HomeMy WebLinkAbout21-20 RESOLUTION NO.�o
A RESOLUTION OF THE CITY OF PORT ANGELES,
WASHINGTON, AUTHORIZING THE REDEMPTION PRIOR
TO MATURITY OF THE CITY'S ELECTRIC REVENUE
BONDS, SERIES 2010 AND CERTAIN MATTERS RELATED
THERETO.
WHEREAS,the City of Port Angeles, Washington,a municipal corporation of the State of
Washington (the "City"), owns, operates and maintains an electric utility system (the "Electric
System"); and
WHEREAS,the City has issued and has outstanding the following Electric System revenue
bonds:
Principal Amount
Authorizing Date of Outstanding as of
Designation Ordinance Bonds July 1, 2020
Electric Revenue Bonds, Series 2010
(the "2010 Bonds") 3406 08/17/2010 $3,765,000
WHEREAS, the 2010 Bonds maturing on and after September 1, 2025 are subject to
redemption prior to maturity at the option of the City on any date on or after September 1, 2020;
and
WHEREAS, based on the recommendation of City staff, the City Council (the "Council")
has determined that it is in the best interest of the City to redeem the outstanding 2010 Bonds prior
to maturity as described herein;
NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of Port Angeles:
Section 1. Authorization of Refunding. The Council hereby authorizes the use of
available revenues of the Electric System for the purpose of effecting the redemption of the 2010
Bonds (the "Refunded Bonds") and paying costs associated with such refunding.
Section 2. Plan of Refunding. The City Manager, Finance Director, and Management
Accountant/Treasurer(each, a"Designated Representative") are each hereby directed to cause the
Refunded Bonds to be redeemed prior to their scheduled maturities. The Designated
Representatives are each hereby directed to select the Refunded Bonds to be refunded prior to
maturity and to determine the date the Refunded Bonds are to be redeemed,provided,that the date
fixed for redemption shall occur on or after September 1, 2020 and no more than 180 days from
the date this resolution is passed. The City shall provide, or cause to be provided, notice of the
redemption of the Refunded Bonds in the manner provided in the ordinance authorizing the 2010
Bonds (the "2010 Bond Ordinance"). The City hereby calls the Refunded Bonds for redemption
in accordance with the provisions of the 2010 Bond Ordinance.
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Section 3. Severability. If any provision in this resolution is declared by any court of
competent jurisdiction to be contrary to law, then such provision shall be null and void and shall
be deemed separable from the remaining provisions of this resolution and shall in no way affect
the validity of the other provisions of this resolution or of the Refunded Bonds.
Section 4. General Authorization. The Designated Representatives, each acting
singly, and the other officers,agents and employees of the City shall be and each of them is hereby
authorized, empowered and directed to execute and deliver such other documents and agreements,
and to take such other actions as in their judgment may be necessary or desirable in order to carry
out the terms of, and complete the transactions contemplated by, this resolution. The signature of
one Designated Representative shall be sufficient to bind the City.
All actions taken by the Designated Representatives and the other officers, agents and
employees of the City pursuant to or in anticipation of the authority of this resolution but prior to
its effective date are hereby ratified, confirmed and approved.
PASSED by the C''ty Council of the City of Port Angeles,Washington,at a regular meeting
of the Council held one c91 , 2020.
CITY OF PORT ANGELES, WASHINGTON
"- '.
Kate Dexter, Mayor
ATTEE :
Kari Martinez-Bailey, City Cler
APPROVED AS TO FORM:
Pacifica Law Group LLP, Bond Counsel
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