HomeMy WebLinkAbout1857CITY OF KENT, WASHINGTON
ORDINANCE NO . (? S 1
AN ORDINANCE establishing Consolidated Local
Improvement District No. 262/274 and "Consolidated
Local Improvement Fund, District No. 262/274";
and fixing the amount, form, date, interest rate,
maturity and denominations of the Consolidated
Local Improvement District No. 262/274 Bonds and
directing the issuance and sale thereof to
Foster & Marshall Inc., Seattle, Washington.
WHEREAS, Chapter 44, Laws of the State of Washington, 1967,
Ex. Ses. (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 such consolidated local improvement districts, the moneys
received from the installment payment of the principal of and interest
on assessments levied within original local assessment districts shall
be deposited in a consolidated local improvement district bond re-
demption fund to be used to redeem outstanding consolidated local im-
provement 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, Local
Improvement District No. 262, established by Ordinance No. 1760, passed
by the City Council and approved by the Mayor on February 22, 1972,
and Local Improvement District No. 274, established by Ordinance No.
1797, passed by the City Council and approved by the Mayor on October
16, 1972, are hereby consolidated into a consolidated local improve-
ment district to be known and designated as "Consolidated Local Im-
provement District No. 262/274."
Section 2. There is hereby created and established in the
office of the City Treasurer of the City of Kent for Consolidated
Local Improvement District No. 262/274 a special consolidated local
improvement district fund to be known and designated as "Consolidated
Local Improvement Fund, District No. 262/274." All moneys presently
on hand representing collections pertaining to assessments in "Local
Improvement Fund, District No. 262," and in "Local Improvement Fund,
District No. 274," shall be transferred to and deposited in "Consoli-
dated Local Improvement Fund, District No. 262/274," and all collec-
tions pertaining to assessments on the assessment rolls of Local
Improvement District No. 262 and Local Improvement District No. 274
shall when hereafter received be deposited in the "Consolidated Local
Improvement Fund, District No. 262/274," to be used to redeem out-
standing Consolidated Local Improvement District No. 262/274 Bonds.
Section 3. The total amount of the assessment roll in
Local Improvement District No. 262, created under Ordinance No. 1760,
was $30,681.92. The thirty -day period for making cash payment of
assessments without interest in the District expired on December 21,
1973, and the total amount of assessments paid in cash was $10,069.61,
leaving a balance of assessments unpaid on the assessment roll in the
sum of $20,612.31. The total amount of the assessment roll in Local
Improvement District No. 274, created under Ordinance No. 1797, was
$149,770.58. The thirty -day period for making cash payment of assess-
ments without interest in the District expired on December 21, 1973,
and the total amount of assessments paid in cash was $30,707.26,
leaving a balance of assessments unpaid on the assessment roll in the
sum of $119,063.32. Consolidated local improvement district bonds of
Consolidated Local Improvement District No. 262/274 shall, therefore,
be issued in the total principal sum of $139,675.63. Bond No. 1 shall
be in the denomination of $675.63, and the remaining bonds numbered
2 to 140, inclusive, shall be in the denomination of $1,000.00 each.
The bonds shall all be dated February 1, 1974, and shall be payable
on February 1, 1986, 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 "Consolidated Local Improvement Fund, District No. 262/274,"
created herein, to pay the bonds so called and all earlier numbered
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bonds over and above the amount required for the payment of the inter-
est on all unpaid bonds, by publishing notice of such call once in
the official newspaper of the City not less than ten nor more than
twenty days prior to the call date, 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 6.20% per annum, payable annually, be-
ginning February 1, 1975, to be represented by interest coupons to
maturity attached to each bond.
Section 4. Each of the bonds and interest coupons attached
thereto shall be in substantially the following form:
$1,000.00
No.
($675.63 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CONSOLIDATED LOCAL IMPROVEMENT BOND
OF
CITY OF KENT
CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 262/274
6.20%
N.B. The laws of the State of Washington under
which this bond is issued contain the following
section (RCW 35.45.070):
"Neither the holder nor owner of any bond,
interest coupon, or warrant issued against a
local improvement fund shall have any claim
therefor against the city or town by which it is
issued, except for payment from the special assess-
ments made for the improvement for which the bond
or warrant was issued and except also for payment
from the local improvement guaranty fund of the
city or town as to bonds issued after the creation
of a local improvement guaranty fund of that city
or town. The city or town shall not be liable to
the holder or owner of any bond, interest coupon,
or warrant for any loss to the local improvement
guaranty fund occurring in the lawful
lperation
thereof. A copy of the foregoing p
art of section shall be plainly written, printed or en-
graved on each bond."
THE CITY OF KENT, WASHINGTON, a municipal cor-
poration of the State of Washington, hereby prom-
ises to pay to Foster & Marshall Inc., Seattle,
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Washington, or bearer, the sum of
ONE THOUSAND DOLLARS
($675.63 on Bond No. 1)
in lawful money of the United States of America,
with interest thereon at the rate of 6.20% per
annum, payable annually out of the consolidated
fund established by Ordinance No. 1?,5 of the
City and known as "Consolidated Local Improvement
Fund, District No. 262/274," and not otherwise,
except from the guaranty fund, as herein provided.
