HomeMy WebLinkAboutORD 3578 CITY OF RENTON, WASHINGTON
ORDINANCE NO . 3,578
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE
OF INTEREST BEARING REVENUE WARRANTS TO BE DRAWNT
ON THE "LOCAL IMPROVEMENT FUND ,* DISTRICT NO. 320"
TO PROVIDE FUNDS FOR THE INTERIM FINANCING OF
CONSTRUCTION OF CERTAIN IMPROVEMENTS TO BE
ACQUIRED IN LOCAL IMPROVEME14T DISTRICT NO. 320.
WHEREAS , by Ordinance No . 3559 adopted July 6 , 1981 , the
City Council ordered the construction and installation of water mains
and hydrants , together with all appurtenances thereto in the vicinity
of N.E . 27th Street between Edmonds Avenue N.E . and Devils Elbow,
and 'established the "Local Improvement Fund, District No . 320" , all
in accordance with Resolution No . 2390 ado-ted by the Citi Council
on April 13 , 1981 , creating Local Improvement District No . 320 ;
WHEREAS Peoples National Bank of Washington has agreed to
Purchase revenue warrants to be drawn on such fund bearing interest
at the rate of 13% 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 of 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 . 320 , which warrants , in the principal amount of not to
exceed $22 , 825 . 01 are to be drawn on the "Local Improvement Fund ,
District No . 320" , bear interest at the rate of 13% per annum, and
deliveredfrom time to time , upon payment therefor , to Peoples National
Bank of Washington, Renton , Washington.
PASSED BY THE CITY COU14CIL this 5th day of. October ,. 1981
De or A Mead, Glty Ci–e-rFc —
APPROVED BY THE MAYOR this 5th day of October, , 1981
R)01%6AX0 -kM o L_ . _
Bar ara Y. Shin oc Mavor
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Appro,zed as to Form:
Lawrence J . WatYen, Cityhttoriiey Date of Publication : October 9 , 1 S)