HomeMy WebLinkAbout2737CITY OF PORT ANGELES, WASHINGTON
SOLID WASTE UTILITY REVENUE BONDS, 1993
$3,410,000
ORDINANCE NO. 2737
AN ORDINANCE of the City of Port Angeles, Washington,
adopting and specifying a plan for making
additions and betterments to the solid waste
utility system of the City; authorizing the
issuance and sale of solid waste utility revenue
bonds in the principal amount not to exceed
$3,410,000 for the purpose of providing part of
the funds required for acquiring, constructing and
installing certain additions and improvements to
the solid waste utility system of the City;
providing for the payment and sale of said bonds;
and providing the covenants, terms and conditions
under which such bonds and future parity bonds
shall be issued.
PASSED: January 19, 1993
Prepared by:
PRESTON THORGRIMSON SHIDLER GATES & ELLIS
5000 Columbia Center
701 Fifth Avenue
Seattle, Washington 98104 -7078
Recitals
Section 1.
Section 2.
Section 3.
Section 4.
Section 5.
Section 6.
TABLE OF CONTENTS*
Section 7.
Section 8.
Section 9.
Section 10.
Section 11.
Section 12.
Section 13.
Section 14.
Section 15.
Section 16.
Section 17.
Section
Section
Definitions
Page
1
2
Findings and Purposes 11
Plan of Additions to the System 13
Authorization of the Bonds 15
Bond Registration 17
Redemption Prior to Maturity; Purchase
of Bonds
Priority of Payments from Revenue Fund
Payments into Revenue Bond Fund
Provision for Defeasance of the Bonds
Bond Covenants
Issuance of Future Parity Bonds
Payment of Arbitrage Rebate
Construction Fund
Application of Bond Proceeds
Bond Form
Execution and Authentication of the
Bonds
Lost or Destroyed Bonds
18
18
20
26
27
33
37
39
40
40
47
48
18. Designation of Bonds as Qualified Tax -
Exempt Obligations 48
19. Sale of Bonds
49
* This Table of Contents is provided for the convenience of the
reader and is not a part of this ordinance.
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Section 20. Official Statement; Use of Documents 48
Section 21. Temporary Bond 49
Section 22. Amendments 49
Section 23. Severability 52
Section 24. General Authorization 52
Section 25. Prior Acts 53
Section 26. Effective Date 53
Exhibit A - Purchase Contract
D0T579 93/01/15
ORDINANCE NO. 2737
AN ORDINANCE of the City of Port Angeles, Washington,
adopting and specifying a plan for making
additions and betterments to the solid waste
utility system of the City; authorizing the
issuance and sale of solid waste utility revenue
bonds in the principal amount not to exceed
$3,410,000 for the purpose of providing part of
the funds required for acquiring, constructing and
installing certain additions and improvements to
the solid waste utility system of the City;
providing for the payment and sale of said bonds;
and providing the covenants, terms and conditions
under which such bonds and future parity bonds
shall be issued.
WHEREAS, the City of Port Angeles, Washington (the "City "),
has heretofore by Ordinance No. 1327 passed on May 20, 1954,
created a system for the collection, disposal and processing of
solid waste and for its processing in accordance with Ch. 35.92
RCW (the "System ");
WHEREAS, the System includes the City landfill, which must
be expanded; and
WHEREAS, the City Council of the City (the "Council ") deems
it necessary and advisable that the City issue and sell its solid
waste utility revenue bonds in the aggregate principal sum of
$3,410,000 to provide part of the funds necessary to pay the cost
of the additions and improvements to the System described herein
(the "Bonds "); and
WHEREAS, the City has received a written offer from Piper
Jaffray Inc. to purchase the Bonds under the terms and conditions
set forth herein and therein;
NOW, THEREFORE, the City Council of the City of Port Angeles
do ordain as follows:
Section 1.
Definitions. As used in this ordinance, the
following words shall have the following meanings:
"Annual Debt Service" means, for any year, the amount
required in such year for the payment of the principal of and
interest on the Parity Bonds; provided that, in the event the
City issues Term Bonds, the words "principal of and interest on
the Parity Bonds" shall be deemed to exclude from "principal" an
amount of Term Bonds equal to the mandatory deposits of money
into any Sinking Fund Account to provide for payment of the
principal of such Term Bonds, and from "interest" the interest on
such Term Bonds subsequent to the date of the respective
deposits, and to include in lieu thereof all mandatory sinking
fund deposits as of the date required and interest on the Term
Bonds provided for by such deposits only to the dates of the
respective deposits.
"Average Annual Debt Service" means, with respect to any
issue of Parity Bonds, the average amount of Annual Debt Service
which will become due in any calendar year on such Parity Bonds
for the period from the calendar year immediately following the
date of such calculation until the final maturity date of such
Parity Bonds then outstanding.
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"Bond Counsel" means the law firm of Preston Thorgrimson
Shidler Gates & Ellis, or other nationally- recognized bond
counsel to the City.
"Bond Register" means the books or records maintained by the
Bond Registrar containing the name and mailing address of the
owner of each Bond or nominee of such owner and the principal
amount and number of Bonds held by each owner or nominee.
"Bond Registrar" means the fiscal agencies of the State of
Washington, currently Seattle -First National Bank, Seattle,
Washington and Bank of New York, New York, New York, or any
fiscal agent of the State of Washington that may hereafter be
designated as successor to such banks.
"Bond Year" means each successive one year period (or
shorter period from the date of issue) that ends at the close of
business on December 31.
"Bonds" means the City of Port Angeles Solid Waste Utility
Revenue Bonds, 1993, authorized by this Ordinance to be issued in
the aggregate principal amount of $3,410,000 for the purpose of
financing part of the cost of the Project.
"City" means the City of Port Angeles, Washington, a
municipal corporation duly organized and existing under and by
virtue of the laws of the State of Washington.
"Closing" means the delivery of the Bonds to, and payment of
the purchase price therefore by, the initial purchasers of the
Bonds.
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"Code" means the federal Internal Revenue Code of 1986, as
amended, together with applicable regulations.
"Construction Fund" means the "1993 Solid Waste Utility
System Construction Fund" created by Section 13 of this
Ordinance.
"Costs of Maintenance and Operation" means all necessary
operating expenses, current maintenance expenses, expenses of
reasonable upkeep and repairs, and insurance and administrative
expense, but excludes depreciation, payments for debt service or
into reserve accounts, costs of capital additions to or
replacements of the System, municipal taxes, or payments to the
City in lieu of taxes.
"Council" means the general legislative body of the City as
the same shall be duly and regularly constituted from time to
time.
"Debt Service Account" means the account oi that name
created in the Revenue Bond Fund by Section 8 of Ordinance
No. 2603 of the City.
"Final Computation Date" means the date that the last Bond
is discharged. A Bond is discharged on the date that all amounts.
due under the terms of the Bond are actually and unconditionally
due if cash is available at the place of payment and no interest
accrues with respect to the Bond after such date.
"Finance Director" means the duly qualified and acting
Finance Director of the City or the successor to such office.
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"Future Parity Bonds" means the Parity Bonds issued by the
City after it issues the Bonds.
"Government Obligations" means direct obligations of, or
obligations the principal of and interest on which are
unconditionally guaranteed by, the Unites States Government.
"Installment Computation Date" means the last day of the
fifth Bond Year and of each succeeding Bond Year.
"Net Revenue" means the Revenue of the System less the Costs
of Maintenance and Operation.
"Nonpurpose Receipts" means, in general, any receipt with
respect to an investment allocated to the Bonds. The following
types of receipts are specifically included:
(a) Actual Receipts. Any amount actually or
constructively received with respect to an investment.
Actual receipts may not be reduced by selling commissions,
administrative expenses or similar expenses.
(b) Disposition Receipts. An amount determined by
treating an investment that ceases to be allocated to the
Bonds (other than by reason of a sale or retirement) as if
sold for fair market value on the date that the investment
ceases to be allocated to the Bonds.
(c) Installment Date Receipts. The fair market value
(or, for fixed rate investments, present value) of all
investments allocated to the Bonds at the close of business
on any Computation Date.
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(d) Imputed Receipts. Any receipts that are required
to be imputed and taken into account pursuant to
Section 1.148 -5T of the Temporary Income Tax Regulations or
any successor Temporary Income Tax Regulations.
"Nonpurpose Payments" means, in general, any payment with
respect to an investment allocated to the Bonds. The following
types of payments are specifically included:
(a) Direct Payments. The amount of gross proceeds of
the Bonds directly used to purchase the investment. Direct
payments to not include brokerage commission, administrative
expenses or similar expenses.
(b) Constructive Payments. The fair market value (as
of the date of allocation of the Bonds) of any investment
that was not directly purchased with gross proceeds of the
Bonds, but which is allocated to the Bonds.
(c) Payments of Rebatable Arbitrage. Any payment of
Rebatable Arbitrage if such payment is made no later than
the due date for such payment.
"Parity Bonds" means the Bonds and any solid waste utility
revenue bonds which the City may hereafter issue having a lien
upon the Revenue of the System for the payment of the principal
thereof and interest thereon equal to the lien upon the Revenue
of the System of the Bonds.
