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CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3970
AN ORDINANCE relating to the waterworks utility
of the City, including the sewerage system as a part
thereof; specifying and adopting a system or plan of
additions to and betterments and extensions of the
waterworks utility; providing for the issuance of
$1,800,000 par value of Water and Sewer Revenue
Bonds, 1986, of the City for the purpose of obtaining
a part of the funds with which to pay the cost of
carrying out that system or plan and providing a
required amount for the arts; fixing the date, form,
denomination, maturities, maximum interest rate,
terms and covenants of such bonds; creating a special
bond redemption account to provide for the payment of
the bonds; and providing for the sale of such bonds.
WHEREAS, by Ordinance No. 1156, as amended by Ordinances
Nos. 1157 and 1173, the sewerage system of the City of Renton
(the "City") has become and is considered a part of the water-
works utility of the City (defined below as the "Waterworks
Utility of the City"); and
WHEREAS, the City previously has issued under date of March
1, 1953, $315,000 pa -r value of City of Renton Water and Sewer
Refunding and Improvement Revenue Bonds, 1953 (the "1953
Bonds"), pursuant to Ordinances Nos. 1450 and 1452; and
WHEREAS, by Section 15 of Ordinance No. 1450, the City
reserved the right to issue additional water and sewer revenue
bonds which would constitute a charge and lien upon the revenue
of the Waterworks Utility of the City on a parity with the then
outstanding 1953 Bonds on compliance with the following condi-
tions at the time of the issuance of such additional bonds:
and
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ORDINANCE NO. 3970 '
"(A) All payments required by this ordinance to
be paid into the 'Renton 1953 Water and Sewer Refund-
ing and Improvment Revenue Bond Fund' shall have been
made; and
"(B) The revenues of said waterworks system,
including the sewerage system, shall be and be deemed
sufficient, after the payment of operation and
maintenance costs and taxes, based upon the histori-
cal experience of said systems or the pro forma
revenues under then existing rates over a period of
any twenty-four consecutive months out of the thirty-
six months immediately preceding the time of the
issuance of such additional bonds, to equal at least
1.5 times the average annual principal and interest
requirements of the bonds of this issue then out-
standing and of the revenue bonds proposed to be so
issued. Such determination of the sufficiency of the
revenues shall be made and certified to by an engi-
neer experienced in municipal utilities; and
"(C) The Ordinance authorizing the issuance of
such additional revenue bonds shall provide for the
setting aside into a reserve fund or account of an
amount not less than the average annual debt service
requirement, both principal and interest of the
-additional revenue bonds proposed to be so issued,
which reserve fund or account shall -be maintained in
such amount so long as any of said bonds are out-
standing to the last maturity thereof";
WHEREAS, the City thereafter issued under date of September
1, 1954, $325,000 par value of City of Renton Water and Sewer
Revenue Bonds, 1954, pursuant to Ordinance No. 1489; under date
of July 1, 1959, $750,000 par value of City of Renton Water and
Sewer Revenue Bonds, 1959, pursuant to Ordinance No. 1766; under
date of May 1, 1965, $500,000 par value of City of Renton Water
and Sewer Revenue Bonds, 1965, pursuant to Ordinance No. 2151;
under date of December 15, 1965, $545,000 par value of City of
Renton Water and Sewer Revenue Refunding Bonds, 1965, pursuant
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ORDINANCE NO. 3970 K
to. Ordinance No. 2195, for the purpose of refunding,.redeeming
and retiring on July 1, 1974, all of the then outstanding City
of Renton Water and Sewer Revenue Bonds, 1959; under date of
July 1, 1975, $3,000,000 par value of City of Renton Water and
Sewer Revenue Bonds, 1975, pursuant to Ordinance No. 2930; under
date of February 1, 1976, $2,950,000 par value of City of Renton
Water and Sewer Revenue Refunding Bonds, 1976, pursuant to
Ordinance No. 3007, for the purpose of refunding, redeeming and
retiring on January 1, 1989, and July 1, 1989, all of the then
outstanding City of Renton Water and Sewer Revenue Bonds, 1975;
under date of June 1, 1977, $3,095,000 par value of City of
Renton Water and Sewer Revenue Refunding Bonds, 1977 (the "1977
Bonds"), pursuant to Ordinance No. 31411 as amended by Ordinance
No. 3145, for the purpose of providing a part of the money
required to pay the principal of and interest on the City of
Renton Water and Sewer Revenue Refunding Bonds, 1976, coming due
to and including July 1, 1989, and to redeem and retire on July
1, 1989, the outstanding City of Renton Water and Sewer Revenue
Refunding Bonds, 1976, numbered 96 to 590, inclusive, maturing
from July 1, 1990, to July 1, 2000, inclusive; and under date of
November 1, 1977, $800,000 par value of City of Renton Water and
Sewer Revenue Refunding Bonds, 1977, Issue No. 2 (the "1977
Bonds, Issue No. 2"), pursuant to Ordinance No. 3169, for the
purpose of obtaining a part of the funds with which to refund,
pay and retire the outstanding City of Renton Water and Sewer
Revenue Bonds, 1954, City of Renton Water and Sewer Revenue
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ORDINANCE NO. 3970
Bonds, 1965, and City of Renton Water and Sewer Revenue Refund-
ing Bonds, 1965, all of which bonds were at the time of their
issuance issued on a parity of lien with the then outstanding
1953 Bonds and with each other pursuant to the provisions of
Section 15 of Ordinance No. 1450, such parity issues of bonds
being a first lien and charge upon the gross revenue of the
Waterworks Utility of the City, excluding charges for mainte-
nance and operation, except that all of the 1953 Bonds have now
been paid and retired, and except the conditions of subparagraph
(B) of Section 15 of Ordinance No. 1450 were modified by Section
12 of Ordinance No. 2930 pertaining to the City of Renton Water
and Sewer Revenue Bonds, 1975, and by Section 13 of Ordinance
No. 3169 pertaining to the outstanding 1977 Bonds, Issue No. 2,
as to any parity bonds issued in the future, and the City, by
Section 13 of Ordinance No. 3169, reserved the right to issue
Future Parity Bonds (as therein defined) which will constitute a
lien and charge upon the gross revenue of the Waterworks Utility
of the City on a parity with the 1977 Bonds, Issue No. 2, if the
conditions set forth in Section 15 of Ordinance No. 1450, as
modified, are meat and complied with at the time of the issuance
of such Future Parity Bonds, which section was incorporated by
reference in Ordinance No. 3169 and made a part thereof and
shall continue to be applicable even though the 1953 Bonds have
been paid and retired; and
WHEREAS, under date of December 1, 1977, the City issued
$3,045,000 par value of City of Renton Water and Sewer Revenue
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ORDINANCE NO. 3970
Refunding Bonds, 1977, Issue No. 3 (the "1977 Bonds, Issue No.
