HomeMy WebLinkAbout2273CITY OF KENT, WASHINGTON
ORDINANCE NO.
AN ORDINANCE relating to local improvement districts;
establishing Consolidated Local Improvement District
No. 288 et al. and Consolidated Improvement Fund,
District No. 288 et al.; authorizing the issuance
and fixing the amount, form, date, interest rate,
maturity and denominations of the Consolidated Local
Improvement District No. 288 et al. Bonds; and
providing for the sale and delivery of the bonds to
Foster & Marshall Inc. of Seattle, Washington.
WHEREAS, the City Council of the City has heretofore
created Local Improvement Districts Nos. 288, 292, 293, and 294 for
various purposes; and
WHEREAS, RCW 35.45.160 authorizes the establishment of
consolidated local improvement districts for the purpose of issuing
bonds only and provides that if the governing body of any municipality
orders the creation of a consolidated local improvement district,
the money received from the installment payment of the principal of
and interest on assessments levied within original local improvement
districts shall be deposited in the consolidated local improvement
district bond redemption fund to be used to redeem outstanding
consolidated local improvement district bonds; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO ORDAIN
as follows:
Section 1. For the purpose of issuing bonds only, those
local improvement districts of the City, established by the following
ordinances, respectively, the 30 -day period for making cash payment
of assessments without interest in each local improvement district
having expired, are consolidated into a consolidated local improvement
district to be known and designated as "Consolidated Local Improvement
District No. 288 et al.":
Created By
LID No. Ordinance No.
288 2151
292 2167
293 2153
294 2175
Section 2. There is created and established in the office
of the Treasurer of the City for Consolidated Local Improvement
District No. 288 et al., a special fund to be known and designated
as "Consolidated Local Improvement Fund, District No. 288 et al."
(hereinafter called the "Bond Fund"). All money presently on hand
representing collections pertaining to installments of assessments,
and interest and penalties thereon, in each of the local improvement
districts listed in Section 1 shall be transferred to and deposited
in the Bond Fund and all collections pertaining to assessments on
the assessment rolls of those local improvement districts when
hereafter received shall be deposited in the Bond Fund to be issued
to redeem outstanding Consolidated Local Improvement District No.
288 et al. bonds.
Section 3. "Consolidated Local Improvement District No.
288 et al. Bonds" (hereinafter called the "Bonds") shall be issued
in the total principal sum of $525,069.65, being the total amount on
the assessment rolls of Local Improvement Districts Nos. 288, 292,
293 and 294 remaining uncollected after the expiration of the 30 -day
interest-free prepayment period. Bond No. 1 shall be in the denomi-
nation of $5069.65 and the remaining Bonds numbered 2 to 105,
inclusive, shall be in the denomination of $5,000.00 each. The
Bonds shall all be dated March 1, 1981, and shall be payable on
March 1, 1993, 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 Bond Fund to pay the Bonds so called and all earlier
numbered Bonds over and above the amount required for the payment
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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 newspaper of the City, then in a newspaper of general
circulation in the City, not less than 10 nor more than 20 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, or its successor at its main office, 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�% per annum,
/i48et
payable annually, beginning 1, 1982, to be represented by
interest coupons to maturity attached to each Bond.
Section 4. The Bonds and coupons shall be printed or
lithographed on engraved paper in a form consistent with this
ordinance and state law. The Bonds shall be signed by the facsimile
signature of the Mayor and attested by the manual signature of the
City Clerk and shall have a facsimile reproduction of the seal of
the City imprinted thereon, and the coupons shall bear the facsimile
signatures of the Mayor and the City Clerk.
Section 5. Foster & Marshall Inc. of Seattle, Washington,
has submitted an offer 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 or
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. The Bonds shall, therefore, immediately upon their execution,
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be delivered to Foster & Marshall Inc., Seattle, Washington, upon
payment therefor in accordance with such offer.
Section 6. 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 C day of February, 1981.
Ne -G -1i�C
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ATTEST: Mayor ;
City C 1 rk'
FO M APPROVED:
City Attorney
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