"Permitted Investments" means the following to the extent
the same are legal for investments of funds of the City: (a) any
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D0T579 93/01/12
Government Obligations, including obligations of any of the
federal agencies set forth in clause (b) below to the extent
unconditionally guaranteed by the United States; (b) obligations
of the Export- Import Bank of the United States, the Government
National Mortgage Association, the Federal National Mortgage
Association to the extent guaranteed by the Government National
Mortgage Association, the Farmers Home Administration, or any
agency or instrumentality of the Federal Government which shall
be established for the purposes of acquiring the obligations of
any of the foregoing or otherwise providing financing therefor;
(c) new housing authority bonds issued by the public agencies or
municipalities and fully secured as to the payment of both prin-
cipal and interest by a pledge of annual contributions under an
annual contributions contract or contracts with the United
States, or project notes issued by public agencies or municipali-
ties and fully secured as to the payment of both principal and
interest by a requisition or payment agreement with the United
States; (d) direct and general obligations of any State within
the territorial United States, to the payment of the principal of
and interest on which the full faith and credit of such State is
pledged, provided, that at the time of their purchase, such obli-
gations are rated in one of the two highest rating categories by
either Moody's Investors Service or Standard & Poor's Corporation
or their comparably recognized business successors or both
Moody's Investor Service and Standard & Poor's Corporation or
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their comparably recognized business successors if such obliga-
tions are rated by both; (e) certificates of deposit, whether
negotiable or nonnegotiable, issued by any bank, savings and loan
association, or trust company, provided that such certificates of
deposit shall be (i) continuously and fully insured by the
Federal Deposit Insurance Corporation or the Federal Savings and
Loan Insurance
qualified public
Chapter 39.58,
secured by such
Corporation,
or (ii) issued by a
recognized
depositary of the State of Washington under RCW
as amended,
or (iii) continuously and fully
securities as are described above in clauses
(a) or (b), which shall have a market value (exclusive of accrued
interest) at all times at least equal to the principal amount of
such certificates of deposit; (f) any written repurchase agree-
ment with any bank or trust company organized under the laws of
any State of the United States or any national banking associa-
tion, which is secured by such securities as described in
clauses (a) or (b) above in the possession or custody of the
District, its agent or Trustee and in which the District, its
agent or Trustee has a first perfected security interest free and
clear of all rights of third parties, which matures within 270
days and which has a market value determined monthly equal to
100% of the face amount of the repurchase agreement; (g) pre -
refunded municipal obligations meeting the following conditions:
(i) the obligations are not callable prior to maturity or the
trustee has been given irrevocable instructions concerning
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D0T579 93/01/26
calling and redemption; (ii) the obligations are secured by cash
or Government Obligations which may be applied only to interest,
principal, and premium payments of such obligations; (iii) the
principal and interest of the Government Obligations (plus any
cash in the fund) are sufficient to meet the liabilities of the
obligations, which sufficiency has been verified by an
independent public accountant; (iv) the Government Obligations
serving as security for the obligations are held by an escrow
agent or a trustee; and (v) the Government Obligations are not
available to satisfy any other claims, including those against
the trustee or escrow agent; and (h) any other investments
permitted cities under the laws of the State of Washington.
"Project" means those additions and improvements to the
System authorized by Section 3 of this Ordinance.
"Purchase Contract" means the agreement between the City and
Piper Jaffray Inc., Seattle, Washington, for the purchase of the
Bonds, attached hereto as Exhibit A.
"Purchaser" means Piper Jaffray Inc., Seattle, Washington.
"Qualified Insurance" means any noncancellable municipal
bond insurance policy or surety bond issued to an independent
party as agent of the owners of the Bonds or any Future Parity
Bonds by a company licensed to issue an insurance policy
guaranteeing the payment of debt service on Parity Bonds;
provided that the claims paying ability of the issuer thereof
shall be rated as of the time of issuance of such policy or
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D0T579 93/01/26
surety bond, in one of the two highest rating categories by
Standard & Poor's Corporation or Moody's Investors Service, Inc.
or their comparably recognized business successors.
"Qualified Letter of Credit" means any irrevocable letter of
credit issued by a bank to an independent party as agent of the
owners of the Bonds or any Future Parity Bonds; provided the
issuer thereof shall, as of the time of issuance of such letter
of credit, be rated in one of the two highest rating categories
by either Moody's Investors Service, Inc. or Standard & Poor's
Corporation or their comparably recognized business successors.
"Rebatable Arbitrage" means the amount payable to the United
States by the City pursuant to Section 12 of this Ordinance.
"Reserve Account" means the Bond Reserve Account created in
the Revenue Bond Fund by Ordinance No. 2603 of the City.
"Revenue Bond Fund" or "Bond Fund" means the 1993 City of
Port Angeles Solid Waste Utility Revenue Bond Fund created in the
office of the Treasurer of the City by Ordinance No. 2603 of the
City.
"Revenue Fund" means the Solid Waste Utility Fund of the
City heretofore created by Section 5 of Ordinance No. 2313.
"Revenue of the System" mean all earnings, revenue and
moneys received by the City from or on account of the operation
of the System, including the income from investments of money in
the Revenue Fund and the Revenue Bond Fund or from any other
investment thereof except the income from investments irrevocably
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pledged to the payment of any solid waste utility revenue bonds
pursuant to a plan of retirement or refunding. The words
"Revenue of the System" shall also include any federal or state
reimbursements of operating expenses to the extent such expenses
are included as Costs of Maintenance and Operation of the System.
"Sinking Fund Account" mean any account created in the
Revenue Bond Fund to amortize the principal of Term Bonds.
"System" means the solid waste collection, disposal and
processing system of the City, including all equipment utilized
by such system and including any addition to or expansion thereof
hereafter made. The Council may expand the System by ordinance
to include any other public utility system that the City may by
law combine with the System.
"Term Bonds" mean any Parity Bonds identified as such in the
ordinance authorizing the issuance thereof, the payment of which
is provided for by a requirement for mandatory deposits of money
into a Sinking Fund Account in the Revenue Bond Fund.
Section 2. Findings and Purposes.
A. Best Interests of the City and Users of the System. The
Council hereby finds that the public interest, welfare and
convenience require the construction, acquisition and
installation of the System improvements described in Section 3 of
this ordinance, and that said improvements are legally required
and /or economically sound, and will contribute to the conduct of
the business of the System in an efficient manner.
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B. Parity Conditions. The Council hereby finds and
determines, as required by Section 11 of Ordinance No. 2603 of
the City, as follows:
First, that the Bonds will be issued to provide funds to
acquire, construct, and install equipment, facilities, additions,
and betterments to the System.
Second, that at the time of adoption of this ordinance and
at the time of the issuance of the Bonds there is not nor will
there be any deficiency in the Revenue Fund or the Reserve
Account.
Third, that the principal of and interest on the Bonds will
be payable out of the Revenue Bond Fund and the requirements for
Reserve Account payments in Section 8 of Ordinance No. 2603 will
be met.
Fourth, that prior to the delivery of the Bonds the City
will have on file in the office of the City Clerk a certificate
of an independent professional engineer or certified public
accountant dated not earlier than 90 days prior to the date of
delivery of the Bonds and showing that the Adjusted Net Revenue
(as defined in Ordinance No. 2603) for each calendar or fiscal
year after the issuance of such Parity Bonds, will equal at least
1.30 times the Annual Debt Service in such year.
All of the parity conditions of Ordinance No. 2603 thus
having been met and fully complied with, the Council hereby finds
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that the Bonds may be issued on a parity of lien with the 1990
Bonds.
Section 3. Plan of Additions to the System. The following
plan for the acquisition, construction and installation of
additions and betterments to the System (the "Project ") is hereby
specified and adopted, to wit:
Initial gravel excavation;
Pit construction;
Erosion repair;
Extensions and improvements to the methane and leachate
systems;
Acquiring additional acreage;
Clearing existing and additional acreage;
Acquiring new equipment for operation of the expanded
landfill; and
Closure of landfill cells.
The City shall provide all equipment, connections and appur-
tenances together with all work as may be incidental and
necessary to complete the Project, which is further described in
the Port Angeles Landfill Expansion Preliminary Engineering
Report by Parametrix, Consulting Engineers, dated June 18, 1992.
Said report is on file in the offices of the City.
The Project facilities shall be integrated into the System
as required to provide a fully operational facility.
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The City may make such changes in or additions to the
Project or in the construction or design of other facilities of
the System as may be found necessary or desirable.
Implementation or completion of any specified improvement shall
not be required if the Council determines that, due to
substantially changed circumstances, it has become inadvisable or
impractical. If the Project has either been completed, or its
completion duly provided for, or its completion found to be
impractical, the City may apply the Bond proceeds or any portion
thereof to other improvements to the System, as the Council in
its discretion shall determine. In the event that the proceeds
of sale of the Bonds, plus any other moneys of the City legally
available, are insufficient to accomplish all of the Project
provided by this section, the City shall use the available funds
for paying the cost of those improvements for which the Bonds
were approved deemed by the Council most necessary and to the
best interest of the City.
The City shall acquire by purchase, lease or condemnation,
all property, both real and personal, or any interest therein, or
rights -of -way and easements which may be found necessary to
acquire, construct and install the Project.
The estimated cost of this plan of additions and betterments
and all costs incidental thereto, is hereby declared to be as
nearly as practicable the sum of $3,410,000, all of which amount
is to be provided out of the proceeds of the sale of the Bonds.
