HomeMy WebLinkAboutORD 0983 �`` „ � � '�
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AN ORDINANCE OF '1SE CITY OF RENTON, AtJTHORIZII4G THE I�lAYOR AND CITY
CLERS TO ISSUE BOND5 AGAINST LOCAL II�PROYS�I'ENT DISTRICT A0. 185 OF SAII3 I
CIT7C, PR09IDI1dG FOx THE �ATE OF INT�F3EST SAID BO1�D6 SH�L BEAR, TH� DATS�
OF 'I'SEIx ISSUE AND �TtTRITY AND AUTHORIZIAG THEIR S1lLE OR Dffi,IVERY TO
THE COI�7�CT()R b�AKING THE ILGPROVE�T SId SAID DISTHI�T.
THE CITY COUNCIL OF �'HE CITY OF �TON D�PS ORDAZN AS FOI,LO�:
Section l. That the �ayor and the �ity Cler& of the �ity of Benton
be and they are hereby authori�ed andcgrected to e�eeute and iseue loc�l
impro�ement bonds wgainat Local Iffiprovement District No. 185 of the City
of 8enton, and the property included therein, which distriet �s created
by Ordinsnee No. 992 of the Gity of �enton, in the aggregate sum cf
Three gundred �,nd '1'�►entg-five and 61�104 (�325.61)- - - - - - - DOI►L�ES.
Sectian 2. Said boads ahall be in denominationa as follow�s
Bond numbered One to be for $1?,.i.61 az�d Bond numbered two to be
�100.00 �nd Bond numbered three to be �100.00.
Said bonda shall be issued oa or after September 28, 1937, And
sh�ll be p�yable on or before se�ett yeara after da#e of their issue.
They shall be�r interest at the rate of 6� �'tom the date of their
iasuance until called fcr payment by the Treasux�r of said City, ahich
intereet ahall be payable annually and ahall be evidenced by cc�eipcne
attached to eaid Bonda, one ccupon for each year's intereat, �11 of which
said coupons shall be aubject to the terme and conditions of the bond
to which the same Are at�ached and if the bond shall be called for ps►,y-
�nt before the m�turity of ar�y conpon that may be attached thereto the
said coupon ehall become �oid.
S�id bonds sha�l alsu contain a notice of all of the facts required
by statute to be inserted in the face of the bonda.
Section 3. The bonde isa�ed upon the provisions of this Ordina�z; -
may be sold for cash at net lesa than par nalue or may at the elea�i�;:
of the City be isswed diree�ly to the contracter mak3ng the improvement
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in said diatrict, delivered to 8im by the City �lerk imtnediately upon
their iserie, upon the snrrender by him of warrants issued �inst said
Local Improvemeat district in an stimount eqnal to the bonds so delivered.
Section 4. Thi.a Ordinwnae shall be effective Pire (5) duys from
and after its pasaa�e, appro9al and legal pa.blication as by law pro�ided.
PASSED by the �ity Ct�a.ncil of the �ity of xenton, washington, the
21st dqq of September, 193?.
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APP80V�D by the City Cor�ncil of the City •P Renton, �ashington, the
� 21st d of Se tember, 1937.
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