3"), pursuant to Ordinance No. 3188, for the purpose of obtain-
ing a part of the funds with which to refund, pay and retire all
of the then outstanding 1977 Bonds; under date of May 1, 1983,
the City issued $1,500,000 par value of City of Renton Water and
Sewer Revenue Bonds, 1983 (the "1983 Bonds"), pursuant to
Ordinance No. 3720, for the purpose of carrying out a system or
plan of additions to and betterments and extensions of the
Waterworks Utility of the City; under date of April 1, 1985, the
City issued $2,600,000 par value of City of Renton Water and
Sewer Revenue Bonds, 1985 (the "1985 Bonds"), pursuant to
Ordinance No. 3896, for the purpose of carrying out a system or
plan of additions to and betterments and extensions of the
Waterworks Utility of the City, which 1977 Bonds, Issue No. 3,
1983 Bonds and 1985 Bonds were issued on a parity of lien with
the outstanding 1977 Bonds, Issue No. 2, pursuant to the provi-
sions of Section 15 of Ordinance No. 1450, as modified by
Section 13 of Ordinance No. 3169 and, with respect to the 1985
Bonds, as modified by Section 12 of Ordinance No. 3720; and
WHEREAS, the 1977 Bonds, Issue No. 2, the 1977 Bonds, Issue
No. 3, the 1983 Bonds and the 1985 Bonds are the only bonds
presently outstanding payable out of the revenue of the Water-
works Utility of the City; and
WHEREAS, the parity provisions of Section 15 of Ordinance
No. 1450, as modified by Section 13 of Ordinance No. 3169 and
Section 12 of Ordinance No. 3720, provide that the City may
ORDINANCE NO. 3970
issue additional water and sewer revenue bonds which would
constitute a charge and lien upon the revenue of the Waterworks
Utility of the City on a parity with the 1977 Bonds, Issue No.
2, the 1977 Bonds, Issue No. 3, the 1983 Bonds and the 1985
Bonds and any bonds issued thereafter and having a charge and
lien upon the revenue of the Waterworks Utility of the City on a
parity with such bonds on compliance with the following condi-
tions at the time of the issuance of such additional bonds:
"(A) All payments required by any ordinance to
be paid into any bond redemption funds and accounts
thereof created to secure the payment of bonds issued
on a parity of lien herewith shall have been made
into the respective bond redemption funds and
accounts thereof for the payment of such bonds and no
deficiency exists therein; and
"(B) The revenues of said waterworks system,
including the sewerage system, shall be and be deemed
sufficient, after the payment of operation and
maintenance costs and taxes, based upon the histori-
cal experience of said systems or the pro forma
revenues under then existing rates over a period of
any twenty-four consecutive months out of the thirty-
six months immediately preceding the time of the
issuance of such additional bonds, to equal at least
1.3 times the average annual principal and interest
requirements of the bonds of this issue then out-
standing and of the revenue bonds proposed to be so
issued. Such determination of the sufficiency of the
revenues shall be made and certified to by an engi-
neer experienced in municipal utilities; and
"(C) The Ordinance authorizing the issuance of
such additional revenue bonds shall provide for the
setting, aside into a reserve fund or account of an
amount not less than the average annual debt service
requirement, both principal and interest of the
additional revenue bonds proposed to be so issued,
which reserve fund or account shall be maintained in
such amount so long as any of said bonds are out-
standing to the last maturity thereof"; and
' ORDINANCE NO. 3970
WHEREAS, on June 11, 1984, the City Council passed and the
Mayor approved Resolutions Nos. 2546 and 2547 adopting the 1983
Comprehensive Sanitary Sewer Plan and 1983 Comprehensive Water
System Plan, respectively, for the City, but for the purpose of
financing facilities in those plans it is necessary to specify
and adopt them by ordinance; and
WHEREAS, the City Council has determined that it is neces-
sary and intthe best interests of the City that certain addi-
tional improvements described in the Comprehensive Water System
Plan, 1983, and the Comprehensive Sewer Plan, 1983, be made and
there be adopted a system or plan of additions to and better-
ments and extensions of the Waterworks Utility of the City; and
WHEREAS, the City Council has determined that it is neces-
sary to issue and sell $1,800,000 par value of water and sewer
revenue bonds to provide a part of the funds necessary to carry
out such system or plan providing for additions to and better-
ments and extensions of the Waterworks Utility of the City, to
provide an amount for the arts as required by City Ordinance No.
2969 and to pay the costs of issuance and sale of the water and
sewer revenue bonds provided for herein; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN, as follows:
Section 1. As used in this ordinance, the following words
shall have the following meanings:
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ORDINANCE NO. 3970
"Annual Debt Service" for the Bonds shall mean all the
interest plus all principal which will mature or come due in any
year.
"Average Annual Debt Service" shall mean the sum of the
Annual Debt Service for the remaining years to the last sched-
uled maturity of the Bonds divided by the number of those years.
"Bond Fund" shall mean that special fund of the City known
as,the 1986 Water and Sewer Revenue Bond Redemption Account
created by this ordinance as a separate account in the Water and
Sewer Revenue Parity Bond Fund for the payment of the principal
of and interest on the Bonds.
"Bond Registrar" shall mean the fiscal agencies of the
State of Washington in Seattle, Washington, and New York, New
York, as the same shall be designated from time to time.
"Bonds" shall mean the $1,800,000 par value City of Renton
Water and Sewer Revenue Bonds, 1986, authorized to be issued by
this ordinance.
"City" shall mean the City of Renton, Washington, a duly
organized and existing noncharter code city under the laws of
the State of Washington.
"Future Parity Bonds" shall mean all water and sewer
revenue bonds of the City issued after the date of the issuance
of the Bonds and having a lien and charge upon the Revenue of
the Waterworks Utility of the City on a parity with the lien and
charge upon such revenue for the Outstanding Parity Bonds and
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ORDINANCE NO. 3970
the Bonds for the payment of the principal thereof and -interest
thereon.
