HomeMy WebLinkAbout1992CITY OF KENT, WASHINGTON
ORDINANCE NO. (gv1
//Z
AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 278 Bonds and
directing the issuance and sale thereof to
Foster & Marshall Inc., Seattle, Washington.
THE CITY COU14CIL OF THE CITY OF KENT, WASHINGTON, DO
ORDAIN, as follows: ..-
Section 1. The total amount of the assessr:tent roll in
Local Improvement District No. 278 in the City of I:ent, Washington,
created under Ordinance No. 19061 was $94,536.88. The thirty -day
period for making cash payments of assessirkents without interest
in the District expired on September 13, 1976, and the total
amount of assessments paid in cash was $19,550.21, leaving a balance
of assessments unpaid on the assessment roll in the sura of
$74,986.67. Local improvement district bonds of Local Improvement
District No. 278 shall, therefore, be issued in the total principal
stud of $74,986.67. Bond No. 1 shall be in the denomination of
$986.67, and the remaining bonds numbered 2 to 75, inclusive,
shall be in the denomination of $1,000.00 each. The bonds shall
all be dated October 15, 1976, and shall be payable on October 15,
1988, 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. 278," created by Ordinance
No. 1906 passed April 21, 1975, and approved by the Mayor on April 22,
1975, to pay the bonds so called and all earlier nurcbered bonds over
and above the amount requires: 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 6-1/2s per annum, payable annually, beginning October
15, 1977, 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
($986.67 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL, INPROVFYEN T BOND
OF
CITY OF EENT
LOCAL IP-IPROVE, MENT DISTRICT NO. 278
6-1/20
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 iiade 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 improvement
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, tivASHING`.CON, a municipal
corporation of the State of Washington, hereby
promises I -.o pay to Foster & Marshall Inc., Seattle,
Washington, or bearer, the sum of
ONE THOUSAND DOLLARS
($986.67 on Bond No. 1)
in lawful money of the United States of America,
with interest thereon at the rate of 6-1/2% per
annum, payable annually out of the fund established
by Ordinance No. 1906 of the City and known as the
"Local Improvement. Fund, District No. 278," and
not otherwise, except froi:I 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.
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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 Local
Improvement District No. 278 established by Ordinance
No. 1906 has caused this bond to be issued in the
name of the City as the bond of such local improvement
district, the bonds or the proceeds thereof to be used
to pay so much of the cost and expense of the iraprove-
ment as provided by Ordinance No. 1906, as is levied
and assessed against the property included in the local
improvement district and benefited by that iraprovenent,
and the "Local Improvement Fund, District No. 278,"
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 75 bonds aggregating
in all the principal sum of $74,986.67, issued for
Local Improvement District No. 278, all of which bonds
are subject to the same terms and conditions as herein
expressed.
This bond is payable on October 15, 1988, but is
subject to call by the City Treasurer for prior
redemption whenever there shall be sufficient woney
in the "Local Improvement Fund, District No. 278,"
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 sarne 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 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 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 WEEREOF, 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 he"roto affixed, and the interest coupons attached
to be signed with the facsimile signatures of those
officials this fifteenth day of October, 1976.
CITY OF KENT, WASHINGTON
By (facsimile signature)
Mayor
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ATTEST:
City Clerk
COUPON FOR14
Coupon No.
_ $65.00
($64.13 on Bond No. 1)
On the FIFTEENTH DAY OF OCTOBER, 19 , the CITY OF
KENT, WASHINGTON, promises to pay to bearer at the office
of the City Treasurer the sura shown hereon, this sum
being twelve months' interest due that day on Bond No.
of the bonds of Local Improvement District No. 278 -'
and -not otherwise, provided that this coupon is subject
to all terr:,,s and conditions contained in the bond to
which it is annexed and, if that bond shall be called
for payment before riaturity 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 Rent affixed thereto, and the coupons shall
bear the facsimile signatures of the Mayor and the City Clerk.
Section 4. Foster & Marshall Inc., Seattle, Washington,
heretofore offered to purchase all of the local improvement bonds
of Local Improvement District No. 278 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 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 no better offer could be received for the bonds and
that it was in the best interests of the City to accept said offer,
duly accepted the sane on September 20, 1976. The bonds shall,
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therefore, inmedi.ately upon their execution be delivered to Foster &
Marshall Inc., Seattle, Washington, upon payment therefor in accordance
with said offer.
9Pr.t;en 5. This Ordinance shall take effect and be in
force five (5) days from and after its passave, approval and publication
as provided by law.
"y`�i TSABEL IiOVAN, IA -A OR
ATTEST:
MARIE JENREI�! I^1XrCI?ERI:
PROVED AS 120 F
_ y_
ALD 11.� A111j,7 r CI'Y A.`i"1'ORNI;y
PASSED the 4th day of October, 1976.
APPROVED the day of October, 1976.
PUBLISHED they day of October, 1976.
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I, MARIE JENSEN, City Clerk of the City of hent,
Washington, hereby certify that the attached copy of Ordinance
No. MA is a true and correct copy of the original ordinance
passu on the 4th day of October, 1976, as said ordinance appears
on the Minute Book of the City.
DATED this day of October, 1976.
MARIE JEi 1, Citly�Clerk