HomeMy WebLinkAboutORD 3476 CITY OF RENTON, WASHINGTON
ORDINANCE N0 . 3476
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON ,
AMENDING ORDINANCE NO . 3289 WHICH ORDINAidCE::
ORDERED THE CONSTRUCTION AND INSTALLATION OF
CURBS , GUTTERS AND SIDEWALKS , STORM DRAINS ,
CATCH BASINS , TOGETHER WITH LEFT TURN LANE
AND ALL NECESSARY APPURTENANCES THERETO IN
THE VICINITY OF WEST. VALLEY HIGHWAY FROM
SOUTHWEST 43RD TO THE CITY LIMITS OF RENTON ,
KING COUNTY, WASHINGTON ALL IN ACCORDANCE
WITH RESOLUTION NO . 2234 PROVIDING THE
METHOD OF ASSESSMENT IN SAID DISTRICT; PROVIDING
THAT PAYMENT FOR SAID I14PROVEIIENT BE MADE BY
SPECIAL ASSESSMENTS UPON PROPERTY IN SAID
DISTRICT , PAYABLE BY THE MODE OF "PAYMENT OF
BONDS ' , OR "NOTES" IN LIEU THEREOF AS DETERMINED
BY THE CITY COUNCIL; PROVIDING FOR THE ISSUANCE
AND SALE OF LOCAL IMPROVEMENT DISTRICT WARRANTS
REDEEMABLE IN CASH AND LOCAL IMPROVEMENT DISTRICT
BONDS OR NOTES (LID NO . 312)
WHEREAS , by Resolution No . 2234 passed and approved on
December 4 , 1978 , the City Council of the City of Renton declared its
intention to construct and install certain improvements , and
WHEREAS by Ordinance No . 3289 passed after public hearing
on January 22 , 1979 , which said hearing was continued to February 5 ,
1979 , the City Council did order the construction and installation of
certain improvements more particularly described as constructing and
installing curbs , gutters and sidewalks , storm drains , catch basins
together with left turn lane and all necessary appurtenances thereto
in the vicinity of West Valley Highway from S .W. 43rd Street to the
City Limits , and
WHEREAS in Section V, Ordinance No . 3289 , the City Council
of the City of Renton did establish a maximum interest rate on Local
Improvement District warrants for Local Improvement District No. 312
of 9% per annum, and
WHEREAS due to the economic conditions and the present
market for bonds and warrants such interest rate renders the bonds
-1-
and warrants unmarketable, and
WHEREAS the City Council of the City of Renton finds it
in the public interest and for the public benefit and welfare to
increase such allowable interest rate to .12% Aer annum, now therefore
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN AS FOLLOWS :
SECTION I : The maximum interest rate allowable on Local
Improvement District warrants to be issued in payment of the cost and
expense of the improvement previously ordered shall not exceed 12%.
No Local Improvement District Bonds which have been authorized to be
issued shall bear interest at a rate to exceed 12%.
SECTION II : All other portions and parts of Ordinance No.
3289 shall remain in full force and effect unless modified hereafter.
SECTION III : This Ordinance shall be effective upon its
passage , approval and five days after its publication.
PASSED BY THE CITY COUNCIL this 3rd day of November, 1980
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Delores A. Mead, yCler
APPROVED BY THE MAYOR this 3rd day of November, 1980.
Bar ara Y. S 1npo Mayor
Approved as to form
/`''fit'-:.c.-�r-F-P�-•-<-c t,,,
Lawrence J . Warr City Attorney
Date of Publication: November 12, 1980
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