HomeMy WebLinkAboutORD 4635 CITY OF RENTON, WASHINGTON
ORDINANCE NO. 4635
AN ORDINANCE of the City of Renton, Washington, •
relating to contracting indebtedness; providing for the
issuance of $650, 000 par value of Limited Tax General
Obligation Bonds, 1996, of the City for general City
purposes to provide funds with which to acquire
firefighting and lifesaving equipment; fixing the date,
form, maturities, maturity amounts and accreted value at
maturity, interest rates, terms and covenants of the
bonds; establishing a bond redemption fund; and approving
the sale and providing for the sale and delivery of the
bonds.
WHEREAS, the City of Renton, Washington (the "City") , is in
need of acquiring firefighting and lifesaving equipment for City
purposes and use, the estimated cost of which is $540,000, and the
City does not have available sufficient funds to pay the cost; NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINITON, DO ORDAIN
as follows: �
SECTION I. Debt Capacity. The assessed valuation of the
taxable property within the City as ascertained by the last
� preceding assessment for City purposes for the calendar year 1996
is $3,546,097, 162, and the City has outstanding general
indebtedness evidenced by limited tax general obligation bonds and
conditional sales contracts in the principal amount of $9, 382, 063
incurred within the limit of up to 1-1/2� of the value of the
taxable property within the City permitted for general municipal
purposes without a vote of the qualified voters therein, unlimited
tax general obligation bonds in the principal amount of $4,855, 000 I
incurred within the limit of up to 2-1/2� of the value of the
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taxable property within the City for capital purposes only and
unlimited tax general obligation bonds in the principal amount of
$2, 940, 000 incurred within the additional limit of up to 2-1/20 of
the value of the taxable property within the City for parks and
open space purposes issued pursuant to a vote of the qualified
voters of the City, and the amount of indebtedness for which bonds
are authorized herein to be issued is $650, 000 (calculated based on
principal amount or accreted value at maturity, as applicable) .
SECTION II . Authorization of Bonds . The City shall borrow
money on the credit of the City and issue negotiable limited tax
general obligation bonds evidencing that indebtedness in the amount
of $650, 000 for general City purposes to provide the funds to pay
part of the cost of acquiring firefighting and lifesaving equipment
and for other general City purposes (the "Project" ) and to pay the
costs of issuance and sale of the bonds (the "costs of issuance" ) .
The general indebtedness to be incurred shall be within the limit
of up to 1-1/2% of the value of the taxable property within the
City permitted for general municipal purposes without a vote of the
qualified voters therein.
SECTION III . Description of Bonds . The bonds shall be called I�
Limited Tax General Obligation Bonds, 1996 of the City (the
"Bonds" ) .
The Bonds maturing in the years 1997 through 2000, inclusive,
and in the years 2002 through 2004, inclusive (collectively, the
"Current Interest Bonds") , shall be in the aggregate principal
amount of $410, 000; shall be dated October 15, 1996; shall be in
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ORDINANCE NO. 4635
the denomination of $1, 000 or any integral multiple thereof within
a single maturity; shall be numbered separately in the manner and
with any additional designation as the Bond Registrar
(collectively, the fiscal agencies of the State of Washington
located in Seattle, Washington, and New York, New York) deems
necessary for purposes of identification; shall bear interest
(computed on the basis of a 360-day year of twelve 30-day months) ,
payable semiannually on each April 15 and October 15, commencing
April 15, 1997, to the maturity of the Bonds; and shall mature on
October 15 in years and amounts and bear interest at �he rates per
annum as follows:
CURRENT INTEREST BONDS
Maturity Interest
Years Amounts Rates
1997 $7,000 4.25�
1998 27,000 4. 60
1999 32,000 4.75
2000 17, 000 4.90
* *
2002 58, 000 5.20
2003 10, 000 5.30
2004 259, 000 5.40
The Bonds maturing in the years 2001, 2005 and 2006
(collectively, the "Capital Appreciation Bonds") shall be in the
original purchase price per $1, 000 accreted maturity amount as set
forth below; shall be dated the date of delivery; shall be in the
denomination of $1, 000 accreted maturity amount or any integral
multiple thereof within a single maturity; shall be numbered
separately in the manner and with any additional designation as the
Bond Registrar deems necessary for purposes of identification;
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ORDINANCE N0. 4635
shall bear interest to be compounded semiannually on each April 15
and October 15, commencing April 15, 1997, to the maturity of the
Bonds and accrued for payment at maturity; and shall mature and be
due and payable as to both principal and interest on October 15 in
the years and in the amounts as follows:
CAPITAL APPRECIATION BONDS
Purchase Price per $1,000 Aggregate Accreted
Maturitv Accreted Maturity Amount Maturity Amount �I
2001 $777. 30 $21, 000 '
** ** **
2005 613. 65 25,000
2006 575. 62 194, 000
The accreted value of the Capital Appreciation Bonds of each
maturity are set forth in Exhibit A. The accreted values on dates
between those shown in Exhibit A shall be computed by straight line
interpolation.