"Maintenance and Operation Expense" shall mean all expenses
incurred by the City in causing the Waterworks Utility of the
City to be operated and maintained in good repair, working order
and condition, which shall not include any depreciation expenses
or taxes or charges in lieu of taxes levied or imposed by the
City.
"Outstanding Parity Bonds" shall mean the $800,000 par
value of City of Renton Water and Sewer Revenue Refunding Bonds,
1977, Issue No. 2, issued under date of November 1, 1977,
pursuant to Ordinance No. 3169, the $3,045,000 par value of City
of Renton Water and Sewer Revenue Refunding Bonds, 1977, Issue
No. 3, issued under date of December 1, 1977, pursuant to
Ordinance No. 3188, the $1,500,000 par value City of Renton
Water and Sewer Revenue Bonds, 1983, issued under date of May 1,
1983, pursuant to Ordinance No. 3720, and the $2,600,000 par
value City of Renton Water and Sewer Revenue Bonds, 1985, issued
under date of April 1, 1985, pursuant to Ordinance No. 3896.
"Principal and Interest Account" shall mean the account of
that name created in the Bond Fund by this ordinance for the
payment of the principal of and interest on the Bonds.
"Reserve Account" shall mean the account of that name
created in the Bond Fund by this ordinance for the purpose of
securing the payment of the principal of and interest on the
Bonds.
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ORDINANCE NO. 3970
"Revenue of the Waterworks Utility of the City" shall mean
all the earnings and revenue received by the Waterworks Utility
of the City from any source whatsoever, including payments
received under contract with other municipal corporations for
water service, except general taxes, charges in lieu of taxes,
assessments in any utility local improvement district hereafter
created, proceeds from the sale of City property and bond
proceeds.
"Term Bonds" shall mean any Outstanding Parity Bonds, Bonds
and/or Future Parity Bonds identified as such in the ordinance
authorizing the issuance thereof, the payment of which is
provided for by a requirement for mandatory deposits of money
into the principal and interest account of the bond redemption
fund created for the payment of such issue of bonds in accord-
ance with a mandatory sinking fund requirement.
"Water and Sewer Revenue Parity Bond Fund" shall mean the
fund of that name created by Ordinance No. 3896.
"Waterworks Utility Fund of the City" shall mean that
special fund of the City into which all of the Revenue of the.
Waterworks Utility of the -City shall be deposited.
"Waterworks Utility of the City" shall mean the combined
water and sewerage systems of the City as the same may be added
to, improved and extended for as long as any of the Outstanding
Parity Bonds, the Bonds and any Future Parity Bonds are out-
standing.
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ORDINANCE NO. 3970
Section 2. The City specifies, adopts and orders the
carrying out of a system or plan of additions to and betterments
and extensions of the Waterworks Utility of the City consisting
of the improvements, acquisitions and work described in Exhibit
A attached hereto and by this reference made a part hereof.
There shall be included in the foregoing system or plan the
acquisition. and installation of all necessary valves, pumps,
fittings, couplings, connections, equipment and appurtenances,
the acquisition of any easements, rights-of-way and land that
may be required and the performance of such work as may be
incidental and necessary.
All of the foregoing shall be in accordance with the plans
and specifications therefor prepared by the City's engineers and
consulting engineers.
The City Council may modify the details of the foregoing
system or plan where, in its judgment, it appears advisable if
such modifications do not substantially alter the purposes of
that system or plan.
The life of the improvements comprising the foregoing
system or plan of additions to and betterments and extensions of
the Waterworks Utility of the City is declared to be at least
twenty years. The estimated cost of the acquisition, construc-
tion, installation and financing of the above-described improve-
ments, including the costs of issuance and sale of the Bonds, is
declared to be approximately $2,474,000. Such cost shall be
paid from the proceeds of the Bonds authorized in this ordinance
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ORDINANCE NO. 3970
and other money of or received by the City made available
therefor.
Section 3. The City Council finds that all payments
required by Ordinances Nos. 3169, 3188, 3720 and 3896 for the
Outstanding Parity Bonds have been made into the respective bond
redemption funds for the Outstanding Parity Bonds, that provi-
sion is hereinafter made for the accumulation of the amounts
required in the Reserve Account of the Bond Fund, and that there
will be on file prior to the issuance and delivery of the Bonds
a certificate of Richard H. Harbert of RH2 Engineering, P.S., an
engineer experienced in municipal utilities, that the Revenue of
the Waterworks Utility is sufficient to meet the 1.3 coverage
requirement of those ordinances.
Section 4. For the purpose of providing a part of the
money required to carry out the system or plan of additions to
and betterments and extensions of the Waterworks Utility of the
City, including the cost of issuance and sale of the Bonds, as
herein specified, adopted and ordered to be carried out and to
provide an amount for the arts as required by Ordinance No.
2969, as amended by Ordinance No. 3563, the City shall issue the
Bonds in the aggregate principal amount of $1,800,000. The
Bonds shall be designated City of Renton Water and Sewer Revenue
Bonds, 1986 (defined above as the "Bonds"); shall be dated
February 1, 1986; shall be in denominations of $5,000 each or
any integral multiple thereof within a single maturity; shall be
numbered separately in the manner and with any additional
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ORDINANCE NO. 3970
designation as the Bond Registrar deems necessary for the
purpose of identification; and shall bear interest, computed on
the basis of a 360 -day year of twelve 30 -day months, payable on
August 1, 1986, and semiannually thereafter on each succeeding
February 1 and August 1 at the rate or rates specified by the
winning bidder. The Bonds shall mature on February 1 of each
year as follows:
Maturity
Years
Amounts
1987
$ 40,000
1988
45,000
1989
45,000
1990
50,000
1991
55,000
1992
60,000
1993
60,000
1994
65,000
1995
70,000
1996
75,000
1997
85,000
1998
90,000
1999
100,000
2000
105,000
2001
115,000
2002
125,000
2003
135,000
2004
145,000
2005
160,000
2006
175,000
If any Bond is not redeemed upon proper presentment at its
maturity or call date thereof,
the City shall be obligated to
pay interest at the same rate
for each such Bond from and after
its maturity or call date until
such Bond, both principal and
interest, is paid in full or until
sufficient money for such
payment in full is on deposit
in the Bond Fund and such Bond has
been duly called for payment.