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Section 4. Authorization of the Bonds. There are hereby
authorized to be issued $3,410,000 principal amount of solid
waste utility revenue bonds of the City to be designated "City of
Port Angeles, Solid Waste Utility Revenue Bonds, 1993" (the
"Bonds ") to provide funds for the purposes set forth in this
ordinance and for paying the costs of issuing the Bonds. The
Bonds shall be dated January 1, 1993, shall bear interest from
their date payable July 1, 1993, and semiannually thereafter on
the first days of each succeeding January and July at such rates,
and shall mature on January 1 in the years and amounts as are set
forth in the Purchase Contract. The Bonds shall be in the
denomination of $5,000 each or any integral multiple thereof,
provided that no Bond shall represent more than one maturity;
shall be fully registered as to both principal and interest; and
shall be numbered separately in the manner and with any
additional designation as the Bond Registrar deems necessary for
purposes of identification.
The fiscal agencies of the State of Washington in the cities
of Seattle, Washington, and New York, New York, shall act as
registrar for the Bonds (collectively, the "Bond Registrar ").
The Bond Registrar shall maintain the Bond Register. 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 mailed on the date such interest
is due to the registered owners or nominees of such owners at the
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addresses appearing on the Bond Register as of the 15th day of
the month preceding the interest payment date. The principal of
the Bonds shall be payable upon presentation and surrender of the
Bonds by the registered owners or nominees of such owners 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, at the option of such owners.
The Bonds may be transferred only on the Bond Register
maintained by the Bond Registrar for that purpose upon the sur-
render 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
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at the opening of business on the 15th 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.
The Bonds shall be obligations only of the Revenue Bond Fund
and shall be payable and secured as provided herein. The Bonds
shall not be general. obligations of the City.
Section 5. Bond Registration. The City hereby specifies
and adopts the system of registration for the Bonds approved by
the Washington State Finance Committee. The Bond Registrar shall
keep, or cause to be kept, at its principal corporate trust
office, sufficient books for the registration and transfer of the
Bonds which shall at all times be open to inspection by the City.
The Bond Registrar is authorized, on behalf of the City, to
authenticate and deliver Bonds transferred or exchanged in
accordance with the provisions of such Bonds and this ordinance
and to carry out all of the Bond Registrar's powers and duties
under this ordinance.
The Bond Registrar shall be responsible for its representa-
tions contained in the Certificate of Authentication on the
Bonds. The Bond Registrar may become the owner of Bonds with the
same rights it would have if it were not the Bond Registrar, and
to the extent permitted by law, may act as depository for and
permit any of its officers or directors to act as a member of, or
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in any other capacity with respect to, any committee formed to
protect the rights of the owners of the Bonds.
Section 6. Redemption Prior to Maturity; Purchase of
Bonds.
A. Optional Redemption. The Bonds are not subject to
redemption at the option of the City prior to their stated
maturities.
B. Purchase of Bonds In Open Market. The City further
reserves the right to use at any time any surplus Revenue of the
System available after providing for the payments required by
paragraphs First through Sixth inclusive, of Section 7 of this
Ordinance, or other available funds, to purchase any of the Bonds
in the open market for retirement only, if the same may be
purchased at a price not exceeding that at which they could be
called for redemption on the first succeeding date on which they
may be called, plus accrued interest
Section 7. Priority of Payments from Revenue Fund. A
special fund of the City known as the "Solid Waste Utility Fund"
(the "Revenue Fund ") has heretofore been established in the
office of the Treasurer of the City. The City has covenanted to
deposit the Revenue of the System as collected, except the
interest earned and income derived from investments of moneys in
the Revenue Bond Fund and the accounts therein. The Revenue Fund
shall be held separate and apart from all other funds and
accounts of the City and the Revenue of the System deposited in
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such Fund shall be used only for the following purposes and in
the following order of priority:
First, to pay the Costs of Maintenance and Operation of the
System;
Second, to pay the interest on any Parity Bonds;
Third, to pay the maturing principal (whether by serial
maturity or sinking fund installments) of any Parity Bonds;
Fourth, to make all payments required to be made pursuant to
a reimbursement obligation in connection with a Qualified Letter
of Credit, Qualified Insurance, or other equivalent credit
facility, provided that if there is not sufficient money to make
all payments under reimbursement agreements the payments will be
made on a pro rata basis;
Fifth, to make all payments required to be made into the
Reserve Account created to secure the payment of the Parity
Bonds;
Sixth, to make all payments required to be made into any
revenue bond redemption fund or revenue warrant redemption fund
and debt service account or reserve account created to pay and
secure the payment of the principal of and interest on any
revenue bonds or revenue warrants of the City having a lien upon
the Revenue of the System junior and inferior to the lien thereof
for the payment of the principal of and interest on the Parity
Bonds;
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Seventh, to retire by redemption or purchase in the open
market any outstanding revenue bonds or revenue warrants of the
City, to make necessary additions, betterments, improvements and
repairs to or extensions and replacements of the System, or for
any other lawful City purposes.
Section 8. Payments into Revenue Bond Fund. A special
fund of the City known as the "1990 City of Port Angeles Solid
Waste Utility Revenue Bond Fund" (the "Revenue Bond Fund ") has
heretofore been created in the office of the Treasurer of the
City for the purpose of paying and securing the payment of the
Parity Bonds.
A. Payments into Debt Service Account. A special account
known as the Debt Service Account has heretofore been created in
the Revenue Bond Fund for the purpose of paying the principal of,
premium, if any, and interest on the Parity Bonds, excluding the
principal of Term Bonds.
As long as any of the Bonds remain outstanding, the City
hereby irrevocably obligates and binds itself to set aside and
pay from the Revenue Fund into the Debt Service Account, on or
before the date due, those amounts necessary, together with
Revenue of the System collected and deposited and such other
moneys as are on hand and available therefor in the Debt Service
Account, to pay the interest or principal and interest next
coming due on the outstanding Bonds.
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The City covenants and agrees that in the event it issues
any future Parity Bonds that are Term Bonds, it will provide in
each ordinance authorizing the issuance of the same for the
creation of a Sinking Fund Account and for regular monthly
payments to be made from the Revenue Fund into such Sinking Fund
Account sufficient together with Revenue of the System collected
and deposited and such other moneys as are on hand and available
therefor in such account to amortize the principal of such future
Parity Bonds which are Term Bonds on or before the maturity date
thereof.
B. Payments into Reserve Account. A special account known
as the "Reserve Account" has heretofore been created in the
Revenue Bond Fund for the purpose of securing the payment of the
principal of and interest on all outstanding Parity Bonds. The
City further covenants and agrees that on the date of issuance of
the Bonds it will pay into the Reserve Account, from the proceeds
of the Bonds, an amount equal to approximately 10% of the
proceeds of the Bonds, as set forth in Section 14 hereof. The
City further covenants that it will pay into the Reserve Account
out of the Revenue of the System (or, at the option of the City,
out of any other funds on hand and legally available for such
purpose) not less than approximately equal annual payments
sufficient, with other money in the Reserve Account and otherwise
required to be paid therein, to have on deposit therein by
January 1, 1998, a total amount which will be at least equal to
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the Average Annual Debt Service with respect to the Bonds. Such
annual payments shall be made not later than December 20 of each
year, commencing in 1993.
Except as hereafter provided in this Subsection, the City
hereby further covenants and agrees that in the event it issues
any future Parity Bonds it will provide in the ordinance
authorizing the issuance of the same that it will pay into the
Reserve Account out of the Revenue of the System (or, at the
option of the City, out of any other funds on hand legally
available for such purpose) not less than approximately equal
additional annual payments so that by five years from the date of
issuance of such future Parity Bonds there will have been paid
into the Reserve Account an amount which, with the money already
on deposit therein, will be at least equal to the Average Annual
Debt Service with respect to such future Parity Bonds and with
respect to all Parity Bonds then outstanding issued on or prior
to the date of issuance of such future Parity Bonds. Such annual
payments into the Reserve Account shall be made not later than
December 20 of each year.
Notwithstanding anything in this Section 8 to the contrary,
the City may elect to fund part or all of the Reserve Account
with respect to the Bonds and any Future Parity Bonds through the
use of a Qualified Letter of Credit or Qualified Insurance. In
making the payments and credits to the Reserve Account required
by this Section 8.B, to the extent that the City has obtained
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Qualified Insurance or a Qualified letter of Credit for specific
amounts required pursuant to this Section to be paid out of the
Reserve Account, such amounts so covered by Qualified Insurance
or a Qualified Letter of Credit shall be credited against the
amounts required to be maintained in the Reserve Account by this
Section 8.B. Such Qualified Letter of Credit or Qualified
Insurance shall not be cancellable on less than one year's
notice. In the event of any cancellation, the Reserve Account
shall be funded in accordance with this Section 8.B, as if the
Parity Bonds that remain outstanding had been issued on the date
of such notice of cancellation.
The City further covenants and agrees that when the required
deposits have been made into the Reserve Account, it will at all
times maintain therein an amount at least equal to the Average
Annual Debt Service as redetermined in each calendar year with
respect to the Parity Bonds secured by such Reserve Account.
Whenever there is a sufficient amount in the Revenue Bond Fund,
including all accounts therein, to pay the principal of, premium,
if any, and interest on all outstanding Parity Bonds, the money
in the Reserve Account may be used to pay such principal,
premium, if any, and interest. Money in the Reserve Account may
also be withdrawn to redeem and retire, and to pay the premium,
if any, and interest due to such date of redemption, on any
outstanding Parity Bonds, as long as the moneys left remaining on
deposit in the Reserve Account are at least equal to the Average
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D0T579 93/01/12
Annual Debt Service determined with respect to the Parity Bonds
then outstanding.
