HomeMy WebLinkAboutORD 2735 �� � � ,. � .,.. .
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CITY OF RENTON, �aASHINGTON `
ORDIIVANCE NO. � ]���
AN ORDINANCE of the Cit_yo uf Renton, Washington,
providing for the issuance and sale of $235 ,000 .00
par value of "Limited General Obligation Librar_y
Bonds, 1972 , " of. the City to provide the funds
with which to pay the cost of acguiring and
developing a site for and constructing thereon
and equipping a new branch library; specifying
the maturities and fixinq the form and maximum
effective interest rate of such bonds; establish-
ing a "Limited General Obligation Library Bon�.
Fund, 1972" ; and providing for the sale of such
bonds.
WHEREAS , the City is in urgent need of providing a new
branch library to serve the inhabitants of the City, and the City
does not have available sufficient funds to pay the cost of
acquiring and developing a site for and constructing thereon and
equipping a new branch library; and "
WHEREAS, the assessed valuation of the taxable property
of the City as ascertained by the last preceding assessment for City
purposes for the calendar year 1972 is $320 ,943 ,759 .00 , and the
City has outstanding general indebtedness of $1,580 ,000 .00 hereto-
fore issued within the former limit of up to 1-1/2% of the assessed
value of the taxable property within the City permitted for general
municipal purposes without a vote of the qualified voters therein
i and the City also has outstanding $210 ,000 .00 of general indebtedness
issued pursuant to a vote of the qualified voters therein within
the former limit of from 1-1/2o to 5% of_ the assessed value of the
taxable property within the City and the amount of indebtedness for
which bonds are herein authorized to be issued is $235 ,000 .00 ; NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN, as follows :
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Section 1. The City of Renton shall borrow money on the
credit of the City and issue negotiable general obligation bonds
evidencing such indebtedness in the amount of $235 ,000 .00 to provide
the funds to pay the cost of acctuiring and developing a site for
and constructing thereon and equipping a new branch library and to
pay the cost of the issuance of the general obligation bonds herein
authorized. Such general indebtedness to be incurred shall be within
the present limit up to 3/4 of 1% of the value of the taxable property
within the City permitted for general municipal purposes without a
vote of the ualified voters therein.
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Section 2. The bonds shall be called "Limited General
Obligation Library Bonds , 1972 , " of the City of Renton, Washington,
shall be dated November 1, 1972, shall be in denominations of
$5,000 . 00 each, shall be numbered from 1 to 47 , inclusive , and shall
bear interest at an effective rate not to exceed 8o per annum,
payable semiannually on May 1 and November 1 of each year, as ;
evidenced by coupons attached to the bonds representing interest
� to maturity with full obligation on the part of the Citv to pay
interest at the bond rate , from and after maturity, until the bonds ,
, both principal and interest, are paid in full . Both principal and
interest are to be paid in lawful money of the United States of
America at the office of the Dir.of Finance of Renton, [n]ashington. '
The bonds sh all mature serially in order of their nur.lbers on
November 1 in the years and amounts as follows :
Years Amounts
1974 $20 ,000 I
1975 25,000
1976 25 ,000
1977 25,000
1978 25,000
1979 25,000
1980 30 ,000
1981 30 ,Q00
1982 30 ,000
Section 3. The bonds shall be issued without the right or I
option of the City to redeem the same prior to their statec� maturity
dates.
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Section 4. The City of Renton hereby irrevocably pledges
itself to levy taxes annually, within the constitutional and statutory
tax limitations provided by law, upon all property in the City subject
to taxation in an amount sufficient to pay the principal of and
interest on the bonds as the same shall accrue, and the full faith,
credit and resources of the City are hereby irrevocably pledqed for
the payment of the principal of and interest on such bonds .
