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HomeMy WebLinkAbout2313i CITY OF PORT ANGELES, WASHINGTON SOLID WASTE UTILITY REVENUE BONDS, 1984 $565,000 ORDINANCE NO. A3j3 AN ORDINANCE of the City of Port Angeles, Washington, adopting and specifying a plan for making additions and betterments to the solid waste utility system of the City; authorizing the issuance and sale of solid waste utility revenue bonds in the principal amount of $565,000 for the purpose of providing part of the funds required for acquiring, constructing and installing certain additions and improve- ments to the solid waste utility system of the City; establishing a special fund of the City for collection of solid waste utility revenues and a special fund for the payment of solid waste utility revenue bonds; providing the covenants, terms and conditions under which such bonds and future parity bonds shall be issued; and approving the sale of such bonds. PASSED: (` - . as Prepared by: PRESTON, THORGRIMSON, ELLIS & HOLMAN 2000 IBM Building Seattle, Washington 98101 TABLE OF CONTENTS* PAGE Recitals 1 Section 1. Definitions 1 Section 2. Plan of Additions to the System 5 Section 3. Issuance of the City of Port Angeles Solid Waste Utility Revenue Bonds, 1984 Redemption Priority of Payments from Revenue Fund ... Payments into Revenue Bond Fund Provision for Defeasance of the Bonds Bond Covenants Issuance of Future Parity Bonds Section 4. Section 5. Section 6. Section 7. Section 8. Section 9. Section 10. Bond Form Section 11. Execution of the Bonds Section 12. Bond Registrar Section 13. Lost or Destroyed Bonds Section 14. Sale of Bonds Section 15. Application of Proceeds of Sale of the Bonds Section 16. Amendments Section 17. Severability Section 18. General Authorization Section 19. Not Arbitrage Bonds; Not Industrial Development Bonds Section 20. Compliance with Environmental Law Section 21. Prior Acts Section 22. Effective Date * This Table of Contents is not a part of this ordinance. -1- 5 7 8 9 13 14 19 22 27 28 28 28 29 30 32 32 32 33 33 33 ORDINANCE NO. ,2 3!3 AN ORDINANCE of the City of Port Angeles, Washington, adopting and specifying a plan for making additions and betterments to the sold waste utility system of the City; authorizing the issuance and sale of solid waste utility revenue bonds in the principal amount of $565,000 for the purpose of providing part of the funds required for acquiring, constructing and installing certain additions and improve- ments to the solid waste utility system of the City, establishing a special fund of the City for collection of solid waste utility revenues and or special fund for the payment of solid waste utility revenue bonds; providing the covenants, terms and conditions under which such bonds and future parity bonds shall be issued; and approving the sale of such bonds. WHEREAS, the City of Port Angeles, Washington (the "City "), has heretofore, by Ordinance No. 1327 passed on May 20, 1954, created a system for the collection, disposal and processing of solid waste and for its processing in accordance with Ch. 35.92 RCW; WHEREAS, the City's solid waste collection, disposal and processing system presently needs certain improvements, additions and betterments; and WHEREAS, it is now deemed necessary and advisable that the City issue and sell its solid waste utility revenue bonds in the aggregate principal sum of $565,000 to provide part of the funds necessary to pay the cost of certain additions and improvements to the solid waste collection, disposal and processing system of the City. NOW, THEREFORE, the City of Port Angeles does ordain: Section 1. Definitions. As used in this ordinance, the following words shall have the following meanings: A. "Annual Debt Service" means, for any year, the amount required in such year for the payment of the principal of and interest on the Parity Bonds; provided that, in the event the i City issues Term Bonds, the words "principal of and interest on the Parity Bonds" shall be deemed to exclude from "principal" an amount of Term Bonds equal to the mandatory deposits of money into any Sinking Fund Account to provide for payment of the principal of such Term Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of the respective deposits, and to include in lieu thereof all mandatory sinking fund deposits as of the date required and interest on the Term Bonds provided for by such deposits only to the dates of the respective deposits. B. "Average Annual Debt Service" means the average amount of Annual Debt Service which will become due in any future year on the Parity Bonds then outstanding. C. "Bond Register" means the books or records main- tained by the Bond Registrar containing the name and mailing address of the owner of each Bond or nominee of such owner and the principal amount and number of Bonds held by each owner or nomi- nee. D. "Bond Registrar" means the fiscal agencies of the State of Washington, currently Seattle -First National Bank, Seattle, Washington and J. Henry Schroder Bank & Trust Company, New York, New York, or any fiscal agent of the State of Washington that may