HomeMy WebLinkAbout1643CITY OF KENT, WASHINGTON
ORDINANCE NO._ffL5V3
AN ORDINANCE providing for the issuance
of an installment note payable from the "Local
Improvement Fund, District No. 257," of the
City and to be sold to the "Kent Firemens Relief
and Pension Fund" of the City.
WHEREAS, Ordinance No. 1532 of the City established Local
Improvement District No. 257 and provided that the City should issue its
local improvement bonds to pay the cost and expense of the improvement in
Local Improvement District No. 257 and the City Council now deems it to be
in the best interest of the City that as an alternative to the issuance of such
bonds the City shall, pursuant to Chapter 165 of the Laws of 1961 of the
State of Washington, issue an installment note and sell the same to such
City fund as an investment for such fund as the City Council may determine,
such installment note to be redeemed from special assessments against the
property benefited by the improvement; and
WHEREAS, the thirty -day period allowed by law for the payment of
assessments in Local Improvement District No. 257 without penalty or interest
has elapsed, the total amount of the assessment roll as confirmed being
$44,379.61, and $23,127.41 having been collected during said thirty -day
period, leaving an uncollected balance on said roll of $21,252.20; and
WHEREAS, the City Council has now determined to issue an install-
ment note and to sell the same to the "Kent Firemens Relief and Pension Fund"
of the City as an investment for such fund, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO
ORDAIN, as follows:
Section 1. Pursuant to Chapter 165 of the Laws of 1961 of the
State of Washington, there shall be issued one installment note payable to
the "Kent Firemens Relief and Pension Fund" out of the "Local Improvement
Fund, District No. 257," to be dated February 1, 1970, and to become
finally due on February 1, 1982. The note shall be issued in the amount of
$21,252.20, representing the balance of the cost and expense of Local
Improvement District No. 257, which is to be borne by the property owners
therein. The installment note shall bear interest at the rate of 7% per annum
to be paid on the unpaid balance thereof. The installment note shall be issued
to the "Kent Firemens Relief and Pension Fund." Moneys from the "Local
Improvement Fund, District No. 257," shall be paid to the payee at least
once a year, beginning with the date of issue, for the purpose of reducing
the principal and interest amounts due on the installment note. Upon receipt
by the "Kent Firemens Relief and Pension Fund," such moneys shall first be
applied toward the interest due on the unpaid balance of the installment note
and any additional moneys shall thereafter apply as a reduction of the principal
amount of the note.
Section 2. The installment note issued pursuant to this Ordinance
shall bear on its face (1) the name of the payee; (2) the designation of Local
Improvement District No. 257 from whose funds the note is payable; (3) the
date of issue of the note; (4) the date on which the note or the final installment
thereon shall become due; (5) the rate of interest to be paid on the unpaid
balance thereof; and (6) such manual or facsimile signatures and attestations
as are required to appear on the warrants of the City. The reverse side of the
installment note shall bear a tabular payment record which shall indicate at
prescribed installment dates the receipt of any Local Improvement District No.
257 funds for the purpose of servicing the debt indicated on the note. The
tabular payment record shall, in addition to the above, show the unpaid principal
balance due on the installment note, together with sufficient space opposite
each transaction affecting the note for the manual signature of the officer
authorized to receive the money for the payee.
Section 3. The installment note may be redeemed out of the "Local
Improvement Fund, District No. 257, " at any time by payment in full of the
unpaid principal balance and accrued interest to date of redemption.
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Section 4. The installment note shall be issued and paid in
accordance with, and shall otherwise be subject to, the provisions of Chapter
165 of the Laws of 1961 of the State of Washington.
PASSED by the City Council and APPROVED by the Mayor of the City
of Kent, Washington, at a regular meeting thereof this 2nd day of February,
1970.
ATTEST:
City Clerk
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ORM APPROVED:
City Attorney
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Mayor `-