HomeMy WebLinkAbout2522CITY OF KENT, WASHINGTON
ORDINANCE NO. 2522
AN O?t:J1MANCE relating to Local Improvement
District No. ?83, fixing the amount, form, date,
interest raLes, maturity and denominations of the
Local fmrrcve,,gent District: No. 283 Bonds; providing
for the sale .and delivery thereof to Shearson
Lehman,'Amer .cwn Express Ir►c., Foster & Marshall
Divi�51on, in Seattle, Washington; and fixing the
interest rate on Local Improvement District No. 283
assessment
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THE CI`I"I COUNCIL OF THE CITY OF KENS', WASHINGTON, DOES
ORDAIN as follows.
Section 1. The total amount of the assessment roll in
Local Improvement: District No. 283 in the City of Kent,
Washington (the "City"), created under Ordinance No. 2102,
passed June 19, 1978, was $3,148,740.26. The 30 --day period for
making cash payments of assessments without interest in the
District expired on August 30, 1984, and the total amount of
assessments paid in cash was $438,865.88, leaving a balance of
assessments unpaid on the assessment roll in the sum of
$2,709,874.38. "Isocal Improvement District No. 283 Bonds" (the
"Bonds") shall, tAierefore, be issued in the total principal sum
of $2,709,874.38. The Bonds shall be dated December 1, 1984,
shall mature on December 1, 1906, and shall be numbered from 1
to 542, inclusive, in the manner and with any additional
designation as the Bond Registrar (collectively, the fiscal
agencies of the State of Washington located in Seattle,
Washington, and New York, New Mork) deems necessary for the
purpose of identification. Bond No. 1 shall be in the denomina-
tion of $4,874.38 and Bonds Nos. 2 to 542, inclusive, shall be
In the denomination of $5,000.00 each. Interest shall be com-
puted on the bass of a 360 -day year of twelve 30 -day months.
Interest shall be payable annually beginning December 1, 1985,
in accordance with the following schedule:
Bond Numbers
Interest
(Inclusive)
Amount
Rate
1 to 164
819,874.38
9.00%
165 to 380
11080,000.00
9.75%
381 to 542
810,000.00
10.50%
The Bonds shall be issued only in registered form as to
both principal and interest on books or records maintained by
the Bond Registrar (the "Bond Register"). Such Bond Register
shall contain the name and mailing address of the owner of each
Bond or nominee of such owner and the principal amount and
number of Bonds held by each owner or nominee.
Bonds may be transferred only if endorsed in the manner
provided thereon and surrendered to the Bond Registrar. The
transfer of a Bond shall be by the Bond Registrar's receiving
the Bond to be transferred, cancelling it and issuing a new
certificate in the form of the Bonds to the transferee after
registering the name and address of the transferee on the Bond
Register. The new certificate shall bear the same Bond number
as the transferred Bond but may have a different inventory
reference number or control number. Such exchange or transfer
shall be without cost to the owner or transferee.
Both principal of and interest on the Bonds shall be pay-
able solely out of the Bond 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 Bonds shall be
paid by check or draft mailed to the registered owners or
nominees at the addresses appearing on the Bond Register on the
15th day of the month preceding the interest payment date.
Principal of the Bonds shall be payable upon presentation and
surrender of the Bonds by the registered owners at the principal
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offices of either of the fiscal agencies of the State of
Washington in Seattle, Washington, and New York, New York, at
the option of such owners.
The City reserves the right to redeem the Bonds prior to
their stated maturity on any interest payment date, in numerical
order, lowest numbers first, at par plus accrued interest,
whenever there shall be sufficient money in the Bond Fund to pay
the Bonds so called and all earlier numbered Bonds over and
above the amount required for the payment of the interest on all
unpaid Bonds, by mailing, not less than 15 nor more than 30 days
prior to the date fixed for redemption, notice of such redemp-
tion by first class mail, postage prepaid, to the registered
owner of any Bond to be redeemed at the address appearing on the
Bond Register. The requirements of this section shall be deemed
to be complied with when notice is mailed as herein provided
whether or not it is actually received by the owner of any
Bonds. The interest on the Bonds so called for redemption shall
cease on the date fixed for redemption unless such Bond or Bonds
so called are not redeemed upon presentation made pursuant to
such call.
Section 2. The Bonds shall be printed, lithographed or
typed on good bond paper in a form consistent with the provi-
sions of this ordinance and state law, shall be signed by the
Mayor and the City Clerk, both of whose signatures shall be in
facsimile, and shall have a facsimile reproduction of the seal
of the City printed thereon.
