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HomeMy WebLinkAbout2271CITY OF PORT ANGELES, WASHINGTON GENERAL OBLIGATION BOND ANTICIPATION NOTE, 1983 $93,334 ORDINANCE NO. aai 1 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORT ANGELES, WASHINGTON, AUTHORIZING THE PURCHASE OF CERTAIN REAL PROPERTY; AUTHORIZING ISSUANCE OF LIMITED TAX LEVY GENERAL OBLIGA- TION BONDS; PROVIDING FOR THE ISSUANCE AND SALE OF A LIMITED TAX LEVY GENERAL OBLIGATION BOND ANTICIPATION NOTE OF THE CITY; PROVIDING FOR THE SALE OF SAID NOTE AND PROVIDING FOR THE DISPOSITION OF THE PROCEEDS OF SALE OF SUCH NOTE. Prepared by: PASSED: ,g1 , 1983 PRESTON, THORGRIMSON, ELLIS & HOLMAN 2000 IBM Building Seattle, Washington 98101 TABLE OF CONTENTS Page Recitals 1 Section 1. Definitions 1 Section 2. Authorization of Land Acquisition 2 Section 3. Authorization of Bonds 2 Section 4. Authorization of Note 3 Section 5. Prior Redemption 4 Section 6. Application of Note Proceeds 4 Section 7. Note Fund 5 Section 8. Form of Note 5 Section 9. Execution of the Note 9 Section 10. General Authorization 9 Section 11. Sale of Note 9 Section 12. Severability 9 Section 13. Effective Date 9 ',This Table of Contents is not a part of the Ordinance. It is provided for convenience of the reader only. • ORDINANCE NO. X0/ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORT ANGELES, WASHINGTON, AUTHORIZING THE - PURCHASE OF CERTAIN REAL PROPERTY; AUTHORIZING ISSUANCE OF LIMITED TAX LEVY GENERAL OBLIGA- TION BONDS; PROVIDING FOR THE ISSUANCE AND SALE OF A LIMITED TAX LEVY GENERAL OBLIGATION BOND ANTICIPATION NOTE OF THE CITY; PROVIDING FOR THE SALE OF SAID NOTE AND PROVIDING FOR THE DISPOSITION OF THE PROCEEDS OF SALE OF SUCH NOTE. WHEREAS, the City Council of the City of Port Angeles, Washington (the "City ") has heretofore considered and authorized the purchase of certain real property pursuant to a motion passed on August 16, 1983; and WHEREAS, the acquisition cost of such property is approxi- mately $135,000; and WHEREAS, in order to pay part of the cost of acquiring such property, the City herein authorizes the issuance of its non - voted, limited tax levy general obligation bonds in the principal amount of $94,000; and WHEREAS, Chapter 39.50 RCW authorizes the issuance of short - term obligations by cities to provide funding for public purposes in anticipation of the issuance of general obligation bonds; and WHEREAS, the City Council has received an offer from Seattle- First National Bank to purchase such short -term obligations in the form of a limited tax levy general obligation bond anticipation note in the principal amount of $93,334; NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PORT ANGELES DO ORDAIN: Section 1. Definitions. As used in this ordinance, the following words shall have the following meanings: (a) "City" means the City of Port Angeles, Washington, a code city duly organized and existing under and by virtue of the Constitution and laws of the State of Washington. (b) "Council" means the general legislative authority of the City as the same shall be duly and regularly constituted from time to time. (c) "Note Fund" means the "City of Port Angeles, Washington, General Obligation Bond Anticipation Note Fund, 1983," created by Section 7 of this ordinance. (d) "Note" means the interest- bearing limited tax levy general obligation bond anticipation note in the principal amount of $93,334 to be issued pursuant to this ordinance to provide short -term financing for the purposes set forth in the recitals of this ordinance. (e) "Treasurer" means the Treasurer of the City or any successor to his/her functions and duties. Section 2. Authorization of Land Acquisition. The City hereby authorizes the acquisition of the parcel of real property described in Exhibit A attached hereto and previously approved by motion on August 16, 1983. The appropriate City officials, agents and representatives are hereby authorized and directed to do everything necessary to acquire said property. Section 3. Authorization of Bonds. The City hereby author- izes the issuance of its nonvoted general obligation bonds in the principal amount of not to exceed $94,000, to pay part of the costs of acquiring the property authorized in Section 2 hereof, and the costs associated with issuance of such Bonds (the "Bonds "). The Bonds to be issued shall be entitled "City of Port Angeles, Washington, Limited Tax General Obligation Bonds, 19 " The Bonds shall be general obligations of the City; the City shall -2- JAR134 83/09/19 • • pledge the