HomeMy WebLinkAboutORD 2778 < <
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CITY OF RENTON, WASHINGTON
ORDINANCE N0. 2778
AN ORDINANCE providing for the a.ssuance of
$565,000.00 par value of "Airport Revenue
Bonds, 1973" for the purpose of obtaining
part of the funds with which to pay the cost
of carrying out the Phase II Development
� Project for the Renton Municipal Airport as
adopted by the Renton Aviation Board; fixing
the form, date, matur�ties, a.nterest rates,
covenants and terms of those bonds; creating
� an airport revenue fund, an airport construc-
tion fund, and a bond redemption fund; and
providing for the sale of those bonds to
Seattle-Northwest Securities Corporation of
Seattle, Washington.
WHEREAS, the City of Renton, Washington, owns and I
operates the Renton Municipal Airport located in the City of
Renton, Washington; and
WHEREAS, pursuant to Ordinance No. 1261, passed October
1, 1946, as amended by Ordinance No. 1271, passed on February 4 ,
1947 , the Renton City Council duly created the Renton Aviation
Board and pursuant to Section 8 , subdivision 2 , chapter 182 ,
Laws of 1945, vested the authority for the construction, enlarqe-�
ment, improvement, maintenance, equipment, operation and regulation .
of such airport in the Renton Aviation Board; and
WHEREAS, pursuant to such authority, the Renton Aviatian
Board has authorized the carrying out the Phase II Development
Project for the Renton Municipal Airport, the estimated cost of
which is $1,440 ,000. 00 , and the Renton City Council has approved
and supported the actian �Caken by the Renton Aviation Board; and
WHEREAS, it is now necessary to authorize the issuance
I of Airport Revenue Bonds to pay a part of the cost of carrying
out the Phase II Development Project for the Renton Municipal
Airport; NOW, THEREFORE,
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THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON,
DO ORDAIN, as follows :
Section l. For the purpose of obtaining a part of the
funds necessary to carry out the Pha�e II Development Project
for the Renton Municipal Airport adopted by the Rentor. Aviation
Board, which project includes the construction and improvement
of the main entrance to the airport, a perimeter road of approxi-
mately 2-3/4 miles, the construction and installation of runway
and taxiraay lighting, the construction and installation of air-
craft approach aids , the construction and improvement of taxiways,
the acquisition, construction and improvement of the airport
beacon, and the acquisition, construction and improvement of
perimeter fencing and landscaping, and for the purpose of paying
the costs incident to the issuance of the bonds authorized by this
Ordinance, the total estimated cost of which is $1 ,440 ,000. 00,
there shall be issued and sold $565,000. 00 par value of "Airport
Revenue Bonds, 1973" (hereinafter called the "Bonds") . The Bonds
shall be in denominations of $5 ,000. 00 each, shall be numbered
from 1 to 113, inclusive, shall be dated April l, 1973, shall
bear interest at the ra�.es set forth below, payable on October 1,
1973 , and semianr.ually on April 1 and October i of each year
thereafter, interest to maturity ta be evidenced by coupons to be
attached to the Bonds, with full obligation on the part of the
City to pay interest at the same rates from and after the bond
maturity dates until �khe Band.s with interest are paid in full.
Both principal of and interest on the Bonds shall be payable in
lawful money of the United States of America at the office of the '
Treasurer of Renton, Washington, solely out of the "Airport Revenue
Bond Fund, 1973" (hereinafter called the "Bond Fund") , created and
established by this ordinance.
The Bonds shall be numbered, mature serially, and bear
interest in accordance with the following schedule: I
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Bond Numbers Interest
(Inclusive) Amounts Rates Maturities
1 to 4 $20,000 6 . 00% April l, 1976
. 5 to 8 20,000 6 . 00� April 1, 1977
9 to 12 20 ,000 6 . 00� April 1, 1978
13 to 16 20 ,000 6 . 00$ April 1 , 1979
17 to 21 25 ,040 6 . 00� April 1, 1980
22 to 26 25,000 6 .00� April 1, 1981
27 to 31 25 ,000 6 . 00� April l, 1982
32 to 36 25 ,000 6. 00a April 1, 1983
37 to 42 30 ,000 6 . 00� April l , 1984
43 to 48 30 ,000 6 .10� April 1, 1985
49 to 55 35,000 6 .10% April l, 1986
56 to 62 35 ,000 6 .10o April 1, 1987
63 to 69 35 ,000 6 . 20� April 1 , 1988
70 to 77 40 ,000 6 .20� April 1, 1989
78 to 85 40 ,000 6 .20� April 1, 1990
86 to 94 45 ,000 6 .25o April l, 1991
95 to 103 45 ,000 6.25� April l, 1992
104 to 113 50 ,000 6 .25� April 1, 1993
Section 2. Bonds numbered 1 to 36 , inclusive, maturing
April 1, 1976 throuqh Apri? l , 1983 , inclusive, may not be
redeemed prior to their respective maturity dates.
