HomeMy WebLinkAboutORD 2923 � • o y �
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CITY OF RENTON, WASHINGTON �
ORDINANCE NO. 2'92 3'
� AN ORDINANCE fixing the amount, form, date,
interest rates, maturiti�s and denominations of
Local Improvement District No. 285 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
CTTY OF RENTON, WASHINGTON, AS FOLLOWS:
SECTTON I. The total amount of the assessment roll in
Local Improvement District No. 285 in the City of Renton, Washington,
I created under Ordinance No. 2846 , was $205,200.89. The thirty-day
period for making cash payments of assessments without interest in
the District expired on February 17, 1975, and the total amount of
assessments paid in cash was $2 ,113. 02, leaving a balance of
assessments unpaid on the assessment roll in the sum of $203,087. 87.
Local improvement district bonds of Local Improvement District No. 285
shall, therefore, be issued in tfie total principal sum of $203,087.87.
Bond No. 1 shall be in the denomination o� $3,087. 87, and the remaining
bonds numbered 2 to 41, inclusive, shall be in the denomination of
$5 ,OOQ. 00 each. The bonds shall all be dated April l, 1975, and
shal.l be payable out of the "Local Improvement Fund, District No. 285,"
created by Ordinance No. 284C. In accordance with the provisions
of RC[n� 35.45.Q2Q authorizing the issuance of local improvement bonds
with a fixed maturity sch.edule or with a fixed maximum annual
retirement schedule, the bonds sliall mature and shall bear interest
in accordance with the following schedule:
Bond Numbers . Inter_est
(Inclusive? Am�.urits � Rates ' Matur�ities
1 to 2 $ 8,087. 87 7.75o April 1, 1976
3 to 4 10.,000.Q0 7. 75% April 1, 1977
5 to 6 10,000. OQ 7. 75% April ,l, 1978
7 to 8 10,000. 00 7. 75o April 1, 1979
9 to 10 10,000.00 7.75% April 1, 1980
11 to 12 10, 000.. 00 7. 75% April l, 1981
13 to 14 l0,OQ0. 00 7.75o April 1, 1982
15 to 16 10,Q00. 00 7. 75a April l, 1983
17 to 18 10,000..00 7. 75o April 1, 1984
19 to 2� 14,000. 00 7.75o April l, 1985
21 to 22 10,�00.00 7.75% April 1, 1986
23 to 24 l0,OQ0.00 7.750 , April 1, 1987
25 to 26 10,0_OO.Q.O 7. 75o April 1, 1988
27 to 28 10,000.OQ 7.75% April 1, 1989
29 to 30 10,Q00. 00 7. 75% April 1, 1990
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31 to 41 55,000.00 8.00o Apri�l l, 1997
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Bonds numbered 31 to 41, inclusive, maturing on April l,
1997, may be called for prior redemption in numerical order on
April l, 1978, or on any annual interest payment date thereafter
at par plus accured interest. �
Notice of such call shall be published 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,
I Union Street, Seattle, Washington, or its successor, and upon such
date the interest on Bonds so called sh�ll cease and each and every
coupon representing interest not accrued on such date shall be void.
Interest shall be payable annually, beginning April l, 1976, to be
represented by interest coupons to maturity attached to each bond.
' SECTION II. Eacfi of the bonds and interest coupons
attached thereto shall be in substantially the following form:
No. $5,000. 00
($3,087.87 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
OF •
CITY O� RENTON
LOCAL IMPROVEMENT DISTRICT NO. 285
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N.B. The laws of the State of WasYiington under
which this bond is issued contain the following
section ERCW 35.45.070) :
"Neither the holder nor owner of any bond, interest
coupon, or warrant issued against a local improvement
�und shall fiave any claim therefor against the city
or town by which it is issued, except for payment .
from the special assessments znade for the improvement
for which the bond or warrant was issued and except
also for payment from the local improver,lent guaranty
fund of the city or town as to bonds issued after the
creation of a local i'anprovenaent guaranty fund of that �
city or town. The city or town sfiall not• be liable
to the holder or owner of any bond, interest coupon,
or warrant for any loss to the local improeement I
guaranty fund occurring in the lawful operation
thereof. A copy of tfie foregoing part of this section
shall be plainly written, printed or engraved on each
bond. "
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THE CITY OF RENTON, WASHINGTON, a municipal
corporation of the State of [�Tashington, hereby
promises to pay to Seattle--Northwest Securities
Corporation, Seattle, Washington, or bearer, the
sum of
FIVE THOUSAND DOLLARS
($3 ,087.87 on Bond No. 1)
in lawful money of the United States of America,
with interest thereon at tfie rate of ' % per
annum, payable annually out of the fund established
by Ordinance No. 2846 of the City and known as the
"Local Improvement Fund, District No. 285, " and
not other�ise, except from the guaranty fund, as
herein provided. Both principal of and interest
on this bond are payable at the office of the Finance
Director �f tY�e City.
