HomeMy WebLinkAboutORD 1450YCITY OF RENTON, WASHINGTON
ORDINANCE NO. 1450
AN ORDINANCE specifying and adopting a system or plan
of additions to and betterments and extensions of both the
waterworks system of the City o� Renton and the sewerage
system of the City, which has b0come and'is considered a
part of the waterworks system of the City; declaring the
estimated cost thereof, as nearly as may be; providing for
the paying and refunding of �24�000.00 of outstanding t►City
of Renton Water and Sewer Refunding and Improvement Revenue
Bonds, 19531t to obtain the funds with which to refund the
aforesaid $24,000.00 of bonds and to pay the costs of said
system or plan; fixing the date, form, denomination, maturities,
terms and covenants of said bonds; creating a special fund to
provide for the payment of said bonds, and providing for the
calling of bids for the sale thereof.
Vv'HEREAS, the City of Renton heretofore issued, under date of March 1, 1943,
X125,000.00 of 3% "City of Renton Municipal Revenue Bonds, 1953, Series A14, pursuant
to Ordinance No. 1156 of the City Council, as amended by Ordinances Nos. 1157 and.
1173, said bonds having been issued for the purpose of acquiring, constructing and
making certain additions to and betterments and extensions of the sewerage system
of the City, all of said bonds outstanding on March 1, 194$0 having been refunded
on Ni rch 1,194$9 pursuant to Ordinance No. 1299, by the issuance and sale of
374,000.00 of 44City of Renton Water Revenue Refunding Bonds, 194$tt, of which
230,000.00 par value of said refunding bonds bearing interest at the rate of 22/
per annum are presently outstanding of which amount $6,000.00 par value will mature
March 1, 1953, leaving $24,000.00 par value of said bonds unmatured on that date;
and
WHEREAS, said Ordinance No. 1173 authorized the issuance of :75,000.00 of
"Citk 6ffRenton Oinicipal Water Revenue Bonds, 1943, Series Btt for the purpose of
acquiring, constructing and making certain additions to and betterments and exten-
sions of the waterworks system of the City as authorized in said Ordinance, said
Series B bonds being on a parity with said Series A bonds, but said improvement has
not been carried out and said Series B bonds have not been issued; and
IVIHEREAS, said Ordinance No. 1156, as amended by Ordinances Nos. 1157 and
1173, provided that the sewerage system of the City should become and be considered
a part of the waterworks system of the City; and
WHEREAS, the City of Renton has heretofore issued under date of April 1,
1946, X100,000.00 of lw% 1fMunicipal Mater Revenue Bonds, 194611, said bonds having
been issued for the purpose of making certain additions to the present water dis-
tribution system of the City by purchasing the assets formerly owned by the Northwest
Water Co., of which ;2$,000.00 par value of said bonds are present outstanding,
$1.4,000.00 par value maturing April 1, 1953, and the remaining X14,000.00 par value
maturing April 1, 1954; and
WHEREAS, it is deemed desirable that the said X24,000.00 of outstanding
"City of Renton Water Revenue Refunding Bonds, 194$11 be refunded by bonds bearing
a rate or rates of interest not to exceed the rate of interest on said outstanding
bonds to be refunded, and that one issue of bonds be sold which will constitute a
Lien and charge against the gross revenues of the municipal waterworks system of
the City, including the sewerage system, subject only to the lien and charge against
the same for the outstanding w2$,000.00 of 41i%iunicipal Water Revenue Bonds, 1946Y/,
both for such refunding purpose and to acquire the funds necessary to make certain
additions to and betterments and extensions of the waterworks system of the City,
including additions to and betterments and extensions of the sewerage system as a
part of and belonging to said waterworks system; now, therefore,
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF RENTON, WASHING --
TON, AS FOLLOWS:
,Section 1. The City of Renton hereby specifies and adopts a system or plan
is making additions to and extensions and betterments of the sewerage system of the
City, which has become and is considered a part of the waterworks system, and for
making additions to and betterments and extensions of said waterworks system, to con-
sist of the following:
SEWERAGE SYSTEM
1. The present sewage treatment plant of the City shall be enlarged by construct-
ing a primary sewage digestor tank of reinforced concrete design with a steel
floating dome gas holding top together with a mechanical scum mixer, heat
exchanger.and miscellaneous small items necessary for the digestor operation.
