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HomeMy WebLinkAbout2320CITY OF PORT ANGELES, WASHINGTON SOLID WASTE UTILITY REVENUE BONDS, 1984 $565,000 ORDINANCE NO. A3,13 AN ORDINANCE of City of Port Angeles, Washington, amending Ordinance No. 2313 relating to the issuance of the City of Port Angeles, Washington Solid Waste Utility Revenue Bonds, 1984, $565,000. Prepared by: PASSED: n,,-y ap , 1984 PRESTON, THORGRIMSON, ELLIS & HOLMAN 2000 IBM Building P.O. Box 2927 Seattle, Washington 98111 1 TABLE OF CONTENTS Page Recitals 1 Section 1. Definitions 1 Section 2. Amendment to Section 3 of Ordinance No. 2313 1 Section 3. Effective Date 4 *Neither this Table of Contents nor the preceding cover page is apart of the Ordinance. They are provided for convenience of the reader only. • • ORDINANCE NO. 2320 AN ORDINANCE of City of Port Angeles, Washington, amending Ordinance No. 2313 relating to the issuance of the City of Port Angeles, Washington Solid Waste Utility Revenue Bonds, 1984, $565,000. WHEREAS, the City of Port Angeles, Washington (the "City ") has heretofore, by Ordinance No. 2313 passed on October 2, 1984, authorized the issuance of its solid waste utility revenue bonds in the aggregate principal amount of $565,000; WHEREAS, Section 3 of Ordinance No. 2313 stated that the Bonds "shall mature on April 1 of each year "; WHEREAS, Section 14 of Ordinance No. 2313 approved, ratified and confirmed the sale of the bonds to Boettcher & Company, Inc. pursuant to the terms, conditions, covenants in price set forth in the Purchaser's Proposal dated October 2, 1984, which proposal stated that the bonds shall mature on October 1st of each year; and WHEREAS, Section 16 of Ordiance No. 2313, at paragraph (2), permits the City Council to adopt a supplemental ordinance without the consent of the holders of any parity bonds for the purpose of curing any ambiguities or curing, correcting or supplementing any defective provision contained in Ordinance No. 2313. NOW, THEREFORE, the City of Port Angeles does ordain: Section 1. Definitions. All capitalized terms used in this ordinance shall have the same meaning as set forth in Section 1 of Ordinance No. 2313. Section 2. Amendment to Section 3 of Ordinance 2313. Section 3 of Ordiance 2313 of the City is hereby amended to read as follows: The City shall issue the Bonds in the principal amount of $565,000 for the purpose of providing part of the funds necessary to pay the costs of the Project and to pay the expenses incidental to the issuance of the Bonds. The Bonds shall be designated the "City of Port Angeles Solid Waste Utility Revenue Bonds, 1984," shall be dated October 1, 1984; shall be issued in fully registered form in the denomination of $5,000 each or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be numbered separately and in the manner and with any additional designation as the Bond Registrar deems necessary for the purposes of identification shall bear interest from their date, until the Bonds have been paid or their payment duly provided for, at such rates as the Purchaser has proposed in its proposal dated October 2, 1984 and the City accepts, the rates per annum payable on April 1, 1985, and semiannually thereafter on each April and October 1; and shall mature on (Apr -) October 1 of each year as follows: Principal Maturity Year Amount 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 $30,000 35,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 80,000 The City hereby specifies and adopts the system of registration for the Bonds approved by the State Finance Committee, and the fiscal agencies of the State of Washington in the cities of Seattle, Washington, and New York, New York, shall act as authenticating trustee, transfer agent, paying agent and registrar for the Bonds (collectively, the "Bond Registrar "). Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America. Interest on the Bonds shall be paid by check or draft of the Bond Registrar on the fifteenth (15th) day of the month preceding each interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds to the Bond Registrar by the registered owners or nominees at the principal offices of either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington, or New York, New York. The Bonds may be transferred only on the Bond Register maintained by the Bond Registrar for that purpose upon the surrender thereof by the registered owner or nominee or his /her duly authorized agent and only if endorsed in the manner provided thereon, and thereupon a new fully registered Bond of like principal amount, maturity and interest rate shall be issued to the transferee in exchange therefor. Such transfer shall be without cost to the registered owner or transferee. The City may deem the person in whose name each Bond is registered to be the absolute owner thereof for the purpose of receiving payment of the principal of and interest on such Bonds and for any and all other purposes whatsoever. Upon surrender thereof to the Bond Registrar, the Bonds are interchangeable for Bonds in any authorized denomination of an equal aggregate principal amount and of the same interest rates and maturities. The Bond Registrar shall not be required to issue, register, transfer or exchange any of the Bonds during a period beginning at the opening of business on the twentieth (20th) day next preceding any interest payment date and ending at the close of business on the interest payment date, or, in the case of any proposed redemption of the Bonds, after the mailing of notice of the call of such Bonds for redemption. -3- JG02:42 Section 3. Effective Date. This ordinance shall be effective 5 days after the date of its publication. PASSED by the Council of the City of Port Angeles at a • regular meeting thereof held this 2adOay of ____ __ ____ , 1984. ATTEST: PASSED PUBLISHED: yI 19 51q City Clerk= -. 1 CITY OF PORT ANGELES, WASHINGTON 1 CLERK'S CERTIFICATE I, the undersigned, the duly chosen, qualified and acting Clerk of the City of Port Angeles, Washington, and keeper of the records of the Council of the City (herein called the "Council "). DO HEREBY CERTIFY: 1. That the attached ordinance is a true and correct copy of Ordinance No. of the City (herein called the "Ordinance "), as finally passed at a-meeting of the.Council held on thean-h,,.day of - eetober, 1984, and duly recorded in my office. 2. That said meeting was duly convened and held in all respects in accordance with law, and to the extent required by law, due and proper notice of such meeting was given; that a quorum was present throughout the meeting and a legally sufficient number of members of the Council voted in the proper manner for the passage of said Ordinance; that all other requirements and proceedings incident to the proper passage of said Ordinance have been duly fulfilled,,carried out and otherwise observed, and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City this day of 4 1ot,i_„,,c, yr , 1984. ity Clerk, City of PortiAngeles, Washington (SEA;.)