HomeMy WebLinkAboutORD 3230 I .
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CITY OF RENTON, WASHINGTON '
ORDINANCE N0. 3230
AN ORDINANCE authorizing the issuance and sale
of interest-bearing revenue warrants to be drawn
on the "Local Improvement Fund, District No. 307"
to provide funds for the interim financing of con-
struction of certain improvements to be acquired
in Local Improvement District No. 307.
WHE:REAS , by Ordinance No. 3182 adopted November 28, 1977 ,
the City Council ordered the construction and installation of
curbs and gutters, asphalt paving, all underground utilities ,
water, storm, sanitary sewer, power, telephone and street illumi-
nation, together with all necessary appurtenances thereto, within
certain territory in the vicinity of Raymond Avenue S.W. in
accordance with Resolution No. 2140 adopted by the City Council
on October 24 , 1977 , and created Local Improvement District
No. 307 and the "Local Improvement Fund, District No. 307" ; and
WHEREAS, interim financing is needed until the project is
completed and bonds are sold; and
WHEREAS, Pacific National Bank of Washington of Renton,
Washington, has agreed to purchase revenue warrants to be drawn
on such fund4-bearing interest at the rate of 5. 20o per annum;
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN, as follows:
Section l. The City Finance Director should be and she
hereby is authorized and directed to issue revenue warrants for
interim financing of the improvements to be constructed and
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� installed in Local Improvement District No. 307 , which warrants,
' in the principal amourzt of not to exceed $310 ,000. 00, are to
be drawn on the "Local Improvement Fund, District No. 307, "
bear interest at the rate of 5.20% per annum, and are to be
delivered from time to time upon payment therefor to Pacific
National Bank of Washington of Renton, Washington.
PASSED by the City Council of the City of Renton, Wash-
ington at a regular open public meeting thereof, and APPROVED
by the Mayor thisl9 day of June, 1978.
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� Mayor, Pro �m �
ATTEST:
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City Clerl�
FORM APPROVED:
. -�
C���,
Cit"y Attorney
Date of Publication: June 23, 1978
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