HomeMy WebLinkAboutORD 3509 CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3509
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
INTEREST BEARING REVENUE WARRANTS TO BE DRAWN ON
THE "LOCAL IMPROVEMENT FUND, DISTRICT NO . 322"
TO PROVIDE FUNDS FOR THE INTERIM FINANCING OF
CONSTRUCTION OF CERTAIN IMPROVEMENTS TO BE ACQUIRED
IN LOCAL IMPROVEMENT DISTRICT NO . 322
14HEREAS by Ordinance No . 3487 adopted December 1 , 1980 ,
the City Council ordered the construction and installation of
curbs , gutters , sidewalks , asphalt paving, retaining walls ,
additional storm drainage , roadway widening , signalization and
channelization, together with all necessary appur_enances on
Puget Drive S . E . from Benson Road to R*ollin b }rills Avenue , _-nd
established the "Local Improvement Fund, District No . 322 , all
in accordance with Resolution no . 2369 dated October 20 , 1960
creating Local Improvement District No . 322 ; and
. WHEREAS Rainier National Bank has agreed to purchase
revenue warrants to be drawn on such fund bearing interest at
the rate of 11 . 0% or 57% of Rainier Bank' s prime per annum .
-NOW THEREFORE
THE CITY COUNCIL OF Tfil's CITY OF RENTON , WASHINGTON, DO
ORDAIN AS FOLLOWS :
SECTION I : The City hereby accepts the offer of Rainier
National bank 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 . 322 , which warrants , in the principal
amount of not to exceed $526 . 976 . 00 , are to be drawn on the
"Local Improvement Fund, District No . 322 , bearing interest at
the rate of 11 . 0% or 57% of Rainier Bank' s prime per annum , f
and delivered from time to time , upon payment therefor , to
Rainier National Bank .
PASSED BY THE CITY COU14CIL this 9th day of February , 1981 .
De- iores A. ead, Y
it clerk
t:
APPROVED BY THE. MAYOR this 9th day of February, 1981.
Barbara Y. S inpoci, Mayor
Approved as to form:
r•
Lawrence J . -444 en'-,, City .Attorney
Date of Publication : February 13, 1981