HomeMy WebLinkAbout16-95 RESOLUTION NO. 16 -9 5
A RESOLUTION of the City Council of the City of Port Angeles,
Washington, accepting a bid for the sale of its Electric Revenue
Bonds, Series 1995; authorizing the interest rates and other
terms of such bonds; and authorizing the provision of municipal
bond insurance with respect to such bonds, all as provided by
Ordinance No. 2877 of the City.
WHEREAS, in accordance with Ordinance No. 2709, passed on September 1, 1992 (the
"Ordinance"), the City of Port Angeles, Washington (the "City") has authorized issuance of a
series of Additional Bonds (as such term is defined in the Ordinance) to be designated as the City
of Port Angeles, Washington, Electric Revenue Bonds, Series 1995, in the principal amount of
$2,760,000 (the "1995 Bonds"), all as provided in Ordinance No. 2877 of the City, passed on
August 1, 1995 (the "Supplemental Ordinance"); and
WHEREAS, the Supplemental Ordinance provides that the 1995 Bonds shall be sold by
public sale and that the City Council of the City (the "Council") shall by resolution accept a bid
and establish certain terms of the 1995 Bonds on the date of such public sale; and
WHEREAS, the City has distributed a preliminary official statement and notice of sale
with respect to the 1995 Bonds and has conducted the public sale in accordance therewith; and
WHEREAS, the Council wishes to accept the bid for the 1995 Bonds that it has received
from Piper Jaffray Inc. (the "Purchaser") and to establish certain terms of the 1995 Bonds
consistent with such bid, as provided herein; and
WHEREAS, as authorized by Section 15 of the Supplemental Ordinance, the City Council
wishes to provide for the purchase of Qualified Insurance with respect to the 1995 Bonds (the
"Bond Insurance Policy") from Financial Guaranty Insurance Company, a New York stock
insurance company (the "Bond Insurer") under terms and conditions set forth herein and in the
commitment of the Bond Insurer approved herein;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Port Angeles, Washington, as follows:
Section 1. Acceptance of Bid and Approval of Bond Terms. The bid of the Purchaser
for the 1995 Bonds, attached as Exhibit A hereto and incorporated herein by this reference, is
hereby in all respects accepted and approved, and the 1995 Bonds shall be issued and sold to the
Purchaser in accordance with the terms of such bid, the Bond Ordinance and this resolution. The
1995 Bonds shall mature on September 1 in the years and amounts and bear interest at the rates
set forth below.
Maturity Year Principal Interest
(September 1) Amount Rate
1996 $ 35 000 5.40%
1997 35 000 5.40
1998 40 000 5.40
1999 40 000 5.40
2000 45 000 5.40
2001 45 000 5.40
2002 50 000 5.40
2003 50,000 5.40
2004 55,000 5.40
2005 60,000 5.40
2006 60,000 5.40
2007 65,000 5.50
2008 70,000 5.65
2009 75,000 5.70
2010 80,000 5.80
2011 85,000 5.90
2012 90,000 6.00
2017 530,000 6.10
2025 1,250,000 6.15
Section2. Mandatory_ Redemption Provisions. The 1995 Bonds maturing on
September 1 in the years 2017 and 2025 are hereby designated as Term Bonds. If not redeemed
pursuant to the optional redemption provisions set forth in Section 7(a) of the Supplemental
Ordinance, the Term Bonds maturing in 2017 and 2025 shall be redeemed prior to maturity by lot
(or paid at maturity), on September 1 of the years and in the principal amounts as set forth below,
upon written notice as provided in Section 7(d) of the Supplemental Ordinance, by payment of the
principal amount thereof, together with the interest accrued thereon to the date fixed for
redemption.
2017 Term Bonds
Year Amount
2013 $ 95,000
2014 100,000
2015 105,000
2016 110,000
2017' 120,000
Maturity*
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2025 Term Bonds
-' Year Amount
2018 $125,000
2019 135,000
2020 140,000
2021 150,000
2022 160,000
2023 170,000
2024 180,000
2025* 190,000
* Maturity
Section 3. Execution and Delivery of the 1995 Bonds. The proper officials of the City
are hereby authorized and directed to do all things necessary or proper for the printing and
execution of the 1995 Bonds and their delivery to the Purchaser in accordance with the terms of
the Ordinance, the Supplemental Ordinance and this resolution.