hereafter be designated as successor to such banks. E. "Bonds" means the $565,000 City of Port Angeles Solid Waste Utility Revenue Bonds, 1984, authorized by this ordinance. F "City" means the City of Port Angeles, Washington, a municipal corporation duly organized and existing under and by virtue of the laws of the State of Washington. G. "Costs of Maintenance and Operation" means all necessary operating expenses, current maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and -2- JG69 84/09/24 administrative expense, but excludes depreciation, payments for debt service or into reserve accounts, costs of capital additions to or replacements of the System, municipal taxes, or payments to the City in lieu of taxes. H. "Council" means the general legislative body of the City as the same shall be duly and regularly constituted from time to time. I. "Debt Service Account" means the account of that name created in the Revenue Bond Fund by Section 6 of this Ordi- nance. J. "Future Parity Bonds" means the Parity Bonds issued by the City after it issues the Bonds. K. "Improvements Fund" means the 1984 City of Port Angeles Solid Waste Utility Improvements Fund created by Section 15 of this Ordinance. L. "Maximum Annual Debt Service" means the maximum amount of Annual Debt Service which will become due in any future year on the Parity Bonds then outstanding. M. "Net Revenue" means the Revenue of the System less the Costs of Maintenance and Operation. N. "Parity Bonds" means the Bonds and any solid waste utility revenue bonds which the City may hereafter issue having a lien upon the Revenue of the System for the payment of the princi- pal thereof and interest thereon equal to the lien upon the Revenue of the System of the Bonds. 0. "Project" means those additions and improvements to the System authorized by Section 2 of this Ordinance. P. "Purchaser" means Boettcher & Company, Inc. Seattle, Washington. -3- JG69 84/09/24 Q. "Reserve Account" means the Bond Reserve Account created in the Revenue Bond Fund by paragraph B of Section 6 of this Ordinance. R. "Revenue Bond Fund" or "Bond Fund" means the 1984 City of Port Angeles Solid Waste Utility Revenue _ Bond Fund created in the office of the Treasurer of the City by Sec- tion 6 of this Ordinance. S. The words "Revenue Fund" mean the Solid Waste Utility Revenue Fund of the City created by Section 5 of this Ordinance. T. The words "Revenue of the System" mean all earn- ings, revenue and moneys received by the City from or on account of the operation of the System, including the income from invest- ments of money in the Revenue Fund and the Revenue Bond Fund or from any other investment thereof except the income from invest- ments irrevocably pledged to the payment of any solid waste utility revenue bonds pursuant to a plan of retirement or refund- ing. The words "Revenue of the System" shall also include any federal or state reimbursements of operating expenses to the extent such expenses are included as Costs of Maintenance and Operation of the System. U. The words "Sinking Fund Account" mean any account created in the Revenue Bond Fund to amortize the principal of Term Bonds. V. The word "System" means the solid waste collection, disposal and processing system of the City including any addition • to or expansion thereof hereafter made. The Council may expand the System by ordinance to include any other public utility system that the City may by law combine with the System. W. The words "Term Bonds" mean any Parity Bonds identified as such in the ordinance authorizing the issuance -4- JG69 84/09/24 • thereof, the payment of which is provided for by a requirement for mandatory deposits of money into a Sinking Fund Account in the Revenue Bond Fund. Section 2. Plan of Additions to the System. The City hereby specifies and adopts the following plan for the acquisition, construction and installation of certain additions and betterments to the solid waste collection, disposal and processing facilities of the System: The City shall acquire a new mechanized solid waste collection system requiring the acquisition of two (2) new mechanized trucks, one thousand seven hundred (1,700) new three hundred (300) gallon garbage cans, two thousand three hundred (2,300) new ninety (90) gallon garbage cans, fifty (50) new sixty (60) gallon garbage cans and necessary related equipment. The City may make such changes in or additions to the foregoing plan as may be found necessary or desirable, as long as such changes do not substantially alter the purposes of the plan. The estimated cost of such plan of additions and betterments and all costs incidental thereto, is hereby declared to be as nearly as practicable the sum of $641,1,531, of which amount approx- imately $565,000 is to be provided ,out of the proceeds of the sale of the Bonds. Section 3. Issuance of the City of Port Angeles Solid Waste Utility Revenue Bonds, 1984. The City shall issue the Bonds in the principal amount of $565,000 for the purpose of providing part of the funds necessary to pay the costs of the Project and to pay the expenses incidental to the