HomeMy WebLinkAboutORD 1766r'r
CITY OF REDITON, WASHINGTON
ORDINANCE NO. 176.4a
AN ORDINANCE specifying and adopting a system or
plan of additions to and betterments and extensions
of the waterworks utility of the City of Renton,
including the see:erave system as a part thereof;
declaring the estimated cost thereof as nearly as may
be; providing for the issuance of $750,000.00 par value
of "City of Renton :"ater and Sewer Revenue Bonds, 1959,"
to obtain the funds with which to pay the costs of said
system or plan; fixing the date, form, denomination,
maturities, maximum interest rate, terms and covenants
of said bonds; creating a special fund to provide for
the payment of said bonds; and providing for the calling
of bids for the sale thereof.
WHEREAS, by Ordinance No. 1156, as amended by Ordinances Nos. 1157
and 1173, the sewerage system of the City of Renton has become and is con-
sidered a part of the waterworks utility of the t'ity; and
'3HEREAS, the City of Renton has heretofore issued under date of
'Sarch 1, 1953, $315,000.00 par value of "Cite of Renton Water and Sewer
Refunding and Improvement 'revenue Bonds, 1953," pursuant to Ordinances Nos.
1450 and 1452, and, cinder date of September 1, 1954, $325,000.00 par value of
"City of Rentor. Water and Sewer Revenue Bonds, 1954," pursuant to Ordinance
No. 1489, which bonds were issued on a parity of lien with said outstanding
"City of Renton Water and Sevier Pefunding and Improvement Revenue Ponds, 1953,"
pursuant to the provisions of Section 15 of said Ordinance No. 1450, said par-
ity issues of bonds being a first lien and charge upon the gross revenues
from the combined water and sewerage systens of the City, excluding charges for
maintenance and operation; and
"EREAS, by said Section 15 of Ordinance No. 1450, the City of Fenton
reserved the right to issue additional water and sewer revenue bonds, which
shall constitute a charge and lien upon the revenues of the waterworks utility,
including the sewerage system as a part thereof, on a parity with the said
"City of Renton Water and Sewer Refunding and Improvement Revenue Bonds, 1953,"
and the said "City of Renton Water and Sewer Revenue Bonds, 1954," subsequently
issued on a parity therewith, on compliance with the following conditions at
the time of the issuance of such additional bends:
and
"(a) All payments required by this ordinance to be paid
into the tRenton 1953 Water and Sewer Refunding and Improve-
ment Revenue Bond Fundt shall have been made; and
"(b) The revenues of said waterworks system, including
the sewerage system, shall be and be deemed sufficient,
after the payment of operation and maintenance costs and
taxes, based upon the historical experience of said systems
or the pro forma revenues under then existing rates over a
period of any twenty-four consecutive months out of the
thirty-six months immediately preceding the time of the issu-
ance of such additional bonds, to equal at least 1.5 times
the average annual principal and interest requirement of the
bonds of this issue then outstanding and of the revenue bonds
proposed to be so issued. Such determination of the suffi-
ciency of the revenues shall be made and certified to by an
engineer experienced in municipal utilities; and
"(c) The ordinance authorizing the issuance of such addi-
tional revenue bonds shall provide for the setting aside
into a reserve fund or account of an amount not less than the
average annual debt service requirement, both principal and
interest of the additional revenue bonds proposed to be so
issued, which reserve fund or account shall be maintained in
such amount so long as any of said bonds are outstanding to
the last maturity thereof";
WHEREAS, the City Council hereby finds and declares that all payments
y
required to be made to date hereof into the "Renton 1953 Water and Sewer
Refunding and Improvement Revenue Bond Fund" by Ordinance No. 1450, and into the
`Renton 1954 Water and Sewer Revenue Bond Redemption Fund" by Ordinance No.