02. Degritor equipment shall be installed for the removal of sand and gravel
from sewage influent. 3
3. A new additional sewage pump shall be installed to handle increased flow
through the plant. -
4. The main sludge pump and auxiliartr sludge pump:sha.1'. be replaced.
WATERWORKS SYTE�I
1. For the purpose of augmenting thd'water supply, a. deep well shall be
drilled in the Kennydale area on the site located at the northwest corner
of S.E. 100th Street and 108th Aon. S.E.s and an electric deep well pump
shall be installed to produce aT'n�ccliTdm
water flow of 1500 gallons per
minute, and there also shall be ed the acquisition of the site,
electric transmission line and transformer, clearing and grading site,
constructing pump house and fencing tha site..
2. There shall be installed water mains from the Kennydale well to the exist-
ing water system as follows: 15004 of 1041 pipe from the tirell easterly
along S.E. 100th Street to 112th Ave. S.E., the_zce 10004 of 81° pipe from
S.E.100th Street northerly along 112th Ave. S.E. to connect to the existing
8S1 line on S,E. 97th Street; 37004 of 6Q9 pipe from the end of the new 10P4
line at 112th Avenue S.E. southerly along 112th Avenue S.E. to S.E. 112th
Street; thence 14004 of 841 pipe easterly along S.E. 13.2th Street to 116th
Avenue S.E.; thence 7004 of 1244 pipe along S.E. 112th Street to t9 f Street
in the City of Renton; thence 3004 of 1254 pipe southerly along 4YHP4 Street
to connect to the existing water system at 11th Ave, North.
3. There shall also be installed 12,8004 of 414 pipe in Kennydale proper west
of 104th Avenue S.E. as follows: 12504 on S.E. 88th Street; 12504 on S.E.
89th Street; 12504 on S.E. 91st Street; 17504 on S.E. 91st Street Place;
18504 on S.E. 92nd Street; 18504 on S.E. 93rd Street; 6004 on S.E. 94th
Street; 12504 on S.E. 95th Street. Connecting 414 lines for the above shall
be installed as follows: 5004 of 441 pipe on 104th Avenue S.E.; 10004 of
444 pipe on 100th Avenue S.E.; 6004 of 411 pipe on Lake Washington Boulevard.
There shall also be installed 38004 of 614 pipe in Kennydale proper west of
104th Avenue S.E. as follows: 12504 on S.E. 90th Street; 12504 on S.E.
94th Street. Connecting 61, lines for the above shall be installed as
follows: 13004 of 611 pipe on 100th Avenue S.E. Install 17004 of 4t1 pipe
along 112th Avenue S.E. from S.E. 112th Street southerly to connect to
existing 61, line on Sunset Boulevard. The service connections from old
water mains shall be 'changed. to new water: mains.
4. The section of the existing 2011 steel water main, which is 11,5004 in length
and extends from the Springbrook Springs holding reservoir along the private
City access road to the intersection with the Talbot Road, thence northerly
along the Talbot Road to make connection with the existing 20F1 asbestos
cement main at the intersection of the Talbot Road with the Carr Road
(S.. 180th Street), shall be rehabilitated by lining the main with cement
mortar.
5. Gas chlorinating equipment shall be installed at the Springbrook supply
to meet State Department of Health requirements.
There shall be included in the foregoing the acquisition and installation
of all necessary valves, fittings, couplings, connections, equipment and appurten-
-xices and the acquisition of any easements and rights-of-way and lands and water
rights that may be required; and there shall also be included the performance of
such work as may be incidental and necessary to the foregoing construction and
installation.
In lieu of the material heretofore specified, such other suitable material
ray be used as may be deemed desirable and necessary by the City Council.
The City Council may modify the details of the foregoing system or plan
in its judgment it appears advisable, provided such modifications do not sub-
-tantially alter the purposes hereinbefore set forth.
Section 2. The estimated cost, as near as may be, of the aforesaid plan or
sjst'dli of additions; extensions and betterments is declared to be 9291,000.00.
Section 3. The cost of acquiring, constructing and completing the foregoing
plan or system of additions, extensions and betterments and of paying, refunding and
redeeming the $24,000.00 of outstanding "City of Renton Water Revenue Refunding
Bonds, 194841 shall be paid by the issuance and sale of "City of Renton Water and
Sewer Refunding and Improvement Revenue Bonds, 1953i4 in the amount of "3159000.00
par value. The bonds shall be entitled f1City ofRenton Water and Sewer Refunding
and Improvement Revenue Bonds, 195311, shall, be in denominations of $1,000.00 each,
2 �.
