HomeMy WebLinkAboutORD 0784 . � ,
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ORDiNANCE N0. �
' AN ORDINANCE OF `.�HE CITY OF RENTON AUTHORIZiNG THE P�YO� AND
CITY CLERK T0 ISSUE BONDS AGAINST LOCAL I��PROVE�AENT DIS^1tiICT
NU�BER 152, C�' SAID CITY, PROVIDING FOR THE RATE OF INTEt�ST 8AID ,
B�A1DS SHt1LL BEAR, THE DATE OF THEIR ISSUE AND THEIR rIIATUKITY AND
AII`.PHOHIZI�G TH�IR SALE OR DELIVERY TO THE CQNTRACTOR A4AKING �HE
I�fPROVE�dENT IN SAID DISTRICT.
TH�; CI'lY COUATCIL OF THE CITY 0� Y�EPdTOhT DQES ORDAIN AS FOLLO!�S:
Sectinn l: That ths bd�yor and the City Clerk of the City af
ttenton be and they are hereby authorized and dir�cted to execute
and issue local improve�ent bonda aga.inst Local Smprovement District
Number 152, of the Citp of Renton, and the property included therein,
which distr-ict was created by Oxdina.nce Nunber 757, of the City of
ker.ton, in the �.ggregate sum ai Five Hundxed Forty-�ive and SO/100
Dollars.
Section 2: Said bonds eha11 be in denoninations as follow�:
B�ond numbered 1 to be for $45.8� and bonds 2 to 6 both inclusive,
shall be for the swn of One Hundred DoZlare (�1�0,00} eaoY��.
�aid bonds sha'l1 be issued on ax after the 24th day of Navember,
1925, and shall be pr�yable on or before �years after the date of
their iseue. '
They shall bear interest at the rate of eight (8) per eent per
annum from the date of their iasuance untiY called for papment by �he '�
Tre�.surer of s�.id Citp, which interest ahall be payable annually and
shall be evicienc ed by coupone attached to saici bonds, on� coupon for
ea�ch years interest, a,ll af which saici coupone snall be sub�ect to
the terms and conditions of the bond ta �vhich the same are attachea
and if any bond shall be called for payment before the maturity of
any caupon that may be attached thereto the said coupon sha11 beeome
voia. �
Gaid bonds sha.11 also contain a notice of all of the facts
rec�uixed by etatute to b� inserted in the face of the bonds. I
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Seetion 3: The bonda issued upo� the provisions of this ordina,nce
may be sold for aaeh at nor leas tha,n p�r value or may at the election
of the City be issuad directly to the contra.ctor ma,king the improv�ment
in said distriot, delivered to him by the City Clerk immediately upon
their issuc�, upon the surrender by him of �arrants issued against said
local improvement dietrict in an amount equal to the bonds so delinered.
Seetion 4: This orciinanoe aha'11 be eff�eetive five (5) days from
passage, appraval and le�al
and after itsLpubl.ication as by law provided.
Passed by the City Council of the City of Renton, �ashington,
November % , 1925.
�ipproneci by tne I�ayor this ' da,y of �oQember, 1925.
Mayor.
QT r.�E►��;
City Clerk. ,
Approved as to form:
City Attorney.
Published: I3avember , 1925.