Section 4. Authorization of Bond Insurance. In accordance with Section 15 of the
Supplemental Ordinance, the Finance Director of the City has obtained a written commitment
from the Bond Insurer that when the 1995 Bonds are delivered to the Purchaser the Bond Insurer
will deliver a municipal bond new issue insurance policy that guarantees payment of principal of
and interest on the 1995 Bonds (the "Bond Insurance Policy").
Section 5. Bond Insurance Provisions. So long as the 1995 Bonds are outstanding
and the Bond Insurance Policy is in full force and effect, the following provisions shall apply:
A. The Bond Insurer shall be provided with the following information:
i. Within 180 days after the end of each Fiscal Year, the budget for the new
year, annual audited financial statements, a statement of the amount on
deposit in the Reserve Account as of the last valuation, and, if not
presented in the audited financial statements, a statement of the revenues
pledged to payment of 1995 Bonds in each such Fiscal Year;
ii. Official statement or other disclosure, if any, prepared in connection with
the issuance of additional debt of the Electric System, whether or not it is
on parity with the 1995 Bonds, within 30 days after the sale thereof,
iii. Notice of any draw upon or deficiency due to market fluctuation in the
amount, if any, on deposit in the Reserve Account;
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iv. Notice of the redemption, other than mandatory sinking fund redemption,
of any of the 1995 Bonds, or of any advance refunding of the 1995 Bonds,
including the principal amount, maturities and CUSIP numbers thereof;
v. Simultaneously with the delivery of the annual audited financial statements:
a. The number of Electric System users as of the end of the Fiscal
Year;
b. Notification of the withdrawal of any Electric System user
comprising 5% or more of Electric System sales measured in terms
of revenue dollars since the last reporting date;
c. Current average price per kilowatt hour for residential, commercial
and industrial users of the Electric System;
d. Peak and average daily usage for the fiscal year;
e. Updated capital plans for expansion and improvement projects;
f. Results of annual engineering inspections of the Electric System, if
any, occurring during the fiscal year;
g. Any significant plant retirements or expansions of the Electric
System planned or undertaken since the last reporting date; and
vi. Such additional information as the Bond Insurer may reasonably request
from time to time.
B. Under the Ordinance, the City may satisfy the requirements set forth in
Section 7.2.C of the Ordinance to deposit a specified amount in the Reserve
Account (the "Reserve Requirement") by the deposit of Qualified Insurance or a
Qualified Letter of Credit as set forth therein. In the event that the Reserve
Requirement is fulfilled by a deposit of a credit instrument (other than a credit
instrument issued by the Bond Insurer) in lieu of cash, the following requirements
shall also apply:
i. A surety bond or insurance policy issued to the entity serving as bond
registrar or paying agent (the "Fiduciary"), as agent of the 1995
Bondholders, by a company licensed to issue an insurance policy
guaranteeing the timely payment of debt service on the 1995 Bonds (a
"municipal bond insurer") may be deposited in the Reserve Account to
meet the Reserve Requirement if the claims paying ability of the issuer
thereof shall be rated "AAA" or "Aaa" by S&P or Moody's, respectively.
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ii. A surety bond or insurance policy issued to the Fiduciary, as agent of the
1995 Bondholders, by an entity other than a municipal bond insurer may be
deposited in the Reserve Account to meet the Reserve Requirement if the
form and substance of such instrument and the issuer thereof shall be
approved by the Bond Insurer.
iii. An unconditional irrevocable letter of letter issued to the Fiduciary, as
agent of the 1995 Bondholders, by a bank may be deposited in the Reserve
Account to meet the Reserve Requirement if the issuer thereof is rated at
least "AA" by S&P. The letter of credit shall be payable in one or more
draws upon presentation by the beneficiary of a sight draft accompanied by
its certificate that it then holds insufficient funds to make a required
payment of principal or interest on the bonds. The draws shall be payable
within two days of presentation of the sight dram. The letter of credit shall
be for a term of not less than three years. The issuer of the letter of credit
shall be required to noti~ the City and the Fiduciary, not later than 30
months prior to the stated expiration date of the letter of credit, as to
whether such expiration date shall be extended, and if so, shall indicate the
new expiration date.
