HomeMy WebLinkAboutORD 3408 CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3408
AN ORDINANCE authorizing the issuance and sale of interest-
bearing revenue warrants to be drawn on the "Local Improvement
Fund, District No. 312" to provide funds for the interim
financing of construction of certain improvements Lo be
acquired in Local Improvement District No. 312.
WHEREAS, by Ordinance No. 3289 adopted March 5, 1979, the City Council
ordered the construction and installation of curbs, gutters, sidewalks, storm
drains, catch basins, together with left turn lane and all necessary appurtenances
thereto, within the vicinity of West Valley Highway from SW 43rd Street to the
City Limits and established the "Local Improvement Fund, District Wo. 312, all in
accordance with Resolution No. 2234 adopted by the City Council on December 4, 1978,
creating Local Improvement District No. 312;
WHEREAS, Rainier National Bank of Renton, Washington, has agreed to
purchase revenue warrants to be drawn on such fund bearing interest at the rate
of 9.50% per annum; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN, as
follows:
Section 1 . The City hereby accepts the offer of Rainier National
Bank of Renton, Washington and the City Finance Director is hereby authorized
and directed to issue revenue warrants for interim financing of the improvements
to be constructed and installed in Local Improvement District No. 312, which
warrants, in the prinicipal amount of not to exceed $210,000.00, are to be drawn
on the "Local Improvement Fund, District No. 312," bear interest at the rate of
9.50% per annum, and delivered from time to time, upon payment therefor, to
Rainier National Bank of Renton, Washington.
PASSED BY THE CITY COUNCIL THIS 17th day of "larch, 1980.
Delores A. Mead, City Clerk
APPROVED BY THE MAYOR this 17tNay of March, 1980.
Barbara Y. Shinpoch, Mayor
Approved as to form:
Lawrence J. Warren; ity Attorney
Date of Publication: March 26, 1980
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