HomeMy WebLinkAboutOrd 1221 - LID #29 (Local Improvement District) - Issuance and Sale of Bonds COUNCIL ACTION
MEETING DATE 'AGENDA'
ACTION
TYPE ITEM
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CITY OF TUKWILA, WASHINGTON i
ORDINANCE NO. 1221 AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 29 Bonds and
directing the issuance and sale thereof to
Foster Marshall Inc. of Seattle, Washington.
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. 29 in the City of Tukwila, Washington
(the "City created under Ordinance No. 1098 passed February 5,
1979, was $538,070.66. The 30 -day period for making cash pay
ments of assessments without interest in the District expired on
January 31, 1981, and the total amount of assessments paid in cash
was $81,408.88, leaving a balance of assessments unpaid on the
assessment roll in the sum of $456,661.78. Local improvement
district bonds of Local Improvement District No. 29 shall, there-
fore, be issued in the total principal sum of $456,661.78. Bond
No. 1 shall be in the denomination of $6,661.78, and the remaining
bonds numbered 2 to 91, inclusive, shall be in the denomination of
$5,000.00 each. The bonds shall all be dated June 1, 1981, and
shall be payable on June 1, 1993, 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. 29," created by Ordinance No. 1098, 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 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 11.9% per annum, payable
annually, beginning June 1, 1982, 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 Bond Fund
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 Director of Finance of the City or, at the option of
the holders of the Bonds, 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 signa-
ture of the Mayor and attested by the manual signature of the City
Clerk and shall have a facsimile reproduction of the seal of the
City printed thereon, and the coupons shall bear the facsimile
signatures of the Mayor and the City Clerk.
Section 3. Foster Marshall Inc. of Seattle, Washington,
has submitted an offer to purchase all of the bonds at a price
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,
Lawrence, Gay Moch, municipal bond counsel of Seattle, Washington,
at the City's expense. Bond counsel shall not be required to review
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nor express 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, hereby
accepts the same. The bonds shall, therefore, immediately upon
their execution, be delivered to Foster Marshall Inc., Seattle,
Washington, upon payment therefor in accordance with such offer.
Section 4. This ordinance shall take effect from and after
its passage and five (5) days following its publication as required
by law.
PASSED by the City Council and APPROVED by the Mayor of the
City of Tukwila, Washington, at a, regular open public
meeting thereof, on the day of June, 1981.
1 Mayor
ATTEST:
City lerk
APPROVED AS TO FORM:
Ci y Attorney
Published Record Chronicle June 24, 1981
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