Both principal of and interest on this bond are
payable at the office of the Treasurer of the
City.
Coupons are hereto attached for each installment
of interest to accrue hereon, and interest shall
be paid only on presentation and surrender of
such coupons to the City Treasurer.
The City Council of the City, as agent of such
Consolidated Local Improvement District No.
262/274, established by Ordinance No.aft ►
has caused this bond to be issued in the name of
the City as the bond of such consolidated local
improvement district, the sondsorthe of ther seeds
thereof to be used to pay so much
ost
and expense of certain improvements as provided
by Ordinance No. 1760 establishing Local Improve-
ment District No. 262 and Ordinance No. 1797
establishing Local Improvement District No. 274,
as is levied and assessed against the property
included in the consolidated local improvement
district and benefited by those improvements,
and the "Consolidated Local Improvement Fund, Dis-
trict No. 262/274," has been established by or-
dinance for that purpose. The holder or holders
of this bond shall look only to that fund and to
the Local Improvement Guaranty Fund of the City
for the payment of either the principal of or the
interest on this bond.
This bond is one of a consolidated issue of 140
bonds aggregating in all the principal sum of
$139,675.63, issued for Consolidated Local Im-
provement District No. 262/274, all of which
bonds are subject to the same terms and conditions
as herein expressed.
This bond is payable on February 1, 1986, but
is subject to call by the City Treasurer for prior
redemption whenever there shall be sufficient
money in the "Consolidated Local Improvement Fund,
District No. 262/274," to pay the same and all
unpaid bonds of the issue of which this bond is
one, which are prior to this bond, in numerical
order, over and above amounts sufficient for the
payment of the interest on all unpaid bonds of
this issue. The call for payment of this bond,
or any bond of this issue of which this is
one,
shall be made by the City Treasurer by publishing
the same once in the official newspaper of the
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City not less than ten nor more than twenty days
prior to the call date, and when such call is
made for the payment of this bond, it will be paid
on the date the next interest coupon thereon shall
become due after that call and upon that day in-
terest upon this bond shall cease and any remain-
ing coupons shall be void.
IT IS HEREBY CERTIFIED, Recited and Declared
that all acts, conditions and things required to
be done precedent to and in the levying of such
special taxes or assessments and the issuing of
these bonds have been properly done, have happened
and have been performed in regular and due form, as
required by law; and that these bonds have not
been issued in an amount in excess of the cost of
the improvement.
IN WITNESS WHEREOF, the City of Kent, Washington,
has caused this bond to be signed by the facsimile
signature of its Mayor and attested by the manual
signature of its City Clerk and its corporate seal
to be hereto affixed, and the interest coupons
attached to be signed with the facsimile signatures
of those officials this lst day of February, 1974.
ATTEST:
City Clerk
CITY OF KENT, WASHINGTON
By (facsimile signature)
Mayor
COUPON FORM
Coupon No.
$62.00
($41.89 on Bond No. 1)
On the 1ST DAY OF FEBRUARY, 19 , the CITY OF
KENT, WASHINGTON, promises to pay to bearer at the
office of the City Treasurer the sum shown hereon,
this sum being twelve months' interest due that day
on Bond No. of the bonds of Consolidated
Local Improvement District No. 262/274 and not
otherwise, provided that this coupon is subject to
all terms and conditions contained in the bond to
which it is annexed and, if that bond shall be
called for payment before maturity hereof, this
coupon shall be void.
ATTEST:
(facsimile signature)
City Clerk
CITY OF KENT, WASHINGTON
By (facsimile signature)
Mayor
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Section 5. The bonds shall be printed on lithographed forms,
shall be signed by the facsimile signature of the Mayor and attested
by the manual signature of the Clerk and shall have the seal of the
City of Kent affixed thereto and the coupons shall bear the facsimile
signatures of the Mayor and the Clerk.
Section 6. Foster & Marshall Inc., Seattle, Washington,
heretofore offered to purchase all of the consolidated local improve-
ment bonds of Consolidated Local Improvement District No. 262/274 at
a price of par, plus accrued interest from date of issuance to the
date of delivery of the bonds 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. The City Council, deeming that it
was in the best interest of the City to accept said offer,.duly accepted
the same on January 7, 1974, and such acceptance is hereby ratified
and confirmed. The bonds shall, therefore, immediately upon their
execution, be delivered to Foster & Marshall Inc., Seattle, Washington,
upon payment therefor in accordance with said offer.
PASSED by the City Council and APPROVED by the Mayor of
the City of Kent, Washington, at a regular open public meeting thereof,
this 21st day of January, 1974.
May
ATTEST:
w ..
4<
city lerk
O,M APPROVED:
i
City Attorney
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<_J
I, MARIE JENSEN, City Clerk of the City of Kent, Washing-
ton, hereby certify that the attached copy of Ordinance No.
L �'=7
is a true and correct copy of the original ordinance passed on the
21st day of January, 1974, as said ordinance appears on the Minute
Book of the City.
DATED this day of January, 1974.
MARIE JENSEN, City 1 rk
Em