Section 5. The bonds shall be substantially in the
following form:
No. $5 ,OJ0 .00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF RENTON
LIMITED GENERAL OBLIGATION LIBRARY BOND, 1972
%
KNOW ALL MEN BY THESE PRESENTS: That the City
of Renton, Washington, is justl_y indebted to and
for value received hereby promises to pay to bearer
, on the FIRST DAY OF NOVEMBER, 19 , the sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of
PERCENT
( %) per annum, payable semiannually on May 1
' and November 1 0£ each ye ar, interest to maturity
being evidenced by and payable upon the presentation
and surrender of the attached interest coupons as
they severally become due, with full obligation on ,
the part of the City to pav interest at the same I
rate from and after the maturity date, in the absence j
of coupons, unti]. this bond with interest is paid in '
full. This bond is payable, both principal and
interest, in lawful money of the United States of
America at the office of the Dir.of Finance of the
City of Renton, Washington.
This bond is one of a total issue of $235,000 .00
par value of bonds , all of like date, tenor �and ,
effect, except as to maturities (andinterest rates !
if more than one interest rate is bid) , issued by ,
the City of Renton for general municipal purposes ,
to-wit, for the purpose of providing the funds with
, which to pay the cost of acquiring and developing a
site for and constructing thereon and equipping a
new branch library, and is issued in full compliance
with the ordinances of the City of Renton and the
laws and constitution of the State of Washington.
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This bond is issued without the right or option of
m he s e rior to its stated
the City to redee t am p
maturity date.
The City of Renton hereby irrevocably pledges itself
to levy taxes annuall_y, within the constitutional and
statutory tax limitations provided by law, upon all
property in the City subject to taxation in an amount
sufficient to pay the princiPal of and interest on the
bonds of this issue as the same shall accrue, and the
full faith, credit and resources of the City are hereby
irrevocably pledged for the payment of the principal o_f
and interest on said bonds.
, It is hereby certified that all acts , conditions and
things required to be done �recedent to and in the
issuance of this bond have been done, have happened and
have been performed as reauired by law, and that the
total indehtedness of the City, including this bond
issue, does not exceed any constitutional or statutorv
limitations.
IN WITNESS WHEREOF, the City of Renton, 69ashington,
has caused this bond to be signed by the facsimile
signature of its Mayor and attested by the manual
signature of its City Clerk and its corporate seal to
be hereto affixed and the interest coupon� attached
to be signed with the facsimile signatures of those
officials this first day of Pdovember, 1972 .
CITY OF RENTON, WASHINGTON ��
By (facsimile signature)
A�ayo r
ATTEST:
City Clerk
The form of the interest coupons shall be substantially as
follows : , .
Coupon No.
$
ON THE FIRST DAY OF (MAY) (NOVEMBER) , 19 , the �
CITY OF RENTON, WASHINGTON, upon presentation and I
surrender of this coupon, will pay to the bearer at
the office of the Dir.of Finance the sum shown hereon
in lawful money of the United States of America, said
sum being the semiannual interest due that date upon
its "Limited General Obligation Library Bond, 1972 , "
dated November l, 1972, and numbered .
CITY OF RENTON, WASHINGTON
By (facsimile signature)
Mayor
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ATTEST: `
(facsimile signature)
C i ty C le rk
Section 6 . The bonds shall be printed or lithographed on
good bond paper and shall be signed by the facsimile signature of the
Mayor and attested by the manual signature of the Cit_y Clerk of the
City of Renton, Washington, under the seal of the City and the coupons
shall bear the facsimile signatures of the Mayor and the City Clerk.
Section 7. There is hereby created and established in the
office of the Dir. of Finance aspecial fund to be known and designated
as the "Limited General Obligation Library Bond Fund, 1972 , " of the
City. The accrued interest received, if any, shall be paid into the
"Limited General Obligation Library Bond Fund, 1972 , " and the
principal proceeds received from the sale of the bonds shall be paid
into the " �:,��J�� t���,�,,� Fund" of the City. All taxes
collected for and al�ocated to the payment of the principal of and
interest on the bonds shall hereafter be deposited in the '°Limited
General Obligation Library Bond Fund, 1972 . "
Section 8. The bonds shall be sold for cash at public sale
for not less tk�an par, plus accrued interest, upon sealed bids to be
received at the office of the Cit� Clerk up to the day and hour stated
in the Notice of Bond Sale hereinafter directed to be given.