/j�
shall be numbered from 1 to 315, both inclusive, shall be dated Iiarch 1, 1953, and
shall bear interest at a rate or rates not to exceed 4% per annum to be hereafter
fixed by Ordinance, payable semiannually on March lst and September 1st of each
year, interest to maturity to be evidenced by coupons to be attached to said bonds
with full obligation on the part of the,City to pay interest <<c the same rate or
rates after the bond maturity dates until said bonds vrith arr`,e: es ; are paid in
full or funds are available for payment in full. Both prdr _: p e of and interest
on said bonds shall be payable in lawful rAoney of the United Scrtes at the office
of the City Treasurer of the City of Renton, Washington. Said bonds shall be
payable solely out of the special fund hereinafter created, shall be a valid claim
of the holder thereof only as against said fund and the faxed amount of the revenue
of the waterworks utility, including the bewerage system as a part thereof, pledged
to such fund, and shall not be a general `obligation of the City of Renton. Said
bonds shall mature serially, annually, over a period of from one to twenty years
from the date of their issue in accordance with the folloyring schedule, to wit;
Bond Plumbers
An,?oUnt
1 to
5,
Inclusive
$5,000
6 to
24;
it
;;19,000
I a °-J,'.y
;�
25 to
37,
ry
313 5000
38 to
50,
tt
�13;C0o
957
51 to
64,
se
N:14;000
Larch I
�:;?s
65 to
781J,
i?
�
, 000-
;,.a,�
- ..
i, cr, 1
~
'i n,•U
79 to
92.
��
i5
;,1l+Q000
1 7
/
93 to
106,
sY
$11; 1000
I'"a.
107 to
121,
i4
$15; coo
1 y
_L96 >
122 to
136;
Y?15
s 000
% i,
1963
137 to
152,
ti
k16,000
Larch 1.,
1964
153 to
165,
s�
$16,000
?larch 1$
1565
169 to
1849
c4
$16,000
T=arch 1,
1966,
185 to
201,
et
317,000
larch 1,
1967
202 to
218,
ce
$17,000
Aarch 1,
1968
219 to
2362
$18,000
Barth 1,
1969
237 to
2552
sr
319,000
March 1,
19;0
256 to
27419
sr
$191000
March 1,
1973.
275 to
294,
s9
$20,9000
Harch 1,
3.972
295 to
315,
321,000
Aiarch 1,
13'73
Section 4. The City of Renton reserves the right to redeem any or all of
the outstanding bonds of said issue at par, plus accrued interest,, on any semiannual
interest paying date, on or after ten years from the date of issue, in inverse
numerical order, highest numbers first, by giv_ng at least thirty --days notice of
such intended redemption by publication thereof in the official newspaper of said
City, which notice is to be published once not lass than thirty nor n-Dre than forty-
five days prior to the call date. Interest on any bonds so called for redemption
shall cease on the date fixed for such redemption,
Section 5. The funds with which to pay, refund and retire the aforesaid
""24,000.00 of "City of Renton Water Revenue Refunding Bonds, 1948" outstanding
shall be obtained by the issuance and sale of the first numbered ;24,000.00 of said
??City of Renton tilater and Sewer Refunding and Improvement Revenue Bonds, 195P.
Said first numbered ��24,000.00 of bonds shall all bear interest at a.rate or rates
not to exceed 4E, per annum.
Section 6. There shall be and hereby is created and established a special
fund to be known as URenton 1953 Mater and Sewer Refunding and Improvement Revenue
Bond Redemption Funds, which fund is to be drawn upon for the sole purpose of pay-
ing the principal of and interest upon said bonds from and after the date thereof.
Said fund is hereby divided into a '-'Principal and Interest Account'-' and a "Reserve
Account'?; and so long thereafter as bonds are outstanding against such fund the City
Treasurer of the City of Renton shall set aside and pay into said fund out of the
gross revenues of the waterworks system now belonging to or which may hereafter be-
�.ong to the City, including all additions, betterments and extensions thereof now or
-;clleafter made, and including the sewerage system as a part thereof, a fixed amount,
a-.thout regard to any fixed proportion, namely,
(a) Into the tTrincipal and Interest AccountU, monthly, beginning on !,larch 15,
-953., one -twelfth of the next ensuing twelve months9 requirements of both principal
and interest; and
(b) Into the ''Reserve Account44, an amount not less than the average annual
debt service requirements,both principal and interest, of said bonds, which amount
is to be accumulated by no later than March 1, 1958.