Coupons are hereto attached for each installment �
of interest to accrue fiereon, and interest shall
be paid only on presentation and surrender of such
COupons t0 the Finance Director.
The City Council o� the City, as agent of such
Local Improvement District No. 285, has caused this
bond to be i:ssued in the name of the City as the
bond of such 1oca1 improve3nent district, the bonds
or the proceeds thereof to be used to pay so �nuch
of the cost and expense of the construction and
' installation of sanitary sewer lines and appurtenances
thereto in the vicinity of S.W. 43rd Street and west
Valley Highway as provided by Ordinance No. 2846, as
is levied and assessed against the property included
in the local improvement district and benefited by
that improvement, and t�ie "Local Improvement Fund,
District No. 285, " Iias 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 paXment
of either the principal. of or the interest on this `
bond. _
TIii:s bond is one of an issue ot 41 bonds aggregating
in all the principal s� of $203,087.87, issued for
Local Improve�ent District No. 285, all of which bonds
are subject to the same terms and conditions as fierein
expressed, except as to interest rates, dates of
maturity and optional prepayment.
TYiis �iond is payable on Apri:l 1, 19� , except that
bonds numbered 31 to 41, inclusive, are su�ject to
call by ti�e Finance Direetorfo`rprior redemption in
numerical order' �on April 1, 1978� o,r on any annual
interest pay�nent date thereafter at par plus accrued
interest. Such call for prepayment sIiall be made by
Finance Director. - Yiy 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 sucfi notice witfiin the same period
to Seattle-NortFiwest Securities Corporation, 500 Union
Street, Seattle,. t�ashington, or its successor, and -
when such call is made for the payment of tfiis bond, �
if prepayable, it will F�e paid on the day the next
interest coupon tYiereon shall become due after that
call and upon tfiat day interest upon this T�ond sY�all
cease and any remaining coupons shall be void. �
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IT IS HEREBY CERTIFIED, Recited and Declared that
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 �orm, as required by law;
and that these bonds have not been issued in an amount
in excess of the cost of the improvement.
IN �TITNESS WHEREOF, tY�e City of Renton, Washington,
has caused this bond to Be signed by tfie 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, 1975.
CITY OF RENTON, WASHINGTON
By� ` `(fac'siiini'le signature) I�
Mayor I
ATTEST: ,
City Clerk
�COUPON� FO`RM
Coupon No.
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� ($� �� �� � � on Bond No. 1),
On the FIRST DAY OF APRIL, 19� , the CITY OF RENTON, I
WASHINGTON, promises to pay to bearer at the office
of Finance Director ` the sum shown hereon, this sum
being twelve montIis' interest due that day on Bond No.
� � � � � of the �onds of Local Impro�ement District
No. 285 and not otfierwise, provided that this coupon
is subject to al1 terms and conditions contained in
the bond to which it is annexed and, if tIiat bond shall
be called �or payment before maturity fiereof, this
coupon shall be void. I
CITY OF RENTON� WASHINGTON I
Sy���(�€a�`s�mil`e� s�.gn`a'ture)_�
Mayor
ATTEST: .
(facsimile si�griatu�re�)�
City Clerk
SECTION� I'TI. The Sonds shall be printed on li�hographed
_ forms{ shall be signed by the facsimile signature of tYi.e Mayor and
attested by the manual signature of tfie City Clerk and shall have
the seal of tlie City of Renton affixed thereto and the coupons shall
bear the facsimile signatures of tfie Mayor and the City Clerk.
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SECTION IV: Seattle-Northwest Securities Corporation,
Seattle , Washington, has offered to purchase all of the local
improvement bonds of Local Improvement District No. 285 at a price
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 expense. The City Council , deeming that it is in the
best interests of the City to accept said offer , hereby accepts the
same. 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 chall be in full force and
effect five days from and after its passage , approval and legal
publication.
PASSED BY THE CITY COUNCIL , this 7th day of April , 1975 .
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Delores A. Mead; -Ctity Clerk
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APPROVED BY THE MAYOR, this 7th day of April, 1975.
. .t �-2/i�� ��'(���
�ry Garret�, Mayor
Approved as to form: .
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Gerard M. Shellan , City Attorney
Date of Publication : 4-11-75
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I , DELORES A. MEA15, City Clerk of the City of Renton,
Washington, hereby certify that the attached copy of Ordinance No.
,24�3 is a true and correct copy of th.e original ordinance passed
on the 7th day of April, 19�75 , as tliat ordinance appears on the
Minute Book of the Ci�y.
DATED this $�� day of April, 1975.
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DELORES A. MEAD, City" Clerk