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ORDINANCE NO. 3970
Upon surrender thereof to the Bond Registrar, the Bonds may
be exchanged for Bonds in any authorized denomination of an
equal aggregate principal amount and of the same interest rate
and maturity. Bonds may be transferred only if endorsed in the
manner provided thereon and surrendered to the Bond Registrar.
Such exchange or transfer shall be without cost to the owner or
transferee.
The Bonds shall be issued only in registered form as to
both principal and interest and recorded in the books and
records maintained by the Bond Registrar (the "Bond Register").
The Bond Register shall contain the name and mailing address of
the owner of each Bond and the principal amount and number of
Bonds held by each owner.
Both principal of and interest on the Bonds shall be
payable in lawful money of the United States of America.
Interest on the Bonds shall be paid by check or draft mailed to
the registered owners at the addresses appearing on the Bond
Register on the fifteenth day of the month preceding the inter-
est payment date. Principal of.the Bonds shall be payable upon
presentation and surrender of the Bonds at either office of the
Bond Registrar in Seattle, Washington, or New York, New York, at
the option of such owners. The Bonds shall be payable solely
out of the Bond Fund, and shall be a valid claim of the owners
thereof only as against such Bond Fund and the amount of the
Revenue of the Waterworks Utility of the City pledged to such
fund, and shall not be a general obligation of the City.
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ORDINANCE NO. 3970
Section 5. Bonds maturing in the years 1987 to 1996,
inclusive, are not subject to call for redemption prior to their
maturity dates. The City reserves the right or option to redeem
prior to their maturity the Bonds maturing in the years 1997 to
2006, inclusive, as a whole, or in part in inverse order of
maturity (and by lot within a maturity in such manner as the
Bond Registrar shall determine), from money derived from any
source -on February 1, 1996, and on any interest payment date
thereafter, at par plus accrued interest to the date of redemp-
tion. Notwithstanding any other provision in this paragraph,
the Bonds shall be subject to redemption at par plus accrued
interest at any time upon the occurrence or non-occurrence of an
event which, under the provision of any future federal law or
regulations thereunder, would or, in the opinion of the City's
bond counsel, might subject the interest on the Bonds to federal
taxation.
Any Bond in the principal amount of greater than $5,000 may
be redeemed partially in any integral multiple of $5,000. If
less than all of the principal amount of any Bond is redeemed,
upon surrender of such Bond at the principal office of the Bond
Registrar, there shall be issued to the registered owner,
without charge therefor, a new Bond,.or Bonds at the option of
the registered owner, of like maturity and interest rate in the
aggregate principal amount remaining unredeemed.
Notice of any call for redemption of any of the Bonds prior
to their stated maturity dates shall be given not less than 30
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ORDINANCE NO.. 3970
nor more than 60 days prior to the date fixed for redemption.by
first class mail, postage prepaid, to the registered owner of
any Bond to be redeemed at the address appearing on the Bond
Register. The requirements of this section shall be deemed to
be complied with when notice is mailed as herein provided,
whether or not it is actually received by the owner of any
Bond. Interest on any Bonds so called for redemption shall
cease,on the date fixed for such redemption upon payment of the
redemption price into the Bond Fund. Notice of such intended
redemption shall also be mailed within the same time period,
postage prepaid, to the successful bidder for the Bonds, at its
principal place of business, or its successor, and to Moody's
Investors Service, Inc., and Standard & Poor's Corporation, at
their offices in New York, New York, or their successors, but
the mailing of such notice to such New York firms shall not be a
condition precedent to the redemption of such Bonds.
The City further reserves the right to purchase any or all
of the Bonds in the open market at any time at a price not in
excess of par plus accrued interest to the date of such purchase.
Section 6. There is created the 1986 Water and Sewer
Revenue Bond Redemption Account, heretofore defined as the Bond
Fund, which shall be a separate bond redemption account within
the Water and Sewer Revenue Parity Bond Fund. The Bond Fund is
divided into two sub -accounts, namely, the Principal and Inter-
est Account and the Reserve Account. So long as Bonds are
outstanding against the Bond Fund, the Director of Finance of
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ORDINANCE NO. 3970
the City shall (a) set aside and pay into the Principal and
Interest Account in such fund out of the Revenue of the Water-
works Utility of the City a fixed amount, without regard to any
fixed proportion, namely, monthly, on or before the first day of
each month beginning with the month of February, 1986, an
amount, together with the accrued interest received, equal to
1/6th of the amount of interest payable on the Bonds on August
1, 1986, and.thereafter 1/6th of the next ensuing six months'
requirements for interest, and beginning with the month of
February, 1986, 1/12th of the next ensuing twelve months'
requirements for principal on the Bonds and continuing there-
after until the Bonds, both principal and interest, are paid in
full, and (b) set aside and pay into the Reserve Account in the
Bond Fund out of the Revenue of the Waterworks Utility of the
City in substantially equal monthly payments such amounts so
that by no later than February 1, 1991, there shall have been
accumulated in the Reserve Account in the Bond Fund for the
Bonds an amount not less than the Average Annual Debt Service
for the Bonds.
The Reserve Account in the Bond Fund may be accumulated
from any other money which the City may have available for such
purpose in addition to using such revenue therefor.
The City further agrees that when such required amounts
have been paid into the Reserve Account in the Bond Fund, the
City will at all times, except for withdrawals therefrom as
authorized herein, maintain those amounts therein until there is
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ORDINANCE NO. 3970
sufficient money in the Bond Fund, including the Reserve Account
therein, to pay the principal of and interest to maturity on all
outstanding Bonds, at which time no further payments need be
made into the Bond Fund and the money in the Bond Fund, includ-
ing the Reserve Account, may be used to pay such principal and
interest.
In the event there shall be a deficiency in the Principal
and Interest Account to meet maturing installments of either
principal or interest, as the case may be, on the Bonds, such
deficiency shall be made up from the Reserve Account by the
withdrawal of cash therefrom for that purpose. Any deficiency
created in the Reserve Account by reason of any such withdrawal
shall then be made up from the money from the Revenue of the
Waterworks Utility of the City first available after making
necessary provisions for the required payments into the Princi-
pal and Interest Account.
