HomeMy WebLinkAboutORD 2950 CITY OF RENTON, WASHINGTON
ORDINANCE NO. 2950
AN ORDINANCE fixing the amount, form,
date, interest rates , maturities and
denominations of Local Improvement District
No. 274 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 l. The total amount of the assessment roll
in Local Improvement District No. 274 in the City of Renton,
Washington, created under Ordinance No. 2645, was $223,801. 80.
The thirty-day period for making cash payments of assessments
without interest in the District expired on June 22 , 1975 , and
the total amount of assessments paid in cash was $102 ,457 .61 ,
leaving a balance of assessments unpaid on the assessment roll
in the sum of $121 ,344. 19 . Local improvement district bonds
of Local Improvement District No. 274 shall , therefore, be
issued in the total principal sum of $121 ,344 .19. Bond No. 1
shall be in the denomination of $1 ,344, 19 , and the remaining bonds
numbered 2 to 25 , inclusive , shall be in the denomination of
$5 ,000. �0 each. The bonds shall all be dated August 1 , 1975 , and
shall be payable out of the "Local Improvement Fund, District No.
274, " created by Ordinance No. 2645 , and shall be payable on
August 1, 1987 , 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. 274 , "
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
twenty days prior to the call date, and upon such date the interest
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on the bonds so called shall cease and each and every coupon
representing intere�t not accrued on such date shall be vaid.
Notices of such calls for redemption shaZl also be mailed ta the
przncipal office af Seattle-Northwes� Securi�ies Carporatian in
Seattle, Washington, at least ten days before such call dates.
The bonds shall bear interest at the rate of 7-1/4% per annum,
payable annually, beginning August l , I97b , �o be represented by
interest coupans to mat�rity attached ta each bond.
Section 2. Each of the bands and interest coupons
attached �hereto �ha11 be in substantially the following form:
No. $S ,OOO. dO
($I ,344 .19 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND OF CITY OF RENTON
LOCAL IMPROVEMENT DISTRICT N4. 2��
7-1j4�
N.R. The laws of the State of Wa�hington
under which this bond is issued contain the
follawing section (RCW 35 .45 . 070) :
"Neither the holder nor owner o� any bond,
in�erest cou�on, or warrant issued against a
local impravement fund shall have any claim
therefar against the city or town by which it
is issued, except for payment from the special
assessments made for the impravements f�r which
the bond or warrant was issued and except also
for payment from the local improvement guaranty
fund o� �he city or town as to bonds issued
after �he creation of a lacal impravement
guaran�y fund of that city or town. The city
ar tawn shal3 not be liable to �he holder or
awner af any band, in�erest coupon, or warrant
for any loss to the lacal improvement guaranty
fund occurring in the lawful operation thereof.
A copy o£ the foregoing par� of thi� section
shall be plainly written, printed or engra�ed
on each bond. "
THE CITY C?F RENTQN, WASHINGTON, a municipal
corporation of the State of Washington, hereby
promises to pay to Seattl�-Northwest Securities
Corporation, Seattle , Washing�.on, or bearer , the
sum of
FIVE THOUSAND DOLLARS
($1,344.19 on Bond No. 1)
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in lawful money of the United States of America,
with interest thereon at the rate of 7-1/4o per
annum, payable annually out of the fund estab-
lished by Ordinance No. 2645 of the City and
known as "Local Improvement Fund , District No .
274 , " 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 Director of Finance of the City.
Coupons are hereto attached for each install- �
ment of interest to accrue hereon, and interest
shall be paid only on presentation and surrender
of such coupons to the Director of Finance.
The City Council of the City, as agent of such
Local Improvement District No. 274 , established
by Ordinance No . 2645 , 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 certain improve-
ments as provided by Ordinance No. 2645 estab-
lishing Local Improvement District No. 274 , as
is levied and assessed against the property
included in the local improvement district and
benefited by those improvements , and the "Local
Improvement Fund , Ditrict No. 274 ," 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 25 bonds
aggregating in all the principal sum of
$121 ,344.19 , issued for Local Improvement District
No. 274 , all of which bonds are subject to the
same terzns and conditions as herein expressed.
This bond is payable on August l , 1987 , but is
subject to call by the Director of Finance for
prior redemption whenever there shall be suffi-
cient money in the Local Improvement Fund, Dis-
trict No. 274 ," 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 Director of Finance 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 when such call 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 shall cease and any remaining coupons
shall be void. Notice of such call for redemp-
tion shall also be mailed to the principal office
of Seattle-Northwest Securities Corporation in
Seattle, Washington, at least ten days before
such call date.
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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 form, as required by law; and that these
bonds have not been issued in an amount in excess
of the cost of the improvements.
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 August, 1975.
CITY OF RFNTON, WASHINGTON
By (facsimile siqnature)
Mayor
ATTEST :
City Clerk
COUPON FORM
Coupon No.
$362. 50
($97 . 45 on Bond No. 1)
On the FIRST DAY OF AUGUST, 19 , the CITY
OF RENTON, WASHINGTON, promises to pay to bearer
at the office of the Director of Finance the sum
shown hereon, this sum being twelve months '
interest due that day on Bond No. of the
bonds of Local Improvement District No. 274 and
not otherwise, provided that this coupon is sub-
ject 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 siqnature)
Mayor
ATTEST:
(facsimile signature)
City Clerk
Section 3. 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
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the facsimile signatures of the Mayor and the City Clerk.
Section 4. Seattle-Northwest Securities Corporation,
Seattle, Washington, heretofore offered to purchase all of the
local improvement bonds of Local Improvement District No. 274
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 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 was in the best interest of the City to accept that
offer, duly accepted the same on July 7 , 1975, 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 that offer .
Section 5. This ordinance shall be in full force and
effect from and after its passage, approval and legal publication.
PASSED BY THE CITY COUNCIL, this 21st day of July, 1975.
�� (.I.. �/Li�,
DELORES A. MEAD, City`Clerk
APPROVED BY THE MAYOR, this 21st day of July, 1975 ,
!
,r .� (!� � � l!�L-=�'`� ; , --_
�ERY G � ETT, Ma oa��
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Approved as to form:
.�� �O°��Gt'�
GERARD M. SHELLAN, City Attorney
Date of Publication: July 25 , 1975
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