HomeMy WebLinkAboutORD 1250ORDINANCE NO. 1250
An Ordinance of the City of Penton, Washington, authoriz-
ing the Mayor and City Clerk to issue bonds against Local Improve-
ment District No. 212, of said city, providing for the rate of
interest said bonds shall bear, the date of their issue and maturity
and authorizing their sale or delivery to the contractor making the
improvement in said district.
THE CITY COUNCIL OF THE CITY OF RENTON DOES ORDAIN AS FOLLOWS:
Section 1: That the Mayor and City Clerk of the City of
Renton be and they are hereby authorized and directed to execute
and issue Local Improvement Bonds against Local Improvement District
No. 212, of the City of Renton, and the property included therein,
which district was created by Ordinance No. 1230 of the City of
Renton, in the aggregate sum of Five Hundred ($500.00) Dollars.
Section 2: Said bonds shall be in denominations as
follows: Bonds numbered one (1) to five (5) inclusive, shall be
for the sum of One hundred ($100.00) Dollars each.
Said bonds shall be issued on or after the 20th of
June 1946 and shall be payable on or before seven (7) years after
date of their issue.
They shall bear interest at the rate of six (6) per cent
per annum from the date of their issuance until called for payment
by the Treasurer of said City, which interest shall be papble
annually and shall be evidenced by coupons attached to said bonds,
one coupon for each year's interest, all of which said coupons shall
be subject to the terms and codditions of the,bond to which the
same are attached and if the bond shall be called for payment be-
fore the maturity of any coupon that may be attached thereto, the
said coupon shall become void.
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Said bonds shall also contain a notice of all of the facts
required by statute to be inserted in the face of the bonds.
Section 3: The bonds issued upon the provisions of this
Ordinance may be sold for cash at not less than par value or may
at the election of the city be issued directly to the contractor
making the improvement in said district, delivered to him by the
City Clerk immediately upon their issue, upon the surrender by him
of warrants issued against said Local Improvement District in an
amount equal to the bonds so delivered.
Section 4: This Ordinance shall be effective five (5)' days
from and after its passage, approval and legal publication as by
law provided.
Passed by the City Council of the City of Renton, Washington,
the 18th day of June 1946.
Approved by the City Council of the City of Renton, Washington,
the 18th day of June 1946,
Approved as to form:
City Attorney.
Published: June 20, 1946.
City Clerk