HomeMy WebLinkAbout2236CITY OF KENT, WASHINGTON
ORDINANCE NO.
AN ORDINANCE accepting the offer of Seattle -
First National Bank, Kent, Washington, Branch,
for the purchase of revenue warrants drawn on
the "Local Improvement Fund, District No. 299"
and fixing the interest rate on such warrants.
WHEREAS, by Ordinance No. 2213 passed by the City Council
March 17, 1980, local improvement district warrants were authorized
to be issued in payment of the cost and expense of the improvements
therein ordered, such warrants to be payable out of the "Local
Improvement Fund, District No. 299" therein created, to bear
interest from the date thereof at a rate to be thereafter fixed by
ordinance and to be redeemed in cash and/or by local improvement
district bonds therein authorized to be issued, such interest-bearing
warrants to be hereinafter referred to as "revenue warrants"; and
WHEREAS, Seattle -First National Bank, Kent, Washington,
Branch, has offered to purchase such revenue warrants up to a
maximum of $132,000, to bear interest at the rate of 6.95%; NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO
ORDAIN as follows:
Section 1. The offer of Seattle -First National Bank,
Kent, Washington, Branch, to purchase revenue warrants to be payable
out of the "Local Improvement Fund, District No. 299" and bear
interest at the rate of 6.95% per annum from the date thereof is
hereby accepted.
SPntinn 2. The interest rate on such revenue warrants to
be so issued is hereby fixed at 6.95% per annum from the date of
issuance until redeemed in cash and/or by local improvement district
bonds.
Section 3. This ordinance shall be in full force and
effect five days after the date of its publication as provided by
law.
r ISABEL HOGAN, MA OR
ATTEST:
MARIE JEN �CIT�YCEERK
tPOVED AS TO FORM:
D NALD E. MIRK, CITY ATTORNEY
PASSED they day of July, 1980.
APPROVED the e day of July, 1980.
PUBLISHED the day of July, 1980.
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