HomeMy WebLinkAboutOrd 1154 - LID #25 (Local Improvement District) - Issuance and Sale of BondsCOUNCIL ACTION
MEETS C I DATE I AITEEMA I ACTION
'M I'/7 I rc. I
e/w 1 V I'Tk
CITY OF TUK
WASHINGTON
ORDINANCE NO. N-
AN ORDINANCE FIXING THE AMOUNT, FORM, DAI
INTEREST RATE, MATURITY AND DENOMINATIONS OF
LOCAL IMPROVEMENT DISTRICT NO. 25 BONDS AND
DIRECTING THE ISSUANCE AND SALE THEREOF TO
FOSTER MARSHALL 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. 25 in the City of Tukwila, Washington, (the
"City created under Ordinance No. 837 passed January 21, 1974,
was $534,653.00. Pursuant to Stipulated Order entered in King County
Superior Court Cause Number 858 689 and Ordinance Number 1146 passed
and approved March 3, 1980, approving and confirming the assessment
roll and written Releases and Waivers of Prepayment of Assessments
duly executed, the owners of all properties appearing on the assessment
roll of the District waived payment during the 30 -day cash prepayment
period, with the exception that King County, Washington, paid $69,382.00,
leaving a balance of assessments unpaid on the assessment roll in the sum
of $465,271.00, and the 30 -day period during which installments of assess-
ments will hereafter be paid was established as March 7 through April 6 of
each year. Local improvement district bonds of Local Improvement District
No. 25 shall, therefore, be issued in the total principal sum of $465,271.00
Bond No. 1 shall be in the denomination of $5,271.00, and the remaining
bonds numbered 2 to 93, inclusive, shall be in the denomination of $5,000.00
each. The bonds shall all be dated May 1, 1980 and shall be payable on May
1, 1992, 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. 25," created by Ordinance No. 837,
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 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
/0. 87.5
at the rate of per annum, payable annually, beginning May 1,
1981, to be represented by interest coupons to maturity attached to
each bond.
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 the seal of the City affixed thereto, and the
coupons shall bear the facsimile signatures of the Mayor and the
City Clerk.
Section 3. Foster Marshall Inc. of Seattle, Washington,
has offered 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 nor
express any opinion concerning the completeness or accuracy of any
ATTEST:
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 a day of April, 1980.
t'y AClerk
APPROVED AS TO FORM:
City Attorney
1
PUBLISHED RECORD CHRONICLE April 25, 1980
Mayor