Loading...
HomeMy WebLinkAboutORD 4394 CITY OF RENTON, AASHINGTON � ORDINANCE NO. 4394 AN ORDINANCE RELATING TO LOCAL IMPROVEMENT DISTRICT NO. 329; FIXING THE AMOUNT, FORM, DATE, INTEREST RATES, MATURITY AND DENOMINATIONS OF THE LOCAL IMPROVEMENT DISTRICT NO. 329 BONDS; RATIFYING THE SALE AND PROVIDING FOR THE DELIVERY THEREOF TO SEATTLE-FIRST NATIANAL BANK IN SEATTLE, WASHINGTON; AND FIXING THE INTEREST RATE ON LOCAL IMPROVEMENT DISTRICT NO. 329 ASSESSMENT INSTALLMENTS. THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGB'ON, DO ORDAIN as follows: SECTION I. Authorization and Description of Bonds. The total amount of the assessment roll in Local Improvement District No. 329 in the City of Renton, Washington (the "City") , created under Ordinance No. 3856, passed October 22, 1984, as amended, was � $1, 654, 063 . 15. The 30-day period for making cash payments of assessments without interest in the District expired on February 14, 1993, and no assessments were prepaid. Local Improvement District No. 329 Bonds (the "Bonds") shall, therefore, be issued in the total principal sum of $1, 654, 063 . 15. The Bonds shall be dated April l, 1993 , shall mature on April l, 2005, and shall be numbered from 1 to 331, inclusive, 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 fo� the purpose of identification. Bond No. 1 shall be in the denomination of $4, 063 . 15 and Bonds Nos. 2 to 331, inclusive, shall be in the denomination of $5, 000. 00 each. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Bonds shall omo�.oz -1- ORDINANCE NO. 4394 bear int�rest, payable annually beginning April 1, 1994, in accordance with the following schedule: Bond Numbers Interest (Inclusive) Amounts Rate 1 to 34 $169, 063 . 15 3 .00� 35 to 67 165, 000. 00 3 .50 ' 68 to 100 165, 000. 00 4. 00 101 to 133 165, 000. 00 4 .25 134 to 166 165, 000. 00 4 . 60 167 to 199 165, 000.00 4 .80 200 to 232 165, 000. 00 5.00 233 to 265 165, 000. 00 5.25 266 to 298 165, 000. 00 5.40 299 to 331 165, 000. 00 5.50 SECTION II. 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") . Such 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 owner. Bonds may be transferred only if endorsed in the manner provided thereon and surrendered to the Bond Registrar. The i transfer of a Bond shall be by the Bond Registrar's receiving the Bond to be transferred, cancelling it and issuing a new certificate in the form of the Bonds to the transferee after registering the name and address of the transferee on the Bond Register. The new certificate shall bear the same Bond number as the transferred Bond but may have a different inventory reference number or control number. Such exchange or transfer shall be without cost to the owner or transferee. omo�.oz -2- ORDINANCE NO. 4394 SECTION III. Payment of Bonds. Both principal of and interest on the Bonds shall be payable solely out of the Local Improvement Fund, District No. 329 (the "Bond Fund") , and from the Local Improvement Guaranty Fund of the City, and shall be payable in lawful money of the United States of America. Interest on the Bonds shall be paid by check or draft mailed to the registered owners on the interest payment date at the addresses appearing on the Bond Register on the 15th day of the month preceding the interest payment date. The principal of the 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 IV. Redemption Provisions. The City reserves the right to redeem the Bonds prior to their stated maturity on any interest payment date, in numerical order, lowest numbers first, at par plus accrued interest, whenever there shall be sufficient money i ' in the Bond Fund to pay the Bonds so called and all earlier numbered Bonds over and above the amount required for the payment of the interest on all unpaid Bonds, by mailing, not less than 15 nor more than 30 days prior to the date fixed for redemption, notice of such redemption by first-class mail, postage prepaid, to ', the registered owner of any Bond to be redeemed at the address I appearing on the Bond Register at the time the Bond Registrar prepares the notice. The requirements of this section shall be deemed to have been complied with when notice has been mailed as so provided whether or not it is actually received by the owner of any 0070999.02 -3- ORDINANCE NO. 4394 I Bond. Interest on Bonds called for redemption shall cease to accrue on the date fixed for redemption unless the Bond or Bonds called are not redeemed when presented pursuant to the call. SECTION V. Form and Execution of Bonds. The Bonds shall be printed, lithographed or typed on good bond paper in a form consistent with the provisions of this ordinance and state law, shall be signed by the Mayor and the City Clerk, either or both of whose signatures may be manual or in facsimile, and the seal of the City or a facsimile reproduction thereof shall be impressed or printed thereon. 