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HomeMy WebLinkAboutORD 1485CITY OF RENTON, WHINGTON ORDINANCE N0. 1485 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement Dis- trict No. 239 Bonds and directing the issuance and sale of said bonds to Grande & Co,.., Inc., and H. P. Pratt & Company, jointly, in accordance with their offer hereto- fore accepted. BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF RENTON, -WASHINGTON,, as follows: Section 1. That the total amount of the assessment roll in Local Improvement District No. 239,as approved and confirmed by the City Council, was $92,599.50, the 30 -day period for making cash payment of assessments without interest in said District expired on May , 1954, and the total amount of assessments paid in cash was $35,255.0$, leaving a balance of assessments unpaid on the assessment roll in the sum of $57,344.42. Local Improvement District Bonds of Local Improvement District No. 239 shall, therefore, be issued in the total principal amount of $57,344.42. Bond No. 1 of said issue shall be in the denomination of $344.42 and the remaining bonds, to -wit, bonds numbered from 2 to 58, inclu- sive, shall be in the denominations of OP00.00 each. Said bonds shall all be dated the 15th day of June, 1954, and shall be payable on or before the 15th day of June, 1966, with the right reserved to the City to redeem said bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local lmprovement.F`und, District No. 239", created by Ordinance No. 1428 to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds, by publishing notice of such call once in the official newspaper of the City not less than 30 nor more than 45 days prior to such call date, and upon said date interest upon bonds so called shall cease and each and every coupon representing said interest not accrued on said date shall be void. Said bonds shall bear interest at the rate of 4' % per annum, payable annually beginning with the 6 15th day of June, 1955, with interest coupons to maturity attached to each bond. Section 2. That each of said bonds and interest coupons attached thereto shall be in substantially the following form: No. Form of Bond ($ 3/4.42 ) 01,000.00 ) UNITED STATES OF AMERICA STATE OF %WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF RENTON LOCAL IMPROVEMENT DISTRICT NO. 239 N.B. This bond is issued by virtue of the provisions of R.C.W. 35.45.010 et seq., Section 35.45.070 of which reads as follows: "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 said bond or warrant was issued and except also for pay- ment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city of town. The city or torn shall not be liable to any holder or own er of any bonVor wa.rrano pior any loss to the local improvement guaranty fund occurring in the lawful operation thereof." THE CITY OF REPTI'ON, WASHINGTON, ' a municipal corporation of the State of Washington, hereby promises to pay to Bearer, on or before June 15, 19662 ONE THOUSAND DOLLARS in lawful money of the United States, with interest thereon at the rate of 44% per annum, payable annually, out of the fund established by Ordinance No. 1428 of said City and known as "Local Improvement Fund, District No. 239", and not otherwise. Both principal of and interest on this bond are payable at the office of the City Treasurer of:the City of Renton. A coupon is hereto attached for each installment of interest to accrue hereon and said interest to maturity shall be paid only on presentation and surrender of such coupons to the City Treasurer. The City Council of said City, as the agent of the said Local Improvement District established by Ordinance No. 1428, has caused this bond to be issued in the name of said City, -2- as the bond of said Local Improvement District, the bond or the proceeds thereof to be applied in part payment of so much of the cost and expense of the construction and installation of a system of sanitary sewer lateral lines and a trunk sewer line in the Earlington Area of the City of Renton under Ordinance No. 14255, as is levied and assessed against the property included in said Local Improvement District and benefited by said improvement and the said Local Improvement Fund has been established by ordinance for said purpose; and the holder or holders of this bond shall look only to said Fund and to the Local Improvement Guaranty Fund of the City of Renton for the payment of either the principal of or the interest on this bond. This bond is one of a series of 58 bonds, aggregating in the principal sum of $57,344.42, issued for said Local Improvement District, all of which bonds are subject to the same terms and conditions as herein expressed. - This bond is payable on or before the 15th day of June, 1966, but is subject to call by the City Treasurer for prior redemption on any interest payment date, which call for pay- ment shall be made by said Treasurer by publishing the same once in the official newspaper of said City and when such call is made this bond will be paid on the day the next interest coupon thereon shall become due after said call and upon said day interest upon this bond shall cease and each and every coupon representing interest not accrued upon this bond shall be void. IN IW'ITNESS WHEREOF, the City of Renton has caused these presents to be signed by its Mayor and attested by its Clerk, and sealed with its corporate seal, this 15th day of June, 1954. CITY OF RENTON, WAASHINGTON MAYOR 711 ATTEST: J C L E R K Coupon Form On the 15th day of June, 19-1 THE CITY OF RENTON, WASHINGTON, promises to pay to bearer at the office of the City Treasurer being one year's interest due that day on Bond Number of the bonds of Local Improvement District No. 239, and not otherwise, PROVIDED that this Coupon is subject to all the terms and conditions contained in the bond to which it is annexed. CITY OF RENTON, -WASHINGTON BY ATTEST: M A Y O R COUPON NO. C L E R K -3- Section 3. Said bonds shall be printed on lithographed forms, shall be signed by the Mayor and attested by the Clerk and shall have the seal of the City of Renton affixed thereto, and the coupons shall bear the facsimile signatures of the Mayor and the Clerk. Section 4. Said bonds shall be sold with the unqualified approv- ing legal opinion of Messrs. Weter, Roberts & Shefelman, bond counsel of the City of Renton, furnished to the bond purchaser at the expense of the City. Sections. In accordance with the offer of Grande & Co., Inc., and H. P. Pratt & Company, jointly, duly accepted by the City Council on June 17, 1952, said bonds shall immediately upon their execution be de- livered to Grande & Co., Inc., and H. P. Pratt & Company, jointly, in exchange for an equal amount of the outstanding Local Improvement District No. 239 warrants, plus accrued interest to June 15, 1954• PASSED by the City Council at a regular meeting thereof and APPROVED by the Mayor of the City of Renton,'Washington, this 6th day of July, 1954. JOE . BAXTER, Mayor of 'the City of Rent n, Washington ATTEST: O W ,E CROOK, ty Clerk of the City of Rento , Washington OVED AS TO►PRM ,001J•City Attorney Date of publication: July 15, 1954. -4-