The average life of the equipment to be acquired with the
proceeds of the Bonds exceeds the term of the Bonds.
SECTION IV. Registration and Transfer of Bonds. The Bonds
shall be issued only in registered form as to both principal and
interest and shall be recorded on books or records maintained by
the Bond Registrar (the "Bond Register") . The Bond Register shall
contain the name and mailing address of the owner of each Bond and
the principal amount and number of each of the Bonds held by each �I
owner. '
Bonds surrendered to the Bond Registrar may be exchanged for
Bonds in any authorized denomination of an equal aggregate
principal amount or accreted value and of the same interest rate
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and maturity. Bonds may be transferred only if endorsed in the
manner provided thereon and surrendered to the Bond Registrar. Any
exchange or transfer shall be without cost to the owner or
transferee. The Bond Registrar shall not be obligated to exchange
or transfer any Bond during the 15 days preceding any principal
payment date .
SECTION V. Payment of Bonds . Both principal of and interest
on the Bonds shall be payable in lawful money of the United States
of America. Interest on the Current Interest Bonds shall be paid
by checks or drafts of the Bond Registrar mailed on the interest
payment date to the registered owners at the addresses appearing on
the Bond Register on the last day of the month preceding the
interest payment date. Principal of the Current Interest Bonds,
and principal and interest of the Capital Appreciation Bonds, shall
be payable upon presentation and surrender of the Bonds by the �
registered owners at either of the principal offices of the Bond
Registrar at the option of the owners .
SECTION VI . Optional Redemption and Open Market Purchase of
Bonds . The Bonds shall be issued without the right or option of
the City to redeem the Bonds prior to their stated maturity dates .
The City reserves the right and option to purchase any or all
of the Bonds in the open market at any time at any price acceptable
to the City plus accrued interest to the date of purchase .
Al1 Bonds purchased under this section shall be canceled.
SECTION VII . Failure to Redeem Bonds . If any Bond is not
redeemed when properly presented at its maturity date, the City
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ORDINANCE NO. 4635
shall be obligated to pay interest on that Bond at the same rate
provided in the Bond from and after its maturity until that Bond,
both principal and interest, is paid in full or until sufficient
money for its payment in full is on deposit in the bond redemption
fund hereinafter created and the Bond has been called for payment
by giving notice of that call to the registered owner of each of
those unpaid Bonds.
SECTION VIII. Pledge of Taxes. For as long as any of the
Bonds are outstanding, the City irrevocably pledges to include in
its budget and levy taxes annually within the constitutional and
statutory tax limitations provided by law without a vote of the
electors of the City on all of the taxable property within the City
in an amount sufficient, together with other money legally
available and to be used therefor, to pay when due the principal of
and interest on the Bonds, and the full faith, credit and resources
of the City are pledged irrevocably for the annual levy and
collection of those taxes and the prompt payment of that principal
and interest.
SECTION IX. Form and Execution of Bonds. The Bonds shall be
printed or lithographed on good bond paper in a form consistent
with the provisions of this ordinance and state law and shall be
signed by the Mayor and City Clerk, either or both of whose
signatures may be manual or in facsimile, and the seal of �he City
or a facsimile reproduction thereof shall be impressed or printed
thereon.
