Ordinance 2248CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 2248
AN ORDINANCE of the City of Edmonds, Washing-
ton, amending Ordinance No. 2111, as amended by
Ordinance No. 2153, and amending Ordinance No.
2129; establishing Consolidated Local Improve-
ment District No. 206/207 and Consolidated
Local Improvement Fund, District No. 206/207;
fixing the amount, form, date, interest rates,
maturity and denominations of the Consolidated
Local Improvement District No. 206/207 Bonds;
and ratifying and confirming the sale and
providing for the delivery thereof to Grande &
Co., Inc., Seattle, Washington.
WHEREAS, the City Council of the City has heretofore
created Local Improvement Districts Nos. 206 and 207 for various
purposes; and
WHEREAS, Chapter 44, Laws of the State of Washington, 1967,
Ex. Sess. (RCW 35.45.160), authorized the establishment of consoli-
dated local improvement districts for the purpose of issuing bonds
only and provides that if the governing body of any municipality
orders the creation of such consolidated local improvement district,
the money received from the installment payment of the principal of
and interest on assessments levied within original local improve-
ment districts shall be deposited in a consolidated local improve-
ment district bond redemption fund to be used to redeem outstanding
consolidated local improvement district bonds; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN as follows:
Section 1. Section 5 of Ordinance No. 2111 of the City,
passed January 15, 1980, as amended by Ordinance No. 2153 passed
July 29, 1980, is amended to read as follows:
Section 5. Local improvement district warrants shall be
issued in payment of the cost and expense of the improvements
herein ordered to be assessed, such warrants to be payable out of
the "Local Improvement Fund, District No. 206," hereinafter created
and referred to as the "Local Improvement Fund," and, until the
bonds referred to in this section are issued and delivered to the
purchaser thereof, to bear interest from the date thereof at a rate
to be hereafter fixed by ordinance and to be redeemed in cash
and/or by local improvement district bonds herein authorized to be
issued, such interest -bearing warrants to be hereafter referred to
as "revenue warrants." The City is authorized to issue local
improvement district bonds for the District which shall bear
interest at a rate to be hereafter fixed by ordinance, shall be
payable on or before a date to be determined later by the City
Council, the life of the improvement ordered being not less than
the term of the bonds, 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 sixty days after
the first publication by the City Director of Finance of notice
that the assessment roll for Local Improvement District No. 206 is
in his hands for collection. The bonds shall be redeemed by the
collection of special assessments to be levied and assessed against
the property within the District, payable in annual installments,
with interest at a rate to be hereafter fixed by ordinance under
the mode of "payment by bonds," as defined by law and the ordi-
nances of the City. In the case of default in the payment of any
assessment when the same shall become due, there shall be added
interest and a penalty at a rate to be hereafter fixed by ordinance.
The exact form, amount, date, interest rate and denominations of
such bonds shall be hereafter fixed by ordinance of the City
Council. Such warrants and bonds shall be sold in such manner as
the City Council shall hereafter determine.
Section 2. Section 5 of Ordinance No. 2129 of the City,
passed April 15, 1980, is amended to read as follows:
�M
Section 5. Local improvement district warrants shall be
issued in payment of the cost and expense of the improvements
herein ordered to be assessed, such warrants to be payable out of
the "Local Improvement Fund, District No. 207," hereinafter created
and referred to as the "Local Improvement Fund," and, until the
bonds referred to in this section are issued and delivered to the
purchaser thereof, to bear interest from the date thereof at a rate
to be hereafter fixed by ordinance and to be redeemed in cash
and/or by local improvement district bonds herein authorized to be
issued, such interest -bearing warrants to be hereafter referred to
as "revenue warrants." The City is authorized to issue local
improvement district bonds for the District which shall bear
interest at a rate to be hereafter fixed by ordinance, shall be
payable on or before a date to be determined later by the City
Council, the life of the improvement ordered being not less than
the term of the bonds, 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 sixty days after
the first publication by the City Director of Finance of notice
that the assessment roll for Local Improvement District No. 207 is
in his hands for collection. The bonds shall be redeemed by the
collection of special assessments to be levied and asse-sed against
the property within the District, payable in annual installments,
with interest at a rate to be hereafter fixed by ordinance under
the mode of "payment by bonds," as defined by law and the ordi-
nances of the City. In the case of default in the payment of any
assessment when the same shall become due, there shall be added
interest and a penalty at a rate to be hereafter fixed by ordinance.
The exact form, amount, date, interest rate and denominations of
such bonds shall be hereafter fixed by ordinance of the City
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Council. Such warrants and bonds shall be sold in such manner as
the City Council shall hereafter determine.
Section 3. For the purpose of issuing bonds only, those
local improvement districts of the City of Edmonds, Washington
(the "City"), established by the following ordinances, respec-
tively, the 30-day period for making cash payment of assessments
without interest in each local improvement district having expired
in the case of the assessments for each local improvement district,
are hereby consolidated into a consolidated local improvement dis-
trict to be known and designated as "Consolidated Local Improvement
District No. 206/207":
Local Improvement District No.
206
207
Created by
Ordinance No.
