HomeMy WebLinkAbout3810 1 ORDINANCE N0. 3 8 1 0 '
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3 AN ORDINANCE OF THE CITY OF AUBURN, WASHINGTON, RELATING TO INTERIM FINANCING
IN LOCAL IMPROVEMENT DISTRICT N0. 327 ACCEPTING THE OFFER OF PEOPLES
4 NATIONAL BANK, TO PURCHASE REVENUE WARRANTS AND FIXING THE INTEREST RATE
ON SUCH REVENUE WARRANTS.
5 WHEREAS, under date of September 29, 1982, Peoples National Bank offered
6 to purchase revenue warrants of Local Improvement District No. 327, such
7 warrants to bear interest at the rate of 75% of the prime rate per annum prior
8 to January 1, 1983, and 80% of the prime rate for funds disbursed after
9 January 1, 1983, 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 Peoples National Bank to purchase rev2nue
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warrants drawn upon the °Local Improvement Fund No. 327°, to bear interest at
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the rate of 75X of the prime rate per annum for funds disbursed prior to
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January 1, 1983, and 8096 of the prime rate for funds disbursed after January
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1, 1983, is hereby accepted.
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Section 2. The interest rate on such revenue warrants to be issued in
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payment of the costs of the improvements made within Local Improvement
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District No. 327 is hereby fixed at the rate of 75Y of the prime rate per
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annum for funds disbursed prior to January 1, 1983, and funds disbursed after
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January 1, 1983; will be calculated at an interest rate of 80% of the prime
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rate in accordance with the duly accepted offer of Peoples National Bank.
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Section 3. The Mayor is hereby authorized to implement such administra-
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tive procedures as may be necessary to carry out the directions of the this
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Ordinance No. 3810
Page One of Two
10-4-82
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Section 4. This Ordinance shall take effect and be in force five (5) days
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from and after its passage, approva.l and pu6lication, 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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MAY R
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13 ATTEST:
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19 APPROVED AS TO FORM:
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22 i y ttorney
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24 PUBLISHED: _nrmaFR in, ia�
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Ordinance No: 3810
Page Two of Two
10-4-82
STATE OF WASHINGTON) ,
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COUNTY OF KINC ) �
I, Coralee A. McCOnnehey, the duly appointed, qualified City E1erk
� of the City of Auburn, a Municipa2 Coryoration and Code City, situate. in � .
the County of Xing, State of Washington, do hereby certify that the fore-
going is a full, true and �rorrect co�y of Ordinance No. 3810 of [he
. ordinances of the CiEy of Auburn, .entitled "AN ORDINANCE OF THE� CITY OF � �
AUBURN, WASHIIVGfON, RFAATING TO 'TnrrF'RTt�r FINt1NCING IN LOCAL IINPROVII�IQJT DISTRIGT .
NJ. 327 ACCEPTING THE OFFER OF PEOPLES NATIOIVAL BANK, TO PUR(�IASE REVENUE
WARRANIS AND FIXING THE �'RFCT RATE ON SUCH REVENLiE WARRANTS.
I certify that said Ordinance No. 3810,was duly passed by the Council
and appmved by the Mayor of the said City of Auburn, on the 4 day of
OCtOb2x A.D. , l9 82 .
I further certify that said Ordinance No. �R1� was published as provided
by law in the Daily Globe News, a daiIy newspaper pablished in the City of
Ruburn, anaT of general circulatian therein, on the 10 day of Octobes_
A.D. � 19 $2
WIPN SS �ny hand and the ,pffical sea2 oF Yhe City of Auburn, this 19
day of �Ctob2r A.D. , 19 $L=
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CITY CLERK OF HE CZTY OF AUBU