HomeMy WebLinkAbout1970 - Ord 0616 - Amend LID #15 (Local Improvement District) Interest Rates - 6664366 �►/ILq yam_
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CITY of TUK
WASHINGTON
ORDINANCE NO. 616 f�
AN ORDINANCE amending Ordinance No. 515
of the City of Tukwila relating to interest
rates for L.I.D. No. 15.
Whereas the Bonds for L.I.D. No. 15 cannot be sold
at the rate of seven percent (7 per annum, now, therefore,
THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON
DO ORDAIN AS FOLLOWS:
Ordinance 515, Section 5, is amended to read as
follows:
Section 5. Local improvement district warrants shall
be issued in payment of the portion of the cost and expense of
the improvement herein ordered to be specially assessed, such
warrants to be payable out of the "Local Improvement Fund, Dis-
trict No. 15," hereinafter created, to bear interest from the date
thereof at a rate to be hereafter fixed by ordinance not to exceed
7% per annum and to be redeemed in cash, and /or local improvement
bonds herein authorized to be issued, said interest bearing war-
rants to be hereafter referred to as "revenue warrants." Such
bonds shall bear interest at a rate to be hereafter fixed by
ordinance not exceeding 8% per annum, shall be payable on or before
twelve (12) years from the date of issuance, the life of the
improvement ordered being not less than twelve years, and shall be
issued in exchange for and in redemption of any and all revenue
warrants issued hereunder and not redeemed in cash within a period
of not to exceed 60 days after the first publication by the City
Treasurer of notice that the assessment roll for Local Improve-
ment District No. 15 is in her hands for collection. The bonds
shall be redeemed by the collection of special assessments to be
levied and assessed upon the property within said District,
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VOL ,i PAGE 567
payable in ten (10) equal annual installments, with interest at
a rate to be hereafter fixed by ordinance not exceeding 8% per
annum, under the mode of "payment by bonds as defined by law
and the ordinances of the City of Tukwila, Washington. In the
case of default in the payment of any assessment when the same
shall become due, there shall be added interest at a rate to be
hereafter fixed by ordinance not to exceed 8% per annum and a
penalty of 4% which shall also be collected. The exact form,
amount, date, interest rate and denomination of said warrants
and bonds shall be hereafter fixed by ordinance of the City
Council. Said warrants and bonds shall be sold in such manner
as the City Council shall hereafter determine.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, this 6th day of April, 1970.
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MAYOR
ATTEST:
CITY CLERK
FORM APPROVED
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CITY ATTORNEY
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Filed for Record" 13 �97d /gy m•
Request of el V._. D D J. LOGAN, Record*