HomeMy WebLinkAbout2284CITY OF KENT, WASHINGTON
ORDINANCE NO -A2a`
AN ORDINANCE accepting the offer of Rainier
National Bank, Kent West Office, Kent, Washington,
for the purchase of revenue warrants drawn on the
"Local Improvement Fund, District No. 304" and
fixing the interest rate on such warrants.
WHEREAS, by Ordinance No. 2241 passed by the City Council
August 18, 1980, local improvement district warrants were autho-
rized 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. 304" 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 "revenue warrants";
and
WHEREAS, Rainier National Bank, Kent West Office, Kent,
Washington, has offered to purchase such revenue warrants up to a
maximum of $567,791, to bear interest at the rate of 12%; NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO ORDAIN
as follows:
Section 1. The offer of Rainier National Bank, Kent West
Office, Kent, Washington, dated March 9, 1981, to purchase revenue
warrants payable out of the "Local Improvement Fund, District No.
304" and to bear interest at the rate of 12% per annum from the date
thereof is accepted.
Section 2. The interest rate on such revenue warrants to
be so issued is fixed at 12% per annum from the date of issuance
until redeemed in cash and/or by local improvement district bonds
on or before March 15, 1983, and thereafter at a rate of the greater
of 12% or 57% of Rainier National Bank's prime rate.
Section 3. This ordinance shall be in full force and
effect five days after the date of its publication as provided by
law.
ATTEST:
MARIE JENS �CI�CERK
AAYOR ISABEL HOGAN,
P ROVED AS TO FORM:
DONALD E. MIRK, //CITY ATTORNEY
PASSED the 6 1 day of April, 1981.
APPROVED the day of April, 1981.
PUBLISHED the /,-?-- day of April, 1981.
2
I, MARIE JENSEN, City Clerk of the City of Kent, Washington,
hereby certify that the attached copy of Ordinance No.
is a
true and correct copy of the original ordinance passed on the 6th
day of April, 1981, as that ordinance appears on the Minute Book of
the City.
DATED this JLL_ day of April, 1981.
MARIE J N, Ci y Clerk