1489, have been made, and that Richard E. Wolff, an engineer experienced in
municipal utilities, has certified that said revenues are sufficient to meet
said 1.5 coverage requirement as evidenced by his certificate to such effect.on
file with the City Clerk, and that provision is.hereinafter made for the set-
ting aside of the required amount into a reserve fund or account, NOW, THEREFORE,
BE IT ORDAINED BY THE MAYOR. AND CITY COUNCIL, OF THE CITY OF RENTON,
WASHINGTON, as follows:
Section 1. The City of Renton hereby specifies and adoptsa system or
plan for making additions to and extensions and betterments of the waterworks
utility of the City, which includes the sewerage system as a part thereof, to
i consist of the following:
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(1) There shall be constructed and installed a 750,000 -
gallon elevated tank on a 100 -foot tower at the Highlands
reservoir site.
(2) Exploratory drilling shall be undertaken and a per-
manent well constructed and installed on 132nd Avenue S. E.,
north of the Sunset Highway, together with all necessary
pump, electric power and valves, and main pipeline connec-
tions.
(3) A supply line to reenforce the high-val4Ae district
distribution system shall be constructed and installed, con-
sisting of an 18 -inch line in Grady Way and 7th Street from
Main to Shattuck, a 16 -inch line in Shattuck from .7th to
3rd and in 3rd, from Shattuck to Rainier, and a 12-i,nch line
in Rainier and Tobin, from 3rd to Williams..
(4) Supply lines from the Highlands elevated tank to the
distribution system shall .be constructed and installed, con-
sisting of a.16 -inch line in 12th Avenue North, from said
tank to 132nd S. E., a 10 -inch line in "M" Street, from 12th
Avenue North to 8th Avenue North, and a 10 -inch line in
132nd S. E., from 12th North to well line.
(5) To replace the present Seattle line to Earlington
Flats, there shall be constructed and installed an 18 -inch
pipeline in 7th Street from Shattuck to Rainier, and an
8-i.nch pipeline in Rainier from Airport Way to Earlington
Flats.
(6) Exploratory drilling shall be undertaken on Well No.
7.
(7) There shall be constructed a 2,000,000 -gallon ground
concrete reservoir at the Highlands, including roof, and a
roof shall be installed on the existing reservoir.
(8) A sewage pumping station shall be constructed and
installed at 7th and Shattuck Street.
(9) The Maplewood Water System shall be acw,�dired by pur-
chase.
There shall be included in the foregoing the acquisition and install-
ation of all necessary valves, fittings, couplings, connections, equipment and
appurtenances and the acquisition of any easements and rights-of-way and lands
and water rights that may be required; and there shall also be included the
performance of such work as may be incidental and necessary to the foregoing
construction and installation,.
Pipes shall be of cast iron, asbestos cement or other suitable per-
manent type material.
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The City Council may modify the details of the foregoing system or
plan where in its judgment it appears advisable, provided such modifications
do not substantially alter the purposes hereinabove set forth.
Section 2. The estimated cost, as near as may be, of the aforesaid
system or plan of additions, extensions and betterments to the waterworks
utility of the City of Renton, which includes the sewerage system as a part
thereof, is hereby declared to be $750,000.00.
Section 3. The cost of acquiring, constructing and completing the
foregoing system or plan of additions, extensions and betterments shall be
paid from the proceeds received from the issuance and sale of $750,000.00 par
value of water and sewer revenue bonds of the City. The bonds shall be
designated "City of Renton Water and Sewer Revenue Bonds, 1959," (hereinafter
called the "Bonds"). The Bonds shall be in denominations of $1,000.00 each,
shall be numbered from 1 to 750, inclusive, shall be dated July 1, 1959, and
shall bear interest at a rate or rates not to exceed 6% per annum to be here-
after fixed by, ordinance payable semiannually on January 1st and July lst of
each year, interest to maturity to be evidenced by coupons to be attached to
the Bonds, with full obligation on the part of the City to pay interest at the
same rate or rates after .the bond maturity dates until the Bonds with interest
are paid in full or funds are available in the bond redemption fund hereinafter
created for such payment in full. Both principal of and interest on the Bonds
shall be payable in lawful money of the United States of America at the office
of the Treasurer of the City of Rentan, Washington. The Bonds shall be payable
solely out of the special fund hereinafter created, shall be a valid claim of
the holder thereof only as against such fund and the fixed amount of the
revenues of the waterworks utility, including the sewerage system as a part
thereof, pledged to such fund, and shall not be,a general obligation of the
City of Renton. The Bonds shall mature serially, annually, over a period of
from three to thirty years from the date of.their issue, in accordance with the
following schedule, to wit:
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Bond Numbers
1
to
10,
inclusive
11
to
20,
it
21
to
35,
of
36
to
50,
It
51
to
651P
It
66
to
80,
"
81
to
95,
1968
96
to
110,
"
111
to
125,
"
126
to
145,
"
146
to
165,
"
166.