All money in the Reserve Account above provided for not
needed to meet the payments of principal and interest when due
may be kept on deposit in the official bank depository of the
City or in any national bank or may be invested in any legal
investment for City funds maturing not later than the interest
or principal and interest payment date when such money will be
needed. Interest on any such investment or on such bank account
shall be deposited in and become a part of the Reserve Account
until the total required reserve amount shall have been
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ORDINANCE NO. 3970
accumulated therein, after which such interest shall be
deposited in the Principal and Interest Account.
In no event shall any money in the Bond Fund or any other
money reasonably expected to be used to pay principal and/or
interest on the Bonds be invested at a yield which would cause
the Bonds to be arbitrage bonds within the meaning of Section
103(c) of the United States Internal Revenue Code of 1954, as
amended,. and applicable regulations thereunder.
If the City shall fail to set aside and pay into the Bond
Fund the amounts set forth above, the holder of any of the
outstanding Bonds may bring an action against the City to compel
such setting aside and payment.
Section 7. Funds in the Waterworks Utility Fund of the
City (other than in any bond redemption account) shall be used
in the following order of priority:
(a) To pay Maintenance and Operation Expense;
(b) To pay the interest on the Outstanding Parity
Bonds, the Bonds and any Future Parity Bonds;
(c) To pay the principal of the Outstanding Parity
Bonds, the Bonds and any Future Parity Bonds;
(d) To make all payments required to be made into
any sinking fund or bond redemption fund here-
after created for the payment of Future Parity
Bonds which are Term Bonds;
(e) To make all payments required to be made into
the Reserve Accounts created to secure the
payment of the Outstanding Parity Bonds, the
Bonds and any Future Parity Bonds;
(f) To make all payments required to be made into
any revenue bond redemption fund or warrant
redemption fund and debt service account or
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ORDINANCE NO. 3970
reserve account created to pay and secure the
payment of the principal of and interest on any
revenue bonds or revenue warrants of the City
having a lien upon the Revenue of the Waterworks
Utility junior and inferior to the lien thereon
for the payment of the principal of and interest
on the Outstanding Parity Bonds, the Bonds and
any Future Parity Bonds; and
(g) To retire by redemption or purchase in the open
market any outstanding revenue bonds or revenue
warrants of the City, to make necessary addi-
tions, betterments, improvements and repairs to
or extensions and replacements of the Waterworks
Utility of the City, or for any other lawful
City purposes.
Section 8. The Revenue of the Waterworks Utility of the
City is pledged to the payments set forth in Section 6, and the
Bonds shall constitute a lien and charge upon such revenue prior
and superior to any other charges whatsoever, excluding Mainte-
nance and Operation Expense, except that the lien and charge
upon such revenue for the Bonds shall be on a parity with the
lien and charge thereon for the Outstanding Parity Bonds and any
Future Parity Bonds hereafter issued.
Section 9. In the judgment of the City Council, the
Revenue and benefits to be derived from the operation and
maintenance of the Waterworks Utility of the City, at the rates
to be charged for water and sanitary sewage disposal service on
the entire utility, will be more than sufficient to meet all
Maintenance and Operation Expense and the debt service require-
ments of the Outstanding Parity Bonds and to permit the setting
aside in the Bond Fund, out of the revenue of the entire
utility, of amounts sufficient to pay the interest on the Bonds
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ORDINANCE NO. 3970
as such interest becomes payable and to pay and redeem all of
the Bonds at maturity. The City Council further declares that
in creating the Bond Fund and in fixing the amounts to be paid
into the same, as aforesaid, it has exercised due regard for the
Maintenance and Operation Expense and the debt service require-
ments of the presently Outstanding Parity Bonds and the City has
not bound and obligated itself to set aside and pay into the
Bond Fund a greater amount or proportion of the revenue of such
utility than in the judgment of the City Council will be avail-
able over and above such Maintenance and Operation Expense and
debt service requirements of the Outstanding Parity Bonds and
that no portion of the Revenue of the Waterworks Utility of the
City has been previously pledged for any other unrefunded
indebtedness, except for the payment of the presently outstand-
ing Outstanding Parity Bonds.
Section 10. The City covenants and agrees with the owner
of each Bond at any time outstanding as follows:
(a) It will establish, maintain and collect such
rates and charges for water and sanitary sewage
disposal service so long as any Outstanding Parity
Bonds and Bonds are outstanding as will make available
for the payment of the principal of and interest on
such bonds an amount equivalent to at least 1.3 times
the average annual debt service requirements, both
principal and interest, on the Outstanding Parity
Bonds and the Bonds after deducting costs of mainte-
nance and operation from the Revenue of the Waterworks
Utility of the City. "Average annual debt service
requirements" shall mean the aggregate amount of
principal and interest payable in each year over the
remaining life of such Outstanding Parity Bonds and
Bonds divided by the number of maturity years remain-
ing to the last maturity of the longest maturing
issue, being the year 2006.
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ORDINANCE NO. 3970
(b) It will at all times maintain and keep the
Waterworks Utility of the City in good repair, working
order and condition and also will at all times operate
such Utility and the business in connection therewith
in an efficient manner and at a reasonable cost.
(c) It will not sell, lease, mortgage or in any
manner encumber or dispose of all the property of the
Waterworks Utility of the City unless provision is
made for payment into each of the Renton 1977 Water
and Sewer Revenue Refunding Bond Redemption Fund, No.
2 (the "1977 Bonds, Issue No. 2 Bond Fund"), the
Renton 1977 Water and Sewer Revenue Refunding Bond
Redemption Fund, No. 3 (the "1977 Bonds, Issue No. 3
Bond Fund"), the Renton 1983 Water and Sewer Revenue
Bond Fund (the "1983 Bond Fund") and the Water and
Sewer Revenue Parity Bond Fund of sums sufficient to
pay, respectively, the principal of and interest on
all 1977 Bonds, Issue No. 2, 1977 Bonds, Issue No. 3,
1983 Bonds, 1985 Bonds and the Bonds at any time
outstanding, and that it will not sell, lease, mort-
gage, or in any manner encumber or dispose of any part
of the property of the Waterworks Utility of the City
that is used, useful and material to the operation
thereof, unless provision is made for replacement
thereof, or for payment into the 1977 Bonds, Issue No.