Said "Reserve Account41 may be accumulated from any other moneys which the
City of Renton may have available for.such purpose in addition to using said revenues
therefor. Said 44Reserve Account" shall be maintained in such amount at all times
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so long as any of said bonds are outstanding; PROVIDED, that when the total amount
in said special fund shall equal the total amount of principal and interest on all
outstanding bonds of said issue to the last maturity date thereof, no further
payments need be made into said special fund.
In the event that there shall be a deficiency in the "Principal and Inter-
est Account" in said special fund to meet maturing installments of either principal
or interest, as the case may be, such deficiency shall be made up from the "Reserve
AccountF► 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 moneys from the revenues of said waterworks system, including the
sewerage system, first available after making necessary provision for the required
payments into the ►►Principal and Interest Account►►. The money in the a?Reserve
Account" shall otherwise be held intact and may be applied against the last out-
standing bonds of this issue.
All money in the "Reserve Account►► above provided for may be kept on deposit
in the official bank depository of the City.of Renton or in any national bank, or
may be invested in United States Government obligations maturing not later than
twelve years from date of issue. Interest on any such investment or on such bank
account shall be deposited in and become a part of the "Reserve Account►► until
there shall be an amount therein not less than the average annual debt service
requirements, both principal and interest, of said bonds.
Section 7. The gross revenues from the combined water and sewer systems,
including all revenues derived from all charges for water and sewer service and all
revenues derived from the water and sewer service furnished the United States Gov-
ernment or any branch of the Federal Housing Authority for any units of any Federal
Housing Authority, are hereby pledged to such payment and the bonds herein author-
ized shall constitute a lien and charge upon such revenues prior and superior to any
other charges whatever, excluding charges for maintenance and operation, except as
provided in Section 15 hereof, and except that the lien and charge of the bonds
herein authorized to be issued upon such revenues shall be junior and inferior to
the lien and charge upon such revenues for the $28,000.00 par value of "Municipal
Water Revenue Bonds, 194611 of the City presently outstanding.
Section 8. In the judgment of the City Council, the gross revenues and
benefits to be derived from the operation and maintenance of the waterworks system
of the City, including the sewerage system as a part thereof, and the additions,
extensions and betterments thereto herein provided.for, at the rates to be charged
for water and sewerage service on the entire systems, will be more than sufficient
to meet all expenses of operation and maintenance thereof and the debt service re-
quirements of the $28,000.00 par value Q►Municipal Water Revenue Bonds, 19469f of the
City presently outstanding, and to permit the setting aside in said special fund,
out of the gross revenues of the entire systems, of amounts st.fficient to pay the
interest on the revenue bonds herein authorized to be iss•aed is such interest be-
comes payable and to pay and redeem all of said bonds at matu.4,. TI City Council
and corporate authorities of the City of Renton further hereavr dcc:lare that in creat-
ing the eai,d special, fund and in fixing the amounts to be pa,.d it,'() the same as afore-
said, they have exercised due regard for the cost of operation tmd" maintenance of the
waterworks system, including the sewerage system, and the de':t ser -,rice requirements
of the $28,000.00 par value "Municipal Water Revenue Bonds, 1946►► of the City pre-
sently outstanding, and the City has not bound and obligated itself to set aside and
pay into said special fund a greater amount or proportion of the revenues of the said
systems than in the judgment of the City Council will be available over and above
s;tch cost of maintenance and operation, and debt service requirements of said out-
standing bonds, and that no portion of the revenues of said waterworkssystem, in-
cluding said sewerage system, has been previously pledged for ruiy other indebtedness
except for the payment of the "City of Renton dater Revenue refunding Bonds, 19484►, 9
rhich bonds are to be paid, retired and refunded as hereinbefore stated, and for the
payment of said T►Municipal Mater Revenue Bonds, 194611.