to
185,
"
186
to
205,
"
206
to
225,
"
226
to
245,
"
246
to
265,
"
266
to
285,
"
286
to
305,
"
306
to
325,
"
326
to
345,
"
346
to
365,
"
366
to
385,
"
386
to
410,
"
411
to
470,
"
471
to
535,
"
536
to
605,
"
606
to
675,
"
676
to
750,
1989
Section 4.
Amounts Maturities
$10,000
July
1,
1962
$10,000
July
1,
1963
$15,000
July
1,
1964
$15,000
July
1,
1965
$15,000
July
1,
1966
$15,000
July
1,
1967
$15,000
July
1,
1968
$15,000
July
1,
1969
$15,000
July
1,
1970
$20,000
July
1,
1971
$20,000
July
1,
1972
$20,000
July
1,
1973
$20,000
July
1,
1974
$20,000
July
1,
1975
$20,000
July
1,
1976
$20,000
July
1,
1977
$20,000
July
1,
1978
$20,000
July
1,
1979
$20,000
July
1,
1980
$20,000
July
1,
1981
$20,000
July
1,
1982
$20,000
July
1,
1983
$25,000
July
1,
1984
$60,000
July
1,
1985
$65,000
July
1,
1986
$70,000
July
1.,
1987
$70,000
July
1,
1988
$75,000
July
1,
1989
The City of Renton reserves the right to redeem any or
all of the outstanding Bonds at par, plus accrueJinterest, on any semiannual
interest payment date, on or after fifteen years from the date of issue, in
inverse numerical order, highest numbers first, by giving at least thirty days'
notice of such intended redemption by publication thereof in the official news-
paper of the City, which notice is to be published once not less than thirty
nor more than forty-five days prior to the call date. Written notice shall
also be given within the same period to the principal underwriter who purchases
the Bonds.
Interest on any Bonds so called for redemption shall cease on the
date fixed for such redemption, upon payment of the redemption price into the
bond redemption fund hereinafter created.
Section 5, There shall be and hereby is created and established in
the office of the City Treasurer a special fund to be known as "Renton 1959;
Water and Sewer Revenue Bond Redemption Fund" (hereinafter called the "Bond
- 5 -
Fund"), which fund is to be drawn upon for the sole purpose of paying the
principal of and interest on the Bonds from and after the date thereof. The
Bond Fund is hereby divided into a "Principal. and Interest Account" and a
"Reserve Account," and so long thereafter as Bonds are outstanding against
the Bond Fund, the Treasurer of the City of Renton shall set aside and pay
into the Bond Fund out of the gross revenues of the waterworks utility now
belonging to or which may hereafter belong to the City, including all addi-
tions, betterments and extensions thereof now or hereafter made, and includ-
ing the sewerage system as a part thereof, a fixed amount,without regard to
any fixed proportion, namely:.
(a) Into the "Principal and Interest Account," mon fty,
beginning on August 1, 1959, one-sixth of the next ensuing
six months' requirements of interest; and beginning on
August 1, 1961, one -twelfth of the next ensuing twelve
months' requirements of both principal and interest; and
(b) Into the "Reserve Account," prior to the delivery of
the Bonds to the successful purchaser thereof, the sum of
$3,361.18, and monthly thereafter, commencing with the month
of July, 1959, not less than the sum of $1,000.00 for a
period of 24 consecutive months, and, thereafter, not less
than the sum:of $750.00, until a total sum equal to the
average annual debt service requirements, both principal and
interest, for the Bonds, has been accumulated therein.
The "Reserve Account" may be accumulated from any other moneys which
the City of Renton may have available for such purpose, in addition to using
said revenues therefor. The "Reserve Account" shall be maintained in such
amount, except for withdrawals therefrom as authorized herein, at all times so
long as any of the Bonds are outstanding: PROVIDED, that when the total
amount in the Bond Fund shall equal the total amount of principal and interest
on all outstanding Bonds to the last maturity date thereof, no further payments
need be made into the Bond Fund.