The City reserves the right to redeem Bonds numbered 37
to 113 , inclusive, as a whole or in part, in inverse numerical
order, on any interest payment dates at the following times and
prices , expressed as a percentage of par:
Call_ Date Call Price
On April 1, 1983, through October 1 , 1983 103�
On April 1 , 1984 , through October l, 1984 102�
On April 1 , 1985 , through October 1 , 1985 101�
On April 1, 1986 , and thereafter 100°s (par)
Notice of any call for the redemption of any of the
Bonds prior to their respective maturity dates shall be published
once in the official newspaper of the City not less than thirty
nor more than forty-five days prior to the interest coupon due
date on which the Bonds would be redeemed. Notice of such call
for re�emption shall also be mailed to Seattle-Northwest
Securities Corporation at its principal place of business in
Seattle, Washington, or its successor, not less than thirty nor
more than forty-five days prior to the interest coupon due date
upon which the Bonds would be redeemed. In addition, such
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� redemption notices shall also be sent to Moody' s Investors '',
Service, Inc. , and Standard & Poor' s Corporation, at their offices '
, in New York, New York. Interest on any Bonds so called for
redemption shall cease on such interest coupon due date upon pay-
ment of the call price into the Bond Fund.
The City reserves the right to purchase any of the out-
standing Bonds on the open market at a price not in excess of
the above call prices.
Section 3 . There is hereby created the City of Renton
".Airport Revenue Fund" into which fund shall be deposited all
gross revenues of the Rentvn Municipal Airport of any kind or
nature derived from the City' s ownership, control, use and opera-
tion �of the airport and all airport facilities and structures
thereon and used and operated in connection therewith, including,
but not �eing limited to, fees charged for all uses of the airport
and facilities, rentals derived from leases of part or all of the
airport, buildings, and any or all air navigation facilities
thereon, fees derived from concessions granted, proceeds from the
sale of fuel or other services of the airport, and interest earn-
ings on the investment of any monies in that fund. Monies in
the Airport Revenue Fund sha11 be paid out for the following
purposes in the following priority:
1. Normal maintenance and operating expenses.
2 . Into the Bond Fund for current debt service
' requirements.
3. Into the Bond Fund for required reserve account
deposits.
4 . Extraordinary repairs of the Renton Municipal
Airport facilities.
I 5. Expansion or extension of the Renton Municipal
Airport facilities, the advance retirement of
bonds payable from the Bond Fund, or debt service
and reserve requirements on junior lien airport
revenue bonds.
Section 4. The Bond Fund heretofore denominated as the
"Airport Revenue Bond Fund, 1973 , " is hereby created and estab-
lished, and is divided into two accounts, namely, a "Principal
and Interest Account" and a "Reserve Account. " So long a� any
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of the Bonds remain outstanding against the Bond Fund, the City
Treasurer shall set aside and pay into the Bond Fund out of the
Airport Revenue Fund a fixed amount without regard to any fixed
proportion on or before the 20th day of each month, as follows:
' (a) Into the Principal and Interest Account begin-
ning with the month of April, 1973, one-siXth
of the amount of interest to become due and
payable on the Bonds on the next interest pay- I
ment date upon which shall be credited the
� accrued interest received from the sale of the �
Bonds to be deposited into that account, and,
beginning with the month of April , 1975, one-
twelfth of the amount of the principal to
become due and payable on the Bonds on the
next principal payment date.
(b) Into the Reserve Account such amount so that
within five years there will be established
and maintained within that account an amount
equal to the maximum annual debt service on
the Bonds exclusive of the principal amount
of any term bonds.
The Reserve Account may be accumulated from any other
monies which the City may have available for such purpose in
addition to monies within the Airport Revenue Fund.