In the event there shall be a deficiency in the Debt Service
Account to meet maturing installments of either interest on or
principal of and interest on the outstanding Parity Bonds payable
out of such Account, or a deficiency in any Sinking Fund Account
to meet the required schedule of payments for amortization of
Term Bonds of any issue of Parity Bonds, such deficiency shall be
made up from the Reserve Account by the withdrawal of moneys
therefrom and by the sale or redemption of obligations held in
the Reserve Account, if necessary, in such amounts as will
provide cash in the Reserve Account sufficient to make up any
such deficiency, and if a deficiency still exists immediately
prior to an interest payment date and after the withdrawal of
cash, the City shall then draw from any Qualified Letter of
Credit, Qualified Insurance, or other equivalent credit facility
in sufficient amount to make up the deficiency. Such draw shall
be made at such times and under such conditions as the agreement
for such Qualified Letter of Credit or such Qualified Insurance
shall provide. Any deficiency created in the Reserve Account by
reason of any such withdrawal shall then be made up out of
Revenue of the System after making necessary provision for the
payments required to be made by subparagraphs First through
Fourth inclusive of Section 7 of this Ordinance.
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C. Priority of Lien of Payments into Revenue Bond Fund.
The amounts so pledged to be paid into the Debt Service Account
and the Reserve Account from the Revenue Fund are hereby declared
to be a prior lien and charge upon the Revenue of the System
superior to all other charges of any kind or nature whatsoever
except the Costs of Maintenance and Operation of the System; and
except that the amounts so pledged are of equal lien to the
charges upon such Revenue for the payment of the principal of and
interest on any Parity Bonds; and, provided further, if the City
elects to meet the requirements of Section 8.B hereof with
respect to the Reserve Account as to any issue of Parity Bonds
through the use of a Qualified Letter of Credit, Qualified
Insurance or other equivalent credit enhancement device, then the
City's reimbursement obligation with respect thereto, if any, may
rank on a parity of lien with the Parity Bonds.
D. Application and Investment of Moneys in Revenue Bond
Fund. Money in the Debt Service Account and Reserve Account may
be invested only in Permitted Investments. Investments in the
Debt Service Account shall mature prior to the date on which such
money shall be needed for required interest or principal
payments. Investments in the Reserve Account shall mature not
later than the last maturity of any then outstanding Parity
Bonds. All interest earned and income derived by virtue of such
investments shall remain in the Revenue Bond Fund and be used to
meet the required deposits into any account therein.
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E. Sufficiency of Revenues. The City Council hereby finds
that in fixing the amounts to be paid into the Revenue Bond Fund
out of the Revenue of the System, it has exercised due regard for
the Costs of Maintenance and Operation and has not obligated the
City to set aside and pay into such Fund a greater amount of such
Revenue than in its judgment will be available over and above the
Costs of Maintenance and Operation.
Section 9. Provision for Defeasance of the Bonds. In the
event that cash and /or direct noncallable obligations of the
United States of America Department of the Treasury, (including
obligations issued or held in book -entry form), maturing or
having guaranteed redemption prices at the option of the holder
at such time or times and bearing interest to be earned thereon
in such amounts as are sufficient (together with any resulting
cash balances) to redeem and retire part or all of the Bonds in
accordance with their terms, are hereafter irrevocably set aside
in a special account and pledged to effect such redemption and
retirement, then no further payments need be made into the
Revenue Bond Fund or any account therein for the payment of the
principal of and interest on the certain Bonds so provided for
and such Bonds shall then cease to be entitled to any lien,
benefit or security of this ordinance, except the right to
receive the funds so set aside and pledged, and such Bonds shall
n� longer be deemed to be outstanding hereunder.
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Section 10. Bond Covenants.
A. Maintenance and Operation. The City shall at all times
maintain, preserve and keep the properties of the System in good
repair, working order and condition and will from time to time
make all necessary and proper repairs, renewals, replacements,
extensions and betterments thereto, so that at all times the
business carried on in connection therewith will be properly and
advantageously conducted, and the City will at all times operate
or cause to be operated said properties of the System and the
business in connection therewith in an efficient manner and at a
reasonable cost.
B. Rate Covenant. The City shall establish, maintain and
collect rates and charges for the use of the services and
facilities of and all commodities sold, furnished or supplied by
the System, which shall be fair and nondiscriminatory and shall
adjust such rates and charges from time to time so that:
(1) The Revenue of the System will at all times be
sufficient (a) to pay the Costs of Maintenance and
Operation, (b) to pay the principal of and interest on the
Parity Bonds, as and when the same shall become due and
payable, (c) to make adequate provision for the payment of
any Term Bonds, (d) to make when due all payments which the
City is obligated to make into the Reserve Account and all
other payments which the City is obligated to make pursuant
to this Ordinance, and (e) to pay all taxes, assessments or
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other governmental charges lawfully imposed on the System or
the revenue therefrom or payments in lieu thereof and any
and all other amounts which the City may now or hereafter
become obligated to pay from the Revenue of the System by
law or contract; and
(2) The Net Revenue in each calendar year will be at
least equal to 1.30 times the Average Annual Debt Service on
all outstanding Parity Bonds, calculated as of December 31
of the preceding calendar year.
C. Sale or Disposition of the System. The City will not
sell or otherwise dispose of the System in its entirety unless
simultaneously with such sale or other disposition, provision is
made for the payment into the Revenue Bond Fund of cash or "Gov-
ernment Obligations," as now or hereafter defined in RCW Ch.
39.53, as amended, or its successor statute, if any, sufficient
together with interest to be earned thereon to pay the principal
of and interest on the then outstanding Parity Bonds, nor will it
sell or otherwise dispose of any part of the useful operating
properties of the System unless such facilities are replaced or
provision is made for payment into the Revenue Bond Fund of the
gteatest of the following:
(1) An amount which will be in the same proportion to
the net amount of Parity Bonds then outstanding (defined as
the total amount of the Parity Bonds less the amount of cash
and investments in the Revenue Bond Fund and accounts
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therein) that the Revenue from the portion of the System
sold or disposed of for the preceding year bears to the
total Net Revenue for such period; or
(2) An amount which will be in the same proportion to
the net amount of Parity Bonds then outstanding (as defined
above) that the Net Revenue from the portion of the System
sold or disposed of for the preceding year bears to the
total Net Revenue for such period; or
(3) An amount which will be in the same proportion to
the net amount of Parity Bonds then outstanding (as defined
above) that the depreciated cost value of the facilities
sold or disposed of bears to the depreciated cost value of
the entire System immediately prior to such sale or
disposition.
The proceeds of any such sale or disposition of a portion of
the properties of the System (to the extent required above) shall
be paid into the Reserve Account in the Revenue Bond Fund.
Notwithstanding any other provision of this subsection D the
City may sell or otherwise dispose of any of the works, plant,
properties and facilities of the System or any real or personal
property comprising a part of the same which shall have become
unserviceable, inadequate, obsolete or unfit to be used in the
operation of the System, or no longer necessary, material to or
useful in such operation, without making any deposit into the
Revenue Bond Fund.
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D. Liens or Encumbrances. The City will not at any time
create or permit to accrue or to exist any lien or other
encumbrance or indebtedness upon the System or the Revenue of the
System, or any part thereof, prior or superior to the lien
thereon for the payment of the Parity Bonds, and will pay and
discharge, or cause to be paid and discharged, any and all lawful
claims for labor, materials or supplies which, if unpaid, might
become a lien or charge upon the Revenue of the System, or any
part thereof, or upon any funds in the hands of the City, prior
to or superior to the lien of the Parity Bonds, or which might
impair the security of the Parity Bonds.
E. Insurance. The City will keep the works, plants and
facilities comprising the System insured, and will carry such
other insurance, with responsible insurers, with policies payable
to the City, against risks, accidents or casualties, at least to
the extent that insurance is usually carried by private corpora-
tions operating like properties, or will implement a self -
insurance program with reserves adequate, in the judgment of the
Council, to protect the City and the holders of the Bonds against
loss. In the event of any loss or damage, the City will promptly
repair or replace the damaged portion of the insured property or
apply the proceeds of any insurance policy for that purpose; or
in the event the City should determine not to repair or
reconstruct such damaged portion of the properties of the System,
the proceeds of such insurance shall be paid into the Reserve
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Account to the extent that such transfer shall be necessary to
make up any deficiency in said Reserve Account and the balance,
if any, shall, at the option of the City, be used either for
repairs, renewals, replacements, or capital additions to the
System, for the redemption of Parity Bonds, or for deposit into
the Reserve Account.
F. Books and Accounts. The City shall keep proper books
of account in accordance with any applicable rules and
regulations prescribed by the State of Washington. On or before
ninety (90) days after each fiscal year of the City's operation
of the System, the City will prepare or cause to be prepared an
operating statement of the System for such preceding fiscal year.
Each such statement shall contain a statement in detail of the
Revenue of the System, necessary and current expenses of
operation and maintenance, repairs, administrative expenses and
expenditures for capital purposes of the System for such fiscal
year, shall contain a statement as of the end of such year
showing the status of all the funds and accounts created by the
various ordinance pertaining to the operation of the System and
authorizing the issuance of outstanding bonds payable from the
Revenue of the System. Copies of such statement shall be placed
on file in the office of the City Clerk and shall be open to
inspection at any reasonable time by any holder of outstanding
Parity Bonds. All expenses incurred in the maintenance of such
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D0T579 93/01/12
books and accounts and the preparation of such statement may be
regarded as an expense of operation of the System.
G. No Free Service. Except to the extent required by law,
the City will not furnish or supply or permit the furnishing or
supplying of any commodity, service or facility furnished by or
in connection with the operation of the System, free of charge to
any person, firm or corporation, public or private, so long as
any Bonds are outstanding and unpaid.