In the event that there shall be a deficiency in the "Principal and
Interest Account" in the Bond Fund to meet maturing installments of either
principal or interest, as the case may be, such deficiency shall be made up
"Reserve Account" by the withdrawal of cash therefrom for that purpose.
;iency created in the "Reserve Account" by reason of any such withdrawal
shall then be made up from the moneys from the revenues of said waterworks
utility, including the sewerage system as a part thereof, first available after
making necessary provision for the required payments into the "Principal and
Interest Account." The money in the "Reserve Account"- shall otherwise be held
intact and maybeapplied against the last outstanding Bonds.
All money in the "Reserve Account" above provided for .may be kept on
deposit in the official bank depository of the City of Renton or in any
national bank, or may be invested in United States Government obligations matur-
ing not more than twelve years from the date of purchase, but in no event later
than June 1, 1989. Interest on any such investment or on such bank account
shall be deposited in and become a part of the "Reserve Account" until the total
required reserve sum shall have been accumulated therein, after which time such
interest shall be deposited in the "Principal and Interest Account."
Section 6. The gross revenues from the combined water and sewer
systems, comprising the waterworks utility of the City, including all additions
thereto and betterments and extensions thereof, are hereby pledged to such pay-
ments, and the Bonds shall constitute a lien and charge upon such revenues prior
and superior to any other charges whatever, excluding charges for maintenance
and operation of said waterworks utility, except that the lien and charge upon
said revenues for the Bonds shall be on a parity with the lien and charge upon
such revenues for the outstanding "City of Renton Water and Sewer Refunding
and Improvement Revenue Bonds, 1953," and the outstanding "City of Renton
Water and Sewer Revenue Bonds, 1954," issued on a parity therewith, and any
other additional water and sewer revenue bonds hereafter issued on a parity
with said issues of bonds, in accordance with the provisions of Section 15 of
Ordinance No. 1450.
Section 7. In the judgment of the City council, the gross revenues
and benefits to be derived from the operation and maintenance of the waterworks
utility of the City, including the sewerage system as a part thereof, and the
additions, extensions and betterments thereto, herein provided for, at the rates
- 7
to be charged for water and sewerage service on the entire utility, will be
more thait sufficient to meet all expenses of operation and maintenance thereof
and the debt service requirements of the outstanding "City of Renton Water and
Sewer Refunding and Improvement Revenue Bonds, 1951" and the outstanding "City
of Renton .Mater and Sewer Revenue Bonds, 1954," and to permit the setting
aside in the Bond Fund, out of the gross revenues of the entire utility,. of
amounts sufficient to pay the interest on the Bonds as 'such interest becomes
payable and to pay and redeem all of the Bonds at maturity. The City Council
and corporate authorities of the City of Renton further hereby declare that in
creating the Bond Fund and in fixing the amounts to be paid into the same, as
aforesaid, they have exercised due regard for the cost of operation and main-
tenance of the waterworks utility, including the sewerage system as a part
thereof, and the debt service requirements of the presently outstanding "City
of Renton :'dater and Sewer Refunding and Improvement Revenue Bonds, 1953," and
"City of Renton 'nater and Sewer Revenue Bonds, 1954," and the City has not
bound and obligated itself to set aside and,pay into the Bond Fund a greater
amount or proportion of the revenues of the said utility than in the judgment
of the City Council will be available over and above such cost of maintenance
and operation and debt service requirement of said outstanding bonds, and that
no portion of the revenues of said waterworks utility, including the sewerage
system as .a part thereof, has been previously pledged for any other indebted-
ness, except for the payment of the presently outstanding "City of Renton
',dater and Sewer Refunding and Improvement Revenue Bonds, 1953," and "City of
Renton ;'Dater and Sewer Revenue Bonds, 1954.'