issuance of the Bonds. The Bonds shall be designated the "City of Port Angeles Solid Waste Utility Revenue'Bonds, 1984," shall be dated October 1, 1984; shall be issued in fully registered form in the denomination of $5,000 each or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be numbered separately and in the manner and with any additional designation as the Bond -5- JG69 84/09/24 Registrar deems necessary for the purposes of identification; shall bear interest from their date, until the Bonds have been paid or their payment duly provided for, at such rates as the Purchaser has proposed in its proposal dated October 2, 1984 and the City accepts, the rates per annum payable on April 1, 1985, and semiannually thereafter on each April 1 and October 1; and shall mature on April 1 of each year as follows: Maturity Year Principal Amount 1985 $ 30,000 1986 35,000 1987 35,000 1988 40,000 1989 45,000 1990 50,000 1991 55,000 1992 60,000 1993 65,000 1994 70,000 1995 80,000 The City hereby specifies and adopts the system of registra- tion for the Bonds approved by the State Finance Committee, and the fiscal agencies of the State of Washington in the cities of Seattle, Washington, and New York, New York, shall act as authen- ticating trustee, transfer agent, paying agent and registrar for the Bonds (collectively, the "Bond Registrar "). Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America. Interest on the Bonds shall be paid by check or draft of the Bond Registrar mailed (on the date such interest is due) to the registered owners or nominees at the addresses appearing on the Bond Register on the fifteenth (15th) day of the month preceding each interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds to the Bond Registrar by the registered owners or nominees at the principal offices of either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington, or New York, New York. -6- JG69 84/09/24 The Bonds may be transferred only on the Bond Register maintained by the Bond Registrar for that purpose upon the sur- render thereof by the registered owner or nominee or his/her duly authorized agent and only if endorsed in the manner provided thereon, and thereupon a new fully registered Bond of like prin- cipal amount, maturity and interest rate shall be issued to the transferee in exchange therefor. Such transfer shall be without cost to the registered owner or transferee. The City may deem the person in whose name each Bond is registered to be the absolute owner thereof for the purpose of receiving payment of the prin- cipal of and interest on such Bonds and for any and all other purposes whatsoever. Upon surrender thereof to the Bond Registrar, the Bonds are interchangeable for Bonds in any authorized denomination of an equal aggregate principal amount and of the same interest rates and maturities. The Bond Registrar shall not be required to issue, register, transfer or exchange any of the Bonds during a period beginning at the opening of business on the twentieth (20th) day next preceding any interest payment date and ending at the close of business on the interest payment date, or, in the case of any proposed redemp- tion of the Bonds, after the mailing of notice of the call of such Bonds for redemption. Section 4. Redemption. The City reserves the right to redeem outstanding Bonds in whole, or in part in inverse order of maturity and by lot within a maturity in such manner as the Bond Registrar shall determine, out of any moneys available from any source, on any interest payment date at the following times and prices expressed as percentages of the principal amount, plus accrued interest to the date of redemp- tion: -7- JG59 84/09/24 On October 1, 1992 and April 1, 1993, at 102.0% On October 1, 1993 and April 1, 1994, at 101.0% On October 1, 1994 and thereafter, at 100.0% If less than all of the principal amount of any Bond is redeemed, upon surrender of such Bond at the principal office of the Bond Registrar, there shall be issued to the registered owner, without charge therefor, a new Bond or Bonds, at the option of the registered owner, of like maturity and interest rate in any of the denominations authorized by this resolution. Notice of any such intended redemption shall be given by first class mail, postage prepaid, to the registered owners of the Bonds to be redeemed at the addresses appearing on the Bond Register not less than thirty (30) days prior to such redemption date. The requirements of this section shall have been complied with when notice is mailed as herein provided, regardless of whether it is actually received by the owner of any Bond. Inter- est on the Bond or Bonds so called for redemption shall cease on the date fixed for such redemption unless such Bond or Bonds are not redeemed upon presentation made pursuant to such call. The City further reserves the right to use at any time any surplus Revenue of the System available after providing for the payments required by paragraphs First through Fifth, inclusive, of Section 5 of this ordinance, or other available funds, to purchase any of the Bonds in the open market for