HomeMy WebLinkAbout2260ORDINANCE NO. 52,
AN ORDINANCE of the City of Kent,
Washington, accepting the offer of Peoples
National Bank, Kent, Washington, Branch, for
the punccase of revenue warrants drawn on
the Local Improvement Fund, District No. 291
and fixing the interest rate on such warrants.
WHEREAS, by Ordinance No. 2250 passed by the City
Council November 3, 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. 291" 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 One Million, Nine Hundred Forty -Seven Thousand, Four
Hundred Dollars ($1,947,400), to bear interest at the rate of
10.24% per annum, 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. 291" and bear
interest at the rate of 10.24% 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 10.24% 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 provid-
ed by law. -�
ISABE HOGAN, YOR
ATTEST:
MARIE JENSEN, CI Y CLERK
PROVED AS TO FORM:
DONALD E. MIRK, CITY ATTORNEY
PASSED the 1,-, day of December, 1980.
APPROVED the / day of December, 1980.
PUBLISHED the day of December, 1980.
I hereby certify that this is a true copy of Ordinance
No. ��-(RC1 , passed by the City Council of the City of Kent,
and approved by the Mayor of the City of Kent as hereon indicated.
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(SEAL)