HomeMy WebLinkAboutORD 1290RT HF 9-3-47 5
AN ORDINANCE of the City of Renton, Washington, providing
for the issuance and sale of general
obligation bonds of said city in the sum
of $1001,000 to provide funds for the payment
of the cost of certain improvements as de-
scribed in Ordinance No. 1252 of said. city,
passed and. approved June 25, 1946, and
authorized by the electors of said city
at an election held therein on November 5,
1946, providing the date, form, terms and
maturities of said bonds and for unlimited
tax levies to pay the principal and interest
thereof.
WHEREAS, the City of Renton, Washington, by Ordinance No. 1252,
passed and approved June 25, 1946, provided for the construction of
a swimming pool and necessary and adequate bath houses and dressing
rooms adjacent thereto and the installation of a heating plant ade-
quate to heat the water for said pool, all in Liberty Park in the
City of Renton; and
WHEREAS, it was further provided in said ordinance that the
cost.of such improvements be paid from the proceeds of the sale of
$100,000 of general obligation bonds of said city; and
WHEREAS, it was further provided in said ordinance, as amended,
that the proposition to issue and sell said bonds for such purposes
should be submitted to the voters of said city at a special election
to be held therein on the 5th day of November, 1946; and
WHEREAS, at said election the number and proportion of the
qualified voters of said city required by law for the adoption thereof
voted in favor of said proposition to authorize the issuance and sale
of said bonds as hereinafter provided; and
WHEREAS, it is deemed, to be to the best interests of said city
thatsuch bonds be now issued and sold;
NOW, THEREFORE, THE COUNCIL OF THE CITY OF RENTON does hereby
ordain as follows:
Section 1. That there now be issued and sold general obligation
bonds of the city in the principal sum of $100,000, as authorized by
the voters of said city for the purpose of providing funds for certain
capital expenditures and improvements as described in Ordinance No. 1252
of said city, passed and approved June 25, 1946. Said bonds shall be
In denominations of $1,000 each, shall be numbered from 1 to 100
inclusive, shall be dated October 15, 1947, and shall bear interest
at a rate of not to exceed 3% per annum, payable semiannually on the
15th days of April and October of each year, as evidenced by coupons
to be attached to said bonds. Both principal and interest of said
bonds shall be payable in lawful money of the United States of America
at the offiee of the Treasurer of the City of Renton, and said bonds
shall mature in order of their number as follows:
October
15,
1949
$10,000
October
15,
1950
10,000
October
15,
1951
11,000
October
15,
1952
11,000
October
15,
1953
11,000
October 15, 1954
October 15, 1955
October 15, 1956
October 15, 1957
$11,000
12,000
12,000
12,000
The city reserves the right to redeem any or all of said bonds
at par, in inverse numerical order, on any interest payment date on
and after five years from the date thereof by giving thirty days'
notice of such intended redemption by one publication thereof in the
official city newspaper not more than forty nor less than thirty days
prior to said, redemption date. Interest on any bond or bonds so
called for redemption shall cease on such redemption date.
Section 2. Said bonds shall be in substantially the following
form, except as to date of payment:
2.
NO. $1,000
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF RENTON
GENERAL OBLIGATION PARK IMPROVEMENT BOND, 1947
KNOW ALL MEN BY THESE PRESENTS:
That the City of Renton, Washington, acknowledges
itself to owe and for value received hereby promises to
pay to bearer on the 15th day of October, 19_, the
principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of % per annum,
payable semiannually on the 15th days of April and
October of each year, as evidenced by and upon presenta-
tion and surrender of the annexed :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 Treasurer of the
City of Renton, Washington.
The City of Renton has reserved the right to redeem
any or all of the bonds of this issue at par, in inverse
numerical order, on any interest payment date on and
after five years from the date hereof by giving thirty
days' notice of such intended redemption by one publication
thereof in the official newspaper of said city not more
than forty nor less than thirty days prior to said re-
demption date.
This bond is one of an issue of general obligation
bonds of the City of Renton in the total principal sum
of $100,000, issued pursuant to Ordinance No. 1252,
Ordinance No. 1953, and a vote of the electors of said
city for the purpose of providing funds to construct and
install a swimming pool and certain other improvements
In Liberty Park in said city.
The City of Renton has irrevocably covenanted by
said Ordinance No. 12 5"z that it will, irrespective of
any constitutional or statutory limitation, levy taxes
upon all of the taxable property within said city in an
amount sufficient to pay the principal and interest of
said bonds as the same shall accrue, and for the prompt
payment of said principal and interest the full faith,
credit and resources of said city are hereby irrevocably
pledged.
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 per-
formed as required by law, and that the total indebted-
ness of the city, including this bond, does not exceed
any constitutional or statutory limitation.
IN WITNESS WHEREOF, the City of Renton has caused
this bond to be signed by its Mayor and attested by its
3•
Clerk under the seal of said city, and has caused the
coupons annexed hereto to be signed with the facsimile
signatures of said officials this 15th day of October,
1947.
Attest:
CITY OF RENTON, WASHINGTON
By
Mayor
City Clerk
The interest coupons attached to said bonds shall be in sub-
stantially the following form:
N0.
On the 15th day of , 19 , the
City of Renton, Washington, will pay to bearer at the
office of the City Treasurer the sum of
DOLLARS, said sum being the semi-
annual interest due that date on its general obligation
bond dated October 15, 1947, and numbered
Attest:
CITY OF RENTON, WASHINGTON
City Clerk
Mayor
Seetion 3. Said bonds shall be signed in the corporate name of
the city by its Mayor and attested by its City Clerk, under the seal
of said city, and each of the interest coupons shall be signed with
the facsimile signatures of said officials.
Section 4. All moneys derived from the sale of the bonds
herein authorized shall be expended solely for the purposes set
forth in Ordinance No. 1252 of said city, passed and approved June
25, 1946, 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
in the office of the City Treasurer, to be known as "Renton 1947
General Obligation Park Improvement Bond Redemption Fund.' Said
4.
city hereby irrevocably covenants that it will make annual levies
of taxes without limitation as to rate or amount upon all the tax-
able property within the city subject to taxation in an amount suf-
ficient to pay the principal and interest of the bonds authorized
herein as the same shall accrue; that all such taxes so collected
shall be paid into such Bond Fund in amounts sufficient to pay
such principal and interest at least thirty days prior to the
dates when 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 principal and interest of
said bonds. The full faith, credit and resources of said city
are hereby irrevocably pledged for the annual levy and collection
of such taxes and the prompt payment of such principal and interest
as aforesaid.
Section 6. The City Clerk is hereby authorized and directed
to advertise said bonds for sale in the manner required by law,
and the proper officials of the city are hereby authorized and
directed to do everything necessary for the prompt issuance, sale
and delivery of said bonds as required by law.
Section 7. This ordinance shall take effect immediately upon
its passage, approval and publication as required by law.
PASSED by the Council of the City of Renton and approved by
its Mayor this day of September, 1947.
1
Attest:
CITY OF RENTON, WASHINGTON
By
Mayor
City Clerk
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