HomeMy WebLinkAbout1750CITY OF KENT, WASHINGTON
ORDINANCE NO. \1W
AN ORDINANCE providing for the issuance
of an installment note payable from the "Local
Improvement Fund, District No. 269," of the
City and to be sold to the "Kent Firemans Re-
lief and Pension Fund" of the City.
WHEREAS, Ordinance No. 1725 of the City established
Local Improvement District No. 269 and provided that the City
should issue its local improvement bonds to pay the cost and ex-
pense of the improvement in Local Improvement District No. 269
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 improve
ment; and
WHEREAS, the thirty -day period allowed by law for the
payment of assessments in Local Improvement District No. 269
without penalty or interest has elapsed, the total amount of the
assessment roll as confirmed being $4,470.55, and $2,682.33 having
been collected during said thirty -day period, leaving an uncol-
lected balance on said roll of $1,788.22; and
WHEREAS, the City Council has now determined to issue an
installment note and to sell the same to the "Kent Firemens Re-
lief 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:
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Section 1. Pursuant to Chapter 165 of the Laws of 19611
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. 269," to be dated
November 15, 1971, and to become finally due on November 15, 1983.
The note shall be issued in the amount of $1,788.22, representing,
the balance of the cost and expense of Local Improvement District'
269, which is to be borne by the property owners therein. The
installment note shall bear interest at the rate of 6-1/2% 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. 269,"
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. 269 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 war-
rants of the City. The reverse side of the installment note shall'
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bear a tabular payment record'which shall indicate at prescribed
installment dates the receipt of any Local Improvement District
No. 269 funds for the purpose of servicing the debt indicated on j
I the note. The tabular payment record shall, in addition to the
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above, show the unpaid principal balance due on the installment
note, together with sufficient space opposite each transaction af-
fecting the note for the manual signature of the officer authori-
zed to receive the money for the payee.
Section 3. The installment note may be redeemed out of
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the "Local Improvement Fund, District No. 269," at any time by
payment in full of the unpaid principal balance and accrued
interest to date of redemption.
Section 4. The installment note shall be issued and
paid in accordance with, and shall otherwise be subject to, the
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provisions of Chapter 165 of the Laws of 1961 of the State of
Washington.
Section 5. This Ordinance shall take effect and be in
force five (5) days from and after its passage, approval and pub-
lication, as provided by law.
PASSED by the City Council and APPROVED by the Mayor of
j the City of Kent, Washington, at a regular meeting thereof this
15th day of November, 1971.
ISABEL HOGAN, MAYOR
ATTEST:
MARIE JENSZW, City tlerk
!! APPROVED AS TO FORM:
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D NALD E. MIRK, City Attorney
PASSED the / 4 day of November, 1971.
APPROVED THE day of November, 1971.
PUBLISHED the I� day of November, 1971.
1I hereby certify that this is a true copy of Ordinance
No. �_, passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as here-
on indicated.
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-- (SEAL)
MARIE JENS , City Clerk
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