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1 ORDINANCE N0. 3 8 1 1
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3 AN ORDINANCE OF THE CITY OF AUBURN, WASIiINGTON, RELATING TO INTERIM FINANGING
IN LOCAL IMPROVEMEIVT DISTRICT N0. 328 ACCEPTING THE OFFER OF RAINIER
4 NATIONAL BANK, TO PURCHASE REVENUE WARRANTS AND FIXING THE INTEREST RATE
5 ON SUCH REVENUE WARRANTS.
6 WHEREAS, under date of September 29, 1982, Rainier National Bank offered
7 to purchase revenue warrants of Local Improvement District No. 328, such
8 warrants to bear interest at the rate of 10.375% until December 30, 1982, then
9 10.375% or 75% of Rainier Bank's prime rate whichever is greater per annum and
10 to be redeemed within one (1) year from the date of issuance thereof;
11 NOW, THEREfORE. THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DO
12 ORDAIN AS FOLLOWS:
13 Section 1. The offer of Rainier National Bank to purchase revenue
14 Warrants drawn upon the "Local Improvement Fund No. 328", to bear interest at
15 the rate of 10.375% until December 30, 1982, then 10.375% or 75% of Rainier
16 gank's prime rate whichever is greater per annum, is hereby accepted.
17 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
19 District No. 328 is hereby fixed at the rate of 10.375� until December 30,
20 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.
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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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legislation:
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32 -------°-----------°-------
Ordinance No. 3811
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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4 INTRODUCED: OCTOBER 4, 1982
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6 PASSED: OCTOBER 4, 1982.
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g APPROVED: OCTOBER 4, 1982
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ATTEST:
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tty er
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18 APPROVED AS TO FORM:
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21 ity Attorney
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23 PUBLISHED: OCTOBER 10, 1982
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32 Ordinance No. 3811
Page Two of Two
9-30-82� 10-5=82
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STATE OF WASXZNGTON) . .
) ss.
COUNTY OF XING ) �
Z, Coralee A. McCOnnehey, the duly appointed, qualiFied City C1erk
of the City oF Aubuin, a Municipal Corpora[ion and Code City, situate in
the County of King, State of Washington, do hereby cectify that the fore-
g oing is a full, true and rorrect cogy of Ordinance No. �ll of the
. �ordinances of the City of Auburn, en[it2ed "AN ORDINANCE OF TT�� CITY OF AUBURN, -
WP,Sk�AGTON, RECATING TO IN!'ERIM F'INANCING IN I.00AL II�IPRUVIININT DIS'IItICT N0. 328
F.CCEPTING T1� OF'f�'ER OF RAINIER NATIONAL BA6IIC, TO PiJRC�IASE RE�IEN[JE WARRAI7IS ADID
FIXING Tf� INi'ERFST RATE ON SUCH RE�IEN[1E WARRANTS. _
I certify that said Ordinance No. 381�.!as duly passed by the Council
and agpmved by the Mayor of the said City of Auburn, on the �[ _day of
OCtOb2T A.D. , 19 $2 - � �
I further certify that said Oidinance No. 3811 Was published as provided,
by 1aw in the Daily Globe News, a daiIy newspaper published in the City of
Aubarn, and of general circulation therein, on the 10 day of oh r.
A.D. , 19 a2 . . . .
WZTNESS my hand and the offical seal of the City of Auburn, this �q
day of OCtober , A.D. , 19 $2
e��i�i�lG�
CZTY CLERX OF THE CITY OF AUBU