H. Additions and Improvements. The City will not expend
any of the revenues derived by it from the operation of the
System or the proceeds of any indebtedness payable from the
Revenue of the System for any extensions, betterments or
improvements to the System which are not legally required or
economically sound, and which will not properly and
advantageously contribute to the conduct of the business of the
System in an efficient manner.
I. Collection of Delinquent Accounts. The City will, on
or before July 1 of each calendar year, determine all accounts
that are delinquent and will take all necessary action to enforce
payment of such accounts against those property owners whose
accounts are delinquent.
J. Tax Exemption. The City hereby covenants that it will
not make any use of the proceeds from the sale of the Bonds or
any other moneys or obligations of the City which may be deemed
to be proceeds of such Bonds pursuant to Section 148(a) of the
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Code and the applicable regulations thereunder which will cause
the Bonds to be "arbitrage bonds" within the meaning of said
section of the Code and said regulations at the time of such use.
The City will comply with the applicable requirements of
Section 148(a) of the Code and the applicable regulations
thereunder throughout the term of the Bonds. The City covenants
that it will not act or fail to act in a manner which will cause
the Bonds or the 1990 Bonds to be considered obligations not
described in Section 103(a) of the Code.
The City will take no actions and will make no use of the
proceeds of the Bonds or any other funds held under this
Ordinance which would cause any Bonds to be treated as a "private
activity bond" as defined in Section 141 of the Code then in
effect.
Section 11. Issuance of Future Parity Bonds. The City
hereby further covenants and agrees with the owners and holders
of each of the Bonds for as long as any of the same remain
outstanding that the City will not issue any bonds or other
obligations having a greater or equal priority of lien upon the
Revenue of the System to pay and secure the payment of the
principal of and interest on such bonds or other obligations than
the lien created upon the Revenue of the System to pay and secure
the payment of the principal of and interest on the Bonds except
as follows:
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A. The City reserves the right to issue Future Parity
Bonds for the purposes of
First, providing funds to acquire, construct,
reconstruct, install, or replace any equipment, facilities,
additions, betterments, or other capital improvements to the
System for which it is authorized by law to issue revenue
bonds, or
Second, refunding at or prior to their maturity, any
revenue warrants, or outstanding revenue bonds or other
obligations payable out of the Revenue of the System.
The City also reserves the right, in issuing such Future Parity
Bonds, to pledge that payments will be made out of the Revenue of
the System and into the Revenue Bond Fund and the Reserve Account
therein to pay and secure the payment of the principal of and
interest on such Future Parity Bonds on a parity with the
payments required herein to be made out of such Revenue into such
Fund and Account to pay and secure the payment of the principal
of and interest on any Parity Bonds then outstanding, upon
compliance with the following conditions:
(1) At the time of the issuance of any future Parity
Bonds there is no deficiency in the Revenue Bond Fund or the
Reserve Account.
(2) The principal of and interest on the future Parity
Bonds shall be payable out of the Revenue Bond Fundy and the
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D0T579 93/01/12
requirements for Reserve Account payments in Section 8
hereof shall be met.
(3) Prior to the delivery of any Parity Bonds the City
shall have on file in the office of the Clerk of the City a
certificate of an independent professional engineer or
certified public accountant dated not earlier than 90 days
prior to the date of delivery of such future Parity Bonds
and showing that the Net Revenue, determined and adjusted as
hereinafter provided for each calendar or fiscal year after
the issuance of such Parity Bonds (the "Adjusted Net Reve-
nue") will equal at least 1.30 times the Annual Debt Service
in such year.
The Adjusted Net Revenue shall be the Net Revenue for a
period of any twelve consecutive months out of the twenty -four
months immediately preceding the date of delivery of such
proposed Parity Bonds as adjusted by such engineer or accountant
to take into consideration changes in Net Revenue estimated to
occur under one or more of the following conditions for each year
after such delivery for so long as any Parity Bonds, including
the Parity Bonds proposed to be issued, shall be outstanding:
(a) any increase or decrease in Net Revenue which
would result if any change in rates and charges adopted
prior to the date of such certificate and subsequent to the
beginning of such twelve month period, had been in force
during the full twelve month period;
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(b) any increase or decrease in Net Revenue estimated
by such engineer or accountant to result from any additions,
betterments and improvements to and extensions of any
facilities of the System which (i) became fully operational
during such twelve month period, (ii) were under
construction at the time of such certificate or (iii) will
be constructed from the proceeds of the Parity Bonds to be
issued;
(c) the additional Net Revenue which would have been
received if any customers added to the System during such
twelve month period were customers for the entire period.
Such engineer or accountant shall base his certification
upon, and his certificate shall have attached thereto, financial
statements of the System audited by the State Examiner (unless
such an audit
is not available for a twelve -month period within
the preceding 24
months) and certified by the City Treasurer,
showing income and expenses for the period upon which the same is
based.
The certificate of such engineer or accountant shall be
conclusive and the only evidence required to show compliance with
the provisions and requirements of this subsection A(3).
Notwithstanding the foregoing requirement, if future Parity
Bonds are to be issued for the purpose of refunding at or prior
to their maturity any part or all of the then outstanding Parity
Bonds and the issuance of such refunding Parity Bonds results in
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D0T579 93/01/12
a debt service savings and does not require an increase of more
than $5,000 in any year for principal and interest on such
refunding Parity Bonds, the certificate required by subsection
A(3) of this section need not be obtained.
B. Nothing herein contained shall prevent the City from
issuing revenue bonds or other obligations which are a charge
upon the Revenue of the System junior or inferior to the payments
required by this Ordinance to be made out of such Revenue into
the Revenue Bond Fund and Reserve Account to pay and secure the
payment of any outstanding Parity Bonds.
C. Nothing herein contained shall prevent the City from
issuing revenue bonds secured by Revenue of the System to refund
maturing Parity Bonds for the payment of which moneys are not
otherwise available.
Section 12. Payment of Arbitrage Rebate.
A. General Rule. The City will pay to the United States
of America in accordance with the provisions of this Section (i)
at least 90 percent of the Rebatable Arbitrage with respect to
the Bonds as of each Installment Computation Date, and (ii) 100
percent of the Rebatable Arbitrage with respect to the Bonds as
of the Final Computation Date.
B. Computation of Rebatable Arbitrage. The Rebatable
Arbitrage with respect to the Bonds computed in accordance with
the Rebate Computation Certificate and, as of each Computation
Date, will be the excess of:
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(a) The future value of all Nonpurpose Receipts with
respect to the Bonds; over
(b) The future value of all Nonpurpose Payments with
respect to the Bonds.
The future value will be computed as of each Computation Date.
C. Payment Procedure.
The payment of Rebatable Arbitrage
due as of each Installment Computation Date will be paid no later
than the date that is 60 days after the Installment Computation
Date.
The payment of Rebatable Arbitrage due as of the Final
Computation
date that
date that
Date will be paid no later than the latest of (a) the
is 60 days after the Final Computation
is 8 months after the date of issuance
(c) the date
Date, (b) the
of the Bonds,
60 days after the earlier of the date that the City
no longer expects to
spend gross proceeds of the Bonds within 6
months of the date of issuance of the Bonds or 12 months after
the date of issuance of the Bonds.
Each payment of Rebatable Arbitrage will be made to the
Internal Revenue Center, Philadelphia, Pennsylvania 19225 and
will be accompanied by the appropriate IRS Form.
D. Other Methodology. Notwithstanding this Section 12,
payments of Rebatable Arbitrage will be made in accordance with
instructions provided by bond counsel if necessary to maintain
the federal income tax exemption for interest payments made on
the Bonds.
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Section 13. Construction Fund.
There is hereby created a special fund of the City to be
known as the "1993 Solid Waste Utility Construction Fund" (the
"Construction Fund "). Certain proceeds of the Bonds, as set
forth in Section 14 of this Ordinance, shall be paid into such
Construction Fund and utilized to pay costs of the acquisition,
construction and installation of the Project, and costs
incidental thereto, and all costs incurred in connection with the
issuance and sale of the Bonds, and for repaying any advances
hereafter made on account of such costs.
Bond proceeds not immediately needed to pay Project costs
may be deposited in or with such institutions or invested in
Permitted 4Investments that will mature prior to the date on
which the money so invested shall be needed. All interest earned
and income or profits derived by virtue of such investments shall
remain in the Construction Fund and be used for the Project
purposes; provided, however, that moneys in the Construction Fund
may be used to pay Rebatable Arbitrage, if any, to the extent the
Rebatable Arbitrage is directly attributable to earnings on
moneys in the Construction Fund. Bond proceeds in the
Construction Fund, or income therefrom, not expended upon
completion of the Project, may be used first, to make additions
and betterments to the System as deemed necessary or advisable by
the City Council; second, to pay the principal of and interest on
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any Parity Bonds; and third, for such other System expenses as
may be permitted by law and this Ordinance.
Section 14. Application of Bond Proceeds.
(1) The amount equal to the interest accruing on the
Bonds from January 1, 1993, to the date of their delivery shall
be deposited in the Debt Service Account.
(2) $341,000 of the proceeds of the Bonds shall be
deposited in the Reserve Account.
(2) The remaining proceeds of the Bonds shall be
deposited in the Construction Fund and shall be applied towards
construction, acquisition, installation and equipping of the
Project, including the reimbursement (to the extent permitted by
law) of any City funds which have heretofore been drawn upon to
pay costs of the Project described in Section 3 hereof, and to
pay a portion of the costs of issuance of the Bonds.
