HomeMy WebLinkAboutRES 1108 .., ~ ' . �
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RESOLUTiON N0. ���U
A RESOLUTIOId OF THE CITY OF RENTON, WASHINGTON, PROVIDTNG
FOR THE ISSUANCE FOR TACAL IMPROVFMENT INSTALLMENT NOTES
AND CERTIFICATES OF LOCAL IMPROVEMENT DISZRICT ��247 IN TAE
TOTAL PRINCIPAL SUM OF $11,673.74
W[iEREAS, the improvements provided for in Ordinance No. 1859 of the City
in Local Improvement District ��247 have been completed and accepted by the City; and
WHEREAS the total cost of a�quiring, constructing and installing said
improvements, plus all costs incidental thereto in said local improvement district,
is $16,790.83 and the assessment roll in said district in such total principal sum
of $Z6,790.83 has been confirmed by Ordinance No. f90 lD under date of August 22,
1961 in the manner required by law; and
WHEREAS the sum of $5,117.Q9 of the assessrnents on said assessment roll
was paid during the thirty-day period permitted by law for the payment of assessments
without penalty, interest or costs; and said thirty-day period has expired; and
WHEREAS, after applying said amount of prepaid assessments to the payment
of the cost and expense of said imp�ovements and to the payment of all expenses
incidental thereto, it will be necessary that the Gity issue installm�nt notes and
certificates of safd local improvement district in the total principal sum of $11,673.74;
wh_ich notes are to be sold to the Firemen's Pension Fund of the City as an investment; and
WHEREAS, it is necessary that the date, form, terms and maturity of said
installment notes be fixed as required in Chapter 265 of the 1961 State of Washingtan
Session Laws, reference hereby being had thereto, and the purchaser of said installment
notes and certificates having agreed heretofore to accept same in lieu of bonds;
NOW THEREFORE, BE IT RESOLVED BY 'THE MAYOR AND THE CITY COUNCIL OF THE CITY
OF RENTON, WASHINvTON, AS FOLLOWS:
Section 1: That for the gurpose of redeeming the outstanding warrants
drawn on Local Improvement Distriet �247 of the City, which warrants were issued in
payment of the cost of the improvements acquired, consrructed and installed in said
Local Improvement District No. 247 of the. C3.ty, and for the purpose of paying aZl expenses
incidental to said local improvement district, the City shall �sue installment note or
notes in the total principal sum of $Z1,673.74.
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Said installment notes shall be dated October 15, 1961, and said instal.lment
not� shall be in the total sum of $11,673.74 and said insCallment notesshall bear on
the face thereof the following information;
a, the name of the gayee
b. the name of the local improvement district from whose funds
the note is payable _
c. the date of issue of said note
d, the date on which the note, or the final installment therein
shaZl become due
e. The rate of interest, to-wit;�75'/e, to be pai.d on the unpai,d
i balance thereof
f. Such manual or facsimile signatures and attestations as are
' required by State statute to appear on the warrants of the Gity.
The reverse side of each installm�ent note shall bear a tabular gayment record which
shall indicate at prescribed installment dates, the receipt �if a�¢y� local improvement
district fundsfor the purpose of servicing the debt evidenced by said note. All such
receipts shall first be applied toward the interes� due on the unpaid balance of the
note and any additional monies shall thereafter apply as a reduction of the principal
amount thereof. The tabular payment record shall, in addition to the above, shosa the
unpaid principal balance due on each inatallment na�e, together with sufficient space
opposite each transaction affecting said note for the manual signature of the CiCy's
Clerk, Treasurer or other proper3.y designated receiving officer of the City. r
Section 2; Any monies left from the Local Improvement District ido. 247
construction fund created .by Ordinance No. 1859, after a�ll expenses of Local Improvement
District No. 247 have been paid, shall be transferred to Local Improvement Fund,
District No. 247, crea.ted by said Ordinance.
I PA��L�:B�,�THE CITY COUNCIL this ��day of October, 19b1
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Helmie Nelson, City Clerk
APPROVED BY THE MAYOR this���day of October, 1961. r :, r
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/ Frank Ali.ment', 1�Iayor
APPROVED AS TO FORM:
Gerard M. Shellan, City Attorney
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