If such notice indicates that the expiration date shall not be extended, the
City shall deposit in the Reserve Account an amount sufficient to cause the
cash or permitted investments on deposit in the Reserve Account together
with any other qualifying credit instruments, to equal the Reserve
Requirement on all outstanding 1995 Bonds, such deposit to be paid in
equal installments on at least a semi-annual basis over the remaining term
of the letter of credit, unless the Reserve Account credit instrument is
replaced by a Reserve Account credit instrument meeting the requirements
in any of paragraphs i-iii above. The letter of credit shall permit a draw in
full not less than two weeks prior to the expiration or termination of such
letter of credit if the letter of credit has not been replaced or renewed. The
Fiduciary shall draw upon the letter of credit prior to its expiration or
termination unless an acceptable replacement is in place or the Reserve
Account is fully funded in its required amount.
iv. The use of any Reserve Account credit instrument pursuant to this
paragraph shall be subject to receipt of an opinion of counsel acceptable to
the Bond Insurer and in form and substance satisfactory to the Bond
Insurer as to the due authorization, execution, delivery al~d enforceability
of such instrument in accordance with its terms, subject to applicable laws
affecting creditors' rights generally, and in the event the issuer of such
credit instrument is not a domestic entity, an opinion of foreign counsel in
form and substance satisfactory to the Bond Insurer. In addition, the use
of an irrevocable letter of credit shall be subject to receipt of an opinion of
counsel acceptable to the Bond Insurer and in form and substance
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satisfactory to the Bond Insurer to the effect that payments under such
letter of credit would not constitute avoidable preferences under
Section 547 of the U.S. Bankruptcy Code or similar state laws with
avoidable preference provisions in the event of the filing of a petition for
relief under the U.S. Bankruptcy Code or similar state laws by or against
the City (or any other account party under the letter of credit).
v. The obligation to reimburse the issuer of a Reserve Account credit
instrument for any fees, expenses, claims or draws upon such Reserve
Account credit instrument shall be subordinate to the payment of debt
service on the 1995 Bonds. The right of the issuer of a Reserve Account
credit instrument to payment or reimbursement of its fees and expenses
shall be subordinated to cash replenishment of the Reserve Account, and,
subject to the second succeeding sentence, its right to reimbursement for
claims or draws shall be on a parity with the cash replenishment of the
Reserve Account. The Reserve Account credit instrument shall provide for
a revolving feature under which the amount available thereunder will be
replenished to the extent of any reimbursement of draws of claims paid. If
the revolving feature is suspended or terminated for any reason, the right of
the issuer of the Reserve Account credit instrument to reimbursement will
be further subordinated to cash replenishment of the Reserve Account to an
amount equal to the difference between the full original amount available
under the Reserve Account credit instrument and the amount then available
for further draws or claims. If (a) the issuer of a Reserve Account credit
instrument becomes insolvent, or (b) the issuer of a Reserve Account credit
instrument defaults in its payment obligations thereunder, or (c) the claims-
paying ability of the issuer of the insurance policy or surety bond falls
below a S&P "AAA" or a Moody's "Aaa," or (d) the rating of the issuer of
the letter of credit falls below a S&P "AA", the obligation to reimburse the
issuer of the Reserve Account credit instrument shall be subordinate to the
cash replenishment of the Reserve Account.
vi. If (a)the revolving reinstatement feature described in the preceding
paragraph is suspended or terminated, or (b) the rating of the claims-paying
ability of the issuer of the surety bond or insurance policy falls below a
S&P "AAA or a Moody's "Aaa," or (c) the rating of the issue of the letter
of credit falls below a S&P "AA," the City shall either (i)deposit in the
Reserve Account an amount sufficient to cause the cash or permitted
investments on deposit in the Reserve Account to equal the Reserve
Requirement on all outstanding 1995 Bonds, such amount to be paid over
the ensuing five years in equal installments deposited at least semi-annually
or (ii) replace such instrument with a surety bond, insurance policy or letter
of credit meeting the requirements in any of paragraphs i-iii above within
six months of such occurrence. In the event (a)the rating of the claims-
paying ability of the issuer of the surety bond or insurance policy falls
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below "A," or (b)the rating of the issuer of the letter of credit falls below
"A," or (c) the issuer of the Reserve Account credit instrument defaults in
its payment obligations, or (d)the issuer of the Reserve Account credit
instrument becomes insolvent, the City shall either (i)deposit into the
Reserve Account an amount sufficient to cause the cash or permitted
investments on deposit in the Reserve Account to equal the Reserve
Requirement on all outstanding Bonds, such amount to be paid over the
ensuing year in equal installments on at least a monthly basis or (ii) replace
such instrument with a surety bond, insurance policy or letter of credit
meeting the requirements in any of paragraphs i-iii above within six months
of such occurrence.
