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Home My WebLink AboutORD 2793 � �•-. ,.+. �„ . .. -- � � - ✓ . . CITY OF RENTON, WASHINGTON ORDINANCE NO. 2793 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 270 Bonds and directing the issuance and sale thereof to Seattle-Northwest Securities Corporation, Seattle, Washington. BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, AS FOLLOWS: SECTION I. The total amount of the assessment roll in Local Improvement District No. 270 in the City of Renton, Washington, created under Ordinance No. 2700, was $132,054 .40 . The thirty-day period for making cash payments of assessments without interest in the District expired on July 13, 1973, and the total amount of assessments paid in cash was $60, 353 .53, leaving a balance of assessments unpaid on the assessment roll in the sum of $71,700 .87. Local Improvement district bonds of Local Improvement District No. 270 shall, therefore, be issued in the total principal sum of $71,700 .87. Bond No. 1 shall be in the denomination of $700 . 87, and the remaining bonds numbered 2 to 72, inclusive, shall be in the denomination of $1,000.00 each. The bonds shall all be dated August l , 1973, and shall be payable on August 1, 1985, with the right reserved to the City to redeem the bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 270 , " created by Ordinance No. 2700, passed March 6, 1972, 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 publishing notice of such call once in the official newspaper of the City not less than ten nor more than twent_y days prior to the call date and by mailing a copy of such notice within the same period to � � . ..•, . , , � Seattle-Northwest Securities Corporation, 500 Union Street, Seattle, Washington, or its successor, and u�on such date the interest on bonds so called shall cease and each and every coupon representing interest not accrued on such date shall be void. The bonds shall bear interest at the rate of 6-3/8°s per annum, payable annually, - beginning August l, 1974 , to be represented by interest coupons to � maturit attached to a h bond y e c . SECTION II. Each of the bonds and interest coupons attached thereto shall be in substantially the following form: No. $1,000.00 ($700 . 87 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF RENTON , LOCAL IMPROVEMENT DISTRICT NO. 270 6-3/8% N.B. The laws of the State of Washington under which this bond is issued contain the following section (RCW 35.45.070) : "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessm�nts made for the irlprovement I for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued af ter the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement I guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond. " THE CITY OF RENTON, WASHINGTON, a municipal corporation of the State of Washington, hereby promises to pay to Seattle-Northwest Securities Corporation, Seattle, Washington, or bearer, the sum of ONE THOUSAND DOLLARS ($700. 87 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of SIX AND THREE- EIGHTHS PERCENT (6-3/8�) per annum, payable annually -2- . � • • . • . ..� , . , . r• , out of the fund established by Ordinance No. 2700 of the City and known as the "Zocal Improvement Fund, District No. 270, " and not otherwise, except from the guaranty fund, as herein provided. Both principal of and interest on this bond are payable at the office of the Treasurer of the City. Coupons are hereto attached for each installment of_ interest to accrue hereon, and interest shall be paid only on presentation and surrender of such coupons to the City Treasurer. The City Council of the City, as agent of such Local Improvement District No. 270, has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bonds or the proceeds thereof to be used to pay so much of the cost and expense of the construction and installation of sanitary sewer lines and appurtenances thereto in the Kennydale area of the City as provided by Ordinance No. 2700 , as is levied and assessed against the property included in the local improvement district and benefited by that improvement, and the "Local Improvement Fund, District No. 270, " has been established by ordinance for that purpose. The holder or holders of this bond shall look only to that fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal. of or the interest on this bond. This bond is one of an issue of 72 bonds aggregating in all the principal sum of $71, 700 . 87, issued for Local Improvement District No. 270, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on Auqust l, 1985, but is subject to call by the City Treasurer for prior redemption whenever there shall be sufficient money in the "Local Improvement Fund, District No. 270 , " to pay the same and all unpaid bonds of the issue of which this bond is one, which are prior to this bond, in numerical order, over and above amounts sufficient for the payment of the interest on all unpaid bonds of this issue. The call for payment of this bond, or any bond of this issue of which this is one, shall be made by the City Treasurer by publishing the same once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date and by mailing a copy of such notice within the same period to Seattle- Northwest Securities Corporation, 500 Union Street, Seattle, Washington, or its successor, and when such call is made for the payment of this bond, it will be paid on the day the next interest coupon thereon shall become due after that call and upon that day interest upon this bond shall cease and any remaining coupons shall be void. IT IS HEREBY CERTIFIED, Recited and Declared that all acts, conditions and things reauired to be done precedent to and in the levying of such special taxes or assessments and the issuing of these bonds have been properly done, have ha�pened and have been -3- � � � =d �. . . . ' C. . performed in regular and due form, as required by law; and that these bonds have not been issued in an amount in excess of the cost of the improvement. IN WITNESS WHEREOF, the City of Renton, Washington, 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 August, 1973 . � CITY OF RENTON, WASHINGTON By (facsimile signature) � M ayo r ATTEST: City Clerk COUPON FORM Coupon No. $63 .75 � ($44 .68 on Bond No. 1) On the FIRST DAY OF AUGUST, 19 , the CITY OF RENTON, WASHINGTON, promises to pay to bearer at the of.fice of the City Treasurer the sur.� shown hereon, this sum being twelve months ' interest due that dav on Bond No. of the bonds of Local Improvement District No. 270 and not otherwise, provided that this coupon is subject to all terms and conditions contained in the bond to which it is annexed and, if that bond shall be called for payment before maturity hereof, this coupon shall be void. CITY OF RENTON, WASHINGTON By (facsimile signature) Mayor ATTEST: (facsir.lile signature) City Clerk SECTION III. 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 of Renton affixed thereto and the coupons shall bear the facsimile signatures of the Mayor and the Clerk. SECTION IV. Seattle-Northwest Securities Corporation, Seattle, Washington, heretofore offered to purchase al1 of the local improvement bonds of Local Improvement District No. 270 at a price -4- . . � � , . , .. • . , , , �. , of par, plus accrued interest from the date of issuance to the date of delivery of the bonds to the purchaser, the City to furnish the printed bonds and the approving legal opinion of Roberts, Shetelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, at the City's expense. The City Council , deeming that it was in the best interests of the City to accept said offer, duly accepted the same on Jul_y 16, 1973, and such acceptance is hereby ratified and confirmed. The bonds shall, therefore, immediately upon their execution, be delivered to Seattle-Northwest Securities Corporation, Seattle, Washington, upon payment therefor in accordance with said . offer. SECTION V. This ordinance shall be in full force and effect from and after its passage, approval and legal publication. PASSED BY THE CITX COUNCIL, this 6th day of August, l973 . ,c��p� CI. �?-j.�,�� 15ELORES A. MEAD, City Clerk APPROVED BY THE MAYOR, this 6th day of August, 1973. .�.��'�'�l �/�'/I�l�� `�RY GA,�2E'I`T, Mayor ` V Approved as to form: ' �� GERARD M. SHELLAN, City Attorney Date of Publication: , 8-10-73 -5- . . . �:. � � , . t' , I, DELORES A. MEAD, City Clerk of the City of Rent� , Washington, hereby certify that the attached copy of Ordinance No. 2793 is a true and correct copy of the original ordinance passed on the 6th day of August, 1973 , as that ordinance appears on the Minute Book of the City. DATED this 7th day of August , 1973. C./- i' /"1�--�:�I�CJ'l i DELORES A. MEAD, Ci�y Clerk