HomeMy WebLinkAboutORD 1500A'
DLH:lth 11-13-54 6
ORDINANCE NO. 1500
AN ORDINANCE of the City of Renton, Washington, pro-
viding for the issuance and sale of general obli-
gation bonds of the city in the principal sum of
$327,000 to provide funds for certain capital pur-
poses, as more specifically authorized in Ordinance
No. 1494 and authorized by the qualified electors
of the city at a special election held therein on
November 2, 1954, providing the date, form, terms
and maturities of said bonds and for annual tax
levies to be made without limitation as to rate or
amount to pay the principal and interest thereof
and creating a fudd for their payment.
WHEREAS, the Council of the City of Renton, Washington, by
Ordinance No. 1494, passed and approved September 14, 1954, provided
that a special election should be held within the city on November 2,
1954, for the submission to the qualified electors thereof of three
propositions: The first, of whether or not the city should construct
a bridge over the Cedar River at Williams Street,and to pay therefor
issue its general obligation bonds in the principal sum of $110,000;
the second, of whether or not the city should construct a swimming
pool, with necessary bathhouses, dressing rooms and heating facili-
ties, in Liberty Park, and to pay therefor issue its general obligation
bonds in the principal sum of $100,000; the third, of whether or not
the city should acquire and install mercury vapor street lights and
traffic signal lights on certain streets and intersections within the
city and widen and pave Park Street from First Avenue North and Bronson
Way to Fourth Avenue North and install mercury vapor lights thereon,
and to pay therefor issue its general obligation bonds in the prin-
cipal sum of $117,000; and
WHEREAS, at said election the number and proportion of
the qualified electors of the city required by law voted in favor
of each of said propositions; and
WHEREAS, it is deemed necessary and to the best interests
of the city and its inhabitants that all of said bonds be issued and
sold to provide the funds necessary for said purposes; and
WHEREAS, it is deemed advisable that said bonds to be issued
be combined in one issue;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City
of Renton, Washington, as follows:
Section 1. That for -the purpose of providing funds to con-
struct a bridge over the Cedar River at Williams Street, to construct
a swimming pool, with necessary bathhouses, dressing rooms and heating
facilities, and to acquire and install mercury vapor street lights
and traffic signal lights on certain streets and intersections within
the city and to widen and pave Park Street from First Avenue North and
Bronson Way to Fourth Avenue North and to install mercury vapor lights
thereon, all as more specifically provided in Ordinance No. 1494, passed
and approved September 14, 1954, and as authorized by the qualified
electors of the city at a special election.held therein on November 2,
1954, the city shall now issue and sell its general obligation bonds
in the sums of $110,000, $100,000 and $117,000.
Said bonds shall be combined in one issue, shall be dated
January 1, 1955, shall be in denominations of $1,000 each, shall be
numbered from 1 to 327, inclusive, shall bear interest at a rate of
not to exceed 6% per annum,payable semiannually on the first days of
January and July of each year, as evidenced by coupons to be attached
to said bonds, shall be payable in lawful money of the United States of
America at the office of the City Treasurer in Renton, Washington, and
shall mature in order of their number as follows:
2.
January
1,
1957
$34,000
January
1,
1962
January
1,
1958
34,000
January
1,
1963
January
1,
1959
35,000
January
1,
1964
January
1,
1960
36,000
January
1,
1965
January
1,
1961
36,000
$37,000
38 000
38,000
39,000.
The city hereby reserves the right to redeem any or all of
the outstanding bonds of said issue at par in inverse numerical order
on any interest payment date on and after five gears from date of
issue. Notice of any such intended redemption shall be given by one
publication thereof in the official city newspaper not more than forty
nor less than thirty days prior to said redemption date and by mailing
a like -notice at the same time to the purchaser of said bonds at their
sale by the city or to the business successor, if any, of said purchaser
at its main place of business. Interest on any bond or bonds so called.
for redemption shall cease upon such redemption date unless such bond
or bonds are not redeemed upon presentation made pursuant to such call.
form:
Section 2. Said bonds shall be in substantially the following
UNITED STATES OF AMERICA
NO. $1,000
STATE OF WASHINGTON, CITY OF RENTON
GENERAL OBLIGATION BOND
1955
KNOW ALL MEN BY THESE PRESENTS:
That the City of Renton, a municipal corporation --of the
State of Washington, acknowledges itself to owe and for value
received hereby promises to pay to bearer on the 1st day of
January, 19 , the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of % per annum
payable semiannually on the-lst days of January and July of
each year upon presentation and surrender of the attached
interest coupons as they severally become due. Both principal
and interest of this bond are payable in lawful money of the
United States of America at the office of the City Treasurer
in Renton, Washington.