2111, as amended
2129, as amended
Section 4. There is hereby created and established in
the office of the City Director of Finance for Consolidated Local
Improvement District No. 206/207 a special consolidated local
improvement district fund to be known and designated as "Consoli-
dated Local Improvement Fund, District No. 206/207" (hereinafter
called the "Bond Fund"). All money presently on hand representing
collections pertaining to installments of assessments, and interest
thereon, in each of the local improvement districts listed in
Section 3 shall be transferred to and deposited in the Bond Fund
and all collections pertaining to assessments on the assessment
rolls of those local improvement districts when hereafter received
shall be deposited in the Bond Fund to be issued to redeem out-
standing Consolidated Local Improvement District No. 206/207 bonds.
Section 5. "Consolidated Local Improvement District No.
206/207 Bonds" (the "Bonds") shall be issued in the total principal
sum of $333,990.44, being the total amount on the assessment rolls
of Local Improvement Districts No. 206 and 207 remaining uncollected
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after the expiration of the 30-day interest -free prepayment period.
Bond No. 1 shall be in the denomination of $3,990.44, and the
remaining Bonds numbered 2 to 67, inclusive, shall be in the
denomination of $5,000 each. The Bonds shall all be dated November
15, 1981, and shall bear interest at the rates set forth below
payable annually beginning November 15, 1982, interest to maturity
to be evidenced by coupons attached to the Bonds. The Bonds shall
bear interest and mature on November 15 of each year in accordance
with the following schedule:
Bond
Numbers
Interest
Maturity
(Inclusive)
Amounts
Rates
Years
1
to
4 $
18,990.44
15.00%
1982
5
to
8
20,000.00
15.00%
1983
9
to
11
15,000.00
14.375%
1984
12
to
14
15,000.00
14.375%
1985
15
to
17
15,000.00
14.375%
1986
18
to
20
15,000.00
14.375%
1987
21
to
23
15,000.00
14.375%
1988
24
to
26
15,000.00
14.375%
1989
27
to
28
10,000.00
14.625%
1990
29
to
30
10,000.00
14.625%
1991
31
to
32
10,000.00
14.625%
1992
33
to
34
10,000.00
14.875%
1993
35
to
36
10,000.00
14.875%
1994
37
to
38
10,000.00
14.875%
1995
39
to
40
10,000.00
14.875%
1996
41
to
67
135,000.00
15.25%
2008
Bonds numbered 1 through 40, inclusive, maturing November
15, 1982, though November 15, 1996, shall be issued without the right
or option of the City to redeem the same prior to their respective
maturity dates. The City reserves the right to redeem prior to
their states maturity date Bonds numbered 41 through 67, inclusive,
maturing November 15, 2008, on November 15, 1985, or on any interest
payment date thereafter, in numerical order, lowest numbers first,
at par plus accrued interest, by publishing notice of such call
once in the official newspaper of the City or, if there is no
official newspaper of the City, then in a newspaper of general
circulation in the City, not less than 10 nor more than 20 days
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prior to the call date, and by mailing a copy of such notice within
the same period to the main office of Grande & Co., 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.
Both principal of and interest on the Bonds 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 6. The Bonds and coupons shall be printed or
lithographed on engraved paper in a form consistent with this
ordinance and state law. The Bonds shall be signed by the fac-
simile signature of the Mayor, attested by the manual signature of
the City Clerk, 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 7. Grande & Co., 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
(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 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 was in the best interest of the City that
such offer be accepted, accepted the same on October 27, 1981, and
such acceptance is hereby ratified and confirmed. The Bonds
shall, therefore, immediately upon their execution, be delivered to
Grande & Co., Inc., Seattle, Washington, upon payment therefor in
accordance with such offer.
Section 8. This ordinance shall take effect from and after
its passage and five (5) days following its publication as required
by 1 aw. .
PASSED by the City Council and APPROVED by the Mayor of the
City of Edmonds, Washington, at a regular open public meeting
thereof, on the loth day of November, 1981.
Mayor
ATTEST:
itf Clerk
APPROVED AS TO FORM:
City Attorney
FILED WITH THE CITY CLERK: November 6, 1981
PASSED BY THE CITY COUNCIL: November 10, 1981
POSTED: November 12, 1981
EFFECTIVE DATE: November 17, 1981
— 7 —
JACQUELINE G. PARRETT Deputy
I, 3-RSNE-BARN-E-*-MQRAN, )City Clerk of the City of Edmonds,
Washington, hereby certify that the attached copy of Ordinance No.
o?A 4,? is a true and correct copy of the original ordinance passed
on the loth day of November, 1981, as that ordinance appears on the
Minute Book of the City.
DATED this /Z., day of November, 1981.
N'
h9u a City Clerk
JG21A17
AFFIDAVIT OF POSTING ORDINANCE
STATE OF WASHINGTON )
) ss:
COUNTY OF SNOHOMISH )
Jacqueline G. Parrett
, being first duly sworn
on oath deposes and says that s he is over the age of eighteen (18)
years and is competent to testify as to the matter stated herein.
There is no official newspaper or other newspaper printed and
published within the City. In accordance with RCW 35A.12.160, on
the 12th day of November _, 1981, affiant posted true and
correct copies of the attached Ordinance No. 2248, passed by the
City Council on the loth day of November , 19 81, at the
official posting places for City notices which are the public
bulletin boards at the following locations:
Edmonds Civic Center
250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Public Library
Civic Center, 250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Branch of United States Post Office
201 Main Street
Edmonds, Washington 98020
DATED this 13thday of November 1981 .
SUBSCRIBED AND SWORN to before me this 13th day of
NO rev -1I '
NtC-tary Pu c" in an r the
State of �gto ing
at i��/