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Only Bonds bearing a Certificate of Authentication in the
following form, manually signed by the Bond Registrar, shall be
valid or obligatory for any purpose or entitled to the benefits of
this ordinance:
CERTIFICATE OF AUTHENTICATION
This Bond is one of the fully registered City of
Renton, Washington, Limited Tax General Obligation Bonds,
1996, described in the Bond Ordinance.
WASHINGTON STATE FISCAL AGENCY
Bond Registrar
By
� Authorized Signer
The authorized signing of a Certificate of Authentication shall be
conclusive evidence that the Bonds so authenticated have been duly
executed, authenticated and delivered and are entitled to the
benefits of this ordinance.
If any officer whose facsimile signature appears on the Bonds
ceases to be an officer of the City authorized to sign bonds before
the Bonds bearing his or her facsimile signature are authenticated
or delivered by the Bond Registrar or issued by the City, those
Bonds nevertheless may be authenticated, delivered and issued and, I
when authenticated, issued and delivered, shall be as binding on ,
the City as though that person had continued to be an officer of
the City authorized to sign bonds. Any Bond also may be signed on
behalf of the City by any person who, on the actual date of signing
of the Bond, is an officer of the City authorized to sign bonds,
although he or she did not hold the required of-fice on the date of
issuance of the Bonds.
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ORDINANCE NO. 4635
SECTION X. Bond Registrar. The Bond Registrar shall keep, or 'il
cause to be kept, at its principal corporate trust office,
sufficient books for the registration and transfer of the Bonds,
which shall be open to inspection by the City at all times. The
Bond Registrar is authorized, on behalf of the City, to
authenticate and deliver Bonds transferred or exchanged in
accordance with the provisions of the Bonds and this ordinance, to
serve as the City's paying agent for the Bonds and to carry out all
of the Bond Registrar's powers and duties under this ordinance and
City Ordinance No. 3755 establishing a system of registration for
the City's bonds and obligations.
The Bond Registrar shall be responsible for its
representations contained in the Bond Registrar's Certificate of
Authentication on the Bonds. The Bond Registrar may become the
owner of Bonds with the same rights it would have if it were not
the Bond Registrar and, to the extent permitted by law, may act as
depository for and permit any of its officers or directors to act
as members of, or in any other capacity with respect to, any
committee formed to protect the rights of Bond owners.
SECTION XI. Preservation of Tax Exemption for Interest on
Bonds. The City covenants that it will take all actions necessary
to prevent interest on the Bonds from being included in gross
income for federal income tax purposes, and it will neither take
any action nor make or permit any use of proceeds of the Bonds or
other funds of �he City treated as proceeds of the Bonds at any
time during the term of the Bonds which will cause interest on the
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ORDINANCE NO. 4635
Bonds to be included in gross income for federal income tax
purposes. The City also covenants that it will, to the extent the
arbitrage rebate requirement of Section 148 of the Internal Revenue
Code of 1986, as amended (the °tCode") , is applicable to the Bonds,
take all actions necessary to comply (or to be treated as having
complied) with that requirement in connection with the Bonds,
including the calculation and payment of any penalties that the
City has elected to pay as an alternative to calculating rebatable
arbitrage, and the payment of any�other penalties if required under
Section 148 of the Code to prevent interest on the Bonds from being
included in gross income for federal income tax purposes. The City
certifies that it has not been notified of any listing or proposed
listing by the Internal Revenue Service to the effect that it is a
bond issuer whose arbitrage certifications may not be relied upon.
Section XII. Designation of Bonds as "Qualified Tax-Exempt
Obligations. " The City has determined and certifies that (a) the
Bonds are not "private activity bonds" within the meaning of
Section 141 of the Code; (b) the reasonably anticipated amount of
tax-exempt obligations (other than private activity bonds) which
the City and any entity subordinate to the City (including any
entity which the City controls, which derives its authority . to
issue tax-exempt obligations from the City or which issues tax-
exempt obligations on behalf of the City) will issue during the
calendar year in which the Bonds are issued will not exceed
$10,000,000; and (c) the amount of tax-exempt obligations�,
including the Bonds, designated by the City as "qualified tax-
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• ORDINANCE NO. 4635
exempt obligations" for the purposes of Section 265 (b) (3) of the
Code during the calendar year in which the Bonds are issued does
not exceed $10, 000, 000. The City designates the Bonds as
"qualified tax-exempt obligations" for the purposes of
Section 265 (b) (3) of the Code.
