HomeMy WebLinkAbout2238CITY OF KENT, WASHINGTON
ORDINANCE NO.�
AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 286 Bonds and
directing the issuance and sale thereof to
Foster & Marshall Inc. of Seattle, Washington.
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO ORDAIN as
follows:
Section 1. The total amount of the assessment roll in Local
Improvement District No. 286 in the City of Kent, Washington (the
"City"), created under Ordinance No. 2103 passed July 5, 1978, was
$158,214.49. The 30 -day period for making cash payments of assess-
ments without interest in the District expired on June 26, 1980,
and the total amount of assessments paid in cash was $28,069.86,
leaving a balance of assessments unpaid on the assessment roll in
the sum of $130,144.63. Local improvement district bonds of Local
Improvement District No. 286 shall, therefore, be issued in the
total principal sum of $130,144.63. Bond No. 1 shall be in the
denomination of $1,144.63, and the remaining bonds numbered 2 to
130, inclusive, shall be in the denomination of $1,000 each. The
bonds shall all be dated August 1, 1980, and shall be payable on
August 1, 1992, with the right reserved to the City to redeem the
bonds prior to maturity on any interest payment date, in numerical
order, lowest numbers first, whenever there shall be sufficient
money in the "Local Improvement Fund, District No. 286," created by
Ordinance No. 2103, 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 publishing notice of such
call once in the official newspaper of the City or, if there is no
official newapaper, in a newspaper of general circulation in the
City not less than ten nor more than twenty days prior to the call
date, and by mailing a copy of such notice within the same period
to the main office of Foster & Marshall Inc. in Seattle, Washington,
and upon such date the interest on bonds so called shall cease and
each and every coupon representing interest not accrued on such
date shall be void. The bonds shall bear interest at the rate of
gf% per annum, payable annually, beginning August 1, 1981, to be
represented by interest coupons to maturity attached to each bond.
Section 2. The bonds and coupons shall be printed or litho-
graphed on engraved paper in a form consistent with this ordinance
and state law. The bonds shall be signed by the facsimile signa-
ture of the Mayor and attested by the manual signature of the City
Clerk and shall have the seal of the City affixed thereto, and the
coupons shall bear the facsimile signatures of the Mayor and the
City Clerk.
Section 3. Foster & Marshall Inc. of Seattle, Washington,
heretofore offered to purchase all of the bonds at a price of par,
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,
Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington,
at the City's expense. Bond counsel shall not be required to review
nor 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, hereby
accepts the same on July 21, 1980, and such acceptance is hereby
ratified and confirmed. The Bonds shall, therefore, immediately
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upon their execution, be delivered to Foster & Marshall Inc., Seattle,
Washington, upon payment therefor in accordance with such offer.
Section 4. This ordinance shall take effect from and after
its passage and five (5) days following its publication as required
by law.
PASSED by the City Council and APPROVED by the Mayor of the
City of Kent, Washington, at a regular open public meeting thereof,
on the 21st day of July, 1980.
Isabel Hogan Mayor �—
ATTEST:
City ClerW Marie Jensen
A PROVED AS TO FORM:
i
City Attorney Donald E Mir
Passed the �� ( day of July, 1980
Approved the v day of July, 1980
Published the �� -`'' day of July, 1980
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