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HomeMy WebLinkAboutORD 3234 . . • � �`' i'J i . r � �'` � , ' f � � • . � ' > , � � CITY OF RENTON, WASHINGTON ORDINANCE NO. 3234 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 306 Bonds and directing the issuance and sale thereof to Seattle-Northwest Securities Corporation, � Seattle, Washington. THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN as follows: Section 1 . The total amount of the assessment roll in Local Improvement District No. 306 in the City of Renton, Washington (the "City" ) , created under Ordinance No. 3148, was $39, 694.96. I The thirty-day period for making cash payments of assessments without interest in the District expired on May 21 , 1978, and the total amount of assessments paid in cash was $4, 217. 60, leaving a balance of assessments unpaid on the assessment roll in the sum of 35 477. 36. Local im rovement district bonds of Local Im rovement $ , P P District No. 306 shall, therefore, be issued in the total principal sum of $35, 477. 36. Bond No. 1 shall be in the denomination of $477. 36, and the remaining bonds numbered 2 to 36, inclusive, shall be in the denomination of $1 ,000 each. The bonds shall all be dated June 15, 1978, and shall be payable on June 15, 1990, 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. 306" , created by Ordinance No. 3148, passed July 18, 1977, 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 I 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 r r . ,. � � � � . i . � . • � � ' t • �. .. Y � on bonds so called shall cease and each and every coupon represent- ing interest not accrued on such date shall be void. The bonds shall bear interest at the rate of 7o per annum, payable annually, beginning June 15, 1979, to be represented by interest coupons to maturity attached to each bond. Section 2. Each of the bonds and interest coupons attached thereto shall be in substantially the following form: No. $1 ,000. 00 ($477. 36 on Bond No. 1 ) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IP�PROVEMENT BOND OF CITY OF RENTON LOCAL IMPROVEMENT DISTRICT N0. 306 0 N.B. The laws of the State of Washington under which this bond is issued contain the following section (RCW 35. 45. 070 ) : "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for 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 that city or town. The city or town shall not be liable to the holder or owner of any bond , interest coupon, or warrant for 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, printed or engraved on each bond. " THE CITY OF RENTON, WASHINGTON (the "City" ) , a municipal corporation of the State of Washing- ton, hereby promises to pay to Seattle-Northwest Securities Corp. , Seattle, Washington, or bearer, the sum of ONE THOUSAND DOLLARS ($477. 36 on Bond No. 1 ) in lawful money of the United States of America, with interest thereon at the rate of 7% per annum, payable annually out of the fund estab- lished by Ordinance No. 3148 of the City and known as the "Local Improvement Fund, District - 2 - . . ' � . , �. �' ' / .,` , f . , ' , • i r No. 306" , 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, in Renton, Washington. 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 of the C i ty. The City Council of the City, as agent of such Local Improvement District No. 306, established by Ordinance No. 3148, 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 improving a portion of the City by the construction and installation of sanitary sewers and trunk lines and appurte- nances thereto within certain territory in the vicinity of N.E. 7th Street between SR405 and Sunset Blvd. N.E. , as provided by Ordinance No. 3148, as is levied and assessed against the property included in the local improvement dis- trict and benefited by that improvement, and the "Local Improvement Fund, District No. 306" 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 36 bonds aggre- gating in all the principal sum of $35,477. 36, issued for Local Improvement District No. 306, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on June 15, 1990, but is subject to call by the Director of Finance of the City for prior redemption whenever there shall be sufficient money in the "Local Improve- ment Fund, District No. 306" 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 suffi- cient for the payment of the interest on all unpaid bonds of this issue. The call for pay- ment of this bond, or any bond of this issue of which this is one, shall be made by the Director of Finance of the City 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 i for the payment of this bond, it will be paid on the day the next interest coupon thereon - 3 - . , � . . `; ,;, : , , � � . > shall become due after 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 thinqs required to be done precedent to and in the levying of such special taxes or assessments and the issu- ing 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 improvement. IN WITNESS WHEREOF, the City 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 the seal of the City af- fixed thereto and the coupons attached hereto to be signed by the facsimile signatures of those officials this fifteenth day of June, 1978. CITY OF RENTON, WASHINGTON By ( facsimile signature) Mayo r ATTEST: City Clerk COUPON FORM Coupon No. $ ($ on Bond No. 1 ) ON THE FIFTEENTH DAY OF JUNE, 19 , THE CITY OF RENTON, WASHINGTON, promises to pay to bearer at the office of the Director of Finance of the City in Renton, Washington, the sum shown hereon, this sum being twelve months' interest due that day on Bond No. of the bonds of Local Improvement District No. 306 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 RENTOIV, WASHINGTON By ( facsimile signature) 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 - 4 - 1 . . . � . .- �� , ' ` � � . . � , . , w attested by the manual signature of the City Clerk and shall have i the seal of the City of Renton affixed thereto, and the coupons � shall bear the facsimile signatures of the Mayor and the City Clerk. Section 4. Seattle-Northwest Securities Corp. , Seattle, Washington, heretofore offered to purchase all of the local im- provement bonds of Local Improvement District No. 306 at a price I of $100. 00 for each $100.00 par value, 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 approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, munici- pal bond counsel of Seattle, Washington, at the City' s expense. The City Council , deeming that no better offer could be received for the bonds and that it was in the best interests of the City to accept such offer, duly accepted the same on June 6, 197�, and such acceptance is hereby ratified and confirmed. The bonds shall, therefore, immediately upon their execution, be delivered to Seattle-Northwest Securities Corp. , Seattle, Washington, upon payment therefor in accordance with such offer. Section 5. This ordinance shall take effect and be in force five ( 5) days from and after its passage, approval and publication as provided by law. PASSED by the City Council and APPROVED by the Mayor of the City of Renton, Washington, at a regular open public meeting thereof, this 24th day of July, 1978. � , (/v' , �2P� � �// Mayor ATTEST: � � C� ���,� � ;.;City �lerk � �.., . APPROVED AS=� TO FORM: �-�; J � ��✓�G-�-,�rv `� •- � City{JAttorney Date of Publication : Ju7y 28 , l�'7� — ,