenominations of Local Improvement District No. 288 Bonds and directing the issuance and sale thereof to Seattle-Northwest Securities Corporation, Seattle, Washington. BE IT ORDAINED BY THE N�YUR AND THE CITY COUNCIL OF THE CITY OF RENTON, WASHIT3GTOPd, as follows: Section 1. The total amount of the assessment ro11 in Local Improvement District No. 288 in the City of Renton, Vdashington, � crea.�ed under Ordinance P1o. 2874, was $158, 340.69 . 2'he thirty-day period for rnaking cash payments of assessments without interest in the District expired on December 14, 1976, and the total amount of assessments paid in cash was $5�,463. 69, leaving a balance of assessments unpaid ori the assessr:lent roll in the sur� of $99 ,877.00. Local improvement c�istrict bonds of Local Improvement District No. 288 sha11, therefore, be issued in the total principal sum of $99 ,877. 00. 2sorid No. 1 shall be in the denomination of $4, 877. 00, ar�d the remaining bond� i�.umperec� 2 ts�_ 20, inclusive, shall be in the denomination of $5,0OO.OQ each. l�ie bonds shall all be dated January i5, 1977, and shall be payable out of the "Local Improvement Fund, District No. 288," created by Ordinance P3o. 2874, and shall be payable on January 15, 1989, 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 shall be sufficient money in the "Local Ir:2provement Fund, District P1o. 288,", to pay the bonds so `, �� called and all ear�ier numbered bonds �ver and above the amount required for the payrnent of the interest on all unpaid bcnds, by � publishing notice of such call once in the officia_1 newspaper of `, 1 � ' .{ ' , � . .. . „ � .' . .� . ,., r � , . , t the City not less than ten nor more than tcwenty days prior to the call date, and upon such date the interest on the bonds so called shall cease and each and every coupon representing interest ilot �, accrued on such date shall be void. Ydotices of such call for ; redemption sha11 also be mailed to the principal office of Seattle- Nortr.west Securities Corporation in Seattle, Washington, at least ten days before such ca11 �,ates. The bonds sha11 bear interest at the rate of 6.60o per annum, payable annually, beginning January 15, ; 1978, to be represented by interest coupons to maturity attached to I each bond. Section 'l. Each of the boncis and interest coupons attached thereto shall be in substantially the following form: No. ��: $S,OO�.UO , � '(�$�4,��3,77.00 on Bond P1o. 1) UNITED STATE5 OF �RICA 5TATE OF WASHINGTON LOC�I, IMPROVEMF;NT �30ND OF CITY OF RENTUIJ LOCAL IMPROV�AZENT DIS�i'1�ICT f10. 288 � 6.60� N.I�. The laws of the State of Vlashington under which this bond is issued contain the following sectiori (RCW 35.45.070) : "Neither the holder nor owner of any bond, interest coupon, or warrant is.sued against a local improvernent 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 iriprovement guaranty fund of the city or town 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 bonci, interest coupon, or warrant for any ].oss to the local improvement guaranty fund occurring in the lawful operation thereof. A copy of,,�the foregoing part of this section shall be plainly written, printed or engraved on each bond. " THE CITY OF RENTON, WASHINGTOIV, a municipal corporation of the State of Washington, hereby pronises to pay to Seattle-Northwest Securities Corporation, Seat�cle, Washington, or bearer, the , sun ofc _2_ ' . . ti, _ • ., . •, , , . . , ' . , . � ` , . FIVE THOUSAND DOLLA.I2S ($4,b77.00 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of 6.60°s per annum, payable annually out of the fund established by Urdinance No. 2874 of the City and known as "Local Improvement Fund, District Pdo. 288," and not otherwise, except from the yuaranty fund, as herein provided. �3oth principal of and interest on this bond are payable at the office of the Director of Finance of the City. Coupons are hereto attached for each installment of interest to accrue hereon, and interest shall be paid only on presentation and surrender of such couporis to the Director of Finance. The City Council of the City, as agent of such Local Improvement District ivo. 288, esta�blishea by Urdinance No. 2874, has caused this bond to be issued in th.e name of the City as the bond of such local improvement district, ,the bonds or the proceeds thereof to be used to pay so rnuch of the cost and expense of certain improvements as provided by Ordinance tdo. 2874 establishing Local Improvement Bistrict Pdo. 288, as is levied and assessed against the property included in the local improvement district and benefited by those improveraents, and the� "Local Improvement Fund, District I�"to. 288," has been established by ordinance for that purpose. The holder or holders of this bond shall look only to that fund and t-o the Local Improvement GuaraYity Fund of the City �for the payment of either the principal of or the interest on this bondo Thi.s bond is one of an issue of 20 bonds aggregating in all the principal sum of $99,877. 