HomeMy WebLinkAboutOrd 1260 - LID #30 (Local Improvement District) - Issuance and Sale of BondsCITY OF TUKWILA
WASHINGTON
ORDINANCE NO. 1260
AN ORDINANCE OF THE CITY OF TUKWILA, WASHINGTON,
FIXING THE AMOUNT, FORM, DATE, INTEREST RATE,
MATURITY AND DENOMINATIONS OF LOCAL IMPROVEMENT
DISTRICT NO. 30 BONDS AND DIRECTING THE ISSUANCE
AND SALE THEREOF TO FOSTER MARSHALL /AMERICAN
EXPRESS, INC. OF SEATTLE, WASHINGTON.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. The total amount of the assessment roll in Local
Improvement District No. 30 in the City of Tukwila, Washington (the
"City created under Ordinance No. 1169 passed July 7, 1980, was
$237,174.76. The 30 -day period for making cash payments of assessments
without interest in the District expired on April 30, 1982, and the
total amount of assessments paid in cash was $3,632.86, leaving a balance
of assessments unpaid on the assessment roll in the sum of $233,541.90..
Local improvement district bonds of Local Improvement District No. 30
shall, therefore, be issued in the total principal sum of $233,541.90.
Bond No. 1 shall be in the denomination of $3,541.90, and the remaining
bonds numbered 2 to 47, inclusive, shall be in the denomination of
$5,000.00 each. The bonds shall all be dated June 1, 1982, and shall
be payable on June 1, 1994, with the right reserved to the City to re-
deem the bonds prior to maturity on any interest payment date, in numeri-
cal order, lowest numbers first, whenever there shall be sufficient money
in the "Local Improvement Fund, District No. 30," created by Ordinance No.
1169, 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 or, if there is no official newspaper, then in a newspaper of
general circulation in the City, not less than 10 nor more than 20 days
prior to the call date and by mailing a copy of such notice within the same
period to the main office of Foster Marshall /American Express, Inc. in
Seattle, Washington, 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
13.125 %per annum, payable annually, beginning June 1, 1983 to be represented
by interest coupons to maturity attached to each bond. Both principal of
and interest on the bonds shall be payable solely out of the Local Improve-
ment Fund, District #30 and from the Local Improvement Guaranty Fund of the
City, and shall be payable in lawful money of the United States of America
at the office of the City Finance Director or, at the option of the holder,
at either fiscal agency of the State of Washington in Seattle, Washington,
or New York, New York.
Section 2. The bonds and coupons shall be printed or litho-
graphed on engraved paper in a form consistent with this ordinance and
state law. The bonds shall be signed by the facsimile signature of the
Mayor, attested by the manual signature of the City Clerk under the seal
of the City, and the coupons shall bear the facsimile signatures of the
Mayor and the City Clerk.
Section 3. Foster Marshall /American Express, Inc. of Seattle,
Washington, has submitted an offer to purchase all of the bonds at a price of 98%
of par, plus accrued interest from the date of the bonds to the date of
their delivery to the purchaser, the City to furnish the printed bonds and
the approving legal opinion of Roberts Shefelman (Roberts, Shefelman,
Lawrence, Gay Moch), municipal bond counsel of Seattle, Washington, at
the City's expense. Bond counsel shall not be required to review nor ex-
press any opinion concerning the completeness or accuracy of any official
statement, offering circular or other sales material issued or used in
connection with the bonds, and bond counsel's opinion shall so state. The
City Council, deeming that it is in the best interest of the City that such
offer be accepted, accepts the same. The bonds shall, therefore, immediately
upon their execution, be delivered to Foster Marshall /American Express,
Inc., Seattle, Washington, upon payment therefor in accordance with such
offer.
Section 4. The interest rate on the installments and delinquent
payments of the special assessments in the District is revised and fixed
at the rate of 13.625% per annum, which is one -half of one percent more than
the interest rate on the bonds.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON,
at a regular meeting thereof this 00 day of 1982.
Approved a
Forrg�
City Attorney, Carl Carlson
ATTEST:
Published Record Chronicle June 13, 1982
cr
Mayor
City Clerk