HomeMy WebLinkAbout2359CITY OF KENT, WASHINGTON
ORDINANCE 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, District No. 307" and fixing the
interest rate on such warrants.
WHEREAS, by Ordinance No. 2292 passed by the City Council
May 18, 1981, 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 Im-
provement Fund, District No. 307" 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, Peoples National Bank, Kent, Washington, Branch,
has offered to purchase such revenue warrants up to a maximum of
$483,266, to bear interest at the rate of 9.9% per annum, such rate
to be adjusted quarterly from June 7, 1982, to a rate which is 60%
of the bank's prime rate; 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, dated June 7, 1982, to purchase revenue warrants
payable out of the "Local Improvement Fund, District No. 307" and
to bear interest at the rate of 9.9% per annum from the date
thereof, such rate to be adjusted quarterly from June 7, 1982, to
a rate which is 60% of the bank's prime rate, is accepted.
Section 2. The interest rate on such revenue warrants to
be so issued is fixed at 9.9% per annum from the date of issuance,
such rate to be adjusted quarterly from June 7, 1982, to a rate
which is 60% of the bank's prime rate, until redeemed in cash and/or
by local improvement district bonds.
Section 3. This ordinance shall be in full force and
effect five days after the date of its publication as provided by
1 aw. .
r
4SAEEL HOGAN, AYOR
ATTEST:
MARIE DENS , CITY CLERK
APPROVED AS TO FORM: /
BARBARA HEAVEY
ACTING CITY ATTORNEY 0
PASSED the �, day of July, 1982.
APPROVED the -7 day of July, 1982.
PUBLISHED the /L_ day of July, 1982.
K
I, MARIE JENSEN, City Clerk of the City of Kent, Washington,
certify that the attached copy of Ordinance No. 'R3�is a true and
correct copy of the original ordinance passed on the 6 day of
July, 1982, as that ordinance appears on the Minute Book of the
City.
DATED this —�7— day of July, 1982.
MARIE JENSgW City Clerk