HomeMy WebLinkAboutORD 3460 CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3460
AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 307 Bonds and
directing the issuance and sale thereof to
Seattle-Northwest Securities Corporation of
Seattle, Washington.
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON,
DO ORDAIN, as follows:
Section I . The total amount of the assessment roll in Local
Improvement District No. 307 in the City of Renton, Washington
( the "City" ) , created under Ordinance No. 3182 passed November 28,
1977 , as amended by Ordinance No. 3418 passed April 21, 1980 ,
was $492,768 .87 . The 30-day period for making cash payments of
assessments without interest in the District expired on May 7 ,
1980 , and there were no assessments paid in cash, leaving a
balance of assessments unpaid on the assessment roll in the sum
of $492,768 .87 . Local improvement district bonds of Local
Improvement District No. 307 shall, therefore, be issued in the
total principal sum of $492,768 .87. Bond No. 1 shall be in the
denomination of $7,768.87, and the remaining bonds numbered 2 to
98 , inclusive, shall be in the denomination of $5,000 .00 each.
The bonds shall all be dated August 1, 1980 , and shall be payable
on August 1 , 1992 , with the right reserved to the City to redeem
the bonds prior to maturity on any interest payment date, in
numerical order, lowest numbers first, ' whenever there shall be
sufficient money in the "Local Improvement Fund, District No.
307 , " created by Ordinance No. 3182, as amended by Ordinance No.
3418, 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 publishing notice of such call once in
the official newspaper of the City, or if there is no official
newspaper, then in a newspaper of general circulation in the
City, not less than 10 nor more than 20 days prior to the call
date, and by mailing a copy of such notice within the same period
to the main office of Seattle-Northwest Securities Corporation in
Seattle, Washington, and upon such date the interest on bonds so
called shall cease and each and every coupon representing interest
not accrued on such date shall be void. The bonds shall bear
interest at the rate of 9.40% per annum, payable annually, begin-
ning August 1 , 1981, to be represented by interest coupons to
maturity attached to each bond.
Section II . The bonds and coupons shall be printed or litho-
graphed on engraved paper in a form consistent with this ordinance
and state law. The bonds shall be signed by the facsimile signa-
ture of the Mayor and attested by the manual signature of the
City Clerk and shall have the seal of the City affixed thereto,
and the coupons shall bear the facsimile signatures of the Mayor
and the City Clerk.
Section III . Seattle-Northwest Securities Corporation of
Seattle, Washington, has offered to purchase all of the bonds at
a price of par, plus accrued interest from the date of the bonds
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to the date of their delivery to the purchaser, the City to
furnish the printed bonds and the approving legal opinion of
Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel
of Seattle, Washington, at the City' s expense. Bond counsel
shall not be required to review nor 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, hereby accepts the same. The Bonds
shall , therefore, immediately upon their execution, be delivered
to Seattle-Northwest Securities Corporation, Seattle, Washington,
upon payment therefor in accordance with such offer.
Section IV. This ordinance shall take effect from and after
its passage and five (5) days following its publication as required
by law.
PASSED by the City Council and APPROVED by the Mayor of the
City of Renton, Washington, at a regular open public meeting
thereof , on the 4th day of August, 1980.
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ATTEST: Mayor
APPROVED AS TO FORM:
City Attorney
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