Section 9.. The City of Renton shall establish, maintain and collect such
rtes and charges for water and sewerage service, so long as any bonds of this issue
.-e outstanding, as will make available for the payment of the principal of and
;terest on all of such bonds as the same shall accrue an amount equivalent to at
est 1.5 times the average annual debt service requirement, both principal and int-
ost, of this bond issue and said 1946 issue of bonds, after deducting costs of
r'.intenance and operation from the gross revenues of the waterworks system, including
tie sewerage system as a part thereof.
Section 10. The City of Renton hereby binds itself irrevocably not to mort-
aae, sell, lease or in any manner dispose of the waterworks system, including the
sewerage system now belonging to or which may hereafter belong to it, including all
additions, extensions and betterments thereof at any time made, until all of the
bonds hereby authorized and hereafter issued with interest the shall have been
fully paid, and the said City hereby covenants and agrees to maintain in good condi-
tion and to operate said systems and to establish, maintain and collect such rates
- 4
as will produce gross revenues from the said waterworks system, including the
sewerage system, sufficientito permit payment into said special fund of the
amounts required for the payment of the principal of and interest on the bonds
herein authorized as they become due and the amounts that are required to be paid
into said Q4Reserve Account9s. and, in addition thereto, to pay all costs of main-
tenance and operation and taxes, and to meet the debt service requirements of said
$28,000,00 par value of $Municipal Water Revenue Bonds, 1946n of the City presently
outstanding and otherwise to meet the obligations of the said City as herein set
forth.
Section 11, The City of Renton will, while any of the bonds herein author-
ized remain outstanding, keep proper books of accounts and records (separate and
,&part from other accounts and records) in which complete and correct entries will
be made of all transactions relating to the said waterworks system, including the
sewerage system, and it will furnish the o#-iginal purchaser of said bonds and any
subsequent holder or holders thereof, at the written request of such holder or
holders, a complete operating and income statement of the said systems in reason-
able detail covering any fiscal year, not more than thirty days after the close
of said fiscal year# and it will grant any holder or holders of at least 25% of
the outstanding bonds herein authorized the right at all reasonable times to in-
spect the said systems and all records, accounts and data of the City relating
thereto.
Section 12, The proceeds of the sale .of the first numbered 'x24,000.00 par
value of said bonds shall be used for the sole purpose of refunding, retiring and
paying the $24,000.00 par value of outstanding "City of Renton Water Revenue
Refunding Bonds,r 194811 herein authorized to be refunded; and the proceeds of the
sale of the remaining $291,000.00 par value of said bonds shall be used for the
sole purpose of acquiring and constructing the plan or system of additions to and
extensions and betterments of the sewerage system of the City and the waterworks
system of the City as above described and of paying the costs and expenses con-
nected therewith, and the City of Renton, through its proper officers and agents,
shall proceed forthwith with the calling for redemption said $24,000.00 par value
of outstanding"City of Renton Water Revenue Refunding Bonds, 19481r and with the
making of the improvements herein authorized.
Section 13. Said "City of Renton Water and Sewer Refunding and Improvement
Revenue Bonds, 1953« shall be in substantially the following form:
No.
$1,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON .
CITY OF RENTON
WATER AND S31ER REFUNDING AND IMPROVEMENT REVENUE BOND, 1953
KNOW ALL MEN BY THESE PRESENTS: That the City of Renton,
State of -Washington, acknowledges itself to owe, and for value
received, hereby promises to pay to bearer on the lst day of
March, 19;, the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of a
per annum, payable semiannually on the lst day of March
and September of each year, upon presentation and surrender of
the attached interest coupons as they severally mature up to the
bond maturity date, and with full obligation on the part of the
City to pay interest at the same rate from and after the matur-
ity date until this bond with interest is paid in full or funds are
available for payment in full* Both principal and interest are pay-
able in lawful money of the United States at the office of the City
Treasurer of Renton, Washington, solely out of the special fund
created by Ordinance Nog, known as "Renton 1953 Water and Sewer
Refunding and Improvement Revenue Bond Redemption Funds into which
fund the City of Renton hereby irrevocably binds itself to pay certain
fixed amounts out of the gross revenues of the municipal waterworks
system, including the sewerage system, now belonging to or which may
hereafter belong to said City, including all additions, -extensions
and betterments thereof now or at any time made or constructed, without
regard to any fixed proportion, namely, an amount sufficient to pay
the principal of and interest on this issue of bonds as they respect-
ively become due and to accumulate a reserve in an amount not less than
the average annual debt service requirement, both principal and interest,
—3
of this issue of bonds, all at the times and in the manner set forth
in Ordinance No. _. The -gross revenues of said waterworks
system, including the sewerage system and all additions, extensions
and betterments thereof at any time made, are hereby pledged to such
payments, and said "City of Renton Water and Sewer Refunding and
Improvement Revenue Bonds, 195344; constitute a lien and charge upon
such'revenues prior and superior to any other charges whatsoever,
excluding charges for maintenance and operation, except that said
lien and charge upon said revenues is junior and inferior to the
lien and charge upon such revenues for the $28,000.80 par value bf
44Municipal Water Revenue Bonds, 194611 of the City presently outstand-
ing, and except the said lien and charge upon such revenues for this
issue of bonds shall be on a parity with the lien and charge upon
the same which may hereafter be made for the payment of any addi-
tional water revenue bonds or water and sewer revenue bonds that
may be issued pursuant to and in accordance with the provisions of
Section 15 of Ord}mance No.
