HomeMy WebLinkAbout09-23DocuSign Envelope ID. F5245E58-AOAC-47D9-9EEF-6A74083B22D7
RESOLUTION NO.� 3
A RESOLUTION OF THE CITY OF PORT ANGELES,
WASHINGTON, AUTHORIZING THE REDEMPTION PRIOR
TO MATURITY OF THE CITY'S WATER AND
WASTEWATER UTILITY REVENUE REFUNDING BONDS,
2013, 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 a combined storm water utility and water
and wastewater utility (as combined, the "System") for borrowing purposes, as permitted by
Ordinance Nos. 3148 and 3375; and
WHEREAS, the City has issued and has outstanding the following System revenue bonds:
Principal Amount
Authorizing Date of Outstanding as of
Designation Ordinance Bonds October 1, 2023
Water and Wastewater Utility Revenue
Refunding Bonds, 2013 (the "2013 Bonds") 3481 09/30/2013 $1,355,000
WHEREAS, the 2013 Bonds maturing on or after November 1, 2024 are subject to
redemption prior to maturity at the option of the City on any date on or after November 1, 2023;
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 2013 Bonds prior
to maturity as described herein; and
WHEREAS, the City has budgeted for and has available revenues of the System for the
redemption contemplated herein;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Port Angeles:
Section 1. Authorization of Redemption. The Council hereby authorizes the use of
available revenues of the System and reserve funds for the purpose of effecting the redemption of
the 2013 Bonds (the "Redeemed Bonds") and paying costs associated with such redemption.
Section 2. Plan of Redemption. The City Manager, Finance Director, and
Management Accountant/Treasurer (each, a "Designated Representative") are each hereby
authorized and directed to transfer the funds necessary, from the source identified in Section 1, to
the bond registrar/paying agent for the 2013 Bonds to cause the Redeemed Bonds to be redeemed
on November 1, 2023 (the "Redemption Date"). The Designated Representatives are each hereby
directed to select the Redeemed Bonds to be refunded prior to maturity. The City has provided,
or will cause to be provided, conditional notice of redemption of the Redeemed Bonds in the
manner provided in the ordinance authorizing the 2013 Bonds (the "2013 Bond Ordinance"). The
DocuSign Envelope ID: F5245E58-AOAC-47D9-9EEF-6A74083B22D7
City hereby calls the Redeemed Bonds for redemption in accordance with the provisions of the
2013 Bond Ordinance.
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 Redeemed 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.
Section 5. Ratification. 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 City Council of the City of Port Angeles, Washington, at a regular meeting
of the Council held on October 17, 2023.
CITY OF PORT ANGELES, WASHINGTON
Kate Dexter, Mayor
A isTftnedby:
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M a vfitn t�j—t�ai(t y
Kari Martinez -Bailey, City Clerk
A VV-D bAS TO FORM:
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S. iRrnagrAr
Pacifica Law Group LLP, Bond Counsel