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, Local Improvement District No. 329 Bonds described in the Bond Ordinance. Washington State Fiscal Agency Bond Registrar By Authorized Signatory 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 0070999.02 -4- ORDINANCE NO. 4394 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, issued and delivered and, 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 office on the date of issuance of the Bond. SECTION VI. Bond Registrar. The Bond Registrar shall keep, or 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 00�o9�.oz -5- ORDINANCE NO. 4394 depository for and permit any of its officers or directors to act as members . of, or in any other capacity with respect to, any �ommittee formed to protect the rights of Bond owners. , SECTION VII. Bonds Neqotiable. The Bonds shall be negotiable instruments to the extent provided by RCW 62A.8-102 and 62A.8-105. SECTION VIII. 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 the City treated as proceeds of the Bonds at any time during the term of the Bonds which will cause interest on the Bonds to be included in gross income for federal income tax purposes. The City also covenants that it will, to the extent arbitrage rebate requirements of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code") , are applicable to the Bonds, take all actions necessary to comply (or to be treated as having complied) with those requirements 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 00�o9�.oa -6- ORDINANCE NO. 4394 effect that it is a bond issuer whose arbitrage certifications may not be relied upon. Section IX. Ratification of Bid; Delivery of Bonds. The bid presented by Seattle-First National Bank of Seattle, Washington (the "Purchaser") , on file with the City Clerk and incorporated herein by this reference, offering to purchase the Bonds under the terms and conditions provided in this ordinance and such bid is ratified and confirmed. The City Council finds that accepting such bid is in the City's best interest and therefore accepts the offer contained therein and authorizes its execution by City officials. The Bonds will be printed at City expense and will be delivered to the Purchaser in accordance with its bid, 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 express no opinion concerning the completeness or accuracy of any I� official statement, offering circular or other sales 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 purchaser, including without limitation the execution of the Official Statement on behalf of the City, and for the proper application and use of the proceeds of the sale thereof. The City I Council ratifies, approves and confirms the actions of the I Administrative Services Director in calling for bids on the Bonds. omo9�.o�z -7- i � • � ORDINANCE NO. 4394 II , SECTION X. Preliminary Official Statement Deemed Final. The City Council has been provided with copies of a preliminary official statement mailed March 8, 1993 (the "Preliminary Official Statement") , prepared in connection with the sale of the Bonds. For the sole purpose of the Purchaser's compliance with Securities and Exchange Commission Rule 15c2-12 (b) (1) , the City "deems final" that Preliminary Official Statement as of its date, except for the omission of information as to offering prices, interest rates, selling compensation, aggregate principal amount, principal amount per maturity, maturity dates, options of redemption, delivery dates, ratings and other terms of the Bonds dependent on such matters. SECTION XI. . Temporary Bond. Pending the printing, execution and delivery to the purchaser of definitive Bonds, the City may cause to be executed and delivered to the purchaser a single temporary Bond in the total principal amount of the Bonds. The temporary Bond shall bear the same date of issuance, interest rates, principal payment dates and terms and covenants as the definitive Bonds, shall be issued as a fully registered Bond in the name of the purchaser, and otherwise shall be in a form acceptable to the Purchaser. The temporary Bond shall be exchanged for definitive Bonds as soon as they are printed, executed and available for delivery. SECTION XII. Fixing Interest Rate on Assessments. The interest rate on the installments and delinquent payments of the omo�.o2 -8- ORDINANCE NO. 4394 special assessments in Local Improvement District No. 329 is revised and fixed at the rate of 5. 65% per annum. SECTION XIII. Effective Date of Ordinance. This ordinance i shall be effective upon its passage, approval and five days after its publication. PASSED BY THE CITY COUNCIL this 15th day o arch, 1993 . Marily . eters�on, City Clerk APPROVED BY THE MAYOR this 15 h day of March, 1993 . ��, . , rl Clymer, , a or APPROVE S TO FORM• � ��c.---- � Lawrence J. Warren _ City Attorney Date of Publication: ?`�arch 19, 1993 ~ oo�o�.oz I -9- ORDINANCE NO. 4394 I, MARILYN J. PETER�1, City Clerk of the City of Renton, Washington, certify that the attached copy of Ordinance No. 4394 is a true and correct copy of the original ordinance passed on the 15th day of March, 1993, as that ordinance appears on the Minute Book of the City. DATED this 16� day of March, 1993 . . Marilyn eters�n, City Clerk , -. , ' - �. °' .. - �, . - omo�.oz