full faith and credit of the City for the repayment thereof and shall covenant to levy within and as a part of the levy permitted the City without a vote of the people taxes suffi- cient to pay the principal of, premium, if any, and interest on the Bonds. The Bonds shall be in such denomination(s) and form; shall be dated, and bear interest as such rate or rates; shall be payable at such place or places; shall have such option of payment prior to maturity; and may be combined with any subsequently authorized general obligation bonds and issued as a single com- bined issue as deemed by the Council to be in the best interests of the City. Section 4. Authorization of Note. For the purpose set forth in Section 2 above, and in anticipation of the issuance of the Bonds, the City shall issue a short -term obligation in the form of a limited tax levy general obligation bond anticipation note in the principal amount of $93,334. Said short -term obligation shall be designated the "City of Port Angeles, Washington, General Obligation Bond Anticipation Note, 1983" (the "Note "), shall be dated October 1, 1983, shall be issued in fully registered form, shall be numbered R -1, shall bear interest payable semiannually on the first days of April and October, commencing on April 1, 1984, at a rate of 9.5% per annum, and shall mature in the following principal amounts on the following dates: Payment Date Principal Amount April 1, 1984 October 1, 1984 April 1, 1985 October 1, 1985 April 1, 1986 October 1, 1986 7,498.06 7,855.19 8,249.63 8,622.27 9,048.85 52,060.00 -3- JAR134 83/09/19 Interest on the Note shall be calculated on the basis of a 365 -day year and actual number of days elapsed. Both principal of and interest on the Note shall be payable in lawful money of the United States of America. Interest on the • Note shall be paid by check or warrant of the City mailed to the address of the registered owner thereof as shown on the registra- tion books of the City. Principal shall be paid by check or warrant of the City upon surrender of the Note at the office of the Treasurer of the City in Port Angeles, Washington. Section 5. Prior Redemption. The City hereby reserves the right to redeem the Note, in whole or in part, at any time in advance of its scheduled maturity, at par plus accrued interest to the date of redemption; provided, that if less than the entire principal amount of the Note is prepaid, the amount and date of each such partial prepayment shall be endorsed thereon. Notice of any such intended redemption shall be given by mailing a notice thereof by certified or registered mail to the registered owner of the Note at the address appearing on the registration books of the City at least five (5) business days prior to such redemption date. Interest on any portion of the Note so called for redemption shall cease to accrue on such redemption date unless such portion of the Note is not redeemed upon presentation made pursuant to such call. Such prepayment of principal and the resulting reduction in interest costs will be credited against the final payment on the Note at maturity or upon redemption in full. Section 6. Application of Note Proceeds. The proceeds of the Note shall be deposited into the Convention Center Fund of the City heretofore ,established in the office of the Treasurer and shall be used upon closing for the purposes identified in Sec- tion 2 above and to pay the costs of issuing the Note. Note -4- JAR134 83/09/19 • proceeds shall not be expended for any purpose which would result in interest on the Note becoming taxable income to the holder thereof under Section 103 of the Internal Revenue Code. Section 7. Note Fund. A special fund of the City to be known as the "City of Port Angeles, Washington, General Obligation Bond Anticipation Note Fund, 1983" (the "Note Fund ") is hereby authorized to be created by the Treasurer, and said Note Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Note. Money on deposit in the Note Fund not immediately needed to pay such interest or principal may be temporarily deposited in such institutions or invested in any obligations which are legal investments for City funds. Any interest or profit from the investment of such money shall be deposited into the Note Fund. The City hereby covenants that it will issue the Bonds, additional bond anticipation notes or a combination thereof, which will provide proceeds sufficient, together with other money of the City, if any, legally available and specifically set aside for such purpose, to pay the