Section 8 . The rity hereby covenants and agrees with the owner and
holder of each Bond at any time outstanding, as follows:
(a) That it will establish, maintain and collect such rates
and charges for water and sanitary sewage disposal service so
long as any Bonds are outstanding as will make available for the
payment of the principal of and interest on such Bonds an
amount equivalent to at least 1.5 times the average annual debt
service requirements, both principal and interest, of the Bonds
and said outstanding "City of Renton Water and Sewer Refunding
and Improvement Revenue Bonds, 1953," and "City of Renton '."tater
and Sewer Revenue Bonds, 1954," after deducting costs of mainten-
ance and operation from the gross revenues of the waterworks
utility, including the sewerage system as a part thereof.
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(b) That it will at all times maintain and keep the
waterworks utility, including the system of sewerage as a
part thereof, and all additions thereto and betterments,.
replacements and extensions thereof in good repair, working
order and condition and also will at all times operate such
utility and the business in connection therewith in an
efficient manner and at a reasonable cost.
(c) That it will not sell, lease, mortgage or in any
manner encumber or dispose of all the property of the water-
works utility, including the sewerage system as a part
thereof, unless provision is made for payment into the Bond
Fund of a sum sufficient to pay the principal of and interest
on all Bonds at any time outstanding, and that it will not
sell, lease., mortgage or in anymanner encumber or dispose of
any part of the property of said waterworks utility, including
the sewerage system as a part thereof, that is used, useful
and material to the operation thereof, unless provision is
made for replacement thereof, or for payment into the Bond
Fund of the total amount of -revenue received which shall not
be less than an amount which shall bear the same ratio to the
amount of outstanding Bonds as the revenue available for debt
service for such. outstanding Bonds for the twelve months pre-
ceding such sale, lease, encumbrance or disposal from the
portion of the utility sold, leased, encumbered or disposed of
bears to the revenue available for debt service for such Bonds
from the entire utility for the same period. Any such moneys
so paid into the Bond Fund shall be used to retire such out-
standing Bonds at the earliest possible date. .
(d) That it will while any of the Bonds remain outstanding
keep proper and separate accounts and records in which com-
plete and separate entries shall be made of all transactions
relating to its waterworks utility, including the sewerage
system as a part thereof, and it will furnish the original pur-
chaser or purchasers of the Bonds or any subsequent holder or
holders thereof at the written request of such holder or
holders complete operating and income statement of said utility
in reasonable detail covering any calendar year not more than
ninety days after the close of such calendar year and it will
grant any holder or holders of at least twenty-five per cent
of the outstanding Bonds the right at all reasonable times to
inspect the entire waterworks utility, including the sewerage
system as a part thereof, and all records, accounts and data
of the City relating thereto. Upon request of any holder of
any of said Bonds, it will also furnish to such holder a copy
of the most recently completed audit of the City's accounts
by the State Auditor of Washington.
(e) That it will not furnish water or sanitary sewage dis-
posal service to any customer whatsoever free of charge and
will promptly take legal action, to enforce collection of all
delinquent accounts.
(f) That it will carry the types of insurance on its water-
works utility, including the sewerage system as a part thereof,
properties in the amounts normally carried by private water and
sewer companies engaged in the operation of water and sewerage
system, and the cost of such insurance shall be considered a
part of operating and maintaining said utility. If, as,and
when, United States of America or some agency thereof shall
- 9 -
provide for War Risk Insurance, the City further agrees to
take out and maintain such insurance on all or such portions
of said system on which such War Risk Insurance may be writ-
ten in an amount or,amounts to cover adequately the value
thereof.
�(g} That it will pay all costs of maintenance and opera-
tion of the waterworks utility, including the sewerage system
as a. part thereof, and the debt service requirements for the
outstanding "City of Renton Water and Sewer Refunding and
Improvement Revenue Bonds, 1953," and "City of Renton Water
and Sewer Revenue Bonds, 1954," and otherwise meet the obliga-
tions of the City as herein set forth.
Section 9. The Bonds shall be in substantially the following form:
No.
