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HomeMy WebLinkAboutFI08-109 - Original - City of Kent Water Fund - Local Improvement District No. 358 Installment Note - 11/01/2006 c'E�"'- aya 1< Records �� 6�'em KENT Document WASHINGTON CONTRACT COVER SHEET This is to be completed by the Contract Manager prior to submission to City Clerks Office. All portions are to be completed, if you have questions, please contact City Clerks Office. Vendor Name: Kent , City of Vendor Number: JD Edwards Number Contract Number: F-T 4-e� (a� This is assigned by City Clerk's Office Description: Local Improvement District No. 358 Installment Note Detail: Project Name: Contract Effective Date: 2/19/2008 Contract Renewal Notice (Days): Number of days required notice for termination or renewal or amendment Contract Manager: R. Nachlinger Department: Finance Abstract: S Public\RecordsManagement\Forms\ContractCover\ADCL7832 07/02 No. R06-01 $468,892.00 UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF KENT LOCAL IMPROVEMENT DISTRICT NO. 358 INSTALLMENT NOTE Interest Rate: 4.50% Maturity Date: November 1, 2015 Registered Owner: CITY OF KENT WATER FUND Principal Amount: ---FOUR HUNDRED SIXTY-EIGHT THOUSAND EIGHT HUNDRED NINETY-TWO DOLLARS ($468,892.00)--- N. B. The laws of the State of Washington under which this Note is issued contain the following section(RCW 35.45.070): "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefore against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall be plainly written,printed or engraved on each bond." The CITY OF KENT, WASHINGTON(the"City"), a municipal corporation of the State of Washington, promises to pay to the Registered Owner identified above on the Maturity Date identified above the Principal Amount identified above and to pay interest (computed on the basis of a 360-day year of twelve 30-day months)thereon from the date of this Note or from the most recent interest payment date to which interest has been paid at the Interest Rate per annum identified above,payable annually beginning November 1, 2007, to the maturity or earlier prepayment of this Note. If this Note is not redeemed when properly presented at its maturity date, then interest shall continue to accrue at the Interest Rate identified above until this Note,both principal and interest, is paid in full or until sufficient money for its payment in full has been deposited in Local Improvement Fund, District No. 358 (the"Note Fund"), and this Note has been called for payment. This Note, designated the Local Improvement District No. 358 Installment Note, is issued by the City in fully registered form pursuant to and in full compliance with the Constitution and laws of the State of Washington and ordinances of the City, including 50888860 1 Ordinance No. 3821 (the"Note Ordinance"). This Note is issued for the purpose of providing the funds necessary to pay the costs of constructing the it proVements within Local Improvement District No. 358 of the City as ordered to be carried out by Ordinance No. 3731 of the City. The City has reserved the right to prepay principal of this Note prior to its stated maturity date on any interest payment date, at par plus accrued interest to the date fixed for prepayment,whenever there is sufficient money in the Note Fund to prepay the principal of the Note over and above the amount required for the payment of the interest then due on the unpaid Note. No notice of prepayment to the Registered Owner is required. Interest on the principal of this Note so prepaid shall cease to accrue on the date of such prepayment. Both principal of and interest on this Note are payable in lawful money of the United States of America. Interest on this Note, and any prepaid principal thereon, shall be paid by check, draft or interfund transfer on the interest payment date to the Registered Owner at the address appearing on the registration books of the City(the"Note Register")maintained by the Finance Division Manager of the City(the"Note Registrar"). The final installment of principal and interest on the Note at maturity or prior repayment is payable at the office of the Note Registrar in Kent,Washington, upon presentation and surrender of the Note. The funds deposited in the Note Fund and the Local Improvement Guaranty Fund of the City have been and are pledged irrevocably to the payment of principal of and interest on this Note. This Note is not a general obligation of the City. This Note shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon has been signed by the Note Registrar. The principal of and interest on this Note shall be paid only to the Registered Owner and to no other person or entity, and this Note may not be assigned or transferred. The City and the Note Registrar may deem and treat the Registered Owner of this Note as its absolute owner for the purpose of receiving payment of principal and interest and for all other purposes, and neither the City nor the Note Registrar shall be affected by any notice to the contrary. As used herein,Registered Owner means the person or entity named as Registered Owner of this Note on the first page hereof and on the Note Register. It is certified,recited and declared that all acts, conditions and things required to be done precedent to and in the levying of any assessments and the issuance of this Note have been done properly, have happened and have been performed in regular and due form, as required by law, and that this Note has not been issued in an amount in excess of the cost of the improvements in Local Improvement District No. 358. 50888860 1 r IN WITNESS WHEREOF, the City has caused this Note to be oxecuted on behalf of the City by its Mayor and City Clerk, and the seal of the City to be it4pressed hereon, this first day of November, 2006. CITY OF KENT, WASHINGTON By: ca"C' 424 00 Mayor By City 1 k Date of Authentication: �9 o2Ad� CERTIFICATE OF AUTHENTICATION This Note is fully registered City of Kent, Washington, Local Improvement District No. 358 Installment Note described in the Note Ordinance. By: Finance Dire for Note,Registrar 50888860 1