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CITY OF AUBURN, WASHINGTON
ORCINANCE tvo. 3830
AN ORDINANCE of the City of Auburn,
Washington; relating to interim financ'inq
in Local ImFrovement District No. 327 ;
amending Section 7 of Ordinance No. 3776 ;
and amending Sections 1 and 2 of Ordinance
No. 3810.
WHEREAS, on August 30 , 1982 , the City of Auburn and
the City of Algona entered into an "Inter-City Management Aqree-
ment for Installation of Local Improvements” whereby the City
of Aubuxn agreed to obtain all interim financing for the local
improvements in Auburn Local Improvement District No. 327 and
in a local improvement district within Algona; and
WHEREAS, it is appropriate to utilize Local Improvement
District No. 327 Fund for the purpose of a construction fund
for the local improveR:ents in both cities so lonq as the expendi-
tures and receipts respecting each local improvement district
can be accounted for seFarately; and
WHEREAS, by Ordinance No. 3810 the City Council accep-
ted the offer of Peoples National Bank to purchase revenue war-
rants or other interim financing instruments payable from the
Local Improvement District No. 327 Fund created by Section 7
of Ordinance No. 3776 , and the City now desires to issue a note
in anticipation of receipt of funds in the local 3mproveR:ent
districts of both cities; NOW, THEREFCRE,
THE CITY COUNCIL OF TLE: CITY OF AUBURN, WASHINGTON,
DO ORDAIN as follows :
Section 1 . Section 7 of Ordinance No. 3776 is amended
to read as follows :
Section 7 . There is created in the office of
the Finance Director of the City of Auburn a fund of the City
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to be known as "Local Improvement District No. 327 Fund. " war-
rants may be drawn on that fund based on properly drawn vouchers
and estimates made by the City Engineer and approved by the
City Council in payment of the cost of construction and instal-
lation of the improvements in Local Improvement District No.
327 and other costs of that district, and the proper costs of
the local improvement district created by the City of Algona
referred to in the August 30, 1982 , Inter-City Management Agree-
ment for Installation of Local Improvements . 6osts, disburse-
ments and receipts relating to the respective local improvement
districts of Auburn and Algona shall be separately accounted
for.
Pending the receipt of City of Auburn Local Improvement
District No. 327 assessments and bond proceeds and the receipt
of the payments from the City of Algona under the aforesaid
Inter-City Agreement, the City shall issue one or more notes
pursuant to Chapter 216 , Laws of 1982 . The note or notes shall
be drawn on the Local Improvement District No. 327 Fund, shall
be dated as of the date of their issuance, shall mature two
years from their date of issuance, may be prepaid in whole or
in part at any time on five days written notice to the payee,
shall be in the total par amount of $4 , 500 , 000, or such lesser
amount as the City shall determine, shall be payable to Peoples
National Bank of washington or assigns, and shall bear interest
as provided in this amendatory ordinance.
Section 2 . Section 1 of Ordinance No. 3810 is amended
to read as follows :
Section 1 . The offer of Peoples National Bank
to purchase revenue warrants or other instruments drawn upon
the "LOCal Iinprovement Fund No. 327 , " to bear interest at the
rate of 75� of that bank ' s prime rate per annum for funds dis-
bursed by it prior to January 1 , 1983 , and SO$ of tkiat bank 's
2
. s� . �
prime rate for funds disbursed by it after January 1, 1983 ,
is accepted. The City Council declares that the interest rates
and index for fixing such rates are reasonable and in the best
interest of the City and the property owners subject to special
assessments in the respective local improvement districts of
Auburn and Algona.
Section 3 . Section 2 of Ordinance No. 3810 is amended
to read as follows:
Section 2 . The interest rate on such note or
notes is fixed at the rate of 75 of the Peoples National Bank
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of Washington prime rate per annum for funds disbursed prior
to January 1 , 1983 , and funds disbursed after January 1 , 1983 ,
will be calculated at an interest rate of 808 of that bank ' s
prime rate in accordance with the duly accepted offer of Peoples
National Bank.
Section 4 . The note or notes shall be typed on good
bond paper and shall be signed by the Mayor, attested by the
City Clerk and sealed with the seal of the City. The City
covenants to pay .such note or notes on or before maturity there-
of from the proceeds of special assessments and bonds in Local
Improvement District No. 327 , payments from the City of Algona
under the aforesaid Inter-City Agreement, and ariy other mbney
available therefor.
Section 5 . This ordinance shall take effect and be
in force five ( 5) days from and after its passage, approval
and publication, as provided by law.
INTRODUeED: DECEMBER 6, 1982
PASSED: DECEMBER 6, 1982
AEPROVED: DECEMBER 6 _ 982
AT.TEST: May
City Clerk G ,
APPR ED AS O FORM:
PUBLISHED: DECEMBER 14, 1982
C ' Attorney 3
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STATE OF WASHZNGTON)
) ss.
COUNTY OF KINC � ) � � , .
I, Coralee A. McConnehey, the dvly appointed, qualified City Clerk
of the City of Auburn, a Municipal Corporation arnd Code City, situate in
the County of King, State of Washington, do hereby certify that the fore-
going is a fu11, true and crorrect copy of Ordinance No. 3820 of the
ordinances of the City of Auburn, entitled "RN ORDINANCE OF THE CTTY OF
AUBU1aV, WASHIN�Z'ON, REfATING TO IIJI'ERIM FINt�,NCING IN LO('�AL IMPROVII��NT
DISTRICT N0. 327; AMENDING SEGTION 7 OF ORDINAN(� NO 3776; AND AMENDING
1 AND 2 OF ORDINP,NCE N0. 3810.
I certi.fy that said Ordinance No. 3830 Was duly passed by the Council �
and approved by the Mayor of the said City of Auburn, on the 6th day of �
Dec�ber A.D. . 19 82 . '
i further certify that said Ordinance No. 3830 was pvb2ished as provided
by Iaw in the Dai1y Globe News, a daily newspaper published in the City of
Auburn, and of general circulation therein, on the 14th day of Decenbes
A.D. � 1982 , ' .
WITNESS my hand and the officaZ seal of the City of Auburn, this. 14th
day of Dec�ber . A.D. . 19 82
�`N �'(/KJ�lN�����C-lLI.LL/lA J �
G�� V CZTY CLERK OF THE CITY OF AUBURN
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