3.
The city has reserved the right to redeem any or all of
the outstanding bonds of this issue at par in inverse numerical
order on any interest payment date on and after five years from
date hereof. Notice of any such intended redemption shall be
given by one publication thereof in the official city newspaper
not more than forty nor less than thirty days prior to said
redemption date and by mailing a like notice at the same time
to the purchaser of said bonds at their sale by the city or to
the business.successor, if any, of said "purchaser at its main
place of busness.
This bond is one of an issue of general obligation bonds
of the city of like amount, date and tenor in the aggregate
principal amount of $327,000 and is issued pursuant to a vote
of the qualified electors of the city and Ordinances No. 1494
and No. for the purpose of providing funds for
constructing a -bridge, for constructing a swimming pool, with
necessary bathhouses, dressing rooms and -heating facilities,
for acquisition and installation of traffic signal lights and
mercury vapor street lights and for widening and paving streets,
all as provided by said Ordinance No. 1494.
The City of Renton has irrevocably covenanted by said
Ordinance No. that it will levy taxes annually upon
all the taxable property within the city without limitation
as to rate or amount in an amount sufficient to pay the prin-
cipal of and interest -bn said bonds as the same shall become
due. For the prompt payment of said principal and interest
the full faith, credit and resources of the city are hereby
irrevocably pledged.
It is hereby certified and declared that all acts, con-
ditions and things required to be done precedent to and in the
issuance of this bond have happened, been done and performed,
and that the total indebtedness of the city, including this
bond, does not exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the City of Renton, Washington, has
caused this bond to be signed by its Mayor, attested by its
Clerk and the official seal of the city impressed hereon and
the attached interest coupons to be signed with the facsimile
signatures of said officials this 1st day of January, 1955.
ATTEST:
City C er
CITY OF RENTON, WASHINGTON
By
Mayor
The interest coupons to be attached to said bonds shall be in
substantially the following form:
4.
NO. $
On the 1st day of , 19 , the City of
Renton, Washington, will pay to bearer at the office of the
City Treasurer in Renton, Washington, the sum of
DOLLARS in lawful money of the
United States of America, said sum being the semiannual interest
due that day on its General Obligation Bond dated January 1,
1955, and numbered
ATTEST:
City Clerk
CITY OF RENTON, WASHINGTON
By
Mayor
Section 3. Said bondsshall be signed on behalf of the city by
its Mayor, attested by its Clerk, and shall have the official seal of
the city impressed thereon. Each of the interest coupons attached
thereto shall be signed with the facsimile signatures of said officials.
Section 4.. All moneys derived from the sale of the bonds
authorized herein shall be expended solely for the capital purposes
provided in Ordinance No. 1494 and this ordinance and none of said
moneys shall be used for the replacement of equipment or for any
other than a capital purpose.
Section 5. That there be and is hereby created a special
fund of the city in the office of the City Treasurer to be known as
"Renton 1955 General Obligation Bond Redemption Fund". The city
hereby irrevocably covenants that it will make annual levies of taxes
upon all the taxable -'property within the city without limitation as to
rate or amount in an amount sufficient to pay the principal of and
interest on the bonds authorized herein as the same shall become due.
The city further irrevocably covenants that all such taxes so collected
5.
shall be paid into such Bond Redemption Fund in amounts sufficient to
pay such principal and interest at least thirty days prior to the dates
upon which any such interest or principal and interest shall become
due and payable and that no part of such fund shall be used for any
other :purpose than the payment of the principal of _and interest on
said bonds. The full faith, credit and resources of the city are
hereby irrevocably pledged for the annual levy and collection of such
taxes and the prompt payment of such principal and interest as afore-
said.
Section 6. The City Clerk is hereby authorized and directed
to advertise these bonds for sale in the manner required by law and
upon the sale -of said bonds the proper city officials are hereby
authorized and directed to do everything necessary for the prompt
issuance and delivery of said bonds and for the proper use and appli-
cation of all the proceeds of such sale.
Section 7. This ordinance shall take effect from and after
its passage, approval and publication as required by law.
PASSED by the Council of the City of Renton, Washington,
and approved by its Mayor at a regular meeting of said Council held
on November 16, 1954.
TY OF RENTON, ,WASHINGTON
ATTEST:
Deputy City Clerk
APPROVED AS TO FORM:
o reston, Thorgrimson 8c Horowitz
Special Bond Counsel for the City.
Date of publication: November lg, 1954
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