The City agrees that when the required amounts have been
paid into the Reserve Account, it will at all times except for
withdrawals therefrom as authorized in this ordinance maintain
those amounts therein until there is a sufficient amount in the
Bond Fund including the Reserve Account therein to pay the
principal of and interest on all bonds payable from the Bond
Fund to final maturity thereof, at which time the money in the
Bond Fund including the Reserve Account therein may be used to
pay such principal and interest, except that when _monies in the
Reserve Account exceed the reserve requirements , such excess
monies may be transferred to the Principal and Interest Account.
In the ev�nt that there shall be a deficiency in the
Principal and Interest Account to meet the maturing installments
of either principal or interest, as the case may be, on the Bonds,
such deficiency shall be made up from the Reserve Account by the
withdrawal of monies therefrom for that purpose. Any deficiency
cr�ated in the Reserve Account by reason of any such withdrawal
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shall then be made up from monies deposited in the Airport
Revenue Fund first available after making the necessary provi-
sion for the prior requirements of the Airport Revenue Fund.
All money in the Reserve Account above provided for may
be kept on deposit in the official bank depositvey of the City,
or may be invested in direct obligations of the United States
Government having a guaranteed redemption price prior to maturity,
or maturing at a date no later than the last maturity of the
Bonds outstanding at the time of such investment. Interest earned
on any such investment or on such bank deposit shall be deposited
in and become a part of the Reserve Account until the total ;
required reserve amount shall have been accumulated therein,
after which such interest shall be deposited in the Principal
and Interest Account.
5ection 5. The gross revenues of the Renton Municipal
Airport are hereby pledged to the payments provided in this
ordinance, and such Bonds shall constitute a charge or lien upon
such revenues prior and superior to any other charges whatsoever
excluding charges for maintenance and operation of the Renton
Municipal Airport, except the charge or lien upon such gross
revenuesfor the Bonds shall be on a parity with ��e charge or
lien upon the gross revenues for any additionsl and/or refunding
r•evenue bonds which may be hereafter issued on a parity with the
Bonds in accordance with the provisions of Section 9 hereof.
Section 6 . The City of Renton, for itself and for the
Renton Aviation Board, hereby covenants and agrees with the
' owner and holder of each Bond at any time outstanding, as
follows:
(a) It will establish, maintain and collect such
lease rental rates and charges that, together
with other airport revenues , will provide net
revenue (that is, gross revenue less normal
maintenance and operating expenses) annually
at least equal to 1.50 times that respective
calendar year' s annual debt service, both
principal and interest on the Bonds.
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(b) It will review at least annually the specific
� lease rental contracts to assure properly that
sufficient net revenues will be generated to pay
promptly all scheduled debt service, both princi-
pal and interest, when required. If it becomes
apparent at any time that projected net revenues
will not be suffi�ient to meet all required debt
service payments and the coverage requirements
of the Bonds, the City will, at the earliest
possible time, cause tn be increased the specific
lease rental payments so that net revenues will
be so sufficient.
(c) It will take all actions necessary to enforce the
terms of the lease agreements producing rental
for the Airport Revenue Fund, and will not cons�nt
to any am.endments to such agreement which will ad-
versely affect the rights of the holders of the Bonds.
(d) It will at a11 times maintain and keep the Renton �
Municipal Airport facilities in good repair, work-
ing order and condition, and also will at all times
operate such facilities and the business in con-
nection therewith in an efficient manner and at
a reasonable cost.
(e) It will not sell or otherwise dispose of or encum-
ber all of the property of the Renton Munici�al
Airport and its facilities unless provision is made
for payment into the Bond Fund af a sum sufficient
to pay the principal of and interest on all of the
then outstandi�g bonds payable out of the Bond Fund
in accordance with the terms thereof; and further,
it will not sell or otherwise dispose of or encum-
ber any part of the Renton Municipal Airport or its
facilities used, useful or material to the operation
of that airport unless provision is made for the
replacement thereof or for payment into the Bond
Fund of an amount which shall bear the same ratio to
the amount of the outstanding bonds payable out of
_ the Bond Fund as the revenue available for debt ser-
vice for those bonds for the twelve months preceding
such sale, disposal or encumbrance from the portion
of the airport or its facilities so sold, disposed
of or encumbered bears to the revenue available for
debt service for those bonds from the . entire airport
for the same period. Any monies so paid into the
Bond Fund shall be used to retire outstanding bonds
at the earliest possible date.