vii. Where applicable, the amount available for draws or claims under the
Reserve Account credit instrument may be reduced by the amount of cash
or permitted investments deposited in the Reserve Account pursuant to
clause (i) of the preceding paragraph vi.
viii. If the City chooses the above described alternatives to a cash-funded
Reserve Account, any amounts owed by the City to the issuer of such
credit instrument as a result of a draw thereon or a claim thereunder, as
appropriate, shall be included in any calculation of debt service
requirements required to be made pursuant to the Ordinance for any
purpose, e.g., rate covenant or Additional Bonds test.
ix. The Fiduciary shall ascertain the necessity for a claim or draw upon the
Reserve Account credit instrument and provide notice to the issuer of the
Reserve Account credit instrument in accordance with its terms not later
than three days (or such longer period as may be necessary depending on
the permitted time period for honoring a draw under the Reserve Account
credit instrument) prior to each interest payment date.
x. Cash on deposit in the Reserve Account shall be used (or investments
purchased with such cash shall be liquidated and the proceeds applied as
required) prior to any drawing on any Reserve Account credit instrument.
If and to the extent that more than one Reserve Account credit instrument
is deposited in the Reserve Account, drawings thereunder and repayments
of costs associated therewith shall be made on a pro rata basis, calculated
by reference to the maximum amounts available thereunder.
C. Notice of any redemption of 1995 Bonds shall either (i) explicitly state that the
proposed redemption is conditioned on there being on deposit in the applicable
fund or account on the redemption date sufficient money to pay the full
redemption price of the 1995 Bonds to be redeemed or (ii) be sent only if sufficient
money to pay the full redemption price of the 1995 Bonds to be redeemed is on
deposit in the applicable fund or account.
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- D. In determining whether an Event of Default under Section 11.1(2) with respect to
the 1995 Bonds has occurred or whether a payment on the 1995 Bonds has been
made, no effect shall given to payments made under the Bond Insurance Policy.
E. The City shall give the Bond Insurer immediate notice of the occurrence of any
Events of Default as described in Section 11.1(1)-(4) of the Ordinance and, within
30 days of the City's knowledge thereof, shall give the Bond Insurer notice of the
occurrence of any Events of Default as described in Section 11.1(5)-(8) of the
Ordinance.
F. For all purposes of the Ordinance and the Supplemental Ordinance governing
Events of Default and remedies, except the giving of notice of such Events of
Default to 1995 Bondholders, the Bond Insurer shall be deemed to be the sole
holder of the 1995 Bonds so long as it has not failed to comply with its payment
obligations under the Bond Insurance Policy.
G. The Bond Insurer shall be included as a party in interest and as a party entitled to
(1) notify the City, the Bondowners' Trustee, if any, appointed in accordance with
Section 11.3 of the Ordinance, or any applicable receiver of the occurrence of an
Event of Default and (2)request any such Bondowners' Trustee or receiver to
intervene in judicial proceedings that affect the 1995 Bonds or the security
therefor. The Bondowners' Trustee or receiver shall be required to accept notice
of default from the Bond Insurer.
H. Any amendment or supplement to the Bond Ordinance and all other principal
financing documents, with the exception of that relating to the issuance of
Additional Bonds, shall be subject to the prior written consent of the Bond Insurer.
Any rating agency rating the 1995 Bonds must receive notice of each amendment
and a copy thereof at least 15 days in advance of its execution or adoption. The
Bond Insurer shall be provided with a full transcript of all proceedings relating to
the execution of any such amendment or supplement.