Notice calling for bids to purchase such bonds shall be
published once a week for four consecutive weeks in the official
newspaper ot the City of Renton and such notice shall also be published
once in the Daily Journal of Commerce of Seattle, Washington, at least
ten days before the bid opening date. Such notice shall specify
that bids for the purchase of the bonds shall be received by the
City Clerk of the City o� Renton in the Council Cham,bers of the City
Hall on October 16 , 1972 , up to 8:00 o' clock p.m. (PDST) , at which
time all bids will be publicly opened for the purchase of the bonds
and considered. by the City Council at a meeting thereof then to be
held.
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A copy of the notice shall, at least three weeks prior to
the date fixed for the sale, be mailed to the State Finance Committee,
Olympia, Washington.
Bids shall be invited for the purchase of the bonds with
fixed maturities in accordance with the schedule specified in Section
2 hereof.
The notice shall specify the maximum effective rate of
interest the bonds shall bear, to-wit, 8o per annum, and shall require
bidders to submit a bid specifyinge
(a) The lo�aest rate or rates of interest
and premium, if any, above par at which the
bidder will purchase the bonds; or
(b) The lowest rate or rates of interest
at which the bidder will purchase the bonds at
par.
Coupon rates shall be in multiples of 1/8 or 1/10 of lo ,
or both. No more than one rate of interest may be fixed for any one
maturity. Only one coupon will be attached to each bond for each
installment of interest thereon, and bids providing for additional
or supplemental cou�ons will be rejected. The maximum differential
between the lowest and highest coupon rates named in any bid shall
not exceed 20 . �
For the purpose of comparing the bids only, the cou�on rates
bid being controlling, each bid shall state the total interest cost
over the life of the bonds and the net effective interest rate of the
bid.
The bonds shall be sold to the bidder making the best bid,
subject to the right of the City Council of the City of Renton to
reject any and all bids and to readvertise the bonds for sale in the
manner provided by law, and no bid for less than all of the bonds shall
be considered.
All bids shall be sealed and, except the bid of the State
of Washington, if one is received, shall be accompanied by a deposit
of $11,750 . 00 . The deposit shall be either cash or by certified or
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cashier' s check made payable to the Dir . of Financeof t�.e City of
Renton and shall be promptly returned if the bid is not accepted.
If the bonds are ready for delivery and the successful bidder shall
fail and neglect to complete the purchase of the bonds within forty
days following the acceptance of its bid, the amount of its deposit
shall be forfeited to the City of Renton and in that event the
City Council may accept the bid of the one making the next best bid.
If there be two or more equal bids for not less than par plus accrued
interest and such bids are the best bids received, the City Council
shall detertnine by lot which bid will be accented. The bonds will
be delivered to the successful bidder at the office of the Dir.of Finance
of the City of Renton, or in the City of Seattle, at the Cit_y's
Dir. of
expense , or at such other place as the Finance and the successful
I bidder may mutually agree upon at the purchaser' s expense . A no-
litigation certificate in the usual form will be included in the
closing papers .
Any bid presented after the hour specified for the receipt
of bids will not be received and any bid not accompanied by the
required bid deposit at the time of opening such bid will not be read
or considered. �
The City Clerk of the City of Renton shall be and is
hereby authorized and directed to publish notice for the purchase
of the bonds in the manner required by law in accordance with. the
provisions of this section. 5uch notice shall provide that the City
of Renton will cause the bonds to be printed or lithographed and
signed and will furnish the approving legal opinion of Messrs.
Roberts , Shefelman, Lawrence, Gay & Moch, municipal bond counsel of
Seattle, Washington, covering the bonds without cost to the purchaser,
said opinion also being printed on each bond. Such notice shall also
provide that further inf ormation regarding the details of such bonds
may be received upon request made to the City Clerk or to Seattle-
Northwest Securities Corporation, the City' s financial consultants ,
at 1000 Logan Building, 500 Union Street, Seattle, Washington.
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Section 9. This ordinance shall take effect and be in
force from and after its passage, approval and five days after its
publication as provided by law.
PASSED BY THE CITY COUNCIL this 28th day of August, 1972,
at a regular open public meeting thereof.
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Helmie Nelson; City Clerk
APPROVED BY THE MAYOR this 28th day of August, 1972 .
Avery Gar tt, Mayor a
Approved as to form:
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Gerard M. Shellan, City Attorney
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Date of Publication: September l, 1972 � .. - . .,• ,
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