(f) It will carry the type and amount of insurance on
its municipal airport facilities and properties
normally carried by private companies engaged in the
operation of similar airports.
(g) It will not furnish service to any user free of charge.
(h) It will promptly take �uch legal action as may be
feasible to enforce the collection of all delinquent
accounts.
(i) It will cause proper books, records and account� of
operation of the Renton Municipal Airport and will
cause to be prepared an annual financial and opera-
ting statement.
(j ) It will promptly pay all costs of maintenance and
operation of the Renton Municipal Airport and other-
wise meet th� obligations of the City and the Renton
Aviation Board as herein set forth.
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5ection ?. The Bonds shall be in substaritially the
follawing form:
No. $5 , 000. 00
UNITED STATES OF AMERIGA
STATE OF WASHINGT4N
CITY OF RENTON
AIRPORT REVENUE BOND, I973
6. 38 �
KNOW ALL MEN BY THESE PRESENTS: That the City
of Renton, Washington, tor value received hereby '
promises to pay ta bearer on the FIRST DAY OF
APRIL, 19 , the principal sum of
FIVE THOUSAND DOLLARS
tagether with interest therean at the rate of
PERCENT ( $)
per annum, payable an October l , 1973 , and semi-
annually on the 1st day� of April and October
each year thereaf�er upon the presentation and
surrender of the attached interest coupons as
they severally mature up to the bond maturity
date with full ob2igation on the part of the City
to pay interest at the �arne rate from and af�er the
bond maturity date until this bond, both principal
and interest, is paid in full. Both principal and
interest are payable in lawful money o� the United
5tates of America at the office of the City Treas-
urer of Renton, Washington, solely out o� the
, speca.al fund created by Ordinance No. �, , and
knawn as the "Airpart Revenue Bond Fun , 1 7 "
(hereinafter called the "Bond Fund") , into which
fund the City o� Renton hereby irrevocably binds
itself to pay certain fixed amounts out af the
gross revenues of the Renton Municipal Airport now
belonging or which may hereafter belong to the
City, including aIl expansion or extension of the
airport faci3ities now or at any tizne hereafter
made or constructed, without regard to any fixed
propartion, namely, amounts sufficient to pay the
principal of and interest on the bonds as th�y
respectively become due and tb create a re�erve,
a11. at the times and in the manner set forth in
t3rdinance No. �����.
The gross revenues of the Rentan Municipal Air-
port are hereby ��.edged to such payments, and the
bonds shall �onstitute a �cha�ge or lien upon such
revenues prior and superic�r to any other charges
whatsoever e�cluding charges for maintenance and
operation of the Rentan Municipal Airport, except �
�he charge or lien upan such gross revenue for the
� band� sha11 be on a parzty with the charge or lien
upon the gross revenues far any addit�ianal and/or
re�unding revenue bonds which may be hereafter
issued on a parity with the bonds in accordance
with the provisions of �ection 9 of Ordinance No.
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This bond is one of a total authorized issue
of $565 ,000. 00 of bonds , all of like date,
tenor and effect, except as to maturities
and interest rates, all payable from the Bond
I Fund of the City of Renton, and all issued by
the City under and pursuant to the laws of the
State of Washington and ordinances of the City
of Renton for the purpose of providing part of the
funds with which to pay the cost of carrying out
the Phase II Development Project for the Renton
Municipal Airport, all as set forth in Ordinance
No. �77$ . Reference is made to that ordinance
as more fully describing the covenants with and
rights of holders of bonds of this issue.
Bonds numbered 1 to 36 , inclusive, maturing
April 1, 1976 , to April 1 , 1983 , inclusive, are
- issued without the right or option of the City
to redeem the same prior to their stated maturity
dates.
The City of Renton reserves the right to redeem
bonds numbered 37 to 113 , inclusive , maturing
April 1, 1984 , to April 1, 1993 , inclusive, as a
whole or in part, in inverse numerical order, can
any interest payment dates at the following times
and prices, expressed as a percentage of par:
Call Date Price
On April 1, 1983 , through October l, 1983 103�
On April l, 1984 , through October 1, 1984 102�
On April 1 , 1985 , through October 1, 1985 101�
On April l, 1986 , and thereafter 100� (Par)
Notice of any call for the redemption of any of
the bonds prior to their respective maturity dates
shall be published once in the official newspaper
of the City not less than thirty nor more than
forty-five days prior to the interest coupon due
date on which the bonds would be redeemed. Notice
of such call for redemption shall also be mailed
to Seattle-Northwest Securities Corporation at its
principal place of business in Seattle , Wasliington,
or its successor, not less than thirty nor more
than forty-five days prior to the interest coupon
due date upon which the bonds would be r�deemed.