SECTION XIII. Undertaking to Provide Continuing Disclosure.
To meet the requirements of United States Securities and Exchange
Commission ("SEC") Rule 15c2-12 (b) (5) (the "Rule") , as applicable I
to a participating underwriter for the Bonds, the City makes the
following written undertaking (the "Undertaking") for the benefit
of holders of the Bonds:
(A) Undertaking to Provide Annual Financial II
Information and Notice of Material Events. The City
undertakes to provide or cause to be provided, either
directly or through a designated agent:
(1) To each nationally recognized municipal
securities in�ormation repository designated by the
SEC in accordance with the Rule ("NRMSIR") and to '
a state information depository, if any, established
in the state of Washington (the "SID") annual
financial information and operating data of the
type included in the final official statement for
the Bonds and described in Section XIII (B) ("annual
financial information") ;
(2) To each NRMSIR or the Municipal
Securities Rulemaking Board ("MSRB") , and to the �
SID, timely notice of the occurrence of any of the
following events with respect to the Bonds, if
material: (1) principal and interest payment
delinquencies; (2) non-payment related defaults;
(3) unscheduled draws on debt service reserves
reflecting financial difficulties; (4) unscheduled
draws on credit enhancements reflecting financial
difficulties; (5) substitution of credit or
liquidity providers, or their failure to perform;
(6) adverse tax opinions or events affecting the
tax-exempt status of the Bonds; (7) modifications
to rights of holders of the Bonds; (8) Bond calls
(other than scheduled mandatory redemptions of Term
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�
Bonds • 9 defeasances• 10 release
) � � ) � � ) .
substitution, or sale of property securing
repayment of the Bonds; and (11) rating changes;
and
(3) To each NRMSIR or to the MSRB, and to the
SID, timely notice of a failure by the City to
provide required annual financial information on or
before the date specified in Section XIII (B) .
(B) Tvpe of Annual Financial Information Undertaken
to be Provided. The annual financial information that
the City undertakes to provide in Section XIII(A) :
(1) Shall consist of the annual financial
information and operating data regarding the City
of the type included in the Official Statement for
the Bonds as follows: (i) annual financial
statements of the City; (ii) a statement of
authorized, issued and outstanding general
obligation bond debt; (iii) the assessed value o_f
the property within the City subject to ad valorem
taxation; and (iv) ad valorem tax levy rates and
amounts and percentage of taxes collected. Any and
all of this information may be provided in the form
of or contained in the City's Comprehensive Annual
Financial Report or similar documents;
(2) Shall be prepared (except as noted in the
financial statements) in accordance with applicable
generally accepted accounting principles
promulgated by the Government Accounting Standards
Board ("GASB") , as such principles may be changed
from time to time by GASB or its successor;
(3) Shall not be audited, except, however,
that if and when audited financial statements are
otherwise prepared and available to the City they
will be provided;
(4) Shall be provided to each NRMSIR and the
SID, not later than the last day of the ninth month
after the end of each fiscal year of the City
(currently, a fiscal year ending December 31) , as
such fiscal year may be changed as required or
permitted by State law, commencing with the City's
fiscal year ending December 31, 1996; and
(5) May be provided in a single or multiple
documents, and may be incorporated by reference to
other documents that have been filed with each
NRMSIR and the SID, or, if the document
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ORDINANCE NO. 4635
incorporated by reference is a "final official
statement" with respect to other obligations of the
City, that has been filed with the MSRB.
(C) Amendment of Undertakina. The Undertaking is ,
subject to amendment after the primary offering of the
Bonds without the consent of any holder of any Bond, or
of any broker, dealer, municipal securities dealer,
participating underwriter, rating agency, NRMSIR, the SID
or the MSRB, under the circumstances and in the manner
permitted by the Rule.
The City will give notice to each NRMSIR or the
MSRB, and the SID, of the substance (or provide a copy)
of any amendment to the Undertaking and a brief statement
of the reasons for the amendment. If the amendment
changes the type of annual financial information to be
provided, the notice also will include a narrative
explanation of the effect of that change on the type of
information to be provided.
