HomeMy WebLinkAboutORD 2880� p _ � . P e.._ � .
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CTTY OF RENTON, WASHINGTON
ORDINANCE N0. 2880
AN ORDINANCE establishing Consolidated Local
Improvement District No. 275/276 and "Consolidated
Local Improvement Fund, District No, 275/276 ";
and fixing the amount, form, date , interest rate,
maturity and denominations of the Consolidated
Local Improvement bistrict No. 275/276 Bonds and
directing the issuance and sale thereof to Seattle-
Northwest Securities Corporation of Seattle,
Washington.
WHEREAS , Chapter 44, Laws ot the State of Washington, 1967 ,
Ex. Ses . (RCW 35. 45 .160) , authorizes the establishment of consolidated
local improvement districts for the purpose of issuing bonds only and
provides that if the governing body of any municil?ali.ty orders the
creation of such consolidated local improvement dis tricts , the moneys
received from. the installment a ment of the rinci a3 of and interest
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on assessments levied within original local assessment districts shall
be deposited in a consolidated local improvement district bond
redemption fund to be used to redeem outstanding consolidated local
improvement district bonas; NOinT, THEREFORE,
BE IT ORDAINED BY THE A'IAYOR AND THE CITY COUNCIL OF THE
CITY OF RENTON, WASHINGTON, AS FOLLOWS :
SECTION I. For the purpose of issuing bonds onl_y, Local
Improvement District No. 275, established by Ordinance No. 2715,
passed by the City Council and approved by the Mayor on Ju,ne 12,
1972 , and Local Improvement District No. 276 , established by Or�inance
No. 2733, passed by the CitX Council and approved by the Mayor on
August 28, 1972, are hereby consolidated into a consolidated local
improvement district to be known and designated as "Consol�dated !I
Local Improvement District No. 275/276 . "
SECTION II . There is hereby created and established in
the office of the Director of Finance of the City fox Consolidatec�
Local Improvement District D1o. 275/276 a special consolidated local
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improvement district fund to be known and designated as "Con�olidated
Local Improvement Fund, District No. 275/276 . " All moneys presently
on hand representing collections pertaining to assessments in '"Local
Improvement Fund, District No. 275 , " and in "Local Improvement Fund,
District No. 276 , " shall be transferred to and deposited in
"Consolidated Local Improvement Fund, District No. 275/275 , °' and all
collections pertaining to assessments on the assessment rolls of
Local Improvement District No. 275 and Local Improvement District
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No. 276 shall when hereafter received be deposited in the '°Consolidater�
Local Improvement Fund, District No. 275/276 , " to be used to redeem
outstanding Consolidated Local Improvement District Noo 275/27� Bonds .
SECTION III. The total amount of the assessment roll in
Local Improvement District No. 275 , created under Ordinance No. 2715,
was $37,089 . 75 . The thirty-day period for making cash payment of
assessments without interest in the District expired on July 8, 1974 ,
and the total amount of assessments paid in cash was $19 ,128, 29 ,
leaving a ba7.ance of assessments unpaid on the assessment roll in
the sum of $17,961.46 . The total amount of the assessment ro11 in
. Local Improvement District No. 276 , created under Ordinance No. 2733,
was $179 ,965. 0$. The thirty-day period for making cash payment of I
assessments without interest in the District expired on August 26 ,
1974 , and the total amount of assessments paid in cash was $1 ,367. 84 ,
leaving a balance of assessments unpaid on the assessment rol'1 in
the sum of $178,597.24 . Consalidated local improvement district
bonds of Consolidated Local Improvement District Noe 275/2'7b shall,
therefore , be issued in the total principal sum of $196 ,558. 7b . Bond
,No. 1 shall be in the denomination of $558. 70 , and the remai:nincx
bonds numbered 2 to 197, inclusive , shall be in the denomi:nation of
$1,000 .00 each. The bonds shall all be dated October l , 1974 , and
shall be payable on October l, 1986 , with the right reserved to the
City to redeem the bonds prior to maturity on any interest payment
date , in numerical orcler, lowest numl�ers first, �ahenever there shall
be sufficient money in the "Consolidated Local Improvement Fund,
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District No. 275/276 , " created herein, 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 publisning
notice of such call once in the off.icial newspaper of the City not
less than ten nor more than twenty days prior to the call date, and
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upon 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. Notices of such calls for redemption shall also be mailed
to the principal office of Seattle-Northwest Securities Corporation
in Seattle, Washington, at least ten da�s before such call dates .
The bonds shall bear interest at the rate of 8-1/4� per annum, payable
annually, beginning October l, 1975 , to be representec� by inter�st
coupons to maturity attached to each bond.
SECTION IV. Each of the bonds and interest coupons attached
thereto shall be in substantially the following form:
No. $1,000 .n0
($558.70 on Bon� No� 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CONSOLIDA'�ED LOCAL IMPROVEMENT BOND
OF
CITY OF RENTON
CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 275/276 '
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N.B. The laws of the State of Washi�ngton under which
this bond is issued contain the following section
(xCw 35 .45 .070) 0
"Neither the holder nor owner of any boncl, interes t �
coupon, or warrant issued against a local improvement
fund shall have any claim therefor agains� tlze city�
or town by which it is issued, except for p�yment from I
the special assessments made for the improvement for '
_ which the bond or warrant was issued and except also I
for payment from the local im�roveznen� 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 liable
to the holder or owner o� any bond, interest coupon,
or warrant for any loss to the local iznprovement
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. "
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THE CITY OF RENTON, WASHIPdGTON, 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
($558. 70 on Bond No. 1)
in lawful moneyo uf the United States of America,
with interest thereon at the rate of $-1/4% per
annum, payable annuall.y out of the `consolidated
fund established by Ordinance Noe of. the
City and known as "Consolidated Local Tmprovement
Fund, District No. 275/276 , " and not otherwise,
except from the guaranty fund, as herein provided.