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF RENTON
WATER AND SEWER REVENUE BOND, 1959
$1,000.00
KNOW ALL MEN BY THESE PRESENTS: That the City of Renton,
State of Washington, for value received promises to pay to
bearer on the 1ST DAY OF JULY, 19_, the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of __
_ per cent (____ %) per annum, payable semi-
annually on the lst days of January and July of each year,
upon presentation and surrender of the attached interest -cou-
pons as they severally mature up to the bond maturity date
and with full obligation on the part of the City to pay
interest at the same rate from and after the bond maturity
date until this bond with interest is paid in full, or funds
are available in the "Renton 1959 Water and Sewer Revenue
Bond Redemption Fund" (hereinafter called the "Bond Fund")
for payment in full. 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 of Renton,
Washington, solely. out of the special fund created by
Ordinance No. sand referred to herein as the "Bond Fund,"
into which fund the City of Renton hereby irrevocably binds
itself to pay certain fixed amounts out of the gross revenues
of the waterworks utility, including the sewerage system as a
part thereof, now belonging to or which may hereafter belong
to the City, including all,additions, extensions and better-
ments thereof naV4'or at any time made or constructed, without
regard to any fixed proportion, namely, an amount sufficient
to pay the principal of and interest on this issue of bonds
as they respectively become due and to accumulate a reserve,
all at the times and in the manner set forth in Ordinance No.
- 10 -
The gross revenues from the combined water and sewerage
systems, comprising the waterworks utility of the City, are
hereby pledged to such payment, and the bonds of this issue
constitute a lien and charge upon such revenues prior and
superior to any other charges whatsoever, excluding charges
for maintenance and operation, except that the lien and charge
upon said revenues for this issue of bonds shall be on a par-
ity with the lien and charge upon such revenues for the out-
standing "City of Renton Water and Sewer Refunding and
Improvement Revenue Bonds, 1953," and the outstanding "City
of Renton 'Nater and Sewer Revenue Bonds, 1954," issued on a
parity therewith, and any other additional water and sewer
revenue bonds hereafter issued on a parity with said issues
of bonds, in accordance with the provisions of Section 15 of
Ordinance No. 1450.
This bond is one of a total issue of $750,000.00 par
value of bonds, all of like. date, tenor and effect, except as
to maturities (and interest rates, if more. than one interest
is bid), all payable from the Bond Fund and all issued by the
"City under and in pursuance of the laws of the State of
Washington and Ordinance No. 1"76,4, of the City, for the purpose
of providing funds to pay the cost of making certain additions
to and betterments and extensions of the waterworks utility of
the City, including the sewerage system as a part thereof.
Reference is made to said Ordinance as more fully describing
the covenants with and rights of holders of bonds of this
issue.
The City of Renton reserves the right to redeem any or all
of the bonds of this issue at par, plus accrued interest,.on
any semiannual interest payment date, on or after fifteen years
from the date of issue, in inverse numerical order, highest
numbers first, by giving at least thirty days' notice of such
intended redemption by publication thereof in the official news-
paper of the City, which notice is to be published once not less
than thirty nor.more than forty-five days prior to the call date.
Notice of said intended redemption shall also be mailed to
or
its successor, not less than thirty nor more than forty-five
days prior to the call date. Interest on any bonds so called
for redemption shall cease on the date fixed for such redemp-
tion, upon payment of the redemption price into the Bond Fund.
The City of Renton hereby covenants and agrees with the
holders of each and every one of the bonds of this issue to
fully carry out all covenants and meet all obligations of the
City, as set forth in Ordinance No. 171-0, to which Ordinance
reference is hereby made as more fully describing the coven-
ants with and rights of holders of bonds of this issue.
It is hereby certified and declared that the bonds of this
issue are issued pursuant to and in strict compliance with the
Constitution and laws of the State of Washington and the ordi-
nances of the City of Renton, and that all acts,- conditions and
things required to be done precedent to and in the issuance of
this bond have happened, have been done and have been performed
as required by law.
IN WITNESS WHEREOF, the City -of Renton, Washington, has
caused this bond to be signed by its Mayor and attested by
its Clerk and its corporate seal to be hereto affixed and
the interest coupons attached to be signed with the facsim-
ile signatures of said officials this 1st day of July, 1959.