Section 15. Bond Form. The Bonds shall be in substantially
the following form:
UNITED STATES OF AMERICA
No. $
STATE OF WASHINGTON
CITY OF PORT ANGELES
SOLID WASTE UTILITY REVENUE BOND, 1993
INTEREST RATE:
MATURITY DATE: CUSIP NO:
SEE REVERSE SIDE FOR CERTAIN DEFINITIONS
REGISTERED OWNER:
PRINCIPAL AMOUNT:
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DOLLARS
D0T579 93/01/26
The City of Port Angeles, Washington, a municipal
corporation organized and existing under and by virtue of, the
laws and Constitution of the State of Washington (the "City "),
hereby acknowledges itself to owe and for value received promises
to pay to the Registered Owner identified above, or registered
assigns, on the Maturity Date identified above, the Principal
Amount specified above, unless redeemed prior thereto as provided
herein, together with interest on such Principal Amount from the
date hereof or the most recent date to which interest has been
paid or duly provided for at the Interest Rate set forth above,
payable July 1, 1993, and semiannually thereafter on each
January 1 and July 1 until payment of the principal sum has been
made or duly provided for.
Both principal of and interest on this bond are payable in
lawful money of the United States of America. Principal shall be
paid to the Registered Owner hereof upon presentation and
surrender of this bond at the principal offices of either of the
fiscal agencies of the State of Washington in Seattle, Washington
or New York, New York (collectively, the "Bond Registrar ").
Interest on this bond is payable by check or draft of the Bond
Registrar mailed (on the date such interest is due) to the
Registered Owner hereof at the address appearing on the records
maintained by the Bond Registrar as of the fifteenth (15th) day
of the month preceding the interest payment date.
Reference is hereby made to additional provisions of this
bond set forth on the reverse side hereof and such additional
provisions shall for all purposes have the same effect as if set
forth in this space. Reference also is made to Ordinance No.
of the City, adopted January 19, 1993, (the "Bond Ordinance ") as
more fully describing the covenants with and the rights of
registered owners of the bonds or registered assigns and the
meanings of capitalized terms appearing on the bonds which are
defined in such Bond Ordinance.
This bond shall not be valid or become obligatory for any
purpose or be entitled to any security or benefit under the Bond
Ordinance until the Certificate of Authentication hereon shall
have been manually signed by the Bond Registrar.
It is hereby certified and declared that this bond is issued
pursuant to and in strict compliance with the Constitution and
laws of the State of Washington and ordinances and resolutions of
the City and that all acts, conditions and things required to be
done precedent to and in the issuance of this bond and the bonds
of this issue have happened, been done and performed.
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D0T579 93/01/26
IN WITNESS WHEREOF, the City of Port Angeles, Washington,
has caused this bond to be signed on behalf of the City with the
facsimile signature of its Mayor, to be attested by the facsimile
signature of the City Clerk, and the seal of the City to be
reproduced in facsimile or impressed hereon, as of this 1st day
of January, 1993.
[CITY SEAL]
ATTEST:
City Clerk
Date
CITY OF PORT ANGELES, WASHINGTON
By
Mayor
CERTIFICATE OF AUTHENTICATION
of Authentication:
This bond is one
referenced Ordinance
Washington, and is one
1993, dated January 1,
of the bonds described in the within -
No. of City of Port Angeles,
of the Solid Waste Utility Revenue Bonds,
1993, of such City.
WASHINGTON STATE FISCAL AGENCY, as
Bond Registrar
By
Authorized Officer
ADDITIONAL BOND PROVISIONS
This bond is one of an authorized issue of bonds of the City
of like date and tenor, except as to number, amount, rate of
interest and date of maturity, in the aggregate principal amount
of $3,410,000 issued pursuant to the laws of the State of
Washington and ordinances of the City Council of the City of Port
Angeles duly and regularly adopted, including the Bond Ordinance,
for the purpose of providing funds to pay part of the cost of
acquiring, construing and installing certain additions and
betterments to the solid waste utility of the City.
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D0T579 93/01/26
This bond and the bonds of this issue are payable solely
from the special fund of the City known as the "1990 City of Port
Angeles Solid Waste Utility Revenue Bond Fund" (herein called the
"Revenue Bond Fund ") created by Ordinance No. 2603 in the office
of the Treasurer of the City. The City has irrevocably obligated
and bound itself to pay into the Revenue Bond Fund out of the
Revenue of the System (as defined in the Bond Ordinance) or from
such other moneys as may be provided therefor certain amounts
necessary to pay and secure the payment of the principal and
interest on such bonds.
The bonds of this issue are not general obligations of the
City.
The City has designated the Bonds of this issue as qualified
tax - exempt obligations pursuant to Section 265(b) of the Code.
The bonds of this issue are issued under and in accordance
with the provisions of the Constitution and applicable statutes
of the State of Washington and duly adopted ordinances of the
City. The City hereby covenants and agrees with the owner and
holder of this bond that it will keep and perform all the cove-
nants of this.bond and of the Bond Ordinance to be by it kept and
performed, and reference is hereby made to the Bond Ordinance for
a complete statement of such covenants.
The City does hereby pledge and bind itself to set aside
from the Revenue Fund out of the Revenue of the System and to pay
into the Revenue Bond Fund and the accounts created therein the
various amounts required by the Bond Ordinance to be paid into
and maintained in such Fund and accounts, all within the times
provided by the Bond Ordinance.
To the extent more particularly provided in the Bond
Ordinance, said amounts so pledged to be paid into the Revenue
Bond Fund out of said Revenue of the System are hereby declared
to be a prior lien and charge upon such Revenue of the System
superior to all other liens and charges of any kind or nature
except the Costs of Maintenance and Operation (as defined in the
Bond Ordinance) of the System (as defined in the Bond Ordinance)
and equal to any lien or charge that may hereafter be made on
such Revenue of the System to pay and secure the payment of the
principal of and interest on any solid waste utility revenue
bonds of the City or other obligations ranking on a parity with
such bonds which may later be issued on a parity with the bonds
of this issue.
The City has further bound itself to maintain the System in
good repair, working order and condition, to operate the same in
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D0T579 93/01/26
an efficient manner and at a reasonable cost, and to fix,
maintain and collect rates and charges for as long as any of the
bonds of this issue are outstanding that will make available, for
the payment of the principal thereof and interest thereon as the
same shall become due, Net Revenue (as defined in the Bond
Ordinance) in an amount which will be equal to at least 1.30
times the Average Annual Debt Service (as defined in the Bond
Ordinance).
The City has not reserved the right to redeem the bonds of
this issue prior to their stated maturities.
The bonds of this issue may be transferred only if endorsed
in the manner provided hereon and surrendered to the Bond Regis-
trar. The bonds are interchangeable for bonds of any authorized
denomination of an equal aggregate principal amount and of the
same interest rate and maturity upon presentation and surrender
to the Bond Registrar. Such transfer or exchange shall be
without cost to the Registered Owner. Upon surrender to the Bond
Registrar, bonds are interchangeable for bonds in any authorized
denomination of an equal aggregate principal amount and of the
same interest rate and maturity. The City may deem the person in
whose name this bond is registered to be the absolute owner
hereof for the purpose of receiving payment of the principal of
and interest on the bond and for any and all other purposes
whatsoever.
The Bond Registrar is not required to issue, register,
transfer or exchange any of the bonds during a period beginning
at the opening of business on the 15th 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.
The pledge of Revenue of the System and other obligations of
the City under the Bond Ordinance may be discharged at or prior
to the maturity or redemption, of the bonds of this issue upon
the making of provisions for the payment thereof on the terms and
conditions set forth in the Bond Ordinance.
The capitalized terms used herein have the meanings set
forth in the Bond Ordinance. Reference is made to the Bond
Ordinance and any and all modifications and amendments thereof
for a description of the nature and extent of the security for
the bonds of this issue, the funds or revenues pledged, and the
terms and conditions upon which such bonds are issued.
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D0T579 93/01/26
The following abbreviations, when used in the inscription on
the face of the within bond, shall be construed as though they
were written out in full according to applicable laws or
regulations.
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with
right of survivorship and not as tenants in common
UNIF GIFT MIN ACT - Custodian
(Cust) (Minor)
under Uniform Gifts to Minors
Act
(State)
Additional abbreviations may also be used although not
listed above.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers unto
PLEASE INSERT SOCIAL SECURITY OR TAXPAYER IDENTIFICATION NUMBER
OF TRANSFEREE
(Please print or typewrite name and address, including zip code
of Transferee)
the within bond and all rights thereunder and does hereby
irrevocably constitute and appoint
of , or its successor, as Agent to
transfer said bond on the books kept by the Bond Registrar for
registration thereof, with full power of substitution in the
premises.
DATED: , 19
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D0T579 93/01/26
SIGNATURE GUARANTEED:
NOTE: The signature of this Assign-
ment must correspond with the name
of the registered owner as it
appears upon the face of the within
bond in every particular, without
alteration or enlargement or any
change whatever.
Section 16. Execution and Authentication of the Bonds. The
Bonds shall be signed on behalf of the City by the manual or
facsimile signature of the Mayor, shall be attested by the manual
or facsimile signature of the City Clerk, and shall have the
official corporate seal of the City impressed or imprinted in
facsimile thereon.