I. Only cash, direct noncallable obligations of the United States of America and
securities fully and unconditionally guaranteed as to the timely payment of
principal and interest by the United States of America, to which direct obligation
or guarantee the full faith and credit of the United States of America has been
pledged, Refcorp interest strips, CATS, TIGRS, STP, PS, or defeased municipal
bonds rated AAA by S&P or Aaa by Moody's (or any combination thereof) shall
be used to effect defeasance of the 1995 Bonds unless the Bond Insurer otherwise
approves. In the event of an advance refunding of the 1995 Bonds, the City shall
cause to be delivered a verification report of an independent nationally recognized
certified public accountant. If a forward supply contract is employed in connection
with the refunding of the 1995 Bonds, (i) such verification report shall expressly
state that the adequacy of the escrow to accomplish the refunding relies solely on
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the initial escrowed investments and the maturing principal thereof and interest
income thereon and does not assume performance under or compliance with the
forward supply contract, and (ii)the applicable escrow agreement shall provide
that in the event of any discrepancy or difference between the terms of the forward
supply contract and the escrow agreement and authorizing ordinance, the terms of
the escrow agreement and authorizing ordinance shall be controlling.
J. The following payment provisions shall apply:
i. If, on the third day preceding any interest payment date for the
1995 Bonds, there is not on deposit with the Bond Registrar sufficient
money available to pay all principal of and interest on the 1995 Bonds due
on such date, the Bond Registrar shall immediately notify the Bond Insurer
and State Street Bank and Trust Company, N.A., New York, New York or
its successor as the Bond Insurer's Fiscal Agent (the "Fiscal Agent") of the
amount of such deficiency. If, by said interest payment date, the City has
not provided the amount of such deficiency, the Bond Registrar shall
simultaneously make available to the Bond Insurer and to the Fiscal Agent
the registration books for the 1995 Bonds maintained by the Bond
Registrar. In addition:
a. The Bond Registrar shall provide the Bond Insurer with a list of the
1995 Bondholders entitled to receive principal or interest payments
from the Bond Insurer under the terms of the Bond Insurance
Policy and shall make arrangements for the Bond Insurer and its
Fiscal Agent (1)to mail checks or drafts to 1995 Bondholders
entitled to receive full or partial interest payments from the Bond
Insurer and (2) to pay principal of the 1995 Bonds surrendered to
the Fiscal Agent by the 1995 Bondholders entitled to receive full or
partial principal payments from the Bond Insurer; and
b. The Bond Registrar shall, at the time it makes the registration
books available to the Bond Insurer pursuant to subparagraph (a)
above, notify 1995 Bondholders entitled to receive the payment of
principal of or interest on the 1995 Bonds from the Bond Insurer
(1) as to the fact of such entitlement, (2) that the Bond Insurer will
remit to them all or part of the interest payments coming due
subject to the terms of the Bond Insurance Policy, (3) that, except
as provided in paragraph (ii) below, in the event that any 1995
Bondholder is entitled to receive full payment of principal from the
Bond Insurer, such 1995 Bondholder must tender his 1995 Bond
with the instrument of transfer in the form provided on the
1995 Bond executed in the name of the Bond Insurer, and (4) that,
except as provided in paragraph (ii) below, in the event that such
1995 Bondholder is entitled to receive partial payment of principal
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from the Bond Insurer, such 1995 Bondholder must tender his 1995
Bond for payment first to the Bond Registrar, which shall note on
such 1995Bond the portion of principal paid by the Bond
Registrar, and then, with an acceptable form of assignment
executed in the name of the Bond Insurer, to the Fiscal Agent,
which will then pay the unpaid portion of principal to the 1995
Bondholder subject to the terms of the Bond Insurance Policy.
ii. In the event that the Bond Registrar has notice that any payment of
principal of or interest on a 1995 Bond has been recovered from a 1995
Bondholder pursuant to the United States Bankruptcy Code by a trustee in
bankruptcy in accordance with the final, nonappealable order of a court
having competent jurisdiction, the Bond Registrar shall, at the time it
provides notice to the Bond Insurer, noti~ all 1995 Bondholders that in the
event that any 1995 Bondholder's payment is so recovered, such 1995
Bondholder will be entitled to payment from the Bond Insurer to the extent
of such recovery, and the Bond Registrar shall furnish to the Bond Insurer
its records evidencing the payments of principal of an interest on the
1995Bonds which have been made by the Bond Registrar and
subsequently recovered from 1995 Bondholders, and the dates on which
such payments were made.
