HomeMy WebLinkAboutORD 3355 � [
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CIiY OF RENTON WASHINGTON
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ORDINATICE NO. 3 3 5 5
� AN ORDIIVANCE fixing the amount, form, date, ',
interest rate, maturity and denominations of
Local Improvement Distric� No. 297 Bonc�s and I
directing the issuance and sale thereof to
Seattle-IQorthwest Securities Corporation,
Seattle, Washington.
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TtiE CII'Y COUNCIL OF THE CITY OF R.�NTON, WASHINGr10N, DO I
ORDAII�1 as follows:
Sec-cion I. The total amount of tiie assessmenr roll in
Local Improvernent District I�o. 297 in the City of Renton, Washington
(the "City" ) , created under Ordinance No. 3120, was $516, 299. 19.
The thirty-day period for making cash payments of assessments without
interest in the District expired on August 6, 1979 , and the total
amount of assessments aid in cash was 127 261. 20 leavin a balance
P $ ► . g
of assessments unpaid on the assessment roll in the sum of $389, 037 . 99.
Local improvement district bonds of Local Improvement District No.
. 297 shall, therefore, be issued in the total principal suri of
$389, 037 . 99. Bond No. 1 snall be in the denomination of $4 , 037 . 99,
and the remaining bonds numbered 2 to 7�, inclusive, shall be in the
denominatioYl of �5, 000 each. The bonds shall all be dated September l,
1979, ancl shall be payable on SeptemUer l, 1991, witn the right
reserved to the City ro 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 Improvement
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Fund, District No. 297" , created by Ordinance No. 3120, passed March
28, 1977, 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 by mailing within the same period a
copy of such notice to Seattle-iJorthwest Securities Corporation at
its rnain office in Seattle, Washington, or its successor, and upon
such date the interest on bonds so called shall cease and each and
every coupon represe�ting interest not accrued on such date shall be
void. The bonds shall bear interest at the rate of 7o per annum,
payable annually, beginning September 1, 1930, to k�e represented by
iiiterest coupor�s to maturity attached to each bond.
Section II. Each of the bonds and interest coupons attached
thereto shall be in substantially the following form:
No. $5, 000. 00
($4 , 037 . 99 on Bond No. 1)
UNITED STATES OF AMERICA
. STATE OF WASFiINGTON
LOCAL IMPROVr�MENT BOND
OF
CITY OF REN^lON
LOCAL IMPROVEI�IEIVT DISTRICT NO. 297
7°
0
N.B. The laws of the State of Washington uncier
which this bond is issued contain the following
section (RCW 35. 4�. 070) ;
"lJeither 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 wnich it I
is issued, except for payment from the special
assessments made for the improvement for which '
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the bond or warrant was issued and except also
for payment from the 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 tne lawful operation thereof. A
copy of the foregoing par��. of this section
snall be plainly written, printed or engraved
on eacn bond. "
THE CITY OF R�iVTOIQ, WASHIPJGTON (the "City") ,
a rnunicipal corporation of the State of Washing-
ton, hereby promises to pay to Seattle-I�torthwest
Securities Corporation, Seattle, Washington, or
bearer, the sum of
FIVE THOUSAND DOLLARS
($4 , 037 . 99 on Bon3 No. 1)
in lawful money of the United States of America,
with interest thereon at the rate of 7% per
annum, payable annually out of the fund established
by Ordinance No. 3120 of the City and known as the
"Local Improvement Fund, District PJo. 297" , 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
�irector of Finance of the City in Renton, Wash-
ington.
Coupons are hereto atLached for each installment
of interest to accrue hereon, and interest. snall
be paid only on presentation and surrender of such
coupons to the Director of Finance of the City.
The Ciry Council of the City, as agent of such
Local Improvement District No. 297, established
by Ordinance No. 3120, 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 making certain sanitary
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sewer improvements within �the Heather powns Plat
in the City as provided by Ordinance No. 3120,
as is levied and assessed against the property
included in the local improvement district and
benefited by that improvement, an� tize "Local
Improvement Fund, District Irto. 297" has been
established by ordinance for that purpose. TYiE
holder or holders of this bond shall looic only
to that funci and to the Local Improvement Guaranty
Fund of the City for tiie payment of eitner the
principal of or the interest on this bond.
This bond is one of an issue of 78- bonds aggre-
gating in all the principal sum of $389,207. 99
issued for Local Improvement District No. 297 ,
all of which bonds are subject to the same terms
and conditions as herein expressed.
