HomeMy WebLinkAboutORD 33684,.
CITY OF RLNTON, WASHINGTON
ORDINANCE NO. 3368
AN ORDINANCE establishing Consolidated Local
Improvement District No. 284/309, and "Consoli-
dated Local Improvement Fund, District 284/309";
fixing the amount, date, interest rate, maturity
and denominations of the Consolidated Local
Improvement District No. 284/309 Bonds; and
confirming the sale and directing the issuance
and delivery thereof to Seattle -Northwest
Securities Corporation of Seattle, Washington.
WHEREAS, the City Council of the City has heretofore created
Local Improvement Districts Nos. 284 and 309 for various purposes;
and
WHEREAS, Chapter 44, Laws of the State of Washington, 1967,
Ex. Sess. (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 municipality orders the
creation of such consolidated local improvement districts, the money
received from the installment payment of the principal of and interest
on assessments levied within the original local improvement districts
shall be deposited in a consolidated local improvement district bond
redemption fund to be used to redeem outstanding consolidated local
improvement district bonds; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN as follows:
Section 1. For the purpose of issuing bonds only, those
local improvement districts of the City of Renton, Washington (the
1
i
"City"), established by the following ordinances, respectively, the
30 -day period for making cash payment of assessments without interest
in each local improvement district having expired in the case of the
assessments for each local improvement district, are hereby consoli-
dated into a consolidated local improvement district to be known and
designated as "Consolidated Local Improvement District No. 284/309":
Local Improvement Created by
District No. Ordinance No.
284 2858
309 3221
Section 2. There is hereby created and established in the
office of the City Treasurer of the City for Consolidated Local
Improvement District No. 284/309 a special consolidated local improve-
ment district fund to be known and designated as "Consolidated Local
Improvement Fund, District No. 284/309" (hereinafter called the
"Bond Fund"). All money presently on hand representing collections
pertaining to installments of assessments, and interest thereon, in
each of the local improvement districts listed in Section 1 shall be
transferred to and deposited in the Bond Fund and all collections
pertaining to assessments on the assessment rolls of those local
improvement districts when hereafter received shall be deposited in
the Bond Fund to be issued to redeem outstanding Consolidated Local
Improvement District No. 284/309 Bonds.
Section 3. "Consolidated Local Improvement District No.
284/309 Bonds" (hereinafter called the "Bonds") shall be issued in
the total principal sum of $140,782.93, being the total amount on
the assessment rolls of Local Improvement Districts Nos. 284 and 309
remaining uncollected after the expiration of the 30 -day interest
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free prepayment period. Bond No. 1 shall be in the denomination
of $5,782.93, and the remaining Bonds numbered 2 to 28, inclusive,
shall be in the denomination of $5,000.00 each. The Bonds shall all
be dated November 1, 1979, and shall be payable on November 1, 1991,
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 Bond
Fund to pay the Bonds so called and all lower 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 by mailing within the same period a copy
of such notice of call to the main office of Seattle -Northwest
Securities Corporation in Seattle, Washington, or its successor.
Upon such call date the interest on Bonds so called shall cease and
each and every coupon representing interest not accrued on such date
shall be void.
The Bonds shall bear interest at the rate of 8-1/4o per
annum, payable annually, beginning November 1, 1980, to be represented
by interest coupons to maturity attached to each Bond.
Section 4. The Bonds and coupons shall be printed on litho-
graphed or engraved paper in a form consistent with this ordinance and
state law. The Bonds 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 the facsimile signatures of the Mayor and the City Clerk.
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Section 5. Seattle -Northwest Securities Corporation of
Seattle, Washington, heretofore offered to purchase all of the Bonds
at a price of par, plus accrued interest from the date of the Bonds
to the date of their delivery 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. Bond counsel shall not be required to review
nor express any opinion concerning the completeness or accuracy of any
official statement, offering circular or other sales material issued
or used in connection with the Bonds, and bond counsel's opinion
shall so state. The City Council, deeming that it was in the best
interest of the City to accept such offer, duly accepted the same on
October 15, 1979, and such acceptance is hereby ratified and confirmed.
The Bonds shall, therefore, immediately upon their execution, be
delivered to -Seattle -Northwest Securities Corporation, Seattle, Wash-
ington, upon payment therefor in accordance with such offer.
PASSED by the City Council of the City of Renton, Washington,
at a regular open public meeting thereof, and APPROVED by the Mayor
of the City this 22 day of October 1979.
/ Mayor
ATTEST f
City -Clerk
FORM A ROVED:
City Attorney
Date of Publication: October 26, 1979
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I, DELORES A. MEAD, City Clerk of the City of Renton,
Washington, hereby certify that the attached copy of Ordinance No.
3368 is a true and correct copy of the original ordinance passed
on the 22nd day of October , 1979, as that ordinance appears on the
Minute Book of the City.
DATED this 22nd day of .October 1979.
DELORES A. MEAD, City Clerk
of the City of Renton, Washington