Loading...
HomeMy WebLinkAbout2879ORDINANCE NO. 2 8 7 9 AN ORDINANCE OF THE CITY OF PORT ANGELES, WASHINGTON, AMENDING ORDINANCE NO. 2709 OF THE CITY. WHEREAS, the City of Port Angeles, Washington (the "City ") has authorized the issuance and sale of its Electric Revenue Bonds, Series 1995, in the principal amount of $2,760,000 (the "1995 Bonds "), pursuant to Ordinance No. 2709, passed on September 1, 1992 (the "Ordinance "), Ordinance No. 2877, passed on August 1, 1995 (the "Supplemental Ordinance "), and a resolution of the City Council adopted on August 15, 1995 (the "Sale Resolution "); and WHEREAS, pursuant to the Supplemental Ordinance and the Sale Resolution, the City has obtained a policy of municipal bond insurance with respect to the 1995 Bonds (the "Bond Insurance Policy ") from Financial Guaranty Insurance Company (the "Bond Insurer ") under terms and conditions set forth therein and in the commitment of the Bond Insurer; and WHEREAS, among the conditions set forth in such commitment, the City has agreed to amend certain provisions of the Ordinance, so long as the 1995 Bonds are outstanding, as provided herein; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PORT ANGELES, WASHINGTON, DO ORDAIN, as follows: SECTION 1. Definitions. Capitalized terms used in this ordinance shall have the meanings given such terms in the Ordinance and the Supplemental Ordinance, unless otherwise defined herein. As used in this ordinance the following words and phrases shall have the meanings herein set forth unless the context shall clearly indicate that another meaning is intended. "Bond Insurance Policy" means the municipal bond new issue insurance policy issued by the Bond Insurer that guarantees payment of principal of and interest on the 1995 Bonds. "Bond Insurer" means Financial Guaranty Insurance Company, a New York stock insurance company, or any successor thereto. SECTION 2. Amending Completion Bonds Provisions. So long as the 1995 Bonds are outstanding and the Bond Insurance Policy is in full force and effect, Section 4.2.D of the Ordinance is hereby amended as follows (deletions are stricken and additions are underscored): D. Additional Bonds may also be issued for the purpose of paying part of the costs of Distribution and Transmission Facilities or Generating Facilities for which Bonds have theretofore been issued, if a certificate is signed by a Professional Utility Consultant and filed with the City Clerk, which ashall comply with the requirements of paragraph C above or fashall state that the issuance of such Additional Bonds is necessary to complete such facilities and that the completion is necessary for the efficient and economic operation of the Electric System; provided, however, that the arincinal amount of such Additional Bonds may not exceed 15% of the principal amount of the Bonds theretofore issued for such facilities. SECTION 3. Amending Net Revenue Adjustment. So long as the 1995 Bonds are outstanding and the Bond Insurance Policy is in full force and effect, Section 4.2.H of the Ordinance is hereby amended as follows (deletions are stricken and additions are underscored): H. For the purposes of the certificates required by Sections 4.2.0 and 4.2.G of this Ordinance, Adjusted Net Revenues shall be computed by the Professional Utility Consultant as follows: (a) The Net Revenues for any 12 consecutive months (selected by the City) out of the 24 months prior to the date of issuance of the Additional Bonds (such 12 -month period being herein called the "Base Period ") may be adjusted: (i) (ii) (iii) to reflect any changes in Net Revenues estimated to be received from residences and businesses that are in existence as of the date of issuance of such Additional Bonds and that are expected to connect to the Electric System as a result of, and upon completion of, any facilities under construction or to be acquired, constructed or installed as a part of the Electric System from the proceeds of any Bond ; to reflect any changes in Net Revenues for the Base Period which would have occurred if the schedule of rates and charges in effect at the time of the computation (or approved by the Council as of the time of such computation and to become effective within 12 months thereof) had been in effect during the portion of the Base Period in which such schedule was not in effect; to reflect a full 12 months of Net Revenues from any customers of the Electric System added prior to the computation date; and -2- DO70DO.DOC 95/07/31 SECTION 4. Prior Acts. All acts taken pursuant to the authority of this Supplemental Ordinance but prior to its effective date are hereby ratified and confirmed. SECTION 5. Severability. If any one or more of the covenants or agreements provided in this ordinance on the part of the City to be performed shall be declared by any court of competent jurisdiction to be contrary to law, then such covenant or covenants, agreement or agreements shall be null and void and shall be deemed separable from the remaining covenants and agreements, and shall in no way affect the validity of the other provisions of this ordinance or of the 1995 Bonds issued hereunder. SECTION 6. Effective Date. This ordinance shall be in effect from and after its adoption in accordance with law. PASSED by the City Council of the City of Port Angeles, Washington, at a regular meeting thereof held this 15th day of August, 1995. Attest: Mayor ` __ CERTIFICATE 1, the undersigned, City Clerk of the City of Port Angeles, Washington, DO HEREBY CERTIFY: 1. That the attached is a true and correct copy of Ordinance No. 2879 (the "Ordinance ") of the City, duly passed at a regular meeting of the City Council (the "Council ") of the City held on the 15th day of August, 1995. 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 legal 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 Supplemental Ordinance; that all other requirements and proceedings incident to the proper passage of said Supplemental Ordinance have been fully fulfilled, carried out and otherwise observed; and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand this 15th day of August, 1995. (6./LOL7' Deputy City C1:400 Summaries of Ordinances Adopted by the Port Angeles City Council on August 15, 1995 Ordinance No. 2879 This Ordinance of the City of Port Angeles amends Ordinance 2709, relating to establishing a plan and system for capital improvements, and authorizing the issuance of electric revenue bonds. Ordinance No. 2880 This Ordinance of the City of Port Angeles amends the Subdivision and Short Subdivision Ordinances in order to comply with the recently adopted Comprehensive Plan and the Growth Management Act, and amends Ordinances 1631 and 2222, as amended, and Chapters 16.04 and 16.08 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: August 20, 1995 Becky J. Upton City Clerk