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' 1 . ORDINANCE N0. 3 7 7 9.
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AN ORDINANCE OF THE CITY OF AUBURN, WASHINGTON, RELATING TO INTERIM FINANCING
3 IN LOCAL IMPROVEMENT DISTRICT N0. 321, ACCEPTING THE OFFER OF FIRST
INTERSTATE BANK, TO PURCHASE REVENUE WARRANTS AND FIXING THE INTEREST RATE
¢ ' ON SUCH REVENUE WARRANTS. •
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WHEREAS, under date of June 28, 1982, First Interstate Bank offered to
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purchase revenue warrants of Local Improvement District No. 321, such warrants
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to bear interest at the rate of 67.5% of the bank's prime rate at the date of
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warrant issuance and to be redeemed within one (1) year from the date of
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issuance thereof;
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DO
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ORDAIN AS FOLLOWS:
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Section 1. The offer of First Interstate Bank to purchase revenue
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warrants drawn upon the "Local Improvement Fund No. 321", to bear interest at;
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the rate of 67.5% of the bank's prime rate at the date of warrant issuance
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is hereby accepted.
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Section 2. The interest rate on such revenue warrants to be issued in
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18 payment of the'cos`t's of`the improvements made within Local Improvement '
19 District No: 321 ;is.hereby fixed at thie rate of 67.5% of the bank's prime rate
20 at the date of warrant issuance in accordance with the duly accepted offer of
21 First Interstate Bank.
22 Section 3_ The Mayor is hereby authorized to implement such administra-
23 tive procedures as may be necessary to carry out the directions of this
24 legislation.
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Ordinance 3779
'Page One of Two • •
6-29-82
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2 Section 4. This Ordinance shal} take effect and be in force five (5) days
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3 from and after its passage, approval and publication, as provided by law.
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, 5 INTRODUCED: JULY 6, 1982 .
6 . PASSED: JULY 6, 1982.
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8 APPROVED: JULY 6, 1982
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10 M A Y . R
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11 ATTEST:
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City C rk
14 APPROV, AS TO FORM:- ~
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City Atforney
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18 PUBLISHED: JULY 14, 1982
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Ordinance No. 3779
Page Two of Two ,
6-29-82 .
STATE OF WASHZNGTON) ) Ss.
COUNTY OF KING
I, Coralee A. McConnehey, the duly appointed, quaZified City Clerk
of the City of Ruburn, a Municipal Corporation and Code City, situate in
the County of King, State of Washington, do hereby certify that the fore-
going is a full, true and cozrect copy of Ordinance No. 377.31 of the
ordinances of the City of Auburn, entitled "AN ORDINANCE OF THE CITY OF
AUBURN, WASHINGTON, RELATING TO INTERIM FINANCING IN LOCAL IMPROVE-
MENT DISTRICT N0. 321, ACCEPTING THE OFFER OF FIRST INTERSTATE BANK,
TO PURCHASE REVINUE WARRANTS AND FIXING THE INTEREST RATE ON SUCH
REVINUE WARRANTS.
2 certi.fy that said Ordinance No. 2779_ was duly passed by the Council
and approved by the Mayor of the said City of Auburn, on the 6 day of
Suly A.D., 1982
I further certify that said Ordinance No. 3779 was published as provided
by law in the Daily Globe News, a daily newspaper published in the City of
Ruburn, and of general circulation therein, on the 14 day of Juue
A.D.. 1982 .
WITNESS my hand and the offical seal of the City of Auburn, this. ~S
day of Julv , A.D., 1982
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CITY CLERK OF THE CITY OF AUBURN