HomeMy WebLinkAboutORD 4017i
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 4017
AN ORDINANCE relating to local improvement
districts; establishing Consolidated Local
Improvement District No. 326/331 and Consolidated
Local Improvement Fund, District No. 326/331; fixing
the amount, form, date, interest rates, maturity and
denominations of the Consolidated Local Improvement
District No. 326/331 Bonds; providing for the sale
and delivery thereof to Seattle -Northwest Securities
Corporation in Seattle, Washington. and fixing the
interest rate on local improvement district
assessment installments.
WHEREAS, the City Council of the City heretofore has
created Local Improvement Districts Nos'. 326 and 331 for various
purposes; and
WHEREAS, RCW 35.45.160 authorizes the establishment of
consolidated local improvement district's 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 district, 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:
Ordinance No. 401.7
Section 1. For the purpose of issuing bonds only, those
local improvement districts of the City of Renton, Washington
(the "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 consolidated into a consolidated local
improvement district to be known and designated as Consolidated
Local Improvement District No. 326/331:'
Local Improvement Created by
District No. Ordinance No.
326
331
3740, as amended
3908
Section 2. There is created and established in the office
of the City Finance Director for Consolidated Local Improvement
District No. 326/331 a special consolidated local improvement
district fund to be known and designated as Consolidated Local
Improvement Fund, District No. 326/331 (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 redeem outstanding Consolidated
Local Improvement District No. 326/331, bonds.
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Ordinance No.. .4017
Section 3. Consolidated Local Improvement District No.
326/331 bonds (the "Bonds") shall be issued in the total
principal sum of $372,160.33, being the total amount on the
assessment rolls of Local Improvement Districts Nos. 326 and 331
remaining uncollected after the expiration of the 30 -day
interest-free prepayment period. The Bonds shall be dated
October 1, 1986, shall mature on October 1, 1998, and shall be
numbered from 1 to 75, inclusive, in the manner and with any
additional designation as the Bond Registrar (collectively, the
fiscal agencies of the State of Washington located in Seattle,
Washington, and New York, New York) deems necessary for the
purpose of identification. Bond No. 1 shall be in the
denomination of $2,160.33 and Bonds Nos. 2 to 75, inclusive,
shall be in the denomination of $5,000.00 each. Interest shall
be computed on the basis.of a 360 -day year of twelve 30 -day
months.
The Bonds shall bear interest, payable annually beginning
October 1, 1987, in accordance with the following schedule:
Bond Numbers Interest
(Inclusive) Amounts Rates
1
to
10
$47,160.33
5.50%
11
to
19
45,000.00
6.00
20
to
28
45,000.00
6.25
29
to
36
40,000.00
6.50
37
to
44
40,000.00
6.75
45
to
51
35,000.00
7.00
52
to
58
35,000.00
7.20
59
to
65
35,000.00
7.40
66
to
71
30,000.00
7.60
72
to
75
20,000.00
7.70
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Ordinance No. 4017
The Bonds shall be issued only in registered form as to
both principal and interest on books or records maintained by
the Bond Registrar (the "Bond Register"). Such Bond Register
shall contain the name and mailing address of the owner of each
Bond and the principal amount and number of Bonds held by each
owner.
Bonds may be transferred only if endorsed in the manner
provided thereon and surrendered to the Bond Registrar. The
transfer of a Bond shall be by the Bond Registrar's receiving
the Bond to be transferred, cancelling it and issuing a new
certificate in the form of the Bonds to the transferee after
registering the name and address of the transferee on the Bond
Register. The new certificate shall bear the same Bond number
as the transferred Bond but may have a different inventory
reference number or control number. Such exchange or transfer
shall be without cost to the owner or transferee.
Both principal of and interest on the Bonds shall be
payable solely out of the Bond Fund andlfrom the Local
Improvement Guaranty Fund of the City, and shall be payable in
lawful money of the United States of America. Interest on the
Bonds shall be paid by check or draft mailed to the registered
owners at the addresses appearing on the Bond Register on the
15th day of the month preceding the interest payment date. The
principal of the Bonds shall be payable upon presentation and
surrender of the Bonds by the registered owners at the principal
offices of either of the fiscal agencies of the State of
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Ordinance No. 4017
Washington in Seattle, Washington, and New York, New York, at
the option of such owners.
The City reserves the right to redeem the Bonds prior to
their stated maturity on any interest payment date, in numerical
order, lowest numbers first, at par plus accrued interest,
whenever there shall be sufficient money in the Bond Fund 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 mailing, not less than 15 nor more than 30 days
prior to the date fixed for redemption, :notice of such
redemption by first class mail, postage prepaid, to the
registered owner of any Bond to be redeemed at the address
appearing on the Bond Register. The requirements of this
section shall be deemed to be complied with when notice is
mailed as herein provided whether or not it is actually received
by the owner of any Bonds. The interest on the Bonds so called
for redemption shall cease on the date fixed for redemption
unless such Bond or Bonds so called are not redeemed upon
presentation made pursuant to such call.