Only such Bonds as shall bear thereon a Certificate of
Authentication in the form hereinbefore recited, manually
executed by the Bond Registrar, shall be valid or obligatory for
any purpose or entitled to the benefits of this Ordinance. Such
Certificate of Authentication shall be conclusive evidence that
the Bonds so authenticated have been duly executed, authenticated
and delivered hereunder and are entitled to the benefits of this
Ordinance.
In case either of the officers of the City who shall have
executed the Bonds shall cease to be such officer or officers of
the City before the Bonds so signed shall have been authenticated
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D0T579 93/01/26
or delivered by the Bond Registrar, or issued by the City, such
Bonds may nevertheless be authenticated, delivered and issued and
upon such authentication, delivery and issuance, shall be as
binding upon the City as though those who signed the same had
continued to be such officers of the City. Any Bond may also be
signed and attested on behalf of the City by such persons as at
the actual date of execution of such Bond shall be the proper
officers of the City although at the original date of such Bond
any such person shall not have been such officer.
Section 17. Lost or Destroyed Bonds. In case the Bonds or
any of them shall be lost, stolen or destroyed, the Bond
Registrar may execute and deliver a new Bond or Bonds of like
amount, date, and tenor to the registered owner thereof upon the
owner's paying the expenses and charges of the City and the Bond
Registrar in connection therewith and upon his /her filing with
the Treasurer and the Bond Registrar evidence satisfactory to
said Treasurer and Bond Registrar that such Bond or Bonds were
actually lost, stolen or destroyed and of his /her ownership
thereof, and upon furnishing the City and Bond Registrar with
indemnity satisfactory to such Treasurer and Bond Registrar.
Section 18. Designation of Bonds as Oualified Tax - Exempt
Obligations. The City hereby designates the Bonds as qualified
tax - exempt obligations pursuant to Section 265(b) of the Code.
The City does not expect to issue more than $10,000,000 in tax -
exempt obligations during calendar year 1993.
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D0T579 93/01/26
Section 19. Sale of Bonds. The sale of the Bonds to Piper
Jaffray Inc., Seattle, Washington, pursuant to the Purchase
Contract, at such interest rates, with such maturities, at such
price and upon the terms, conditions, and covenants as set forth
in said Purchase Contract and in this ordinance, is hereby
approved, ratified and confirmed.
The proper officials of the City are hereby authorized and
directed to do everything necessary for the prompt execution and
delivery of the Bonds to said purchaser and for the proper
application and use of the proceeds of sale thereof.
Section 20. Official Statement; Use of Documents. The City
hereby approves the Preliminary Official Statement presented
herewith to the Council and authorizes the distribution of the
Preliminary Official Statement by the Underwriter in connection
with the offering of the Bonds. Pursuant to Securities and
Exchange Commission Rule 15c2 -12 ( "Rule 15c2 -12 "), the City
hereby deems this Preliminary Official Statement as final as of
its date except for the omission of the information dependent
upon the pricing of the issue and the completion of the
underwriting agreement, such as offering prices, interest rates,
selling compensation, aggregate principal amount, principal
amount per maturity, delivery dates, and other terms of the Bonds
dependent on the foregoing matters. The City agrees to cooperate
with the Underwriter to deliver or cause to be delivered, within
seven business days from the date of the Purchase Contract and in
-48- D0T579 93/01 /26
sufficient time to accompany any confirmation that requests
payment from any customer of the Underwriter, copies of a final
official statement in sufficient quantity to comply with
paragraph (b)(4) of Rule 15c2 -12 and the rules of the Municipal
Securities Rule- making Board.
Section 21. Temporary Bond. Until the definitive Bonds are
prepared, the City may execute a temporary bond which shall be
typewritten, and which shall be delivered to the purchaser or
purchasers of the Bonds in lieu of definitive Bonds, but subject
to the same provisions, limitations and conditions. The
temporary Bond shall be dated as of the date of the Bonds, shall
be fully registered, shall be in the denomination of the
aggregate principal amount of the Bonds as set forth in the
Purchase Contract, shall be numbered T -1, shall be substantially
of the tenor of such definitive Bonds, but with such omissions,
insertions and variations as may be appropriate to temporary
bonds and shall be signed by the Mayor and City Clerk.
Section 22. Amendments.
A. The Council from time to time and at any time may pass
an ordinance or ordinances supplemental hereof, which ordinance
or ordinances thereafter shall become a part of this Ordinance,
for any one or more or all of the following purposes:
(1) To add to the covenants and agreements of the City
in this Ordinance, other covenants and agreements thereafter
to be observed, which shall not adversely affect the
-49-
D0T579 93/01/26
interests of the holders of any Parity Bonds, or to
surrender any right or power herein reserved.
(2) To make such provisions for the purpose of curing
any ambiguities or of curing, correcting or supplementing
any defective provision contained in this Ordinance or any
ordinance authorizing future Parity Bonds in regard to
matters or questions arising under such ordinances, as the
Council may deem necessary or desirable and riot
inconsistent with such ordinances and which shall not
adversely affect, in any material respect, the interest of
the holders of Parity Bonds.
Any such supplemental ordinance may be adopted without
the
consent of the holders of any Parity Bonds at any time
outstanding, notwithstanding any of the provisions of
subsection B of this section.
B. With the consent of the holders of not less than 65% in
aggregate principal amount of the Parity Bonds at the time
outstanding, the Council may pass an ordinance or ordinances
supplemental hereto for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of
this ordinance or of any supplemental ordinance; provided,
however, that no such supplemental ordinance shall:
(1) Extend the fixed maturity of any Parity Bonds, or
reduce the rate of interest thereon, or extend the time of
payment of interest from their due date, or reduce the
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D0T579 93/01/26
amount of the principal thereof, or reduce any premium
payable on the redemption thereof, without the consent of
the holder of each bond so affected; or
(2) Reduce the aforesaid percentage of bondholders
required to approve any such supplemental ordinance, without
the consent of the holders of all of the Parity Bonds then
outstanding.
It shall not be necessary for the consent of bondholders
under this subsection B to approve the particular form of any
proposed supplemental ordinance, but it shall be sufficient if
such consent shall approve the substance thereof.
C. Upon the adoption of any supplemental ordinance
pursuant to the provisions of this section, this Ordinance shall
be deemed to be modified and amended in accordance therewith, and
the respective rights, duties and obligations of the City under
this ordinance and all holders of Parity Bonds outstanding here-
under shall thereafter be determined, exercised and enforced
thereunder, subject in all respects to such modification and
amendments, and all terms and conditions of any such supplemental
ordinance shall be deemed to be part of the terms and conditions
of this Ordinance for any and all purposes.
D. Parity Bonds executed and delivered after the execution
of any supplemental ordinance passed pursuant to the provisions
of this section may have a notation as to any matter provided for
in such supplemental ordinance, and if such supplemental
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D0T579 93/01/26
ordinance shall so provide, new bonds so modified as to conform,
in the opinion of the Council, to any modification of this
Ordinance contained in any such supplemental ordinance, may be
prepared and delivered without cost to the holders of any
affected Parity Bonds then outstanding, upon surrender for
cancellation of such bonds, in equal aggregate principal amounts.
Section 23. Severability. If any one or more of the cove-
nants or agreements provided in this Ordinance to be performed on
the part of the City shall be declared by any court of competent
jurisdiction to be contrary to law, then such covenant or cove-
nants, agreement or agreements, shall be null and void and shall
be deemed separable from the remaining covenants and agreements
in this Ordinance and shall in no way affect the validity of the
other provisions of this Ordinance or of any Parity Bonds.
Section 24. General Authorization. The Mayor, the Finance
Director, and the Clerk of the City and each of the other
appropriate officers of the City are each hereby authorized and
directed to take such steps, to do such other acts and things,
and to execute such letters, certificates, agreements, papers,
financing statements, assignments or instruments as in their
judgment may be necessary, appropriate or desirable in order to
carry out the terms and provisions of, and complete the
transactions contemplated by, this Ordinance.
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D0T579 93/01/26
Section 25. Prior Acts. All acts taken pursuant to the
authority of this Ordinance but prior to its effective date are
hereby ratified and confirmed.
Section 26. Effective Date. This Ordinance shall be effec-
tive five days after the date of its publication.
PASSED by the Council of the City of Port Angeles at a
regular meeting thereof, held this 19th day of January, 1993.
CITY OF PORT ANGELES, WASHINGTON
By
Mayor
ATTEST:
Passed:
City Clerk
Published:
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D0T579 93/01/26
Section 25. Prior Acts. All acts taken pursuant to the
authority of this Ordinance but prior to its effective date are
hereby ratified and confirmed.
Section 26. Effective Date. This Ordinance shall be effec-
tive five days after the date of its publication.
PASSED by the Council of the City of Port Angeles at a
regular meeting thereof, held this 19th day of
ATTEST:
ty Cl rk
January, 1993.
CITY OF PORT A. LES, WASHINGTON
By
Passed: January 19, 1993
Published: January 24, 1993
(By Summary)
ayor
-54- D0T579 93/01/12
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. 2737 of the City (herein called the
"Ordinance "), as finally passed at a meeting of the Council held
on the 19th day of January, 1993, 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 19th day of January , 1993.
(SEAL)
1
y
erk /
BOND PURCHASE CONTRACT
RELATING TO
x3,410,000
City of Port Angeles, Washington
Solid Waste Utility Revenue Bonds, 1993
City of Port Angeles
321 5th Avenue
Port Angeles, WA 98362
Ladies & Gentlemen:
P11'iRJ: Nil RAY
Piper Jaflirav Inc.