principal of and interest on the Note as required herein. The City further covenants that simultaneously with the receipt of the proceeds of sale of the Bonds it will pay into the Note Fund money sufficient to pay the principal of and interest on the Note then outstanding and will immediately apply said money to the payment of the Note in accordance with its terms. Section 8. Form of Note. The Note shall be in substantially the following form: -5- JAR134 83/09/19 NO. R- UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF PORT ANGELES GENERAL OBLIGATION BOND ANTICIPATION NOTE, 1983 The City of Port Angeles, Washington (the "City "), a munic- ipal corporation organized and existing under and by virtue of the Constitution and laws of the State of Washington, hereby acknowl- edges itself to owe and for value received promises to pay, solely from the sources hereinafter mentioned, to , or assigns, DOLLARS together with interest from the date hereof at the rate of 9.50% per annum payable semiannually on the first days of each April and October, commencing on April 1, 1984, as follows: Payment Date April 1, 1984 October 1, 1984 April 1, 1985 October 1, 1985 April 1, 1986 October 1, 1986 Principal Amount unless this Note has been redeemed herein. 7,498.06 7,855.19 8,249.63 8,622.27 9,048.85 52,060.00 prior thereto as provided Interest on this note shall be calculated on the basis of a 365 -day year and actual numbers of days elapsed. Both the principal of and interest on this note are payable in lawful money of the United States of America. Interest shall be paid to the registered owner hereof by check or warrant of the City mailed to the address of the registered owner as shown on the Note registration books maintained by the City. Principal shall be paid by check or warrant drawn on the City but only upon surrender hereof at the office of the Treasurer. The City has reserved the right to redeem this Note, in whole or in part, at any time in advance of its scheduled maturity, at par plus accrued interest to the date of redemption; provided, that if less than the entire principal amount of this Note is prepaid, the date and amount of each such partial prepayment shall be endorsed hereon. Written notice of any such intended redemp- tion shall be given by registered or certified mail to the regis- tered owner hereon and mailed at least five (5) business days prior to such redemption date. Interest on any portion of the Note so called for redemption shall cease to accrue on such redemption date unless such portion of the Note is not redeemed upon presentation made pursuant to such call. Such prepayment of -6- JAR134 83/09/19 principal and the resulting reduction in interest costs will be credited against the final payment on the Note at maturity or redemption. This note is issued pursuant to duly passed and approved ordinances of the City, including Ordinance No. (the "Note Ordinance ") for the purpose of financing the acquisition of real property all in conformity with the Constitution and laws of the State of Washington and ordinances of the City. This note is transferable by the registered holder hereof or his attorney duly authorized in writing at the office of the Treasurer of the City in Port Angeles, Washington, upon surrender of this note, accompanied by a duly executed instrument of trans- fer in the form attached hereto and with guaranty of signature satisfactory to the Treasurer of the City, subject to such rea- sonable regulations as the City may prescribe, and upon payment of any tax, fee or other governmental charge incident to such trans- fer. The person in whose name this note is registered shall be deemed the owner hereof for all purposes, and the City shall not be affected by any notice to the contrary. The City does hereby pledge and bind itself to set aside and pay into the City of Port Angeles General Obligation Bond Antic- ipation Note Fund, 1983 (the "Note Fund ") created by the Note Ordinance, the various amounts required by the Note Ordinance to be paid into and maintained in said Fund, all within the times provided by the Note Ordinance. The City does hereby further pledge and bind itself to issue the Bonds (as defined in the Note Ordinance) or additional bond anticipation notes or a combination of the foregoing in an amount sufficient, with other money of the City, if any, legally avail- able and specifically set aside for such purpose to pay the principal of and interest on this note on or prior to October 1, 1986. It is hereby certified and declared that this note