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1 ORDINANCE N0. 3 8 0 9
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AN ORDINANCE OF THE CITY OF AUBURN, WASHINGTON., RELATING TO INTERIM FINANCING
3 IN LOCAL IMPROVEMENT DISTRICT N0. 326 ACCEPTING THE OFFER OF RAINIER
NATIONAL BANK, TO PURCHASE REVENUE WARRANTS AND FIXING THE INTEREST RATE
4 ON SUCH REVENUE WARRANTS.
5 WHEREAS, under date of September 29, 1982 Rainier National Bank offered to
6 purchase revenue warrants of Local Improvement District No. 326, such warrants
7 to bear interest at the rate of 10.375% until December 30, 1982, then 10.375%
8 or 75% of Rainier Bank's prime rate whichever is greater per annum and to be
9 redeemed within one (1) year from the date of issuance thereof;
10 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DO
11 ORDAIN AS FOLLOWS:
12 Section 1. The offer of Rainier National Bank to purchase revenue
13 Warrants drawn upon the "Local Improvement Fund No. 326", to bear interest at
14 the rate of 10.315% until December 30, 1982, then 10.375% or 75% of Rainier
15 Bank's prime rate whichever is greater per annum, is hereby accepted.
16 Section 2. The interest rate on such revenue warrants ta be issued in
17 payment of the costs of the improvements made within Local Improvement
18 District No. 326 is hereby fixed at the rate of 10.375% until December 30,
19 1982, then 10..375% or 75% of Rainier Bank's prime rate whichever is greater
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per annum in accordance with the duly accepted offer of Rainier National Bank.
21 Section 3. The Mayor is hereby authorized to implement such administra-
22 tive procedures as may be necessary to carry out the directions of the this
z 3 legislation.
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Ordinance No. 3809
Page One of Two
9-30-82, 10-5-82
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1 Section 4. This Ordinance shall take effect and be in force five (5) days
2 from and after its passage, approval and publication, as provided by law.
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INTRODUCED: OCTOBER 4, 1982
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PASSED: OCTOBER 4, 1982
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� APPROVED: OCTOBER 4, 1982
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13 ATTEST:
14 C��Zl�c.t.��
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16 �ty Z`TerTc
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18 APPROVE AS TO FORM:
19 C�� '
20 City Attorney
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22 PUBLISHEb: OCTOBER 10, 1982
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Ordinance No. 3809
Page Two of Two
9-30-82, 10-5-82
STATE OF WASNINGTON) .
) ss.
COUNTY OF KING )
I, Coralee A. McCOnnehey, the duly appointed, qualified City C1erk
of the City of Auburn, a MunicipaI Corporation and Code Gity, si[uate in
the County of Xing, State of Washirn�ton, do hereby certify that the fore-
g oing is a full, true and ..rorreet co�y of Ordinance No. 3809 of [he
- ordinances of the City of Auburn, entitled "AN ORDINA1vCE OF T1iE CITY OF �
AUBURN, FLASHINGfON, RIIATING TO INT�R]M FINANGING IN L�X'AL II"IPROVEMQJi' DISTRICf
N0. 326 t1CC�PI'ING_'i'EIE OFT�'ER OF.RAINIIIt.NATIONAL BANK, TD PURCf�ASE R�.'VEN[JL WARRANTS
AND FI%ING THE INTERl'ST RATE ON S(JCH REVF�ICiE WP.RRANI5.
I certify that said Ordinance No. �809 was duly passed by the Council
and a�pproved by [he Mayor of the said City of Auburn, on the 4 day of
OCtOb2T A.D. , 19 $Z ' '
Z further certify that said Ordinance No. 3809 Nas published as provided
by law in the Daily Clobe News, a daily newspapei published in the City of
Auburn, and of general circulation therein, on the 10 day of [ktnhar _
A.D. , Z9 $2 .
WZTNESS my hand and Che offical seal of the City of Auburn, this �q
day of OctOber . A•D. , 19 $2
C�/�'
CZTY CLERK OF THE CITY.OF AUB N .
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