HomeMy WebLinkAboutORD 3550 CITY OF RENTON, WASHINGTON
ORDINANCE NO . 3550
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING THE ISSUANCE AND SALE OF INTEREST
BEARING REVENUE WARRANTS TO BE DRAWN ON
THE "LOCAL IMPROVEMENT FUND, DISTRICT NO. 321"
TO PROVIDE FUNDS FOR THa INTERIM FINANCING OF
CONSTRUCTION OF CERTAIN IMPROVEMENTS TO BE
ACQUIRED IN LOCAL IMPROVEMENT DISTRICT NO . 321
WHEREAS by Ordinance No . 3519 adopted March 9, 1981 , the
City Council ordered the construction and installation of sanitary
sewer mains and laterals in the vicinity of N.E . Sunset Blvd. and
Duvall Avenue N.E. and established the "Local Improvement Fund,
District No . 321" , all in accordance with Resolution No . 2376, dated
January 26, 1981 creating Local Improvement District No . 321 ; and
WHEREAS Peoples National Bank has agreed to purchase
revenue warrants to be drawn on such fund bearing interest at the
rate of 12% per annum, NOW THEREFORE
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON,
DO ORDAIN AS FOLLOWS :
SECTION I : The City hereby accepts the offer of
Peoples 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. 321 , which warrants , in the principal amount of not to
exceed $60 ,000 . 00 , are to be drawn on the "Local Improvement Fund,
District No . 321" , bearing interest at the rate of 12% per annum,
and delivered from time to time , upon payment therefor, to Peoples
National Bank.
PASSED BY THE CITY COUNCIL this 1st day of June, 1981 ,
Delores A. Mead, Gity Clerk
APPROVED BY THE MAYOR this 1st day of June, 1981 .
K'.&A .6) S
ApprAved as tform: ar ara Y. Ohinpocri, Mayor
Lawrence J .-,. rren, City .Attorney
Date of Publication: June 5 , 1981