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RESOLUTION NO. 1(P-~2.
A RESOLUTION of the City of Port Angeles
protesting the sale of WPPSS bond issues
in excess of $56G million prior to an
Initiative 394 election on the bonds.
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WHEREAS, the WPPSS Board intends to sell up to
$680 million in bonds which is more than the $590 million
recommended by the independent study by bond counsel; and
WHEREAS, WPPSS appears to be seeking considerably
more bonds than needed to complete Plant #2; and
WHEREAS, WPPSS's decisions appear hurried, the
situation confused, and the direct purpose appears to bypass
Initiative 394 to the largest extent that the bond market
will bear; and
WHEREAS, Moody's has reduced the bonding ratings
which will likely cause an increase in interest rates; and
WHEREAS, an affirmative Initiative 394 election
would possibly reduce bond interest rates;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
PORT ANGELES does hereby protest the sale of bonds by WPPSS
in excess of a total of $590 million, prior to the effective
date of Initiative 394.
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PASSED this 18th day of 'May, 1982.
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MAYOR
ATTEST:
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Marian C. Parrish, City Clerk
APPROVED AS TO FORM:
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~ Miller, City Attorney