HomeMy WebLinkAboutORD 3655 CITY OF RENTON, WASHINGTON
ORDINANCE NO . 3655
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE
OF INTEREST BEARING REVENUE WARRANTS TO BE
DRAWN ON THE "LOCAL IMPROVEMENT FUND DISTRICT
NO . 314" TO PROVIDE FUNDS FOR THE INTERIM
FINANCING OF CONSTRUCTION OF CERTAIN IMPROVE-
MENTS TO BE ACQUIRED IN LOCAL IMPROVEMENT
DISTRICT NO . 314
WHEREAS by Ordinance No . 3396 adopted January 21 , 1980 ,
the City Council ordered the construction and installation of
sanitary sewers , water main , fire hydrants , curbs , gutters , sidewalks
street lighting and all necessary appurtenances thereto in the
vicinity of East Valley Highway and S .W. 16th Street from SR 167
ramp northerly and westerly to Lind Avenue S .W. , and established the
"Local Improvement Fund , District No . 314',' all in accordance with
Resolution No . 2283 adopted by the City Council on July 2 , 1979 ,
as amended by Resolution No . 2299 dated September 24 , 1979 creating
Local Improvement District No . 314 ; and
WHEREAS Peoples National Bank of Washington , Renton,
Washington , has agreed to purchase revenue warrants to be drawn
on such fund bearing variable interest rate based upon 70 . 6% of the
bank ' s prime rate adjusted every ninety days with interest paid
quarterly , 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 Renton 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 . 314., which warrants in the principal
amount of not to exceed $4 , 886 , 538 . 56 are to be drawn on the "Local
Improvement Fund, District No . 314" , bearing variable interest rate
based upon 70 . 6% of the bank ' s prime rate adjusted every ninety days
with interest paid quarterly and delivered from time to time upon
-1-
payment therefor , to Peoples Bank , Renton , Washington.
SECTION II : This Ordinance shall be effective upon its
passage , approval and five days after publication .
PASSED BY THE CITY COUNCIL this 23rd day of August , 1982 .
Maxine Motor , Acting City Clerk
APPI:OVED BY THE MAYOR this 23rd day of August , 1982 .
Earl Cl er Mayor Pro-tem
Approved as to form:
Lawrence J . Wa en, City. Attorney
Date of Publication : August 27 , 1982