1500 IBM Building
P.O. Box 34930
&asiie. WA 98t24•1930
206 87-3800
Piper Jaffrey Inc. (the "Purchaser ") offers to purchase from the City of Port Angeles, Washington, (the
"Seller ") all the aforementioned Bonds (the "Bonds "), with delivery and payment at mutually agreed upon
time and place, based upon the covenants, representations and warranties set forth below. Appendix A,
which is incorporated into this Purchase Contract by reference, contains a brief description of the Bonds,
the manner of their issuance, the purchase price to be paid, and the date of delivery and payment (the
"Closing ").
1. Prior to the closing, the Seller will adopt a Bond Ordinance (the "Bond Ordinance ")
satisfactory in form and substance to the Purchaser. The Purchase is authorized by the
Seller to use this document and the information contained in it in connection with the sale
of the Bonds.
2. You represent and covenant to the Purchaser that:
(a) You have and will have at the Closing the power and authority to enter
into and perform this Purchase Contract, to adopt the Bond Ordinance
and to deliver and sell the Bonds to the Purchasers;
(b) This Purchase Contract and the Bonds do not and will not conflict with
or create a breach or default under any existing law, regulation, order or
agreement to which the Seller is subject;
Since 1419i Member-on:.
New York Sunk ['.attune". !n.
2'd Ad3d3tif d3dId Wd2J :EO E6. 6ti Ndt'
(c) No governmental approval or authorization other than the Bond
Ordinance is required in connection with the sale of the Bonds to the
Purchasers;
(d) This Purchase Contract and the Bonds (when paid for by the Purchaser)
are and shall be at the time of Closing legal, valid, and binding
obligations of the Seller enforceable in accordance with their terms,
subject only to applicable bankruptcy, insolvency or other similar laws
generally affecting creditors' rights.
(e)
At least five business days prior to the Closing described above, the City
shall deliver, or cause to be delivered, to the Underwriter five copies of
the final Official Statement relating to the Bonds dated the date hereof,
(such Official Statement including the cover page and appendices thereto,
being herein called the "Official Statement "), signed on the City's behalf
by the Mayor of the City. By acceptance of this Purchase Contract, the
City hereby authorizes the use of copies of the Official Statement, The
City consents to the use by the Underwriter, prior to the date hereof, of
the Preliminary Official Statement in connection with the offering of the
Bonds (such Preliminary Official Statement, including the cover page and
the appendices thereto herein called the "Preliminary Official
Statement "). The City confirms that as of its date, the Preliminary
Official Statement was "deemed final" by the City.
(f) During the period commencing on the date hereof and ending on the date
90 days (25 days if the final Official Statement shall be available to any
person from a nationally recognized municipal securities information
repository following the end of the underwriting period (as such term is
defined in Rule 15c2- 12(e)(2) of the Securities and Exchange
Commission), if any event shall occur as a result of which it is necessary
to supplement therein, in light of the circumstances existing at such time,
not misleading, the City shall forthwith notify the Underwriter of any
such supplement to the Official Statement necessary, in the Underwriter's
opinion, so that the statements therein as so supplemented will not be
misleading in light of the circumstances existing at such time.
3. (a) From the time of the Seller's acceptance of this Purchase Contract to the date of Closing,
there shall not have been any:
E'd
(i) Material adverse change in the financial condition or general affairs of Seller;
(ii) Event, court decision, proposed law or rule which may have the effect of
changing the federal income tax incident to the Bonds; and
(iii) International or national crisis, suspension of stock exchange trading or banking
moratorium materially affecting, in the Purchasers opinion, the market price of
the Bonds.
J,d33dtif d3dId WdBT :E0 E6. 6T NI f
(b)
At the Closing, the Seller will deliver or make available to the Purchaser:
0) The Bonds, in definitive form, duly executed and bearing proper CUSIP
numbers;
(ii) The unqualified approving opinion of Bond Counsel ( "Bond Counsel "),
satisfactory to the Purchaser dated as of Closing, relating to the legality of the
Bonds, and an opinion of Bond Counsel confirming the enforceability of this
Purchase Contract; and
(iii) Such additional certificates, instruments and other documents (including, without
limitation, those set forth in Appendix A) as the Purchaser may deem necessary
with respect to the issuance and sale of the Bonds, all in form and substance
satisfactory to the Purchaser.
4. From the proceeds of the Bonds shall be paid the cost of preparing, printing, and executing the
Bonds and Official Statements, the fees and expenses of Bond Counsel and Financial Advisor,
bond registration fees and miscellaneous Seller expenses, and the Purchaser will pay all other
costs incurred by the Purchaser in connection with the offering and distribution of the Bonds.
5. This Purchase Contract is intended to benefit only the parties hereto, and the Seller's
representations and warranties shall survive any investigation made by or for the Purchaser,
delivery and payment for the Bonds, and the termination of this Purchase Contract. Should the
Purchaser fail (other than for circumstances beyond its control or for reasons permitted in this
Purchase Contract) to pay for the Bonds at Closing, any expenses incurred shall be borne in
accordance with Section 4. Should the Seller fail to satisfy any of the foregoing conditions or
covenants, or if the Purchaser's obligations are terminated for any reason permitted under the
Purchase Contract, then neither Purchaser or Seller shall have any further obligations under the
Purchase Contract, except that any expenses of the Seller shall be borne in accordance with
Section 4.
Very truly yours,
PIPER JAFFRAY INC.
anaging Director
ACCEPTED this 1 s + of January, 1993
Y: �.�..
yor
17'd A83ddtif d I d Wd8 Z: E0 E6. 6T NtiE
a. Purchase Price:
b. Denomination:
c. Form:
d. Dated Date.;
e. In18rAI Payable:
f. Maturity Schedule,:
g.
Interest Rates;
Maturity ant
1994 $ 625,000
1995 650,000
1996 680,000
APPENDIX A
DESCRIPTION OF BONDS
$3,384,186.30 (99.243% of par value) plus accrued interest from February 1,
1993.
$5,000 or integral multiples thereof.
Fully registered as to principal and interest.
January 1, 1993
Semi- Annually on January 1 and July 1, commencing July 1, 1993.
Bonds shall mature on January 1 and bear interest in accordance with the
schedule set forth below.
The Bonds shall bear interest in accordance with the following schedule:
Int rgatt Rate
3.50%
4,00
4.50
Maturity
1997
1998
$ 710,000
745,000
Interest Rate
4.75%
5.00
b. Optional Redemption: The Bonds are issued without the right of redemption pior to their regularly
scheduled maturities.
i. Closifl Date.
On or about January 28th, 1993.
S'd hd3ddtif 2:13dId Wd6T :E0 E6, 6ti Ntif
Summaries of Ordinances Adopted by the
Port Angeles City Council
on January 19. 1993
Ordinance No. 2737
This Ordinance of the City of Port Angeles adopts and specifies a plan for making
additions and betterments to the solid waste utility system of the City; authorizes
the issuance and sale of solid waste utility revenue bonds in the principal amount
not to exceed $3,410,000 for the purpose of providing part of the funds required
for acquiring, constructing and installing certain additions and improvements to
the solid waste utility system of the City; provides for the payment and sale of
said bonds; and provides the covenants, terms and conditions under which such
bonds and future parity bonds shall be issued.
Ordinance No. 2738
This Ordinance of the City of Port Angeles rezones property located on Park
Avenue and Porter Avenue from RS -9, Residential Single - Family, to RS -7,
Residential Single- Family, amends the Official Zoning Map (Ordinance No. 2158)
and Ordinance No. 1709, as amended.
Ordinance No. 2739
This Ordinance of the City of Port Angeles amends Section 1 of Ordinance No.
2471 and Section 17.87.040 of the Port Angeles Municipal Code, by specifying
that support equipment and accessories for retail stands must not extend more than
three feet in total, rather than in one direction, from the edge of the cart.
Ordinance No. 2740
This Ordinance of the City of Port Angeles revises off street parking requirements
and amends Ordinance No. 1588, as amended, and Chapter 14.40 of the Port
Angeles Municipal Code.
Ordinance No. 2741
This Ordinance of the City of Port Angeles revises the prohibition against
resubdividing property that has already been short platted, and amends Section 20
of Ordinance No. 2222, and Section 16.04.200 of the Port Angeles Municipal
Code.
Ordinance No. 2742
This Ordinance of the City of Port Angeles makes numerous minor wording and
clarification amendments to the Zoning Code, Ordinance No. 1709, as amended,
and Title 17 of the Port Angeles Municipal Code.
Ordinance No. 2743
This Ordinance of the City of Port Angeles makes numerous procedural
amendments and adds a sidewalk requirement to the Subdivision Ordinance,
Ordinance No. 1631, and Chapter 16.08 of the Port Angeles Municipal Code.
Ordinance No. 2744
This Ordinance of the City of Port Angeles prescribes the days and hours of
operation of City offices and amends Section 1, Ordinance No. 1249 and Port
Angeles Municipal Code Section 2.44.030.
Ordinance No. 2745
This Ordinance of the City of Port Angeles revises the permit fee and deposit
requirements for certain work within City rights -of -way and utility connections
and amends Ordinances No. 2181 and No. 2166 and Chapters 13.32 and 11.08
of the Port Angeles Municipal Code.
The full texts of the Ordinances are available at City Hall in the City Clerk's office or will be
mailed upon request. Office hours are Monday through Friday from 8:00 a.m. to 5:00 p.m.
These Ordinances shall take effect five days after the date of publication of these summaries.
Publish: January 24. 1993
Becky J. Upton
City Clerk