iii. The Bond Insurer shall, to the extent it makes payment of principal of or
interest on the 1995 Bonds, become subrogated to the rights of the
recipients of such payments in accordance with the terms of the Bond
Insurance Policy and, to evidence such subrogation, (1)in the case of
subrogation as to claims for past due interest, the Bond Registrar shall note
the Bond Insurer's rights as subrogee on the registration books maintained
by the Bond Registrar upon receipt from the Bond Insurer of proof of the
payment of interest thereon to the 1995 Bondholders of such 1995 Bonds
and (2) in the case of subrogation as to claims for past due principal, the
Bond Registrar shall note the Bond Insurer's rights as subrogee on the
registration books for the 1995 Bonds maintained by the Bond Registrar
upon receipt of proof of the payment of principal thereof to the 1995
Bondholders of such 1995 Bonds. Notwithstanding anything in this
resolution or the 1995 Bonds to the contrary, the Bond Registrar shall
make payment of such past due interest and past due principal directly to
the Bond Insurer to the extent that the Bond Insurer is a subrogee with
respect thereto.
K. Additional Bonds issued with variable interest rates in accordance with the
Ordinance shall for all purposes be assumed to bear interest at the highest of:
(i) the actual rate on the date of calculation, or if such Additional Bonds are not
yet outstanding, the initial rate (if established and binding), (ii) if such Additional
Bonds have been outstanding for at least twelve months, the average rate over the
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twelve months immediately preceding the date of calculation, and (iii)(1) if interest
on such Additional Bonds is excludable from gross income under the applicable
provisions of the Internal Revenue Code, the most recently published Bond Buyer
25 Bond Revenue Index (or comparable index if no longer published) plus
fifty (50) basis points, or (2)if interest is not so excludable, the interest rate on
direct U.S. Treasury Obligations with comparable maturities plus fifty (50) basis
points; provided, however, that for purposes of any rate covenant measuring actual
debt service coverage during a test period, variable rate indebtedness shall be
deemed to bear interest at the actual rate per annum applicable during the test
period.
L. The notice addresses for the Bond Insurer and the Fiscal Agent shall be included:
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
Attention: General Counsel
State Street Bank and Trust Company, N.A.
61 Broadway
New York, New York 10006
Attention: Corporate Trust Department
Section 6. Ratification of Past Acts and Authorization of Future Acts. All actions and
proceedings heretofore taken by the officers, agents, attorneys and employees of the City in
connection with the issuance of the 1995 Bonds are hereby ratified, approved and confirmed. The
Council further authorizes and directs all proper officers, agents, attorneys and employees of the
City to carry out or cause to be carried out all 1995 Bonds of the City under the Bond Ordinance
and this resolution and to perform such other acts as they shall consider necessary or advisable in
connection with the printing, execution, and delivery of the 1995 Bonds.
Section 7. Severability. If any one or more of the covenants and agreements provided
in this resolution 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 covenants, agreement or
agreements, shall be null and void and shall be deemed separable from the remaining covenants
and agreements in this resolution and shall in no way affect the validity of the other provisions of
this resolution or of any 1995 Bonds.
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Section 8. Effective Date. This resolution shall take effect immediately upon its
adoption.
ADOPTED by the City Council of the City of Port Angeles, Washington, at a regular
meeting thereof this 15th day of August, 1995.
CITY OF PORT ANGELES,
WASHINGTON
Mayor
ATTEST:
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EXHIBIT A
OFFICIAL BID FORM
FOR THE PURCHASE OF
$2,760,000
CHoY OF PORT ANGELES, WASHINGTON
ELECTRIC REVENUE BONDS, SERIES 1995
Ms. Katherine Godbey
Finance Director
City of Port Angeles
c/o Preston Gates & Ellis
701 Fifth Avenue (Floor 50)
Seattle, Washington
For Two Million Seven Hundred Sixty Thousand Dollars ($2,760,000) par value Electric Revenue Bonds, Series 1995 (the
"1995 Bonds"), of thc City of Port Angeles, Washington, dated August 15, 1995, described in the attached Official Notice of Bond
Sale, which is hereby made a part of this bid, and for all but not less than all of the 1995 Bonds, with interest rates per annum on the
1995 Bonds matmqmg on September 1 in the years and amounts set forth in this Official Bid Form as indicated below:
Principal Interest Serial Mandatory Princilml Interest ~erlal Mandatory
Year Amount Rate Matm'ity Redemption Year Amount Rat~ Maturity Redemption
1996 35,000 ..y?/-r.t / < 2011 85,000
1998 40,000 ~,~;_5 ~, 2013 95,000
1999 40,000 '~ 2014 100,000
2oo0 ,,ooo 2oi, 1o,,ooo
2OO ~ 45,OOO 2O 16 1 X 0,000
2002 50,000 -.~ '.' ~o · "~ 2017 120,000 .-~
2003 50,000 ~.----~a/ ~% 201g 125,000 '
2004 55.000 ~ "tx 2019 135,000
2005 60.000 , X 2o2o 140.000
2006 60.000 . ~. 202~ 1~0.000
2007 6~.000 _c~.~,~ ~, 2o22 160.000
2008 70.000 ~,0/ ~ 2023 170,000
2009 75,000 2024 180,000
2010 80,000 . . 2025 190,000
We ~er~t.~,P~Y the sgm °f
Dollars ($ / / ~:~.~. Oz.> ) together with accrued interest, if any, to the date of delivery.