(D) Beneficiaries. The Undertaking evidenced by
this Section XIII shall inure to the benefit of the City
and any holder of Bonds, and shall not inure to the
benefit of or create any rights in any other person.
(E) Termination of Undertakina. The City's
obligations under this Undertaking shall terminate upon
the legal defeasance of all of the Bonds. In addition,
the City's obligations under � this Undertaking shall
terminate if those provisions of the Rule which require
the City to comply with this Undertaking become legally
inapplicable in respect of the Bonds for any reason, as
confirmed by an opinion of nationally recognized bond
counsel or other counsel familiar with federal securities
laws delivered to the City, and the City provides timely
notice of such termination to each NRMSIR or the MSRB and
the SID. '
(F) Remedy for Failure to Comply with Undertakinq.
As soon as practicable after the City learns of any
failure to comply with the Undertaking, the City will
proceed with due diligence to cause such noncompliance to
be corrected. No failure by the City or other obligated
person to comply with the Undertaking shall constitute a
default in respect of the Bonds. The sole remedy of any
holder of a Bond shall be to take such actions as that
holder deems necessary, including seeking an order of
specific performance from an appropriate court, to compel
the City or other obligated person to comply with the
Undertaking.
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ORDINANCE NO. 4635 I
�
(G) Desicjnation of Official Responsible to
Administer Undertakina. The Finance and Information
Services Administrator of the City (or such other officer
of the City who may in the future perform the duties of
the Finance and Information Services Administrator) or
his or her designee is authorized and directed in his or
her discretion to take such further actions as may be
necessary, appropriate or convenient to carry out the
Undertaking of the City in respect of the Bonds set forth
in this Section XIII . and in accordance with the Rule,
including, without limitation, the following actions:
(1) Preparing and filing the annual financial
information undertaken to be provided;
(2) Determining whether any event specified
in Section XIII(A) has occurred, assessing its
materiality with respect to the Bonds, and, if
material, preparing and disseminating notice of its
occurrence; _
(3) Determining whether any person other than
the City is an "obligated person" within the
meaning of the Rule with respect to the Bonds, and
obtaining from such person an undertaking to
provide any annual financial information and notice
, of material events for that person in accordance ,
with the Rule;
(4) Selecting, engaging and compensating
designated agents and consultants, including but �I
not limited to financial advisors and legal
counsel, to assist and advise the City in carrying
out the Undertaking; and
(5) Effecting any_necessary amendment of the
Undertaking.
SECTION XIV. Bonds Neqotiable. The Bonds shall be negotiable
instruments to the extent provided by RCW 62A.8-102 and 62A.8-105.
SECTION XV. Refunding or Defeasance of the Bonds. The City
may issue refunding bonds pursuant to the laws of the State of
Washington or use money available from any other lawful source to
pay when due the principal of and interest on the Bonds, or any
portion thereof included in a refunding or defeasance plan, and to
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redeem and retire, refund or defease all such then-outstanding
Bonds (hereinafter collectively called the "defeased Bonds") and to
pay the costs of the refunding or defeasance. If money and/or I
direct obligations of the United States of America maturing at a
time or times and bearing interest in amounts (together with money,
if necessary) sufficient to redeem and retire, refund or defease
the defeased Bonds in accordance with their terms are set aside in
a special trust fund or escrow account irrevocably pledged to that
redemption, retirement or defeasance of defeased Bonds (hereinafter
called the "trust account") , then all right and interest of the
owners of the defeased Bonds in the covenants of this ordinance and
in the funds and accounts obligated to the payment of the defeased
Bonds shall cease and become void. The� owners of defeased Bonds
shall have the right to receive payment of the principal of and
interest on the de£eased Bonds from the trust account. The City
shall include in the refunding or defeasance plan such provisions
as the City deems necessary for the random selection of any
defeased Bonds that constitute less than all of a particular
maturity of the Bonds, for notice of the defeasance to be given to
the owners of the defeased Bonds and to such other persons as the
City shall determine, and for any required replacement of Bond
� certificates for defeased Bonds. The defeased Bonds shall be
deemed no longer outstanding, and the City may apply any money in
any other fund or account established for the payment or redemption
of the defeased Bonds to any lawful purposes as it shall determine.
