HomeMy WebLinkAbout18-24RESoLUTToN No. l8 " A't
A RESOLUTION OF THE CITY OF PORT ANGELES,
WASHINGTON, AUTHORIZING THE REDEMPTION
PRIOR TO MATURITY OF THE CITY'S ELECTRIC
REVENUE REFUNDING BONDS, SERIES 2015, 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") for borrowing purposes; and
WHEREAS, the City has issued and has outstanding the following Electric System
bonds
Authorizing
Ordinance
Principal Amount
Outstanding as of
November 7,2024
Date of
BondsDesignation
Electric Revenue Refunding Bonds,
Series 2015 (the *2015 Bonds")3529 02/0s120r5 $ 135,000
2024;
WHEREAS, the 2015 Bonds maturing on or after September 1 ,2025 are subject to
ption prior to maturity at the option of the City on any date on or after September 1,
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
2015 Bonds prior to maturity as described herein; and
WHEREAS, the City has budgeted for and has available revenues of the Electric
System for the redemption contemplated herein;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Port
CS:
Section 1. Authorization of Redemption. The Council hereby authoizes the use
of available revenues of the Electric System and reserve funds for the purpose of effecting
redemption of the 2015 Bonds (the "Redeemed Bonds") and paying costs ass.ociated with
such redemption.
Section 2. Plan of on. 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 sorirde identified in Section
1, to the bond registrarlpaying agent for the 2015 Bonds to cause the Redeemed Bonds to be
on December 18, 2024. The Designated Representatives are each hereby directed
select the Redeemed Bonds to be refunded prior to maturity. The City has provided, or
Docusign Envelope ID: B7C0E011-BB36-4E17-8848-A59F731F399F
will cause to be provided, conditional notice of redemption of the Redeemed Bonds in the
manner provided in the ordinance authorizing the 2015 Bonds (the "20i 5 Bond Ordinance")'
The City hereby calls the Redeemed Bonds for redemption in accordance with the provisions
of the 2015 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 offrcers, 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 meeting
of the Council held on OeC-l*qL./ n,2024.
CITY OF PORT ANGELES, WASHINGTON
Kate Dexter, Mayor
ATTEST:
Kari Martinez-Bailey, Ci
ROVED AS TO FORM:
t
Pacifica Law Group LLP, Bond Counsel
a-L-
Docusign Envelope ID: B7C0E011-BB36-4E17-8848-A59F731F399F