ATTEST:
CLERK
CITY OF RENTON, WASHINGTON
M
MAYOR
The interest coupons attached to the Bonds shall be in substantially
the following form:
On the 1st day of (January)(July), 19 , THE CITY OF
RENTON, WASHINGTON, upon presentation and surrender of this
coupon will pay to bearer at 'the office of the City Treasurer,
the sum of DOLLARS ($ _,)
in lawful money of the United States of America from the spe-
cial fund of said City, known as the "Renton 1959 Water and
Sewer Revenue Bond Redemption Fund," said sum being six months"
interest then due on its "City of Renton Water and Sewer
Revenue Bond, 1959," dated July 1, 1959, and numbered
ATTEST:
CLERK
Coupon No.
CITY OF RENTON, WASHINGTON
MR
MAYOR,
The 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 interest coupons shall bear the facsimile sig-
natures of the Mayor and the Clerk.
Section 10. The Clerk of the City of Renton is hereby directed to
publish in the official newspaper of the City and in the Daily Journal of
Commerce of Seattle a Notice of Bond Sale of said Bonds calling for bids for
the purchase thereof at the City Hall, Renton, :^Jashington, said notice to be
published once in each newspaper not later than
- 12 -
Bidders are invited to submit a bid specifying the lowest rate or
rates of interest at which said bidders will purchase the Bonds at a price of
not less than 98% of par. The Bonds shall not bear a rate or rates of interest
in excess of 6% per annum. Interest coupon rates bid shall be in multiples of
1%8 of 1%, no one of which shall exceed 6% per annum, and not more than five
different interest rates shall be specified. If one interest rate is repeated
for maturities not in succession, the subsequent use of such interest rate will
count as an additional interest rate. The same interest rate must be used for
each maturity. Each bid shall show the total amount of interest to be paid
over the life of the Bonds from -the date of issue less the premium, if any, or
plus the discount, if any, and the effective rate of interest over the life of
the Bonds. The bid resultina in the lowest net interest cost to the City shall
be considered the best bid.
All bids shall be sealed and shall be accompanied by a deposit of 5%
of the amount of the bid, either in cash or by certified check made payable to
the order of the City Treasurer. Such deposit or certified check shall be
returned to the bidder if his bid is not accepted. If the successful bidder
shall fail or neglect to complete the purchase of the Bonds in accordance with
his bid within forty (40) days after the acceptance thereof, the amount of his
deposit or certified -check shall be forfeited to.the City as and for liquidated
damages.
The City reserves the right to reject any or all bids submitted and
to waive any informality in the bidding and if all bids be rejected, the Bonds
may be readvertised for sale by the City in the manner herein provided or the
City may proceed to sell the Bonds at private sale.
The Bonds shall be furnished by the City and shall be sold with the
opinion of Weter, Roberts & Shefelman, bond counsel of Seattle, Washington,
approving the legality of the same, all at the expense of the City.
The Bonds will be delivered to the successful puichaser in Renton,
11ashington, Seattle, Washington, or such other place as the pu'dzaser and the City
shall mutually agree upon;,.
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1 10
The bids shall be received by the City Clerk of the City of Renton
at the City Hall at Renton, 1,11ashington, until 8:00 o'clock p.m., on the even-
ing of 1'1� I �, I , at which time all bids will be publicly
opened by the said Clerk and considered at the meeting of the City Council
then to be held in the City Hall.
PASSED BY THE CITY COUPCIL at a regular meeting thereof, and approved
by the Mayor of Renton, Washington, this 19th day of May, 1959.
ATTE i
.CIT CLERK
APPROVED AS TO FORM:
CITY ATTORNEY
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I, ELTON ALRX MR, City Clerk of the City of Renton, Washington,
do hereby certify that the attached Ordinance, being Ordinance Xo�/ a# is a.
true and correct copy of the original ordinance passed the 19th day of May,
19540 as said' Oirdinance appears on the Minute Book of the City..
DATED this 19th day of xray, 195.9.
ELTORALEXANDERI, Clerk of the City of
Renton, Washington
4
I, ELTON ALRX MR, City Clerk of the City of Renton, Washington,
do hereby certify that the attached Ordinance, being Ordinance Xo�/ a# is a.
true and correct copy of the original ordinance passed the 19th day of May,
19540 as said' Oirdinance appears on the Minute Book of the City..
DATED this 19th day of xray, 195.9.
ELTORALEXANDERI, Clerk of the City of
Renton, Washington