HomeMy WebLinkAboutORD 0990 r ' ,. ; ., . '
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� ORDINANCE N0. 990
QN OT��DINAPTCE OF THE CITY OF RENTON, AUTHOAiZING THE i:7AY0R 9,ND CITY
CLERK TO ISSUE BONDS AG9INST I,OCAL II.�iPROVr.�„��,NT DISTRICT N0. 186 OF SAID
' CITX, PROVIDING FOR i H RATE OF IYTEREST SAID BONUS SHALT, B�,A.R, THE �IATE
OF R�I�IR ISSUE AND I�.TURITY AND AUPHORIZING THEIR SAI,E OR DELIVERY TO THE �
CQNTR9CTOR I�'IAKING THE I�.9PROVEP,'�NT Ird SAID DISTz�ICT.
The City Council of' the City of Renton poes Ordain .�s Followst
� • Section 1. Rrhat the Mayor an.d the City Clerk of the City of Renton
be and they are n.ereby &utnorized and directed to execute and issue local
improvement bonds against Local Improvement District No. 18fi of the City
of �tenton, and the property included therein, which district was created
by Ordinance No. 979 of the City of Renton, in the aggregate sum of T�en.ty-
Four Hundred and no�100 {,�2400.00) - - - - - - - - - - - - - - - -➢OI,I,ARS.
Section �. Said bonds shall be in denominations as follo�s:
Bonds numbered One (1) to Twelve (12) inclusive shall be for the
sum of Two Hundred and no�100 ��200.00) - - - - - - - - - - - - - DOLLARS
each.
Said bonds shall be issued on or after January lSth , 1938 , and
shall be payable on or before seven (,7� years after date of tneir issue.
They shall bear interes� at the rate of sig (6� per ceat from the
date of their issuance until called for paymen.� by the Treasurer of said
City, which interest shall be iaayr�ble annually and shall be evidenced by
coupons attached to said bonds, one c rnzpon for each year's interest, all
of which said coupons shall be subject to the terms and conditions of the
bond to which the same �re a�tached and if the bond sha21 be called for
payment before the maturity of any coupon that may be attached thereto the
said coupon shall become void.
Said bonds shall also contain a notice of all of the facts required
� by atatute to be inserted in the face of the bonds.
Section 3. 2'he bonds issued upon the provisions of this Ordinance
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may be sold for cash at not Iess than par value or may at the election of
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the City be issued directly to the contractor making the improvement
in said district, delivered to him by the City Cle.rk imrnediately upan
their issue, upon the surrender by him of warr�nts issued against said Local
Improvement district in an amount equal to the bonds so delivered.
Section 4. This 6rdinance shall be effectine five (5) days from and
after its passage, approaal and legal publication as by law provided. '
Passed by the City Council of the City of Renton, Washington, the '
llth day of January, 1938. '
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�pproved by the City Council of the City of Renton, �ashington, the
llth day of January, 1938.
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CITY CLE�K
APPROVED A5 Tb FORRS:
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CITY �.TTORNEY
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