HomeMy WebLinkAboutORD 3646 CITY OF RENTON, WASHINGTON
ORDINANCE N0 . 3646
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
INTEREST BEARING REVENUE WARRANTS TO BE DRAWN ON
THE "LOCAL IMPROVEMENT FUND , DISTRICT NO . 325"
TO PROVIDE FUNDS FOR THE INTERIM FINANCING OF
CONSTRUCTION OF CERTAIN IMPROVEMENTS TO BE ACQUIRED
IN LOCAL IMPROVEMENT DISTRICT NO. 325 .
WHEREAS by Ordinance No . 3590 adopted December 14 , 1981 ,
the City Council ordered the construction and installation, of roadway ,
including curbs , gutters , sidewalks , paving , drainage , watermain ,
street lights , sanitary sewers and appurtenances in the vicinity of
the area south of South 43rd Street and East of SR167 and West of
Talbot Road South , and established the "Local Improvement Fund ,
District No . 325" , all in accordance with Resolution No . 2424 dated
October 12 , 1981 , creating Local Improvement District No . 325 ; and
WHEREAS Rainier National Bank has agreed to purchase revenue
warrants to be drawn on such fund bearing interest at the rate of
10 . 50% per annum, NOW THEREFORE
THE CITY COUNCIL OF THE CITY OF RE,NTON , 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 . 325 , which warrants , in the principal amount of not to
exceed $600 , 000 . 00 are to be drawn on the "Local Improvement Fund ,
District No . 325" , bear interest at the rate of 10 . 50% per annum,
and delivered from time to time , upon payment therefor , to Rainier
National Bank.
PASSED BY THE CITY COUNCIL this 19th day of July , 1982 .
Maxine Motor , Acting City Clerk
APPROVED BY THE MAYOR this day of July , 1982 .
Appro as to fr .1: Barbara Y . Shinpoch , Mayor
Lawrence arren , ityt� try
Date of Publication : July 23 , 1982