Only such Bonds as shall bear thereon a Certificate of
Authentication in the following form, manually executed by the
Bond Registrar, shall be valid or obligatory for any purpose or
entitled to the benefits of this ordinance:
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CERTIFICATE OF AUTHENTICATION
This bond is one of the fully registered City of
Kent, Washington, Local Improvement District No. 283
Bonds described in the within mentioned ordinance.
Washington State Fiscal Agency
Bond Registrar
By
Authorized Officer
Such Certificate of Authentication shall be conclusive evidence
that the Bonds so authenticated have been duly executed, authen-
ticated and delivered hereunder and are entitled to the benefits
of this ordinance.
In case either or both of the officers who shall have
executed the Bonds shall cease to be such officer or officers of
the City before the Bonds so signed shall have been authenti-
cated or delivered by the Bond Registrar, or issued by the City,
such Bonds may nevertheless be authenticated, delivered and
issued and upon such authentication, delivery and issue, shall
be as binding upon the City as though those who signed the same
had continued to be such officers of the City. Any Bond also
may be signed on behalf of the City by such persons as at the
actual date of execution of such Bond shall be proper officers
of the City although at the original date of such Bond any such
person shall not have been such officer of the City.
Section 3. The Bond Registrar shall keep, or cause to be
kept, at its principal corporate trust office, sufficient books
for the registration and transfer of the Bonds, which shall at
all times be open to inspection by the City. The Bond Registrar
is authorized, on behalf of the City, to authenticate and
deliver Bonds transferred or exchanged in accordance with the
provisions of such Bonds and this ordinance and to carry out all
of the Bond Registrar's powers and duties under this ordinance.
The Bond Registrar shall be responsible for its representa-
tions contained in the Registrar's Certificate of Authentication
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on the Bonds. The Bond Registrar may become the owner of Bonds
with the same rights it would have if it were not the Bond
Registrar, and to the extent permitted by law, may act as
depository for and permit any of its officers or directors to
act as a member of, or in any other capacity with respect to,
any committee formed to protect the rights of Bond owners.
Section 4. The Bonds shall be negotiable instruments to
the extent provided by RCW 62A.8-102 and 62A.8-105.
Section 5. The City covenants that it will spend the
principal proceeds of the Bonds with due diligence to completion
of the purposes specified in this ordinance and will make no use
of the proceeds of the Bonds or other funds of the City at any
time during the term of the Bonds which will cause the Bonds to
be arbitrage bonds within the meaning of Section 103(c) of the
United States Internal Revenue Code of 1954, as amended, and the
applicable regulations promulgated thereunder.
Section 6. Shearson Lehman/American Express Inc., Foster &
Marshall Division, in Seattle. Washington, have submitted an
offer to purchase all of the Bonds at a price of $97.75 per each
$100 of par value, plus accrued interest from the date of the
Bonds to the date of their delivery to the purchaser, the City
to furnish the printed Bonds and the approving legal opinion of
Roberts & Shefelman, municipal bond counsel of Seattle.
Washington, at the City's expense. Bond counsel shall not be
required to review or express any opinion concerning the
completeness or accuracy of any official statement, offering
circular or other sales material issued or used in connection
with the Bonds, and bond counsel's opinion shall so state. The
City Council, deeming that it is in the best interest of the
City that such offer be accepted, accepts the same. The Bonds
shall, therefore, immediately upon their execution, be delivered
to Shearson Lehman/American Express Inc., Foster & Marshall
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Division, in Seattle, Washington, upon payment therefor in
accordance with such offer.
Section 7. Pending the printing, execution and delivery to
the purchaser of the definitive Bonds, the City may cause to be
executed and delivered to such purchaser a single temporary Bond
in the principal amount of $2,709,874.38. Such temporary Bond
shall bear the same date of issuance, interest rates, principal
payment dates and terms and covenants as the definitive Bonds,
and shall be issued as a fully registered bond in the name of
such purchaser, and shall be in such form as acceptable to such
purchaser. Such temporary Bond shall be exchanged for the
definitive Bonds as soon as the same are printed, executed and
available for delivery.
Section 8. The interest rate on the installments and
delinquent payments of the special assessments in Local Improve-
ment District No. 283 are revised and fixed at the rate of
10.536% per annum.
PASSED by the City Council and APPROVED by the Mayor of the
City of Kent, Washington, at a regular open public meeting
thereof this 20th day of December, 1984.
ATTEST:
f, City Clerk ✓ " ,` �'
APPROVED AS TO FORM:
f
City A�,torney
PUBLISHED:
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Mayor
I. MAR -H, City Clerk of the City of Kent,
Washington, certify that the attached copy of Ordinance No.
is a true and correct copy of the original ordinance
passed on the C' day of December, 1984, as that ordinance
appears on the Minute Book of the City.
DATED this day of December, 1984.
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