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SECTION XVI. Bond Fund and Deposit of Bond Proceeds. There
has been created and established in the office of the Finance and
Information Services Administrator a special fund designated as the
General Governmental Miscellaneous Debt Fund (the "Bond Fund") .
Within the Bond Fund an account to be known as the "1996 Fire
Equipment Bonds" account will be created and established. Accrued
interest on the Bonds, if any, received from the sale and delivery �I
of the Bonds shall be paid into the 1996 Fire Equipment Bonds
account. All taxes collected for and allocated to the payment of ,
the principal of and interest on the Bonds shall be deposited in
that account in the Bond Fund.
The principal proceeds received from the sale and delivery of
the Bonds shall be paid into the City's Equipment Rental Fund,
previously created and established in the office of the Finance and
Information Services Administrator, and used for the purposes
specified in Section II of this ordinance. Until needed to pay the II
costs of the Project and costs of issuance of the Bonds, the City
may invest principal proceeds temporarily in any legal investment,
and the investment earnings may be retained in the Equipment Rental
Fund and be spent for the purposes of that fund except that I
earnings subject to a federal tax or rebate requirement may be
withdrawn from the Equipment Rental Fund and used for those tax or .
rebate purposes. '�
SECTION XVII. Sale of Bonds. The City Council finds that the
sale and delivery of the Bonds to the public at the interest rates
and under the conditions set forth in the Bond Ordinance is in the
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City's best interest and therefore ratifies the sale of the Bonds
to the public. No Bond shall be delivered to a purchaser unless
the Finance and Information Services Administrator determines that
the full purchase price has been paid therefor.
The Bonds will be printed at City expense and will be
delivered to the purchaser with the approving legal opinion of
Foster Pepper & Shefelman, municipal bond counsel of Seattle,
Washington, regarding the Bonds printed on each Bond. Bond counsel ;
shall not be required to review and shall e�ress no opinion
concerning the completeness or accuracy of any official statement,
offering circular or other sales or disclosure material issued or
used in connection with the Bonds, and bond counsel's opinion shall '
so state.
The proper City officials are authorized and directed to do
everything necessary for the prompt delivery of the Bonds to the
purchasers and for the proper application and use of the proceeds
of the sale thereof.
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ORDINANCE NO. 46�,_ �
SECTION XVIII. Effective Date of Ordi�ance. This ordinance
shall be effective upon its passage, approval and five days after
publication.
PASSED by the City Council this23rd day of September ,
1996.
�
Marilyn . P tersen, City Clerk
APPROVED BY THE MAYOR this 23rd day of September , 1996.
- �o...���
Je e Tanner, Mayor
Approved as to Form:
�
Bond Couns �
Date of Publication: September 27, 1996 :
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APPENDIX A
CAPITAL APPRECIATION BOND ACCRETED VALUE SCHEDULE
Accreted Value Per$1,000 Maturity Value
Maturity Maturity Maturity
Date 10/15/01 10/15/05 10/15/06
04/15/97 797.21 630.53 591.74
10/15/97 817.54 647.87 608.31
04/15/98 838.39 665.68 625.34
10/15/98 859.77 683.99 642.85 -
04/15/99 881.70 702.80 660.85
10/15/99 904.18 722.13 679.35
04/15/2000 927.24 741.99 698.37
10/15/2000 950.88 762.39 717.93
04/15/2001 975.13 783.36 738.03
10/15/2001 1,000.00 804.90 758.70
04/15/2002 827.04 779.94
10/15/2002 849.78 801.78
� 04/15/2003 873.15 824.23
10/15/2003 897.16 847.31
04/15/2004 921.84 871.03
10/15/2004 947.19 895.42
04/15/2005 973.24 920.49
10/15/2005 1,000.00 946.27
04/15/2006 972.76
10/15/2006 1,000.00
T, ������ �� ��������, City Clerk of the City of �enton,
�a��i�����Q ������� ���� ��� ����ched copy of Ordinance NQD4635
�� � ��u� ��d ����ec� ���� �� ��� �riginal ordinance �assed �� the
23rd ��� �� September , ����Q �� such ordina��� ����a�s on
��i� ������ ��o� �� ��� ����a
����� ���5 d�� �f a ����r
������ �. ����EN, City �����
255366.02