In addition, such redemption notices shall also
be sent to Moody' s Investors Service, Inc. , and
Standard & Poor' s Gorporation, at their offices in
New York, New York. Interest on any bonds so called
for redemption shaZl cease on such interest coupon
due date upon payment af the call price into the
Bond Fund.
The City of Renton reserves the right to purchase
any of the outstanding bonds on the open. market at
a price not in excess of the above call prices.
The City of Renton hereby covenants and agrees
to establish, maintain and collect such lease
rental rates and charges that, together with
other airport revenues, will provide net revenue
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annually at least equal to 1.50 times that
respective calendar year ' s annual debt service,
both principal and interest, on the bonds, and
to promptly pay all costs of maintenance and
operation of the Renton Municipal Airport and
otherwise meet the obligations of the City and
the Renton Aviation Board as set forth herein
and in Ordinance No. ,�'y7� .
It is hereby certified and declared that the
bonds are issued pursuant to and in strict compli-
ance with the constitution and laws of the State
of Washington and the ordinances of the City of
Renton, and that all acts, conditions and things
required to be done precedent to and in the issu-
ance of this bond have happened, have been done
and have been performed as required by law.
� IN WITNESS WHEREOF, the City of Renton, Wash-
, ington, 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 coupons attached to be signed with the
facsimile signatures of those officials this
first day of April, 1973 .
CITY OF RENTON, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
City Clerk
The interest coupons attached to the Bonds shall be in
substantially the following form:
Coupon No.
$
On the FIRST DAY OF (APRIL) (OCTOBER) , 19 , the
CITY OF RENTON, WASHINGTON, upon presentation and
surrender of this coupon, will pay to bearer at
the office of the City Treasurer the amount sho��n
hereon in lawful money of the United States of
America out of the special fund of the City known
as the "Airport Revenue Bond Fund, 1973 ," tY�at
sum being six months' interest then due on its
"Airport Revenue Bond, 1973 , " dated April l, 1973,
and numbered .
CITY OF RENTON, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
(facsimile siqnature)
City Clerk
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Section 8 . The bonds shall be printed on lithographed
forms, shall be signed by the facsimile signature of the Mayor
and attested by the manual signature of the City Clerk, and
shall have the seal of the City affixed thereto, and the
coupons shall bear the facsimile signatures of the Mayor and
the City Clerk. I,
Section 9. The City covenants and agrees that it will '
not issue any bonds or obligations which will constitute a
charge or lien against the gross revenues of the Renton Municipal
Airport prior to or on a parity with the charge or lien against
such gross revenues for the payments required to be made into
the Bond Fund for the Bonds except that the City reserves the
right to issue additional and/or refunding airport revenue bonds
which will constitute a charge or lien upon the gross revenues
of the Renton Municipal Airport on a parity of lien with the
Bonds if the following conditions shall be met and complied with
at the time of the issuance of such additional and/or refunding
bonds:
(a) There is no deficiency in the Bond Fund or
the Reserve Account therein for any bonds
then outstanding against the Bond Fund.
(b) The City will covenant and agree that within
five years from the date of issuance of those
parity bonds it will increase the Reserve
• Account over the amount required to be deposited
therein for the bonds then outstanding against
the Bond Fund to an amount in addition equal
to the maximum annual debt service on the
parity bonds to be issued excluding the princi-
pal amount of any term bonds.
(c) At the time of the issuance of such additional
bonds, the City shall have on file a certificate
from an independent licensed professional
engineer or engineering firm experienced in
airport operations that in his or its profes-
sional opinion the net iricome of the Renton
Municipal Airport will equal at least 1.5 times
the amount required each calendar year there-
after to pay the principal of and interest on
the bonds then outstanding against the Bond
Fund. and on the additional parity bonds to be
issued, excluding the principal amount of any
term bonds. Such certificate shall also
demonstrate that amounts will be available to
redeem and retire any term bonds prior to or
at maturity.