2 Bond Fund, the 1977 Bonds, Issue No. 3 Bond Fund,
the 1983 Bond Fund and the Water and Sewer Revenue
Parity Bond Fund of the total amount of revenue
received which shall not be less than an amount which
shall bear the same ratio to the amount of the out-
standing 1977 Bonds, Issue No. 2, 1977 Bonds, Issue
No. 3, 1983.Bonds, 1985 Bonds and Bonds, respectively,
as the revenue available for debt service for such
outstanding bonds for the twelve months preceding such
sale, lease, encumbrance or disposal from the portion
of the utility sold, leased, encumbered or disposed of
bears to the revenue available for debt service for
such bonds from the entire utility for the same
period. Any such money so paid into such funds shall
be used to retire such outstanding bonds at the
earliest possible date.
(d) It will while any of the Bonds remains
outstanding keep proper and separate accounts and
records in which complete and separate entries shall
be made of all transactions relating to the Waterworks
Utility of the City, and it will furnish the original
purchaser or purchasers of the Bonds or any subsequent
owner or owners thereof at the written request of such
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ORDINANCE NO. 3970
owner or owners complete operating and income state-
ments of such utility in reasonable detail occurring
any calendar year not more than ninety days after the
close of such calendar year, and it will grant any
owner or owners of at least twenty-five percent of the
outstanding Bonds the right at all reasonable times to
inspect the entire Waterworks Utility of the City and
all records, accounts and data of the City relating
thereto. Upon request of any owner of any of the
Bonds, it also will furnish to such owner a copy of
the most recently completed audit of the City's
accounts by the State Auditor of Washington.
(e) It will not furnish water or sanitary sewage
disposal service to any customer whatsoever free of
charge and promptly will take legal action to enforce
collection of all delinquent accounts.
(f) It will carry the types of insurance on the
Waterworks Utility of the City properties in the
amounts normally carried by private water and sewer
companies engaged in the operation of water and
sewerage systems, and the cost of such insurance shall
be considered a part of operating and maintaining such
utility. If, as, and when, the United States of
America or some agency thereof shall provide for War
Risk Insurance, the City further agrees to take out
and maintain such insurance on all or such portions of
such utility on which such War Risk Insurance may be
written in an amount or amounts to cover adequately
the value thereof.
(g) It will pay all Maintenance and Operation
Expense and the debt service requirements for the
Outstanding Parity Bonds and the outstanding Bonds,
and otherwise meet the obligations of the City as
herein set forth.
(h) It will not take or permit to be taken on
its behalf any action which would adversely affect the
exemption from federal income taxation of the interest
on the Bonds and will take or require to be taken such
acts as may reasonably be within its ability and as
may from time to time be required under applicable law
to continue the exemption from federal income taxation
of the interest on the Bonds. Without limiting the
generality of the foregoing, and except to the extent
the investment of any Bond proceeds is limited to a
yield required to comply with federal arbitrage
regulations, the City will spend the proceeds of the
Bonds with due diligence to completion of the purpose
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ORDINANCE NO. 3970
specified herein and will not invest or make other use
of the proceeds of the Bonds or of its other money at
any time during the term of the Bonds, which if such
use had been reasonably expected at the date that the
Bonds are issued, would have caused such Bonds to.be
arbitrage bonds within the meaning of Section 103(c)
of the United States Internal Revenue Code of 1954, as
amended, and applicable regualtions thereunder.
In addition, if future federal laws or regula-
tions require the payment of any federal tax or rebate
or the observing of any other requirement to maintain
the exemption from federal income taxation of the,
interest on the Bonds or Future Parity Bonds, the City
shallmake any such payment and observe any such
requirement. If the interest on the Bonds shall
become subject to federal taxation because of the
City's not spending bond proceeds or the proceeds of
investments thereof in the amounts and within periods
of time required by any future federal law or regula-
tions or for any other reason due to the enactment of
future federal law or the promulgation of regulations
thereunder, or if the City's bond counsel gives an
opinion to the City at that time that the interest on
the Bonds may or will be taxable either from the date
of issuance or as of some later date, then the City
shall call for redemption at par plus accrued interest
all of the Bonds then outstanding within 75 days after
the date that law becomes law.
It has not been notified of any listing or
proposed listing by the Internal Revenue Service to
the effect that it is a bond issuer whose arbitrage
certifications may not be relied upon.
Section 11. The Bonds shall be printed or lithographed on
good bond paper in a form consistent with the provisions of this
ordinance, shall be signed by the facsimile signatures of the
Mayor and the Finance Director and shall have a facsimile
reproduction of the City seal printed thereon.
Only such Bonds as shall bear thereon a Certificate of
Authentication in the following form, manually executed by the
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• ORDINANCE NO. 3970
Bond Registrar, shall be valid or obligatory for any purpose or
entitled to the benefits of this ordinance:
CERTIFICATE OF AUTHENTICATION
This bond is one of the fully registered City of
Renton, Washington, Water and Sewer Revenue Bonds,
1986, described in the Bond Ordinance.
WASHINGTON STATE FISCAL AGENCY
Bond Registrar
By
Authorized Officer
Such Certificate of Authentication shall be conclusive
evidence that the Bonds so authenticated have been duly exe-
cuted, authenticated and delivered hereunder and are entitled to
the benefits of this ordinance.
In case either or both of the officers who shall have
executed the Bonds shall cease to be such officer or officers of
the City before the Bonds so signed shall have been authenti-
cated or delivered by the Bond Registrar or issued by the City,
such Bonds nevertheless may be authenticated, delivered and
issued and upon such authentication, delivery and issue, shall
be as binding upon the City as though those whose facsimile
signatures appear on the Bonds had continued to be such officers
of the City. Any Bond also may be signed on behalf of the City
by such persons as at the actual date of execution of such Bond
shall be proper officers of the City authorized to execute Bonds
although on the original date of such Bond such persons were not
such officers of the City.
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ORDINANCE NO. 3970
Section 12. The Bond Registrar shall keep, or cause to be
kept, at its principal corporate trust office, sufficient books
for the registration and transfer of the Bonds which shall at
all times be open to inspection by the City.
The Bond.Registrar shall be responsible for its representa-
tions contained in the Registrar's Certificate of Authentication
on the Bonds. The Bond Registrar may become the owner of Bonds
with the same rights it would have if it were not the Bond
Registrar and, to the extent permitted by law, may act as
depository for and permit any of its officers or directors to
act as a member of, or in any other capacity with respect to,
any committee formed to protect the rights of Bond owners.
Section 13. The Bonds shall be negotiable instruments to
the extent provided by RCW 62A.8-102 and 62A.8-105.
