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HomeMy WebLinkAbout2162CITY OF KENT, WASHINGTON ORDINANCE N0. AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 282 Bonds and directing the issuance and sale thereof to Foster & Marshall Inc., Seattle, Washington. THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO ORDAIN as follows: Section 1. The total amount of the assessment roll in Local Improvement District No. 282 of the City of Kent, Washington, created under Ordinance No. 2030, was $137,493.11. The thirty -day period for making cash payments of assessments without interest in the District expired on April 14, 1979, and the total amount of assessments paid in cash was $3,700.30, leaving a balance of assessments unpaid on the assessment roll in the sum of $133,792.81. Local improvement district bonds of Local Improvement District No. 282 shall, therefore, be issued in the total principal sum of $133,792.81. Bond No. 1 shall be in the denomination of $1,792.81, and the remaining bonds numbered 2 to 133, inclusive, shall be in the denomination of $1,000.00 each. The bonds shall all be dated June 1, 1979, and shall be payable on June 1, 1991, 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 "Local Improvement Fund, District No. 282," created by Ordinance No. 2030 passed May 16, 1977, and approved by the Mayor on May 17, 1977, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest 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 6.60% per annum, payable annually, beginning June 1, 1980, to be represented by interest coupons to maturity attached to each bond. Section 2. Each of the bonds and interest coupons attached thereto shall be in substantially the following form: No. $1,000.00 ($1,792.81 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF KENT LOCAL IMPROVEMENT DISTRICT NO. 282 6.60% 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 assessments made for the improvement for which the bond or warrant was issued and except also for payment from the 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 improve- ment guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond." THE CITY OF KENT, WASHINGTON, a municipal corpora- tion of the State of Washington, hereby promises to pay to Foster & Marshall Inc., Seattle, Washington, or bearer, the sum of ONE THOUSAND DOLLARS ($1,792.81 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of 6.60% per annum, payable annually out of the fund established by Ordinance No. 2030 of the City and known as the "Local Improvement Fund, District No. 282," 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. -2- 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 Treasurer of the City. The City Council of the City, as agent of such Local Improvement District No. 282, established by Ordinance No. 2030, has caused this bond to be issued in the name of the City as the bond of such local improvement dis- trict, the bonds or the proceeds thereof to be used to pay so much of the cost and expense of the improvement as provided by Ordinance No. 2030, as is levied and assessed against the property included in the local improvement district and benefited by that improvement, and the "Local Improvement Fund, District No. 282," has been established by ordinance 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 an issue of 133 bonds aggregating in all the principal sum of $133,792.81, issued for Local Improvement District No. 282, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on June 1, 1991, but is subject to call by the City Treasurer for prior redemption whenever there shall be sufficient money in the "Local Improvement Fund, District No. 282," 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 City not less than ten nor more than twenty days prior to the call date, and when such call date is made for the payment of this bond, it will be paid on the day the next interest coupon thereon shall become due after that call and upon that day interest upon this bond shall cease and any remaining 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 assess- ments 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 sig- nature of its City Clerk and its corporate seal to be affixed thereto and the interest coupons attached to be signed by the facsimile signatures of those officials this first day of June, 1979. -3- ATTEST: City Clerk CITY OF KENT, WASHINGTON By (facsimile signature) Mayor COUPON FORM Coupon No. $66.00 ($118.33 on Bond No. 1) ON THE DAY OF JUNE, 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 Local Improvement District No. 282 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. CITY OF KENT, WASHINGTON By (facsimile signature) Mayor ATTEST: (facsimile signature) City Clerk Section 3. 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 City 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 City Clerk. Section 4. Foster & Marshall Inc., Seattle, Washington, here- tofore offered to purchase all of the local improvement bonds of Local -4- Improvement District No. 282 at a price of $100.00 for each $100.00 par value, plus accrued interest from the date of issuance to the date of delivery of the bonds to the purchaser, the City to furnish the printed bonds and 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 no better offer could be received for the bonds and that it was in the best interests of the City to accept that offer, duly accepted the same on May 7, 1979. The bonds shall, therefore, immediately upon their execution, be de- livered to Foster & Marshall Inc., Seattle, Washington, upon payment therefor in accordance with that offer. Section 5. This ordinance shall take effect and be in force five (5) days from and after its passage, approval and publication as provided by law. ATTEST: MARIE JENSE City Cl reek -- APPROVED AS TO FORM: DONALD E. MIRK, City Attorney ISABEL HOGAN, MAyor PASSED the'7 day of May, 1979. APPROVED the day of May, 1979. PUBLISHED the /— day of May, 1979. -5-