This bond is payable on September 1, 1991, but
is subject to call by tne Director of Finance of
the City for prior redemption whenever there
shall be sufficient money in the "Local Improve-
ment Fund, District No. 297" to pay the same and
all unpaid bonds of the issue of wnich 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 of the
City by publishing the same once in the official
newspaper of the City not less than ten nor more
than twenty days prior to the call date, and by
mailirig within the same period a copy of such notice
to Seattle-Northwest 5ecurities Corporation at
its main office in Seattle, Washington, or its
successor, and when such call is made for the
payment of this borid, it will be paid on the day
the next interest coupon tizereon shall become
due after tha� call and upon that day interest
upon this bond shall cease and any remaining coupons
shall be void.
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IT IS HER�BY CERTIFIED, Recited and s�eclared
� that all acts, conditions and thing� required
to be done precedent to and in �he levying of
such special taxes or assessments and the
issuing of these bonds have been properly done,
have happened and have been per�'ormed in regular
and due �arm, as required by 1aw; and that these
bonds have not been issued in an amount in
excess of the cost of the impravement.
IN WITNESS WEiEREOF, the Cit has caused this '
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bond ta be signed by the facsimile .�ignature of
its Mayor and attested by the manual signature
of its Ci.ty Clerk and the seal af the City affixed
ther�to and the coupons attached hereto to be
signed by the facsijnile signa�ures af those
afficials this first day af September, 1g79.
CI^lY OF Rr;idTOIJ, WASHING`1'ON
BY (facsimile signature}
i Mayor
ATTEST:
I City Clerk
COUPON FOR.1�I
i Co�zpon No.
$
; ON THE FIRST DAY OF SEPTEM£ER, 19 , THE CITY
' OF RENTON, WASHINGTON, promises ta piy to bearer
at the o�fice of the Dire�tar o£ Finance af the
City in Re;zton, Washington, the sum shawn hereon,
this sum being twelve rnonths' interest due that
day on Band No. of t�ze bancis of Lncal
Impraven�ent District No. 297 and not otherwise,
' provided that this coupon is subjec� to all terms
and conditions contained in the bond to whicn it
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is annexed atid, if that bond shall be called for
payment before maturity hereof, this coupon shall
be void.
CI'I'Y OF REi1TON, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
� (f acsimile signature)
City Clerk
Section III. The bonds shall be printed on lithographed
forms, shall be signed by the facsimile signature of the P�ayor and "
attested by the manual signature of the City Clerk and shall have
the seal of the City of Renton affixed thereto, ancl the coupons
shall bear the facsimile signatures of the Mayor and the City Clerk.
Section IV. • Seattle-idorthwest Securities Corporation,
Seattle, Washington, heretofore offered to purchase all of the local
improvement bonds of Local Improvement District No. 297 at a price
of $100. 00 for each $100. 00 par value, plus accrued interest from the
date of issuance to the date of delivery of the bonds to the purchaser,
the City to furnish the printed bonds and approving legal opinion of
Roberts Shefelman, Lawrence, Gay & Moch, municipal bond counsel of
Seattle, Washington, at the City' s expense. Bond counsels ' s opinion
will state that bond counsel has not reviewed, and thus expresses no
opinion concerning, the completeness or accuracy of any official
statement, offering circular or other sales material relating to the
issuance of the bsnds or otherwise used in connection with the bonds.
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The City Council, deeming that na better offer could be received
for the bands and that it was in the best interests of the City to �
accept such affer, duly accepted the same an August 24, 1979, and
sucn acceptance is hereby ratified and confirmeti. The bonds shall,
therefore, imrnediately upon �.heir execution, be delivered ta �eatte- I
Northwest Securities Corporatian, �eattle, Washington, upon payment
therefor in accordance with such o�fer. �
Section V. This ordinance shall take effect ancl be in
force five (5) days from and after i�s passage, approval and publica-
tion as provided by Iaw.
PAS�ED by the Czty Council and APPROVED by the Mayor of the
Gity of Ren�.on, Washington, at a regular open public meeting thereof,
this lo�.h day of September, 1979.
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�Mayor
AsTEST:
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City Cl�rk C.
AFP I} AS T RM:
G���i
City Attorn�y �I
Date o� �'ublic��ion September 14 , .1979
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I , DELORES A. i�IEAD, City Clerk of the City of Renton,
Washington, hereby certify that the attacned copy of Ordinance
No. 3355 is a true and correct copy of the original ordinance passed
on the lOth day of September, 1979, as that ordinance appears on
the Minute �3ook of tne City.
DAT�D this 12th day of September, 1979.
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DELOtZES A. MEAD; City �lerk