HomeMy WebLinkAboutORD 1756V - e
ORDINANCE NO, /7s&
AN ORDINANCE of the City of Renton, Washington,
providing for the issuance and sale of general
obligation bonds of the city in the principal
sum of $150,000 for the purpose of providing
funds to construct a new bridge across the
Cedar River on Houser Way within the city,
providing the date, form, terms and maturities
of said bonds and for annual tax levies to pay
the principal thereof and interest thereon,
and creating a fund for their payment.
WHEREAS, it is deemed necessary for the public welfare,
benefit and safety that a new steel girder bridge supported on
concrete piers be constructed across the Cedar River on Houser Way
within the city to replace the existing steel span bridge supported
on wooden piers and having a wooden deck, w
WHEREAS, in order to provide the money necessary to remove
said existing bridge and construct said new bridge, it is deemed
necessary and advisable that the city issue and sell its limited
tax levy general obligation bonds in the principal sum of $150,000;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City
of Renton, Washington, as follows:
Section 1. It is hereby found and declared that the
public welfare, benefit and safety require the city to replace
the existing bridge within the city across the Cedar River on Houser
Way with a new steel girder bridge supported on concrete piers, and
to provide the funds therefor that it issue its general obligation
bonds in the principal sum of $150,000.
Said bonds shall be dated June 1, 1959, shall be in de-
nominations of $1,000 each, and shall bear interest at a rate of not
to exceed 6% per annum payable semiannually on the first days of
June and December of each year as evidenced by coupons to be at-
tached thereto. Said bonds shall be payable both principal and
interest at the office of the City.Treasurer in Renton, Washington,
and shall be numbered and mature in order of their number as follows:
Bond Nos.
Maturity Date
Amount
1-14
June
1,
1961
$14,000
15-29
June
1,
1962
15,000
30-44
June
1,
1963
15,000
45-6o
June
1,
1964
16,000
61-77
June
1,
1965
17,000
78-94
June
1,
1966
17,000
95-112
June
1,
1967
18,000
113-131
June
1,
1968
19,000
132-150
June
1,
1969
19,000.
Section 2. 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 two years
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, at its main office, or to
the successor in business, if any, of said purchaser at its main
office. Interest on any bond or bonds so called for redemption
shall cease on such redemption date unless the same are not redeemed
upon presentation made pursuant to such call.
Section 3. Said bonds shall be known as "Renton Houser
Way Bridge General Obligation Bonds, 1959" and shall be in substan-
tially the following form:
NO.
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF RENTON
RENTON HOUSER WAY BRIDGE
GENERAL OBLIGATION BOND
1959
$1,000
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
1, -2-
the first day of June, lg_, the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of _f per
y
annum payable semiannually on the first days of June and
December of each year upon presentation and surrender of
the attached interest coupons as they severally become
due. Both principal.of and interest on this bond are
payable in lawful money of the United States of America
at the office,of the City Treasurer in Renton, 'Washington.
The City of Renton has reserved the right to redeem f
any or all of the outstanding bonds of this issue at par
in inverse numerical order on any interest payment date on
and after two years 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
This bond is one of an issue of general obligation
bonds of the City of Renton in the total principal sum of
$150,000, and is issued pursuant to Ordinance No.
of the city for the purpose of paying the cost of construct-
ing a new bridge across the Cedar River on Houser Way within
the city.
The city hereby irrevocably pledges itself to include
in its budget and levy taxes annually within and as a part
of the annual tax millage levy permitted to cities without
a vote of the people in amounts sufficient to pay the prin-
cipal of and interest on said bonds as the same shall
become due.
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It is hereby certified that all acts, conditions 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, to be
attested by its Clerk, the official seal of the city to
be impressed hereon, and the interest coupons attached
hereto to be signed with the facsimile signatures of said
officials, this first day of June, 1959.
ATTEST:
CITY OF RENTON, WASHINGTON
By
Mayor
City Clerk
The interest coupons attached to said bonds shall be in
substantially the following form:
NO.
On the first day of
19 the
City of Renton, Washington, will pay to bearer at the
office of the City Treasurer in Renton 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
June 1, 1959, and numbered
ATTEST:
CiyCer
CITY OF RENTON, WASHINGTON
to
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Mayor
0
Section 4, Said bonds shall be signed on behalf of the
city by its Mayor, shall be attested by the City Clerk, and shall
have the corporate seal of the city impressed thereon. Each of
the interest coupons attached thereto shall be signed with the
facsimile signatures of said officials.
Section 5. All moneys derived from the -sale of the bonds
authorized herein shall be expended solely for the purpose of carry-
ing out the plan of capital improvements hereinbefore provided for
and none of said moneys shall be used for the replacement of equip-
ment or for any other than a capital purpose.
Section 6. That there be and is hereby created a special
fund in the office of the City Treasurer to be known as "Renton 1959
Houser Way Bridge General Obligation Bond Redemption Fund," and each
year the corporate authorities of the City of Renton shall include
in its budget and levy a tax upon all the property within the city
subject to taxation in amounts sufficient to pay the principal of
and interest on the bonds authorized herein as the same shall be-
come due. All of such taxes so collected shall be paid into said
Bond Redemption Fund, and 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 City of Renton hereby pledges that the annual tax
provided for herein to be levied for the payment of the principal
of and interest on said bonds shall be within and as a part of the
tax.millage levy permitted to cities without a vote of the people,,
and that a sufficient portion of each annual levy to be made by the
city prior to the full payment of the principal of and interest on
said bonds will be and is hereby irrevocably set aside, pledged and
appropriated for the payment of the principal of and interest on
said bonds as aforesaid.
The full faith, credit and resources of the city are
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hereby irrevocably pledged for the annual levy and collection of
said tax and the prompt payment of the principal of and interest
on said bonds as the same shall become due.
Section 7. The City Clerk is hereby authorized and
directed to advertise these bonds for sale in the manner required
by law, and the proper city officials are hereby authorized and
directed to do everything necessary for the prompt execution and
delivery of said bonds upon their sale, and for the proper applica-
tion and use of the proceeds of such sale.
PASSED.by the City Council of the City of Renton and
approved by its Mayor at a regular Council meeting held on the
5th day of May, 1959.
CIF RENTON, WA GTON
By �
Mayor
A
City Cler
APPROVED AS TO FORM:
City Attorney
M