is issued pursuant to and in strict compliance with the Constitution and laws of the State of Washington and duly adopted ordinances of the City, and that all acts, conditions and things required to have happened, been done and performed precedent to and in the issuance hereof have happened, been done, and performed. IN WITNESS WHEREOF, the City of Port Angeles, Washington, has caused this note to be signed with the manual signature of its Mayor, to be attested by the manual signature of the Clerk of the City and the corporate seal of the City to be impressed or imprinted hereon, as of this 1st day of October, 1983. [SEAL] CITY OF PORT ANGELES, WASHINGTON By /s/ manual signature Mayor -7- JAR134 83/09/19 • • ATTEST: /s/ manual signature Clerk PROVISION FOR PARTIAL PAYMENT Signature Date of Amount Signature of City Payment Paid of Holder Treasurer REGISTRATION CERTIFICATE This note is registered in the name of the holder on the books of the City in the office of the City Treasurer as to both principal and interest as noted in the registration blank below. No transfer hereof shall be valid unless made by the registered owner or his duly authorized agent in writing, and similarly noted hereon and on the bond registration books of the City. All payments of principal of and interest on this note shall be made by the City with full acquittance by City Treasurer's check, or by warrant of the City drawn on the Treasurer, made payable to the last registered holder shown hereon and delivered to such holder or mailed to him at his address noted hereon. Date of Registration Name and Address of Signature of Registered Holder Registrar [To Be Repeated] FORM OF ASSIGNMENT For value received the undersigned registered owner hereof hereby sells and assigns and transfers unto the within note and all right, title and interest thereto and irrevocably authorizes the transfer of said note on the books of the Treasurer of the City of Port Angeles, Washington, as note registrar with full power of substitution in the premises. -8- JAR134 83/09/19 • • Dated In the presence of Section 9. Execution of Note. The Note shall be executed on behalf of the City by the manual signature of the Mayor, shall be attested by the manual signature of the Clerk and shall have the corporate seal of the City impressed thereon. Section 10. General Authorization. The appropriate City officials, agents and representations are hereby authorized and directed to do everything necessary for the prompt issuance, execution and sale of the Note and for the proper use and the application of the proceeds of the sale thereof as provided in this ordinance. Section 11. Sale of Note. The Council hereby accepts and approves the offer of Seattle -First National Bank, dated August 16, 1983, to purchase the Note. Section 12. Severability. If any one or more of the cove- nants or agreements provided in this ordinance 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 cove- nants, agreement or agreements, shall be null and void and shall be separable from the remaining covenants and agreements in this ordinance and shall in no way affect the validity of the other provisions of this ordinance or of the Note. Section 13. Effective Date. This ordinance shall become effective five days from and after its adoption and approval and publication or posting as required by law. -9- JAR134 83/09/19 PASSED AND APPROVED at a regular meeting of the City Council of the City of Port Angeles, Washington, held this 41,,,dc,,day of 1983- CITY OF PORT ANGELES, WASHINGTON By ATTEST: PUBLISHED: '6119133 -10- JAR134 83/09/19 • CLERK'S CERTIFICATE I, the undersigned, 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 (herein called the "Council "), DO HEREBY CERTIFY: 1. That the attached Ordinance c-2a]/ (herein called the "Ordinance ") is a true and correct copy of an ordinance of the City, as finally passed and approved at a meeting of the Council held on the o2/ day of /YY1i,,�, 1983, and duly recorded in the offices of the City. 2. That said meeting was a regular meeting 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 the members of the Council voted in the proper manner for the passage of the Ordinance; that all other requirements and proceedings incident to the proper passage of the Ordinance 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 o2(o day of d n' '', 1983. [SEAL] Clerk h JAR1:34 83/09/19 • EXHIBIT A TO ORDINANCE NO. 2271 CITY OF PORT ANGELES LOTS 1 AND 2, BLOCK 170 OF THE GOVERNMENT TOWNSITE OF PORT ANGELES, CLALLAM COUNTY, WASHINGTON