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HomeMy WebLinkAbout12-65 )~.. '1Zo~ /:z~&,s' A RESOLUTION of the City Council of the City of Port Angeles, Clallam County, Washington, employing a Consultant on Municipal Finance to provide advisory services in connection with the analysis of the merits of refunding $1,810,000 of the City's Water Revenue Bonds now outstanding. ~ WHEREAS, the City of Port Angeles, Clallam County, Washington, owns and oper- ates a domestic water supply and distribution system, and WHEREAS, the City has outstanding a total of $1,810,000 par value of its water revenue bonds, and ~~REAS. a portion of the outstanding bonds are callable at par on any inter- est payment date and the remaining bonds will become callable at par on Jan- uary 1, 1970, and WHEREAS, a recently enacted law permits municipal corporations to provide for the ultimate refunding of currently non-callable outstanding bonds by the sale of advance refunding bonds, and WHF1t&AS, it is deemed necessary and to the best interest of the City that a . person skilled in matters of municipal finance be retained to assist and advise the City Council and City Officilas with respect to the advantages and disadvantages of an advance refunding program; NO',." THEREFORE, BE IT RESOLVED, by the City Council of the City of Port Angeles, Clallam County, Washington, as follows: e Section 1. Scope of Services. That James G. Frazer, an independent Consultant on Municipal Fi- nance of Seattle, Washington, be and he is hereby retained to perform, in cooperation with the City's officials and bond counsel, the following services: a) Review and analyze the water revenue bond ordinance under which the outstanding bonds were authorized and issued. b) Review and analyze the historical operating results of the City's Water Department as they pertain to the security of the outstanding bonds. c) Prepare and present a summary of the theory of advance refunding and its application to municipal financing. ~ .~~,. .- -2- e d) Develop one or more advance refunding plans in detail which, if activated, would provide the maximum attainable benefit to the City. e) Analyze the advance refunding plans so developed and set forth their specific advantages and disadvantages in sufficient detail to permit the City Council to make a decision as to whether the program should be ac- complished or rejected. f) Submit a report summarizing the results of the investigations and analyses together with recommendations to assist the council in making its decision. g) Include in the above report any other comments and recommen- dations pertaining to the financial operation of the water department which he may deem appropriate as a result of his comprehensive analysis, particu~ larly with respect to the adequacy of the water rates and charges and the City's compliance with the covenants contained in its bond ordinance. Section 2. Payment for Services. For and in consideration of the services to be performed by James G. Frazer, as described above, he shall be paid a fee to be computed 'v . I on the basis of time involved and expense incurred; provided, how9ver, that the amount of si~d fee shall in no event exceed a maximum of twelve hundred dollars ($1200.00). . Payment for services rendered shall become due and payable at the time the verbal and written reports are submitted for consideration. PASSED, by the City Council of the City of Port Angeles, Washington, at a rogular meeting thereof, signed by tb. Mayor, and att's~~ City Clerk in authentication of such passage this / day of t 1965. CITY OF PORT ANGELES, WASHINGTON" (?tf~Ar (R'5?;;~ Mayor ATTEST: . ~ .... ", , .' . .~t;I~~ 0<f2 ., City Clerk ~ ~ ,. :::"~. The terms and co~di tions are hereby accepted. of the above Resolution r. .'/';'~:1 ~--r . . '" ~ e : ~ ~ l' City of Port Angeles TOURIST MECCA OF THE 'NORTHIH!ST PORT ANGE LES, WASH INGTON 140 WEST FRONT STREET July 21, 1955 Mr. James G. Fraser 1411 - 4th Avenue Buil:1ing Seattle, v.ashington 98101 Dear Mr. Fraser: Enclosed you will find adCopy 01 a Resolution No. 12 --65 passed by the '.::;ity Council of the Chy of Port l\.ngeles on the first day o of July, 1965. y....urs truly, B. B. MeN eece (Mrs.) City Clerk Enc.