Section 4. The Bonds shall be printed, lithographed or
typed on good bond paper in a form consistent with the
provisions of this ordinance and state law, shall be signed by
the Mayor and the City Clerk, both of whose signatures shall be
in facsimile, and shall have a facsimile reproduction of the
seal of the City printed thereon.
i
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Ordinance No. 4017
Only such Bonds as shall bear thereon a Certificate of
Authentication in the following form, manually executed by the
Bond Registrar, shall be valid or obligatory for any purpose or
entitled to the benefits of this ordinance:
CERTIFICATE OF AUTHENTICATION
This bond is one of the fully registered City of
Renton, Washington, Consolidated Local Improvement
District No. 326/331 Bonds described in the within
mentioned ordinance.
Washington State Fiscal Agency
Bond Registrar
By
Authorized Officer
Such Certificate of Authentication shall be conclusive evidence
that the Bonds so authenticated have been duly executed,
authenticated and delivered hereunder and are entitled to the
benefits of this ordinance.
In case either or both of the officers who shall have
executed the Bonds shall cease to be such officer or officers of
the City before the Bonds so signed shall have been
authenticated or delivered by the Bond Registrar, or issued by
the City, such Bonds may nevertheless be authenticated,
i
delivered and issued and upon such authentication, delivery and
issuance, shall be as binding upon the City as though those who
signed the same had continued to be such officers of the City.
Any Bond also may be signed on behalf of the City by such
persons as at the actual date of execution of such Bond shall be
proper officers of the City although at the original date of
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Ordinance No. 4017
such Bond any such person shall not havejbeen such officer of
the City.
Section 5. The Bond Registrar shall keep, or cause to be
kept, at its principal corporate trust office, sufficient books
for the registration and transfer of the Bonds, which shall at
all times be open to inspection by the City. The Bond Registrar
is authorized, on behalf of the City, to authenticate and
deliver Bonds transferred or exchanged in accordance with the
provisions of such Bonds and this ordinance and to carry out all
of the Bond Registrar's powers and duties under this ordinance
and Ordinance No. 3755 of the City.
The Bond Registrar shall be responsible for its
representations contained in the Registrar's Certificate of
Authentication on the Bonds. The Bond Registrar may become the
owner of Bonds with the same rights it would have if it were not
the Bond Registrar, and to the extent permitted by law, may act
as depository for and permit any of its officers or directors to
act as members of, or in any other capacity with respect to, any
committee formed to protect the rights of Bond owners.
Section 6. The Bonds shall be negotiable instruments to
the extent provided by RCW 62A.8-102 and 62A.8-105.
Section 7. The City covenants that it will neither make
nor permit any use of proceeds of the Bonds or other funds of
the City at any time during the term of ,the Bonds which will
cause the Bonds to be arbitrage bonds within the meaning of
Section 103(c) of the United States Internal Revenue Code of
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Ordinance No. 4017
1954, as amended and redesignated, and applicable regulations
promulgated thereunder. Further, the City covenants that, if
all proceeds of the Bonds have not been spent within six months
from the date of issuance of the Bonds, the City will calculate,
or cause to be calculated, and rebate to the United States all
earnings from the investment of Bond proceeds that are in excess
of the amount that would have been earned had the yield on such
investments been equal to the yield on the Bonds, plus all
income derived from such excess earnings, to the extent and in
the manner required by Section 103(c) oflsuch Code as amended
and redesignated and such applicable regulations.
The City has not been notified of any listing or proposed
listing by the Internal Revenue Service to the effect that the
City is a bond issuer whose arbitrage certifications may not be
relied upon.
Section 8. Seattle -Northwest Securities Corporation in
Seattle, Washington, has submitted an offer to purchase all of
the Bonds at a price of $98 per each $100 of par value, 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,
municipal bond counsel of Seattle, Washington, at the City's
expense. Bond counsel shall not be required to review or
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
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Ordinance No. 4017
counsel's opinion shall so state. The City Council, deeming
that it is in the best interest of the City that such offer be
accepted, accepts the same. The Bonds shall, therefore,
immediately upon their execution, be delivered to
Seattle -Northwest Securities Corporation in Seattle, Washington,
upon payment therefor in accordance with such offer.
The proper City officials are authorized and directed to do
everything necessary for the prompt delivery of the Bonds to the
purchaser and for the proper application and use of the proceeds
of the sale thereof.
Section 9. The interest rate on the installments and
delinquent payments of the special assessments in Local
Improvement Districts Nos. 326 and 331 are revised and fixed at
the rate of 7.72% per annum.
Section 10. This ordinance shall be effective upon its
passage, approval and five days after publication.
:Zip
PASSED BY THE CITY COUNCIL this 15th day of September,
Maxine E. Motor, City Clerk
APPROVED BY THE MAYOR this 15th day of September, 1986.
bw,w y, S�9u.� . Kc,.4..
Barbara,Y. Shinpoch, Mayor
Approved as to form:
City Attorney
Date of Publication: September 19, 1986
1681r
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