HomeMy WebLinkAbout3190CITY OF KENT, WASHINGTON
ORDINANCE NO. 3
AN ORDINANCE relating to Local Improvement District
No. 344; fixing the amount, form, date, interest rate and
maturity of the Local Improvement District No. 344
Installment Note; providing for the purchase of such note
by the City from funds on deposit in the Local
Improvement Guaranty Fund; and fixing the interest rate
on Local Improvement District No. 344 assessment
installments.
WHEREAS, pursuant to RCW 35.45.150, the City Council of the
City of Kent, Washington (the "City"), has determined to issue its
Local Improvement District No. 344 Installment Note in the
aggregate principal amount of $66,097.12 and finds it is in the
best interest of the City that such note be purchased by the City
from funds on deposit in the Local Improvement Guaranty Fund of the
City and available for investment; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DOES ORDAIN
as follows:
Section 1. Authorization and Description of Note. The total
amount of the assessment roll in Local Improvement District No. 344
in the City of Kent, Washington (the "City"), created under
Ordinance No. 3152, passed January 18, 1994, was $71,702.75. The
30 -day period for making cash payments of assessments without
interest in the District expired on July 13, 1994, and the total
amount of assessments paid in cash was $5,605.63, leaving a balance
of assessments unpaid on the assessment roll in the sum of
$66,097.12. The Local Improvement District No. 344 Installment
Note (the "Note") shall, therefore, be issued pursuant to RCW
35.45.150 as a single installment note in the total principal sum
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of $66,097.12. The Note shall be dated October 1, 1994; shall
mature on October 1, 2004; shall be in fully registered form; and
shall be numbered R-1. The Note shall bear interest at the rate of
5.17% per annum (computed on the basis of a 360 -day year of twelve
30 -day months), payable annually beginning October 1, 1995.
Section 2. Appointment of Note Registrar; Registration and
Transfer of Note. The Finance Division Director of the City is
appointed Note Registrar for the Note. The Note shall be issued to
the City's Local Improvement Guaranty Fund (the "Registered Owner")
only in registered form as to both principal and interest and shall
be recorded on books or records maintained by the Note Registrar
(the "Note Register"). The Note Register shall contain the name
and mailing address of the Registered Owner. The Note may not be
assigned or transferred by the Registered Owner. When the Note has
been paid in full, both principal and interest, it shall be
surrendered by the Registered Owner to the Note Registrar, who
shall cancel the Note.
The Note Registrar shall keep, or cause to be kept, at her
office, sufficient books for the registration of the Note. The
Note Registrar is authorized, on behalf of the City, to
authenticate and deliver the Note in accordance with the provisions
of the Note and this ordinance, to serve as the City's paying agent
for the Note and to carry out all of the Note Registrar's powers
and duties under this ordinance and City Ordinance No. 2418
establishing a system of registration for the City's bonds and
obligations. The Note Registrar shall be responsible for the
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representations contained in the Note Registrar's Certificate of
Authentication on the Note.
Section 3. Payment of Note. Both principal or ana inLer�S�
on the Note shall be payable solely out of the Local Improvement
Fund, District No. 344 (the "Note Fund"), and from the Local
Improvement Guaranty Fund of the City, and shall be payable in
lawful money of the United States of America. Interest on the
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 Note Register.
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.
Section 4. Prepayment Provisions. The City reserves the
right to prepay principal of the Note prior to its stated maturity
on any interest payment date, at par plus accrued interest to the
date fixed for prepayment, whenever there shall be 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
Note. No notice of prepayment to the Registered Owner is required.
Interest on the principal of the Note so prepaid shall cease to
accrue on the date of such prepayment.
Section 5. Failure to Redeem Note. If the Note is not
redeemed when properly presented at its maturity date, the City
shall be obligated to pay interest on the Note at the same rate
provided therein from and after its maturity date until the Note,
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both principal and interest, is paid in full or until sufficient
money for its payment in full is on deposit in the Note Fund and
the Note has been called for payment by giving notice of that call
to the Registered Owner.
Section 6. Form and Execution of Note. The Note shall be
printed, lithographed or typed on good bond paper in a form
consistent with the provisions of this ordinance and state law,
shall be signed by the Mayor and the City Clerk, either or both of
whose signatures may be manual or in facsimile, and the seal of the
City or a facsimile reproduction thereof shall be impressed or
printed thereon.
Only the Note bearing a Certificate of Authentication in the
following form, manually signed by the Note Registrar, shall be
valid or obligatory for any purpose or entitled to the benefits of
this ordinance:
CERTIFICATE OF AUTHENTICATION
This Note is the fully registered City of Kent,
Washington, Local Improvement District No. 344
Installment Note described in the Note Ordinance.
Finance Division Director
Note Registrar
The authorized signing of the Certificate of Authentication shall
be conclusive evidence that the Note so authenticated has been duly
executed, authenticated and delivered and is entitled to the
benefits of this ordinance.
Section 7. Purchase and Sale of Note. The City will purchase
the Note from funds available for investment on deposit in the
Local Improvement Guaranty Fund of the City at a price of par plus
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accrued interest from the date of the Note to the date of its
transfer to the City. The proper City officials are authorized and
directed to do everything necessary for the prompt delivery of the
Note and for the proper application and use of the proceeds of the
sale thereof.
Section 8. Fixing Interest Rate on Assessments. The interest
rate on the installments and delinquent payments of the special
assessments in Local Improvement District No. 344 is revised and
fixed at the rate of 5.67% per annum.
Section 9. Effective Date of Ordinance. This ordinance shall
take of f ect and be in force f ive ( 5 ) dates f rom and of ter its
passage and five (5) days following its publication as required by
law.
By
ATTEST:
1
City clerk PuTY)
-0O.uN N
APPROVED AS TO FORM:
Special Counsel and Bond
Counsel for the City
Passed the IZ� day of QrTD,69-12 , 1994.
Approved the , Ste' day of pcTD6ER , 1994.
Published the -?t+% of p C7-Dl3Ell , 1994.
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I certify that this is a true copy of Ordinance No. I-LI
passed by the City Council of the City of Kent, Washington, and
approved by the Mayor of the City of Kent as hereon indicated.
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City Clerk ('vEPvrY)
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