HomeMy WebLinkAbout2254ORDINANCE NO.
AN ORDINANCE accepting the offer
of Peoples National Bank, Kent, Washington,
Branch, for the purchase of revenue warrants
drawn on the "Local Improvement Fund, Dis-
trict No. 301" and fixing the interest rate
on such warrants.
WHEREAS, by Ordinance No. 2246 passed by the City
Council September 2, 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. 301" 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 is-
sued, such interest-bearing warrants to be hereinafter referred
to as "revenue warrants"; and
WHEREAS, Peoples National Bank, Kent, Washington,
Branch, has offered to purchase such revenue warrants up to a
maximum of $1,226,519.03, to bear interest at the rate of 8.39%;
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. The offer of Peoples National Bank, Kent,
Washington, Branch, to purchase revenue warrants to be payable
out of the "Local Improvement Fund, District No. 301" and bear in-
terest at the rate of 8.39% per annum from the date thereof is
hereby accepted.
Section 2. The interest rate on such revenue warrants
to be so issued is hereby fixed at 8.39% 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 (5) days after the date of its publication as pro-
vided by law. i1 '
ATTEST:
MARIE JaMN, CITY CLERK
APPROVED AS TO FORM:
DONALD E. MIRK, CITY ATTORNEY
PASSED the g day of November, 1980.
APPROVED the O day of November, 1980.
PUBLISHED the day of November, 1980.
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