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HomeMy WebLinkAboutORD 1756V - e ORDINANCE NO, /7s& AN ORDINANCE of the City of Renton, Washington, providing for the issuance and sale of general obligation bonds of the city in the principal sum of $150,000 for the purpose of providing funds to construct a new bridge across the Cedar River on Houser Way within the city, providing the date, form, terms and maturities of said bonds and for annual tax levies to pay the principal thereof and interest thereon, and creating a fund for their payment. WHEREAS, it is deemed necessary for the public welfare, benefit and safety that a new steel girder bridge supported on concrete piers be constructed across the Cedar River on Houser Way within the city to replace the existing steel span bridge supported on wooden piers and having a wooden deck, w WHEREAS, in order to provide the money necessary to remove said existing bridge and construct said new bridge, it is deemed necessary and advisable that the city issue and sell its limited tax levy general obligation bonds in the principal sum of $150,000; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Renton, Washington, as follows: Section 1. It is hereby found and declared that the public welfare, benefit and safety require the city to replace the existing bridge within the city across the Cedar River on Houser Way with a new steel girder bridge supported on concrete piers, and to provide the funds therefor that it issue its general obligation bonds in the principal sum of $150,000. Said bonds shall be dated June 1, 1959, shall be in de- nominations of $1,000 each, and shall bear interest at a rate of not to exceed 6% per annum payable semiannually on the first days of June and December of each year as evidenced by coupons to be at- tached thereto. Said bonds shall be payable both principal and interest at the office of the City.Treasurer in Renton, Washington, and shall be numbered and mature in order of their number as follows: Bond Nos. Maturity Date Amount 1-14 June 1, 1961 $14,000 15-29 June 1, 1962 15,000 30-44 June 1, 1963 15,000 45-6o June 1, 1964 16,000 61-77 June 1, 1965 17,000 78-94 June 1, 1966 17,000 95-112 June 1, 1967 18,000 113-131 June 1, 1968 19,000 132-150 June 1, 1969 19,000. Section 2. The city hereby reserves the right to redeem any or all of the outstanding bonds of said issue at par in inverse numerical order on any interest payment date on and after two years from date of issue. Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date, and by mailing a like notice at the same time to the purchaser of said bonds at their sale by the city, at its main office, or to the successor in business, if any, of said purchaser at its main office. Interest on any bond or bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. Section 3. Said bonds shall be known as "Renton Houser Way Bridge General Obligation Bonds, 1959" and shall be in substan- tially the following form: NO. UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF RENTON RENTON HOUSER WAY BRIDGE GENERAL OBLIGATION BOND 1959 $1,000 KNOW ALL MEN BY THESE PRESENTS: That the City of Renton, a municipal corporation of the State of Washington, acknowledges itself to owe and for value received hereby promises to pay to bearer on 1, -2- the first day of June, lg_, the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of _f per y annum payable semiannually on the first days of June and December of each year upon presentation and surrender of the attached interest coupons as they severally become due. Both principal.of and interest on this bond are payable in lawful money of the United States of America at the office,of the City Treasurer in Renton, 'Washington. The City of Renton has reserved the right to redeem f any or all of the outstanding bonds of this issue at par in inverse numerical order on any interest payment date on and after two years from date of issue. Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date, and by mailing a like notice at the same time to This bond is one of an issue of general obligation bonds of the City of Renton in the total principal sum of $150,000, and is issued pursuant to Ordinance No. of the city for the purpose of paying the cost of construct- ing a new bridge across the Cedar River on Houser Way within the city. The city hereby irrevocably pledges itself to include in its budget and levy taxes annually within and as a part of the annual tax millage levy permitted to cities without a vote of the people in amounts sufficient to pay the prin- cipal of and interest on said bonds as the same shall become due. -3- It is hereby certified that all acts, conditions and things required to be.done precedent to and in the issuance of this bond have happened, been done and performed, and that the total indebtedness of the city, including this bond, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Renton, Washington, has caused this bond to be signed by its Mayor, to be attested by its Clerk, the official seal of the city to be impressed hereon, and the interest coupons attached hereto to be signed with the facsimile signatures of said officials, this first day of June, 1959. ATTEST: CITY OF RENTON, WASHINGTON By Mayor City Clerk The interest coupons attached to said bonds shall be in substantially the following form: NO. On the first day of 19 the City of Renton, Washington, will pay to bearer at the office of the City Treasurer in Renton the sum of DOLLARS in lawful money of the United States of America, said sum being the semiannual interest due that day on its general obligation bond dated June 1, 1959, and numbered ATTEST: CiyCer CITY OF RENTON, WASHINGTON to -4- Mayor 0 Section 4, Said bonds shall be signed on behalf of the city by its Mayor, shall be attested by the City Clerk, and shall have the corporate seal of the city impressed thereon. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 5. All moneys derived from the -sale of the bonds authorized herein shall be expended solely for the purpose of carry- ing out the plan of capital improvements hereinbefore provided for and none of said moneys shall be used for the replacement of equip- ment or for any other than a capital purpose. Section 6. That there be and is hereby created a special fund in the office of the City Treasurer to be known as "Renton 1959 Houser Way Bridge General Obligation Bond Redemption Fund," and each year the corporate authorities of the City of Renton shall include in its budget and levy a tax upon all the property within the city subject to taxation in amounts sufficient to pay the principal of and interest on the bonds authorized herein as the same shall be- come due. All of such taxes so collected shall be paid into said Bond Redemption Fund, and no part of such Fund shall be used for any other purpose than the payment of the principal of and interest on said bonds. The City of Renton hereby pledges that the annual tax provided for herein to be levied for the payment of the principal of and interest on said bonds shall be within and as a part of the tax.millage levy permitted to cities without a vote of the people,, and that a sufficient portion of each annual levy to be made by the city prior to the full payment of the principal of and interest on said bonds will be and is hereby irrevocably set aside, pledged and appropriated for the payment of the principal of and interest on said bonds as aforesaid. The full faith, credit and resources of the city are -5- hereby irrevocably pledged for the annual levy and collection of said tax and the prompt payment of the principal of and interest on said bonds as the same shall become due. Section 7. The City Clerk is hereby authorized and directed to advertise these bonds for sale in the manner required by law, and the proper city officials are hereby authorized and directed to do everything necessary for the prompt execution and delivery of said bonds upon their sale, and for the proper applica- tion and use of the proceeds of such sale. PASSED.by the City Council of the City of Renton and approved by its Mayor at a regular Council meeting held on the 5th day of May, 1959. CIF RENTON, WA GTON By � Mayor A City Cler APPROVED AS TO FORM: City Attorney M