Both principal of and interest on this bond are
payable at the off_ice of the Director of Finance
of the City.
Coupons are hereto attached for each i.nstallment
of interest to accrue hereon, and interest shall
be paid only on presentation and surrender o_f. such
coupons to the Director of Finance .
The City Council of the City, as aqent of such
Consolidated Local Improvement District No. 275/276,
established by Ordinance No. , has cause� thi:s
bond to be issued in the name of the City as the
bond of such consolidated local improvement district,
th:e bonds or the prc�ceeds thereof to be used to pay
so much of the cost and expense o� certain imFrove-
ments as provided by Orc�inance No. 2715 establisfiinq
Local Improvement District No. 275 and Orc_?inance No.
2733 establishing Local Improvement District No. 276,
as is levied and assessed against the property included
in the consolidated local improvement district and
benefited by those improvements , and the "Consolidated
Local Improvement Fund, District No. 275/276 , " has
heen 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 a consolidated i:ssue of 197 k�onds
agqregating in all the principal sum of $196 ,558. 70 ,
issued .for Consolidated Local Improvement District No.
275/276 , all of which bonds ar.e su�ject to the same
terms and conditions as herein expressed.
This bond is payable on October 1, 1986 , but is
subject to ca11 by the Director of Finance for prior
redemption whenever �there shall be sufficient money
in the "Cansolidated Local Improvement Fund, District
No. 275/276 , " to pay the sar.te 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 tlie �irector. of
Finance by publishinq 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 when such call
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is made for the payment of this bond, it will be paid
on the date the next interest coupon thereon shall
become due after that call and upon that day interest
upon this bond sh all cease and any remaining coupons
shall be void. Notice of such ca11 for redemption
shall also be mailed to the principal office of_ Seattle�
Northwest Securities Corporation in Seattle, Washington,
at least ten days before such call date.
IT IS HEREBY CERTIFIED, Recited an� Declared th at
, all acts , conditions and things required 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 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 impxovements .
IN WITNESS WHEREOF, the City of Renton, Washington,
has caused this bond to be signed by the facsimi:le
signature of its Mayor and attested by the manual
siqnature of its City Clerk and its cor�o�ate seal
to be hereto a£fixed, and the interest coupons
attached to be signed with the facsimile signatures
o£ those officials this first day of October, 1974.
CITY OF REI�TTON, WASHTNGTON
By (facsimile signature)
Mayor
ATTEST:
City Clerk
COUpON FORM
Cou�on No,
$82 .5�
($46.Q9 on Bond Noo 1)
On the FIRST DAY OF OCTOBER, 19 , the CITY OF RFNTO�,
WASHINGTON, promises to pay to bearer at th� of�ice of
the Director of Finance the sum sho��an hereon, th�s sum
� beinc�r twelve months ' interest due that da� on Band No.
of the bonds of Consolidated Local Improvement
District No. �75/276 and not otherwise, provic?ed that
this coupon is subject to all terms anc� conaitions
contained in the bond to which it is annexed and, if
that bond shall be called for payznent before maturit�T
hereof, this coupon sh al1 be void.
CITY OF R�NTON, WASHINGTON
By (facsi�tile sighature`)
May or
ATTEST:
(facsimile signature)
City Clerk
SFCTION V. The bonds shall be printed on l�thographed
forms , shall be signed hy the fa_csimile sianature 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 affixed thereto and the coupons shall bear the '
facsimile siqnatures of the Mayor and the City Clerk.
SECTION VI . Seattle-Northwest Securities Corporation,
Seattle, Washington, heretofore offered to purchase all of the
consolidated local improvement bonds of Consolidated Local Improvement
District No. 275/276 at a price of par, plus accrued interest from
� date of issuance to the date of delivery of the bonds to the purchaser,
the City to �furnish the printed bonds and the approv�.ng legal opinion
of Roberts, Shefelman, Lawrence, Gay & Moch , municipal bond counsel
of Seattle, Washington, at t�e City's expense . ThA CitX Council,
deeming that it was in the best interest of the City to accent said
offer, duly accepted the same on Septer.iber 9 , 197d , and such acceptance
is hereby ratified and confirr:�ed. The bonds sha11, therefore ,
immediately upon their execution, be delivered to Seattle-Northwest .�
Securities Corporation, Seattle, �aashington, upon payment therefor i.n
accordance with said offer.
SECTION VII . This ordinanQe shall be in �ull �orce and
effect from and after its passage, approval and legal publication.
PASSED BY THE CITY COUNCIL, this 23rd day of Se?�tember, 1974.
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DELORES A. M��,D� �i�ty Clerk
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APPROVED BY THE MAYOR, tF1]:S 23rd dayo u_f Septem�Er, 1a74�.
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VE Y T , ayou
Appro d as to form:
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GERARD M. SHELLADT, City Attorney
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Date of Publication: q_��,��Q �
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I, DELORES A. MEAD, City Clerk of the City of Renton,
Washington, hereby certify that the attached copv of Ordinance No. �
�g� is a true and correct copy of the original ordinance passed
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on the ���day of September, 1974, as that ordinance appears on
the Minute Book of the City.
' DATED this �,�� day of September, 19 74 .
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� _ DELnRES A. MEAD, C�ity Clerk