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HomeMy WebLinkAbout404RESOLUTION NO. i'f.L lf" A RESOLUTION of the Council of the City of Kent, Washington, providing for the issuance of bonds of Local Improvement District No. 237 of the city in the total principal sum of $43,187.56. WHEREAS, the improvements provided for in Ordinance No. 959 of the city in Local Improvement District No. 237 have been completed and accepted by the city; and WHEREAS, the assessment roll in said local improvement district in the total principal sum of $97,984.28 has been confirmed by Ordinance No. 998 of the city in the manner required by law; and WHEREAS, $54,796.72 of the assessments on said assessment roll was paid during the thirty-day period permitted by law for the payment of assessments or installments thereof without penalty, in- terest, or costs; and WHEREAS, after applying said amount of prepaid assessments to the redemption of warrants ·drawn on Local Improvement District No. 237 Fund of the city created by said Ordinance No. 959, it will be necessary that the city issue bonds of said local improvement district in the principal sum of $43,187.56 to redeem the rest of the warrants drawn on said local improvement district fund and to provide the money necessary to pay all costs incidental to the construction of said 1m- provements; and WHEREAS, it is necessary that the date, form, terms and maturity of said bonds now be fixed; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Kent, Washington, as follows: Section 1. If, after all of the warrants drawn on Local Improvement District No. 237 Fund of the city have been redeemed and after all expenses of said Local Improvement District No. 237 have been paid, there are any moneys left in the Local Improvement District No. 237 Construction Fund created by Resolution No. 387 of the city, the same shall be transferred to said Local Improvement District No. 237 Fund and shall be used as soon as possible thereafter for the pay- ment of the principal of and/or interest on the bonds authorized herein. Section 2. That for the purpose of redeeming the outstanding warrants drawn on Local Improvement District No. 237 Fund of the city, which warrants ~ere issued in payment of the costs of the improvements constructed and installed in Local Improvement District No. 237 of the city and for the purpose of paying all expenses incidental to the cost of constructing and installing such improvements, the city shall issue bonds of such local improvement district in the total principal sum of $43,187.56. Said bonds shall be dated January 15, 1959, shall be in de- nominations of $500 each except for Bond No. 1, which shall be in the denomination of $687.56, shall be numbered from 1 to 86 inclusive, shall bear interest at the rate of 4.60% per annum payable annually on the fifteenth day of January of each year, and shall mature on January 15, 1971. Said bonds shall be payable at the office of the City Treasurer in Kent, Washington, in lawful money of the United States of America. Notice of any intended redemption of any of such bonds prior to maturity shall be given by the City Treasurer by one publication thereof in the official city ~ewspaper not more than thirty nor less than ten days prior to said redemption date. Section 3. Said bonds shall be in substantially the following form: -2- NO. (NO. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON CI'l'Y OF KENT $500 ($687.56) LOCAL IMPROVEMENT DISTRICT NO. 237 N. B. Neither the holder nor the owner of any bond or warrant issued under the provisions of this act shall have any claim therefor against the city or town by which the same is issued 1 except for payment from the special assessments made for the improvement for which said bond or warrant was issued 1 and except as against the local improvement guaranty fund of such city or town 1 and the city or town shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occurring in the lawful operation thereof by the city or town. The remedy of the holder or owner of a bond or warrant in case of nonpayment, shall be confined to the enforcement of the assessment and to the guaranty fund. THE CITY OF KENT, a municipal corporation of the State of Washington, hereby promises to pay to bearer the sum of PIVE HUNDRED DOLLARS in lawful money of the United states of America with interest thereon from the date hereof at the rate of 4.60% per annum payable annually, upon presentation and surrender to the City Treasurer of this bond and the annexed interest coupons as they severally become due. This bond, both principal and interest, is payable only out of Local Improvement District No. 237 Fund created by Ordinance No. 959 and from the Local Improvement Guaranty Fund of the city created by Chapter 209, Session Laws 1927. This bond is one of an issue of bonds aggregating in all the sum of $43,187.56, is payable on or before January 15, 1971, and is subject to call by the Treasurer of said city on any annual interest payment date whenever there shall be sufficient money in said Local Improvement District -3- No. 237 Fund to pay the same and all unpaid bonds of this issue which are prior in numerical order to this bond, over and above an amount sufficient for the payment of the interest next coming due on the unpaid bonds of this local improvement district. In case this bond is called for payment before its final maturity, each and every interest coupon not accrued at the time of such payment shall be void. Call for payment of this bond shall be made by the City Treasurer by one publication of such call in the official city newspaper not more than thirty nor less than ten days prior to said call date, and when such call is made this bond shall be paid on the day the next interest coupon thereon shall become due after such call. IN WITNESS WHEREOF, the City of Kent, Washington, has caused this bond to be signed by its Mayor and attested by its Clerk with the corporate seal of the city impressed hereon, and has caused the interest coupons hereto attached to be executed with the facsimile signatures of said officials this 15th day of January, 1959. CITY OF KENT, ~-~~~~-- The interest coupons to be attached to said bonds shall be in substantially the following form: -4- NO. (NO. 1) $23.00 ($31.63) On the 15th day of January, 19 __ , the City of Kent, Washington, will pay to bearer at the office of the City Treasurer the sum of TWENTY-THREE AND N0/100 DOLLARS in lawful money of the United States of America out of Local Improvement District No. 237 Fund, said sum being the annual interest due that date on bond numbered of ;-' Local Improvement District No. 237 of the city; provided, that this coupon is subject to all the terms and conditions contained in the bond to which it is attached. PASSED by the City Council of the City of Kent, Washington, and approved by its Mayor at a regular meeting of said Council held this 5th day of January, 1959. ::2Z~:. ~r- c::____---A!?:t;----: ~ p~ AS ;J~: Y er ~,_;, .. &?1) Partner Of PRESTON, THORGRIMSON & HOROWITZ Special Bond Counsel for the City -5-