00, issued for Local Improvement District No. 288, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on January 15, 1989, but is subject to call by the Director of Finance for prior redemption whenever there shall be sufficient rnoney in the "Local Improvement Fund, District No. 288," to pay the same and all unpaid bonds of the issue of which this bond is one, whicti 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 official newspaper af the City 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 sha11 cease anc? any remaining coupons shall k�s void. Notice of suc12 ca11 for redemption shall also be mailed to the principal office of Seattle- Ydorthe�est Securities Corporation in Seattle, Washington, at least ten days before such call date. -3- ' ✓ v � . ' . . ' w , e ' ^ IT IS HEREBY CEKTIFIED, Recited and Declared that all acts, conditions and things required to be done precedent to and in the levying of such special taxes or assessments ancl the issuing of these bonds have been properly done, have happened ana have been performed in regular and due form, as required by law; and that these boncis have not been issued in an amount in excess of the cost of the improvements. IN WZTNESS WHERF;UF, the City of Renton, Washington, has caused this bond to be signed by the facsimile signature of its P•�ayor and attested by the manual signature nf its City Clerk and its corporate seal to be hereto affixed, and the interest coupons attache� to be signed with the facsimile signatures of those officials this fifteentY: czay of January, 1977. CITY OF T2ENTON, YdASHINGTON By � (facsirnile s 'ignature) �. Mayor I�TTEST: City Clerk COUPON FORM � �. Coupon No. $330.00 ., (.$321.88 on Bond No. 1) � On the FIFTEEI�TH DAY OF JANUI�RY, 19 , the CITY OF RENTON, WASHIhGTON, promises to pay to bearer at the office of the Director of Finarice the sum shown hereon, this sum being twelve months' interest due that day on Bond No. of the bonds of Local Improvertent District No. 288 and not otherwise, provided that this coupon is subject to all terms and conditions contained in the hond to which it is annexed and, if that bond shall be called for payment before maturity hereof, this coupon shall be void. CITY OF RENTON, WASHINGTON By (facsimile signature) � Mayor ATTEST: (.facsimile signature) City Clerk Section 3. The bonds shall be printed on lithographed forms, sr.all be signed �y the facsimile signature of the Mayor and attestea by the nanual signature of the City Clerk and shall have the seal of the City affixed thereto, and the coupons shall bear the facsimile signatures of the Nayor and the City Clerk. -4- � � . , .. . . •. . �- . . . • y; a • , Section 4. Seattle-Northwest Securities Corporation, � ' Seattle, P�7ashington, heretofore offered to purchase all of the local improvement bonds of Local Improvement District No. 'l88 at a price of par, plus accrued interest from date of issuance to the date of delivery of the bonds to the purcha�er, the City to furnish the printed bonas and the approving legal opinion �f Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, 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 of December 27, 1976, ,and such acceptance i5 hereby ratifiect and confirmeci. The bonds shall, therefore, irc�nediately upon their execution, be delivered to Seattle-Northwest Securities Corporation, Seattle, y�Iashington, upon payment therefor in accordance with that offer. Section 5. This ordinance shall be in full force and effect frorn and after its passage, ,approval and five C5� days after its publication. PASSED BY THE CItY COUT�CIL, this lOth day of January, 1977. DELOKES [�. 1�IEAD, City erk APPR�VED BY THE MAYOR, this loth day of January, 1977. , �.,��i��J �2k',�/�� CHARLES DELAUR�NTI, Niayor Approved as to form: �� ,e°�� GEl7ARD M. 5HELLAN, City Attorney Date of Publication: January �, 1977 �J� :