HomeMy WebLinkAboutORD 2854 w
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CITY OF RENTON, WASHINGTON
ORDINANCE N0. 2854
AN ORDINANCE fixing the amount, forM, date ,
interest rate, maturity and. denominations of
Local Tmprovement District No. 279 Bonds and
directing the issuance and sale thereof to
Seattle-Northwest Securities Corporation,
Seattle, i�lashington.
BE IT ORDAINED BY THE MAXOR AND THE CITY COUNCIL OF THE
CITY OF RENTON, WASHINGTON, A5 FOLLOWS :
SECTION I. The total amount of the assessment roll in ,
Local Improvement District No. 279 in the City of Renton, Washington,
created under Ordinance No. 2782 , was $57,08F3. 14. The thirty-day
period for making cash payments of assessments without interest in
the District expired on 'qpr�� 2g, 1974 , and the total amount of
assessments paid in cash was $2 ,095 .10 , leaving a balance of
assessments unpaid on the assessment roll in the sum of $54 ,993. 04 .
Local improvement district bonds of Local Improvement District No. 279
shall, therefore , be issued in the total principal sum of $54 ,993. 04 .
Bond No. 1 shall be in the denomination of $993. 04 , and the remaining
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bonds numbered 2 to 55 , inclusa,ve, shall be in the denomination of
$1,000 .00 each. The bonds shall all be dated June l, 1974 , and
shall be payab le on June 1, 19�6 , with the right reserved to the
. City to redeem the bonds prior to maturity on any interest payment
date , in numerical order, lowest numbers fi,rst, whenevex there shall
be suf.ficient money in the "Local Improvement Fund, District No. 279 , "
cre ated by Ordinance No. 2782, �assed May �1, 1973, to pay the bonds '
so called and all earlier numbered bonds over and ak�ove the amount
required f,or the payment of the interest on all unpaid bonds , by
publishinc* notice of_ such call once in the of�icial 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 �
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Seattle-North�est Securities Cor�oration, 500 Union Street, Seattle,
Washington, or its successor, and upon such date the interest on
bonds so called shall cease and each and eveYy coupon representing
interest not accrued on such date shall be void. The bonds shall
bear interest at the rate of 6 . 75o per annum, payable annually ,
beginning June l, 1975, to be zepresented by interest coupons to
maturity attached to each bond.
5ECTION II. Each of the bonds and interest coupons attached
thereto shall be in substantiall_y the following form:
No. $1,000 .00
, ($993.0� on Bond No. 1)
UNITED STATES OF AMERICA
STATE O�' WASHID?GTON
LOCAL IMPROVE.MENT BODTD
OF
CITY OF RENTON
LOCAL IMPROVEMENT DISTRICT NO. 279
6. 75%
N.B. The laws of the State of Washington under
which this bond is issued contain the followinq
section (RCW 35 .45 .070) :
"Neither the holder nor ownez of any bond, interest
coupon, or warrant issued against a local imx�rovement
fund shall have any clai,m therefor aaainst the cit_y
or town by which it is issued, except f_or payment
• from the special assessments made for the improvement
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 after the
creation of a local improvement guaranty fund of that
city or town. The city or town shall not be liahle
to the holder or owner of any bond, interest coupon,
or warrant f_or any loss to the local improvement
guaranty fund occurring in the lawful operation
thereof. A copy of the foregoing part of this section
shall be plainly written, �arinted or engraved on each
� bond. "
THE CITY OF RENTON, WASHINGTON, a municipal
corporation of the 5tate of Washington, hereby
promises to pay to Seattle-Northwest Securities
Corporation, Seattle , Washington, or bearer, the
sum of
ONE THOUSAND DOLLARS
($993 .04 on Bond No. 1)
in lawful money of the United States of America,
with interest thereon at the rate of 6 . 75% per annum,
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I payable annually out of the fund established by �
Ordinance No. 2782 of the City and known as the
"Local Improvement Fund, District No. 279 , " and
not othere�ise, except from the guaranty fund, as �
• herein provided. Both principal of and interest
on this band are payable at the offi.ce of the
Treasurer of the City. ,
Coupons are hereto attached for each installment
of interest to accrue hereon, and interest shall
he paid only on presentation and surrender of such
coupons to the City Treasurer.
