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HomeMy WebLinkAboutORD 3907 � , . . . � • i . . � . . . . CITY OF RENTON, WASHINGTON ORDINANCE N0. 3907 AN ORDINANCE relating to Local Improvement District No. 328; fixing the amount, form, date, interest rates, maturity and denominations of the Local Improvement District No. 328 Bonds; providing for the sale and delivery thereof to Seattle-First National Bank in Seattle, Washington; and fixing the interest rate on Local Improvement District No. 328 assessment installments . I THE CITY COUNCIL OF THE CITY OF RENTON WASHINGTON DO I . . �i ORDAIN as follows : '' SECTION I . The total amount of the assessment roll in Local Improvement District No. 328 in the City of Renton, Washington (the "City" ) , created under Ordinance No. 3744 , as amended by Ordinance No. 3827, was $318, 828 . 66 . The 30-day period for making cash payments of assessments without interest in the District expired on March 4 , 1985, and the total amount of assessments paid in cash was $264, 137 .97, leaving a balance of assessments unpaid on the assessment roll in the sum of $54 , 690. 69 . Local Improvement District No. 328 Bonds (the "Bonds" ) shall, therefore, be issued in the total principal sum of $54 , 690.69. The Bonds shall be dated June l, 1985, shall mature on June 1, 1997, and shall be numbered from 1 to 11, inclusive, in the manner and with any additional designation as the Bond Registrar (collectively, the fiscal agencies of the State of Washington located in Seattle, Washington, and New . . . Ordinance No. 3907 " • York, New York) deems necessary for the purpose of identifica- tion. Bond No. 1 shall be in the denomination of $4 , 690. 69 and Bonds Nos . 2 to 11, inclusive, shall be in the denomination of $5,000.00 each. Interest shall be computed on the basis of a 360-day year of twelve 30-day months . The Bonds shall bear interest, payable annually beginning June l, 1986, in accordance with the following schedule: Bond Numbers Interest ( Inclusive) Rates 1 and 2 6.75� 3 7 .25 4 7 .75 5 8 .25 6 8 .50 7 8 .75 8 9 .00 9 9 .25 10 9 . 50 11 9 .75 The Bonds shall be issued only in registered form as to both principal and interest on books or records maintained by the Bond Registrar (the "Bond Register" ) . Such 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 . Bonds may be transferred only if endorsed in the manner provided thereon and surrendered to the Bond Registrar . The transfer of a Bond shall be by the Bond Registrar ' s receiving the Bond to be transferred, cancelling it and issuing a new certificate in the form of the Bonds to the transferee after registering the name and address of the transferee on the Bond - 2 - � � . Ordinance No. 3907 Register . The new certificate shall bear the same Bond number as the transferred Bond but may have a different inventory reference number or control number . Such exchange or transfer shall be without cost to the owner or transferee. Both principal of and interest on the Bonds shall be payable solely out of the Local Improvement Fund, District No . 328 (the "Bond Fund" ) and from the Local Improvement Guaranty Fund of the City, and 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 or nominees at the addresses appearing on the Bond Register on the 15th day of the month preceding the interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the registered owners at the principal offices of either of the fiscal agencies of the State of Washington in Seattle, Washington, and New York, New York, at the option of such owners . The City reserves the right to redeem the Bonds prior to their stated maturity on any interest payment date, in numerical � order, lowest numbers first, at par plus accrued interest, whenever there shall be sufficient money in the Bond Fund 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 mailing, not less than 15 nor more than 30 days prior to the date fixed for redemption, notice of such redemp- tion by first class mail, postage prepaid, to the registered - 3 - Ordinance No. 3907 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 Bonds . The interest on the Bonds so called for redemption shall cease on the date fixed for redemption unless such Bond or Bonds , so called are not redeemed upon presentation made pursuant to such call . SECTION II . The Bonds shall be printed, lithographed or typed on good bond paper in a form consistent with the provi- sions of this ordinance and state law, shall be signed by the Mayor and the City Finance Director, both of whose signatures shall be in facsimile, and shall have a facsimile reproduction of the seal of the City printed thereon. Only such Bonds as shall bear thereon a Certificate of ' manuall executed b the Authentication in the following form, y Y 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, Local Improvement District No. 328 Bonds 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 executed, - 4 - Ordinance No. 3907 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 may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issue, shall be as binding upon the City as though those who signed the same 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 although at the original date of such Bond any such person shall not have been such officer of the City. SECTION III . 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 is authorized, on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar ' s powers and duties under this ordinance. 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 - 5 - Ordinance No. 3907 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 . ', 5ECTION IV. The Bonds shall be negotiable instruments to !, the extent provided by RCW 62A. 8-102 and 62A.8-105 . SECTION V. The City covenants that 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 Band 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 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 regulations thereunder . - 6 - .. • Ordinance No. 3907 The City further covenants that 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 certifi- cations may not be relied upon. SECTION VI . Seattle-First National Bank in Seattle, Washington, has submitted an offer to purchase all of the Bonds at a price of $97 . 10 per each $100 of par value, plus accrued interest from the date of the Bonds to the date of their delivery to the purchaser, the City ta furnish the printed Bonds and the approving legal opinion of Roberts & Shefelman, munici- , pal bond counsel of Seattle, Washington, at the City' s expense. I! Bond counsel shall not be required to review or express any '�� opinion concerning the completeness or accuracy of any official statement, offering circular or other sales material issued or used in connection with the Bonds , and bond counsel ' s opinion shall so state. The City Council , deeming that it is in the best interest of the City that such offer be accepted, accepts the same. The Bonds, therefore, immediately upon their authentication, shall be delivered to Seattle-First National Bank in Seattle, Washington, upon payment therefor in accordance with such offer . SECTION VII . The interest rate on the installments and delinquent payments of the special assessments in Local Improve- ment District No. 328 are revised and fixed at the rate of 9 . 9846$ per annum. - 7 - r I I � • � ; • . � � I Ordinance No. 3907 � � SECTI�N VIII . This ordinance shall he effective tapan its passage, appraval and five days after puhlicatfan. PASSED BY THE CITY COUNCIL this 13th day of May, 1985 . �.T�.G-�''� � i�..e��.�J Maxine E , Matar, City C�erk APPROV`ED BY THE MAYOR this 13th day of May, 1985 . �ic�l�Sr�t�v �,.S"�.n�,c� Barhara Y. `Shinpoch, Mayor Approved as ta farm: _..,c''' ,.-_.` "' �i' �'.�<l.^-r r.u..�..,F' �,'�fJr—ty''�t"V Lawrence J . �T � rrenVy . City Attorney Date of Publication. May 17 , 1985 1192r I _ g _ I