HomeMy WebLinkAbout2261ORDINANCE NO.
AN ORDINANCE of the City of Kent,
Washington, accepting the offer of Peoples
National Bank, Kent, Washington, Branch, for
the purchase of revenue warrants drawn on
the Local Improvement Fund, District No. 303
and fixing the interest rate on such warrants.
WHEREAS, by Ordinance 2243 passed by the City Council
September 2, 1980, local improvement district warrants were autho-
rized to be issued in payment of the cost and expense of the im-
provements therein ordered, such warrants to be payable out of
the "Local Improvement Fund, District No. 303", 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 "rev-
enue warrants"; and
WHEREAS, Peoples National Bank, Kent, Washington,
Branch, has offered to purchase such revenue warrants up to a
maximum of One Hundred Six Thousand, Two Hundred Seventy -Two
Dollars ($106,272.00), 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. 303", 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 pro-
vided by law.
,�1
ATTEST:
MARIE JENSEN, TY CIIERK
A ROVED AS TO FORM:
DOUMD E. MIRK, CITY ATTORNEY
PASSED the
APPROVED the
PUBLISHED the'
day of December, 1980.
day of December, 1980.
day of December, 1980.
I hereby.certify that this is a true copy of Ordinance
No.
f , passed by the City Council of the City of Rent,
Washington, and approved by the Mayor of the City of Kent as
hereon indicated.
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(SEAL)