The City Council of the City, as aaent of such
Local Improvement District No. 279 , 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 e�ense of the construction and
installation of sanitary sewer lines and appurtenances
thereto in the vicinity of Springbrook Road and
Relocated Benson Highway (SR 515) of the City as
p�ovided by Ordinance No. 2782 , as is levied and
assessed against the propert_y included in the local
improvement district and benefited by that
improvem.ent, and the "Local Improvement Fund,
District No. 279, " has been established by ordinance
for that purpose. The holder or holders of this bond
shall loolc only to that fund and to the Local
Improvement Guaranty Fund of the City for the payment
of either the prineipal of or the interest on this
bond.
This bond is one of an issue of 55 bonds aggxegating
in all the principal sum of $54 ,993.04, issued for
Local Impr.ovement District No. 279 , all of whi.ch bonds
are subject to the same terms and condi�ions as herein
expressed.
This bond is payable on June 1, 1986 , but i�
subject to call by the City Treasurer for pri,or ;
redemption whenever there shall be suff_icient money I
in the "Local Improvement Fund, District No. 279 , "
to pay the same anc� 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 pa_yment of the interest on all
unpaid bonds of this issue. The call for payment
of this bond, or any bond of th�,s issue of which this
is one , shall be made by the City Treasurer by
publishin_q the same once in the official newspaper
of the City not less than ten nor more than twenty
days pribr to the call date and by maa,ling 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
ca11 is made for the payment of thi,s bond, it will be "
pai.d on the day the next interest coupon thereon
shall become clue af.ter 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 I
or assessments and the issuina of these bonds havP
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been properly done , have happened and have been �
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, [aashington,
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 June , 1974 .
CITY OF RENTON, WASHINGTON
By (facsimile signature)
Mayor
ATTEST: �
City Clerk
COUPON FORM
Coupon No.
� $67. 50
($67a03 on Bond No. 1)
On the FIRST DAY OF JUNE, 19 , the CITY OF RENTON,
WASHINGTON, promises to pay to bearer at the o�fice
of the City� Treasurer the sum shown hereon, this sum
being twelve months ' interest due that day on Bond No.
of the bonds of Local Improvement District
No. 279 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
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By (facsimile signature)
Mayor
ATTEST:
ffacsimile signature)
Ci.ty Clerk
SECTION III. The bonds shall be pxinted on lithographed
forms , shall be signed by the facsimile signature of the Mayor and
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attested by the manual signature of the City Clerk and shall have
the seal of the City of Renton aff�.xed 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 all of the local
improvement bonds of Local Improvement District No. 279 at a price
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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 , Shefelman,
Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington,
at the City's ex�ense. The City Council, deezning t.zat it was �n the
best interests of the City to accept said offer, duly accepted the
same on May 13, 1974, 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 there�or in accordance wit�z 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 CITY COUNCIL, this 20th da�' of . .I�a:�`'; 1974 .
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� DELORES A. MEAb, City� Clerk
APPROVED BY THE MAYOR, this 20th day of ��.�,: ;, 1974 .
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J�''�,R�
E GARI�TT, Mayor '
Approved as to form:
Q�"�� ��
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GERARD M. SHELLAN, Ca.ty Attorney
Date of Publicat�on: May 24 , 1974
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I, DELORES A. MEAD, Cit_y Clerk of the City of_ Renton,
Washington, hereby certify that the attached copy of Ordinance No.
2854 is a true and correct copy of the original ordinance passed
on the 20th day of May , 1974 , as that ordinance appears on the
Minute Book of the City.
DATED this 22nd day of May ., 1974 .
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I DEL���'��MEAD, Cit� Clerk
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