The City of Renton shall establish, maintain and collect such
rates and charges for water and sewerage service, so long as any bonds
of this issue are outstanding, as will make available for the payment
Of the principal cif and interest on all of such bonds as the same
shall accrue an amount equivalent to at least 1.5 times the average
annual debt service requirement, both principal and interest, of
this bond issue and of said 1946 issue of bonds, after deducting
costs of maintenance and operation from the gross revenues of the
waterworks system,,including the sewerage system as a part thereof.
This bond is one of an authorized issue of Vl5;W0.80 of bonds,
a17. of like date, tenor and effect! except as to interest rates,
maturities and redemption.rights; all payable from the said 11Renton
1953 Water and Sewsr Refunding and Improvement Revenue Bond Redemp-
tion Fundt4; and all issued by said City under and in pursuance of
the laws of the State of Washington and Ordinance No. of the
City of Renton, for: the purpose of providing funds to refund, retire,
and pay $24,69O.eO ,par value of outstanding "City of Renton Water
Revenue Refunding Bonds, 194841 and to pay the cost of making certain
additions, extensions and betterments to the waterworks system of the
City, including the sewerage system as a part thereof. Reference is
made to said Ordinance as more fully describing the covenants with
and rights of holders of bonds of this issue.
The City reserves the right to pay and retire the bonds of this
issue at par, plus accrued interest, on any interest payment date,
from and after March 1, 1963, in inverse numerical order, highest
numbers first, by publishing notice thereof once in the official
newspaper of the City of Renton, not less than thirty nor more than
forty-five days prior to the call date. Interest on any bonds so.
called for redemption shall cease on the date fixed for redemption.
The City of Renton hereby binds itself irrevocably not to mortgage,
sell, lease or in any manner encumber and dispose of said municipal
waterworks system, including the sewerage system, now belonging to
it or which may hereafter belong to it, including any additions, re-
placements, betterments and extensions thereof, until all of the
bonds of this issue with interest thereon shall have been fully paid;
and the said City hereby covenants, agrees to and with the holders
of each and every of said bonds to maintain in good condition and to
operate said waterworks system, including the sewerage system, and
all additions, extensions, replacements and betterments thereof, and
to maintain and collect such rates and charges in connection therewith -
as will produce gross revenues sufficient to meet the obligations of
said City as herein set forth.
It is hereby certified -and declared that said bonds are issued
pursuant to and in strict compliance with the Constitution and Laws
of the State of Washington and the ordinances of the City of Renton,
and that all acts, conditions and things required to be done precedent
to and in the issuance of this bond have happened, been done and per-
formed as--required-by law.
IN WITNESS WHEREOF, the City of Renton, Washington, has caused this
bond to be signed by its Mayor and attested to its City Clerk and its
corporate seal to be hereto affixed and the interest coupons attached
to be signed with the facsimile signatures of said officials this lst
day of March, 1953.
Attest;
City Clerk - 6
CITY OF RENTON.. WASHINGTON
BY
Mayor Mayor
The interest coi3ppns attached to said bonds shad be in substantially the
following form:
No.