Section 14. In the event the City shall issue advance
refunding bonds pursuant to the laws of the State of Washington,
or have money available from any other lawful source, to pay the
principal of and interest on the Bonds or such portion thereof
included in the refunding plan as the same become due and
payable and to refund all such then outstanding Bonds and to pay
the costs of refunding, and shall have irrevocably set aside for
and pledged to such payment and refunding, money and/or direct
obligations of the United States of America or other legal
investments sufficient in amount, together with known earned
income from the investment thereof, to make such payments and to
accomplish the refunding as scheduled (hereinafter called the
- 26 -
ORDINANCE NO. 3970
"trust account") and shall irrevocably make provisions for
redemption of such Bonds, then in that case the Bonds shall be
deemed defeased (hereinafter collectively called the "defeased
Bonds"). Thereafter, all right and interest of the owners of
the defeased Bonds to be so retired or refunded in the covenants
of this ordinance, in the Revenue of the Waterworks Utility of
the City, and in funds and accounts obligated to the payment of
such Bonds shall cease and become void, except such owners shall
have the right to receive payment of the principal of and
interest on the defeased Bonds from the trust account and, in
the event the funds in the trust account are not available for
such payment, shall have the residual right to receive payment
of the principal of and interest on the defeased Bonds from the
Revenue of the Waterworks Utility of the City without any
priority of lien or charge against such revenue or covenants
with respect thereto except to be paid therefrom.
After the establishing and full funding of such trust
account, the City may then apply any money in any other fund or
account established for the payment or redemption of the
defeased Bonds to any lawful purposes as it shall determine,
subject only to the rights of the owners of any other bonds then
outstanding.
In the event the refunding plan provides that the Bonds
being refunded or the refunding bonds to be issued be secured by
cash and/or direct obligations of the United States of America
or other legal investments pending the prior redemption of those
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t
ORDINANCE NO. 3970
Bonds being refunded and if such refunding plan also provides
that certain cash and/or direct obligations of the United States
of America or other legal investments are pledged irrevocably
for the prior redemption of those Bonds included in the refund-
ing plan, then only the debt service on the Bonds which are not
defeased Bonds and the refunding bonds, the payment of which is
not so secured by the refunding plan, shall be included in the
computation of coverage for issuance of Future Parity Bonds and
the annual computation of coverage for determining compliance
with the rate covenants.
Section 15. The City reserves the right to issue Future
Parity Bonds which will constitute a lien and charge upon the
Revenue of the Waterworks Utility of the City on a parity with
the Outstanding Parity Bonds, and the Bonds, provided the
conditions set forth in Section 15 of Ordinance No. 1450, as
modified by the provisions set forth in Section 13 of Ordinance
No. 3169 and Section 12 of Ordinance No. 3720, are met and
complied with at the time of the issuance of such Future Parity
Bonds, which sections are by this reference incorporated herein
and made a part hereof and shall continue to be applicable even
though the City of Renton Water and Sewer Refunding and Improve-
ment Bonds, 1953, have been paid and retired.
Section 16. The Bonds shall be sold for cash at public
sale for not more than a 2% discount plus accrued interest to
the date of delivery of and payment for the Bonds..
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ORDINANCE NO. 3970
The City Clerk is authorized to give notice calling for
bids to purchase the Bonds by publishing no later than January
24, 1986, a short abbreviated form of such notice once in The
Seattle Daily Journal of Commerce and Northwest Construction
Record of Seattle, Washington. Such notice shall specify that
sealed bids for the purchase of the Bonds shall be received by
the City Clerk in her office in the City Hall on February 3,
1986, up to 11:00 a.m., local time, at which time all bids will
be publicly opened and read in the office of the Director of
Finance and an award made by the City Council at its regular
meeting to be held in the City Council Chambers commencing at
8:00 p.m., local time, on the same date.
Bids shall be invited for the purchase of the Bonds with
fixed maturities in accordance with the schedule specified in
Section 4 hereof.
The notice shall specify the maximum effective rate of
interest the Bonds shall bear, namely, 12% per annum, and shall
require bidders to submit a bid specifying:
(a) The lowest rate or rates of interest and
discount below par at which the bidder will purchase
the Bonds; or
(b) The lowest rate or rates of interest at
which the bidder will purchase the Bonds at par.
No bid offering to purchase the Bonds at a discount of more
than 2% plus accrued interest or offering to purchase less than
the entire issue will be considered. The purchaser must pay
accrued interest to date of delivery of the Bonds.
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ORDINANCE NO. 3970
Interest rates shall be in multiples of 1/8 or 1/20 of 1%,
or both. No more than one rate of interest may be fixed for any
one maturity. The maximum differential between the lowest and
highest rates named in any bid shall not exceed 4%.
For the purpose of comparing the bids only, the interest
rates bid being controlling, each bid shall state the total
interest cost over the life of the Bonds and the net effective
interest rate of the bid, taking into account the discount, if
any, bid.
The Bonds shall be sold to the bidder making the best bid
based on the lowest net effective interest rate, subject to the
right of the City Council to reject any and all bids and to
readvertise the Bonds for sale in the manner provided by law.
The City further reserves the right to waive any irregularity in
any bid or in the bidding process, except that any bid presented
after the time specified for the receipt of bids will not be
received, and any bid not accompanied by the required bid
deposit at the time of opening will not be read or considered.
All bids shall be sealed and shall be accompanied by a
deposit of $45,000. The deposit shall be either cash or by
certified or cashier's check made payable to the City of Renton
and shall be returned promptly if the bid is not accepted. The
City reserves the right to invest the good faith deposit of the
purchaser pending the payment for the Bonds. The purchaser
shall not be credited for such earnings. If the Bonds are ready
for delivery and the successful bidder shall fail or neglect to
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ORDINANCE NO. 3970
complete the purchase of the Bonds within forty days following
the acceptance of its bid, the amount of its deposit shall be
forfeited to the City and in that event the City may accept the
bid of the one making the next best bid. If there be two or
more equal bids and such bids are the best bids received, the
City Council shall determine by lot which bid shall be
accepted. The Bonds will be delivered to the successful bidder
upon payment of the purchase price plus accrued interest to the
date of delivery, less the amount of the good faith deposit, at
the office of the City Clerk or in Seattle, Washington, at the
City's expense, or at such other place upon which the Director
of Finance and the successful bidder may mutually agree at the
purchaser's expense. Settlement shall be made in federal funds
immediately available at the time of delivery of the Bonds. A
no -litigation certificate in the usual form will be included in
the closing papers.