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Computation of estimated future net revenues
shall. be based upon income and expense state-
ments of the Renton Municipal Airport for any
twelve consecutive months out of the twenty-
four months preceding the date of issuance
of the proposed bonds adjusted to reflect:
(1) Annualized net revenue to be received �
from present lessees, users and custo-
mers as a result of any rental rate�
adjustment made prior to or concurrent
with the issuance of the additional
parity bonds;
(2) Annualized net revenues from any expan-
sion of facilities or betterments made
prior to the issuance of the additional
parity bonds but not reflected fully
in the base period statement; and
(3) Annualized net revenues to be realized
from the improvements to be financed
from the proceeds of the proposed parity
bonds.
Section 10. In the event the City shall issue advance I
refunding bonds pursuant to the laws of the State of Washington
to pay the principal of and interest on the Bonds as the same
become due and payable and to refund all of the then outstanding
Bonds to pay the costs of refunding, and shall have irrevocably
set aside for and pledged to such payment and refunding cash
or direct obligations of the United States of America or other
legal investments sufficient in amount together with known earned
income from the investment thereof to make such payments to and
accomplish the refunding as scheduled, and shall irrevocably
make provision for redemption of the Bonds, then in that case
all right and interest of the owners or holders of the Bonds to
be refunded in such Bonds and the appurtenant coupons, in the
covenants of this ordinance or any other ordinance, and in the
gross revenues obligated to the payment of such Bonds, except
the right to receive the funds so set aside and pledged, shall
thereupon cease and become void, and the City may then apply any
monies in any fund or account established for the payment or
redemption of the Bonds or coupons to any lawful purposes as it
shall determine.
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In the event that the refunding plan provides that the
refunding bonds be secured by cash and/or direct obligations of
the United States of America or other legal investments pending
the prior redemption of those Bonds being refunded and if such
refunding plan also provides that certain cash and/or direct
obligations of the United States of America or other legal
investments are irrevocably pledged for the prior redemption of
those Bonds included in the refunding plan, then only the debt
service on the Bonds and the refunding bonds payable from the
gross revenues of the Renton Municipal Airport shall be included
in the computation of coverage for issuance of parity bonds and
in the annual computation of coverage for detexmining compliance
with the rate covenants.
Section 11. There is hereby created in the office of
the City Treasurer the "Renton Airport Construction Fund, 1973"
(herein sometimes referred to as the "Construction Fund") . The
proceeds of the Bonds, all grants from the United States of
America for the purpose of paying part of the cost of carrying
out the Phase II Development Project, and any other monies
received by or available to the City for such purpose, w'ill be
deposited into the Construction Fund. The Construction Fund
shall be used sel�ly for the purpose of paying the costs of
carrying out the Phase II Development Project and for paying
the costs incidental to issuing Bonds. Monies in the Construction
Fund may be invested until needed and the income from such invest-
ments shall be deposited into the Construction Fund. At such
time as all of the costs for which the Construction �und is to
be used are paid, the City may provide for the use of any monies
remaining in the Construction Fund for other airport purposes or
for deposit thereof into the Reserve Account of the Bond Fund.
Section 12 . Seattle-Northwest Securities Corporation
of Seattle, Washington, heretofore offered to purchase the Bonds
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at a price of $97. 00 for each $100. 00 par value of Bonds, plus
accrued interest from the date of issuance to the date of delivery
of the Bonds, the City to furnish at the City' s expense the
printed Bonds and the unqualified approving Iegal opinion of
Messrs. Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond
counsel of Seattle , Washington. The City Council, being of the
opinion that it was in the best interest of the City to accept
such offer, duly accepted the same on March 28 , 1973, and such
acceptance is hereby ratified and confirmed. The Bonds shall
immediately upon their execution be delivered by the Treasurer
to Seattle-Northwest Securities Corporation in accordance with
its offer. The principal proceeds received from the sale of the
13onds shall be deposited in the �Construction Fund, and the ac�rued
interest received shall be deposited into the Principal and
Interest Account of the Bond Fund.
PASSED by the City Council of the City of Renton,
Washington, and APPROVED by the Mayor of the City of Renton,
Washington, at a regular open public meeting thereof, the 23rd
day of April, 1973.
i�'/
ayor '
ATTEST:
G�. �,�,c�_ � ` � '- =` - -
City Cl'erk t •r ;�
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APPROVED AS TO FORM: � -
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City Attorney
Date of Publication 4-27-73
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