On (March)(September) 1, 19THF CITY OF RENTON, WASHINGTON,
upon presentation and surrender of this coupon, will pay to bearer at the
office of the City Treasurer the sum of
Dollars ) in lawful
money of the United States of America from the special fund of said City,
known as the Y9Renton 1953 Water and Sewer Refunding and Improvement
Revenue Bond Redemption Fundtt, said sum being six monthst interest then
due on its "City of Renton Water and Sewer Refunding and Improvement
Revenue Bond, 1953tt, dated March 1, 1953, and numbered
CITY OF RENTON, WASHINGTON
BY
Mayor
ATTEST:
City Clerk
Section 14. Said bonds shall be printed on lithographed forms, shall
be signed by the Mayor and attested by the Clerk, and shall have the seal of the
City of Renton affixed thereto, and the coupons shall bear the facsimile signatu:es
of the Mayor and the Clerk.
Section 15. The City of Renton may issue additional water revenue bonds,
or water and sewer revenue bonds, which shall constitute a charge and lien upon the
revenues of the waterworks system, including the sewerage system, on a parity with
the bonds of this issue, provided the following conditions shall be met and complied
with at the time of the issuance of such additional bonds;
(a) All payments required by this ordinance to be paid into the "Renton
1953 Water and Sewer Refunding and Improvement Revenue Bond Fundtt 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 main-
tenance costs and taxes, based upon the historical experience of said sys-
tems 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 requirement of
the bonds of this issue then outstanding 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 engineer experienced in municipal
utilities; and
(c) The ordinance authorizing the issuance of such additional revenue bond -
shall provide for the setting aside into a reserve fund or account of an
amount not less than the average annual debt service requirementq both prin-
cipal and interest of the additional revenue bonds proposed to be so issusdz
which reserve fund or account shall be maintained in such amount so long as
any of said bonds are outstanding to the last maturity thereof,
Section 16. The authority of the City to proceed with the eater improve-
ments and to issue $75,000.00 of Series B "City of Renton 11unicipal Water Revenue
Bonds, 1943tt, as set forth in Ordinance No. 1173 of the City Council, is hereby
terminated and cancelled, and the City officers shall have no further power to pro-
ceed with any of said acts.
Section The Treasurer of the City of Renton is hereby directed to Pub-
lish in the official newspaper of the City and in the Seattle Daily Journal. of Com-
merce a Notice of Sale of said bonds calling for bids for the purchase thereof at
the City Hall, Renton, Washington, said notice to be published once in each newrs-
paper not later than February 5, 1953.
Bidders are required to submit a bid specifying the `!o,:est rates of interest
at which said bidders will purchase said bonds at a price not less than 99% of par.
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The first 024,000.00 of said bonds shall all bear interest at a rate or rates not
to exceed 21% per annum and the remaining 0291;000.00 par value of said bonds
shall not bear a rate or rates of interest in excess of 4% per annum: Each bid
shall also state the total interest cost and effective rate of interest of each
such bid.
All bids shall be sealed and shall be accompanied by a deposit of 5% of
the amount of the bid, either in cash or by certified check, which shall be return-
ed if the bid is not accepted.
If_the successful bidder shall fail and neglect to complete the purchase
of said bonds within thirty days following the acceptance of his bid the amount
of his deposit shall be forfeited to the City.
The City reserves the right to reject any or all bids submitted or to
waive any informality in the bidding and, if all bids be rejected, said bonds may
be readvertised for sale by the City Council in the manner herein provided.
Said bonds shall be furnished by the City and shall be sold with the opin-
ion of Weter, Roberts & Shefelman, bond counsel of Seattle, Washington, approving
the legality of the same, all at the expense of the City.
The bids shall be received by the City Treasurer of the City of Renton at
the City Hall at Renton, Washington, until 8:00 o'clock pm. on the evening of
February 24th, 1953, at which time all bids will be publicly opened by the said
Treasurer at the meeting of the City Council of the City of Renton then held in
said City Hall.
PASSED by the City Council and APPROVED by the Mayor this 27th day of
January, 1953.
JOE R. BAXTER _
Mayor
Attest:
WILEY CROOK
City Clerk
Date of publication: February 5, 1953.
I, W]IM CROOK, Clerk of the City of Renton, Washington, do hereby
certify that the attached Ordinance, being Ordinance No. 1450, is a full true,
complete and correct copy of the original Ordinance passed on January 27, 1953,
as said Ordinance appears on the Minute Book of the City.
Dated this 28th day of January, 1953.
Clerk of the City of Renton, Washington
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