The mandatory redemptions checked above, if any, shall be applied to Term Bonds maturing September 1, of the following
ye (s) in the follo ng pdnci amora(s) interm as follows:
$ ..~ 50 ~)OO Term Bonds maturing on September 1, ~O/~ at ·~. t'~_ o/o~>er annum.
$ /,~""F-~O~JO TermBonds maturing on September 1, ~a~-~~ ~7,~:~
,-
$ Term Bonds maturing on September 1, at __ % per annum.
In accordance with the terms of thc Official Notice of Bond Sale there is enclosed a Financial Surety Bond or a certified or
bank cashier's or treasurer's check for $27,600 payable to the order of the City of Port Angeles. The proceeds of this check axe to be
qpplied in accordance with the terms of the Official Notice of Bond Sale if the 1995 Bonds are awarded to us, or the check is to be
;turned to us if the 1995 Bonds axe not awarded to us.
This bid is submitted in accordance with and subject to all provisions contained in the Official Notice of Bond Sale which is
attached hereto and made a part of this bicL
If our proposal to purchase the 1995 Bonds is ~ccessful, the person whom the City or its representati~v~es~_ s~ho_ul_d contact
regarding closing arrangements is '~OH,%t ~4/~'/(- (---at the following telephone number:
Estimated tree interest cost ~./C)aO~..5 % '/ Very truly yours,
(Note: Not a part of the bid.) /~,~~
Return of the good faith deposit in the amount of $
Rep . f ..
Representing:
OFFICIAL STATEMENT AND OTHER INFORMATION
The Preliminary Official Statement is in a form deemed final by the City for the purpose of SEC Rule
15c2-12(b)(1), but is subject to revision, amendment and completion in a final Official Statement, which the City
will deliver, at the expense of the City, to the purchaser through its designated representative not later th_a_n seven
business days after the City's acceptance of the purchaser's bid. The City will provide no more than 100 copies of
the final Official Statement. Additional copies will be provided at the purchaser's expense.
By submitting the successful bid, the purchaser's designated senior representative agrees to file, or cause
to be filed, within one business day following the receipt from the City, the final Official Statement w~.'.h a
nationally, recognized municipal securities information repository designated by the Securities and Exchange
Commission.
Further information regarding the I995 Bonds and copies of the preliminary official statement may be
obtained upon request made to Joan Egan, Sound Finance Group, Financial Advisor to the City, 1212 E. Newton,
Seattle, Washington 98102 (206) 328-9251.
DATED at Port Angeles, Washington, this 1St day of August, 1995.
/s/ Katherine Godbe¥
Finance Director, City of Port Angeles
CERTIFICATE OF CITY CLERK
I DO HEREBY CERTIFY that I am the duly chosen, qualified and acting Clerk of the
City of Port Angeles, Washington (the "City"), and keeper of the records of the City Council~ and
I HEREBY CERTIFY:
1. That the attached resolution is a true and correct copy of Resolution No.
:~ 6-9 5 of the City Council (the "Resolution"), as adopted at a regular meeting of the City Council
held on the 15th day of August, 1995 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 City Council voted in the proper manner for the passage of the Resolution; that all other
requirements and proceedings incident to the proper passage of the Resolution 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 15th day of August, 1995.
Deputy City~.t~rk
(SEAL)
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