HomeMy WebLinkAboutORD 2728 . -� � � f �.���3�
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ORDINANCE N0. � ��
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AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING A LOAN IN THE PRINCIPAL SUM OF
$50 ,1.11. 00 , FOR PARTIAL FINANCING OF THE EARLINGTON
GARDENS SANITARY SEWER PROJECT, PROVIDING FOR THE
REPAYMENT THEREOF ON AN INSTALLMENT BASIS AND
MATTERS RELATING THERETO.
WHEREAS the CITY OF RENTON heretofore made application to the
Economic Assistance Authority of the S�.te of Washington, Olympia,
Washington, for funds in connection with the construction of approxi-
mately 3100 lineal feet of twelve (12 ) inch sanitary sewer trunk line
in the Earlington Gardens area of the City of Renton, and
WHEREAS the Economic Assistance Authority of the State of
Washington has submitted unto the City its "Offer of Financial Aid"
under date of May 31 , 1972 , being known as Project No. 53 , Code FY72-15 ,
i therein agreeing to provide funds unto the City of Renton, by way
of a:_..loan, in the total principal sum of $50 ,111. 00 , subject to certain
general and special conditions consisting of Attachments A and B
to said "Offer of Financial Aid" as aforesaid, and
WHEREAS the City is willing to accept such loan, together with
the aforementioned conditions , general and special , NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON DO ORDAIN AS FOLLOWS :
SECTION I : The above findings and recitals are hereby found to be
true and correct in all respects . The City of Renton hereby agrees to
the forego�g loan transaction in the total principal sum of $50 ,111. 00
from the Economic Assistance Authority of the State of Washington for
. the aforestated purposes and hereby agrees and covenants to repay
, said total principal loan in annual installments , the first payment
being in the sum of $5a111a00 , and subsequent payments in the sum of
$5 ,000 . 00 , together with interest at the rate of four percent (40) per
annum on the unpaid, declining principal balance , the first such annual
payment to be made one (1) year from the receipt of said loan funds
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by the City of Renton. The City further reserves the right to prepay , '
without p>enalty , at any time.
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SECTION II : The Mayor and City Clerk are hereby authorized
and directed to execute any and all documents , including repayment
loan agreement reasonably necessary to effectuate the foregoing
transaction.
SECTION III : The City further agrees to fully comply and be
bound by the provisions of said "Offer of Financial Aid" dated
May 31, 1972 , Project No. 53 , Code FY72-15 , together with the
general and special conditions attached thereto consisting of
attachments A and B , and to carry out all the terms and conditions
thereof.
SECTION IV: This Ordinance shall be effective upon its passage ,
approval and five days after its publication, unless otherwise
provided for hereinabove.
PASSED BY THE CITY COUNCIL this /�f�h day of August , 1972 .
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Helmie Nelson, City Clerk
, APPROVED BY THE MAYOR this 1��lday of August , 1972 .
ery `rett , ayor
Appr,oved as to form:
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Ge.`rard M. Shellan; City Attorney
Date of Publication: RI�G � 8 197%
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