CUSIP numbers will be printed on the Bonds, if requested in
the bid of the successful bidder, but neither failure to print
such numbers on any Bond nor error with respect thereto shall
constitute cause for a failure or refusal by the purchaser
thereof to accept delivery of and pay for the Bonds in accord-
ance with the terms of the purchase contract. All expenses in
relation to the printing of CUSIP numbers on the Bonds shall be
paid by the City, but the fee of the CUSIP Service Bureau for
the assignment of those numbers shall be the responsibility of
and shall be paid by the purchaser.
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t
ORDINANCE NO. 3970
If, prior to the delivery of the Bonds, the interest
receivable by the owners thereof shall become taxable, directly
or indirectly, by the terms of any federal income tax law, the
successful bidder may at its option be relieved of its.obliga-
tion to purchase the Bonds, and in such case the deposit accom-
panying its bid will be returned, without interest.
The notice of bond sale shall provide that the City will
cause the Bonds to be printed or lithographed and signed and
will furnish the approving legal opinion of Roberts & Shefelman,
bond counsel of Seattle, Washington, covering the Bonds without
cost to the purchaser, the opinion also being printed on each
Bond. Bond counsel shall not be required to review nor express
any opinion concerning the completeness or accuracy of any
official statement, offering circular or other sales material
issued or used in connection with the Bonds, and bond counsel's
opinion shall so state. Such notice also shall provide that
further information regarding the details of the Bonds may be
received upon request made to the City Clerk or to Seattle -
Northwest Securities Corporation, 3700 Seafirst Fifth Avenue
Plaza, Seattle, Washington, the City's financial consultant.
Section 17. There has been created in the office of the
City Director of Finance a special fund of the City known and
designated as the Water and Sewer Construction Fund, 1983 (the
"Construction Fund"). The principal proceeds received from the
issuance and sale of the Bonds shall be deposited in the Con-
struction Fund and shall be used to pay the costs of carrying
- 32 -
ORDINANCE NO. 3970
out the system or plan of additions to and betterments and
extensions of the Waterworks Utility of the City specified,
adopted and ordered to be carried out by this ordinance and the
expenses incurred in the issuance of the Bonds. Pending the
expenditure of such principal proceeds out of the Construction
Fund, the money in such fund may be invested in any legal
investment and the investment income may be retained in such
fund and used for the purposes of such fund. The accrued
interest received, if any, shall be deposited in the Bond Fund.
Section 18. All actions taken consistent with the provi-
sions of this ordinance before the effective date of this
ordinance are ratified, confirmed and approved.
PASSED BY THE CITY COUNCIL, this 13th day of January,
1986.
e
MAXINE MOTOR, City Clerk
APPROVED BY THE MAYOR, this 13th day of January, 1986.
NANCY MA3HEWS, Mayor Pro tem
Approved as to Form:
City Attorney
Date of Publication: January 17th, 1986
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s► • ORDINANCE NO. 3970
WATER SYSTEM REHABILITATION PROJECTS (1986)
Replacement of steel watermain in NE Eighth Street from
Monroe Avenue to Olympia Avenue NE
Replacement of steel watermain in Queen Avenue NE from
NE Sixth to NE Eighth Street
Replacement of steel watermain in NE Seventh Street from
Monroe Avenue NE to Queen Avenue NE
Well #3 renovation
SANITARY SEWER SYSTEM REHABILITATION PROJECTS (1986)
Sewer Joint Grouting and Sealing
Brentwood Honey Dew Estates area (third phase of leak
repair in Honey Creek Basin)
WATER SYSTEM MAJOR CAPITAL PROJECTS (1986)
Well #5 rehabilitation
Spring Brook chlorinization rehabilitation
Fluoridation - Equipment, buildings and remodeling, truck,
design and inspection (consultant)
Cedar River Wells exploration and drilling Wells #10 and
#11 at golf course
16" watermain - Aberdeen Avenue NE - from NE 24th to NE
27th Street - Joint street project
Sunset Boulevard SW - 12" watermain - West from Rainier
Avenue South - City participation
South Talbot Hill Reservoir site acquisition
South Talbot Hill Reservoir design - Engineering
Ponderosa Estates service transfer and installation of
620 linear feet of 8" watermain
Water system telemetry - Phase 2 completion and design
for Phase 3
Wells #1 and #2 rehabilitation, including final design,
redrilling Wells #1 and #2, and construction of a new well
house
•y �' ORDINANCE NO. 3970
Springbrook Springs site acquisition - Squire property
payments
24" watermain in Wells Avenue Bridge
Portion of 12" watermain in Grady Way street project
Participation in installation of 24" watermain in Talbot
Road South from Grady Way to Rolling Hills Place
Installation of 12" watermain in Lind Avenue Bridge over -
crossing of SR 405
Well field protection - Continuation of project
Installation of two pressure reducing stations at Shattuck
Avenue South and South 23rd Street
Joint participation in fire flow analysis update with Fire
Department
SEWER SYSTEM MAJOR CAPITAL PROJECTS (1986)
Golf Course Sanitary Sewer
Extend 15" sewer to golf course clubhouse to protect City
well field
Renton Hill Alley Sewer Replacement
Phase I of replacement of old 6" sewers in Renton Hill
Alley
CBD SW Improvements - Shattuck Avenue South Interceptor
Replace existing 8", 10", and 12" sewers in Shattuck Avenue
South from South Fourth Street to South Seventh Street
West Kennydale Interceptor
New 12" sewer from NE 24th and Jones Avenue NE, along I-405
to NE 28th Street and existing city sewer
East Kennydale Interceptor
New 12" sewer from NE 27th Street to Azalea Lane pump
station (in conjunction with Aberdeen Avenue NE Forward
Thrust project)
CBD 1986 Small Sewer Replacement
Replace existing 8" sewers in North First Street and CBD
area
Cascade Sewer District Transfer
Transfer of Cascade Sewer District sewers inside the city
in Talbot Road and South 55th Street (SE 192nd Street)
to Renton system
Smithers Avenue South - City match to sewer local improve-
ment district - New 8" sewer from South 19th Street to
Talbot Hill School
-2-