retirement only, if the same may be purchased at a price not exceeding that at which they could be called for redemption on the first succeeding date on which they may be called, plus accrued interest. Section 5. Priority of Payments from Revenue Fund. A special fund of the City known as the "Solid Waste Utility Revenue Fund" is hereby been established in the office of the Treasurer of the City into which shall be deposited the Revenue of the System as collected, except the interest earned and income derived from -8- JG69 84/09/24 investments of moneys in the Revenue Bond Fund and the accounts therein. The Revenue Fund shall be held separate and apart from all other funds and accounts of the City and the Revenue of the System deposited in such Fund shall be used only for the following purposes and in the following order of priority: First, to pay the Costs of Maintenance and Operation of the System; Second, to pay the interest on any Parity Bonds; Third, to pay the maturing principal of any Parity Bonds; Fourth, to make all payments required to be made into the Reserve Account created to secure the payment of the Parity Bonds; Fifth, to make all payments required to be made into any revenue bond redemption fund or revenue warrant redemption fund and debt service account or reserve account created to pay and secure the payment of the principal of and interest on any revenue bonds or revenue warrants of the City having a lien upon the Revenue of the System junior and inferior to the lien thereon for the payment of the principal of and interest on the Parity Bonds; Sixth, to retire by redemption or purchase in the open market any outstanding revenue bonds or revenue warrants of the City, to make necessary additions, betterments, improvements and repairs to or extensions and replacements of the System, or for any other lawful City purposes. Section 6. Payments into Revenue Bond Fund. A special fund of the City known as the "1984 City of Port Angeles Revenue Bond Fund" is hereby created in the office of the Treasurer of the City for the purpose of paying and securing the payment of the Parity Bonds. As long as any Parity Bonds are outstanding, the City -9- 3G69 84/09/24 hereby obligates and binds itself to set aside and pay into the Revenue Bond Fund as collected all Revenue of the System. A. Payments into Debt Service Account. A special account known as the Debt Service Account is hereby created in the Revenue Bond Fund for the purpose of paying the principal of, premium, if any, and interest on the Parity Bonds. As long as any of the Bonds remain outstanding, the City hereby irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the Debt Service Account those amounts necessary, together with Revenue of the System collected and deposited and such other moneys as are on hand and available therefor in the Debt Service Account, to pay the interest or principal and interest next coming due on the outstanding Bonds. Such payments from the Revenue Fund shall be made on or before the twentieth (20th) day of each month as follows: (1) Beginning with the month of October, 1984, and continuing for as long as any of the Bonds are outstanding and unpaid, an amount which, with other moneys available therefor in the Debt Service Account, will be equal to at least one -sixth (1 /6th) of the interest to become due and payable on the next interest payment date on all of the Bonds then outstanding; and (2) Beginning with the month of October, 1984, and continuing for as long as any of the Bonds are outstanding and unpaid, an amount which, with other moneys available therefor in the Debt Service Account, will be equal to at least one- twelfth (1 /12th) of the principal of the Bonds (exclusive of Term Bonds) to become due and payable on the next principal payment date. The City covenants and agrees that in the event it issues any future Parity Bonds which are Term Bonds, it will provide in each -10- JG69 84/09/24 ordinance authorizing the issuance of the same for the creation of a Sinking Fund Account and for regular monthly payments to be made from the Revenue Fund into such Sinking Fund Account sufficient together with Revenue of the System collected and deposited and such other moneys as are on hand and available therefor in such account to amortize the principal of such future Parity Bonds which are Term Bonds on or before the maturity date thereof or to purchase "Government Obligations," as such obligations are now or hereafter defined in RCW Ch. 39.53, as amended, or its successor statute, if any, sufficient to accomplish such amortization. B. Payments into Reserve Account. A special account known as the "Reserve Account" is hereby created in the Revenue Bond Fund for the purpose of securing the payment of the principal of and interest on all outstanding Parity Bonds. The City cove- nants and agrees that upon receipt of the bond proceeds it will pay out of such bond proceeds and into the Reserve Account Eighty - five Thousand Dollars ($85,000). The City also covenants and agrees that it will pay into the Reserve Account out of the Revenue of the System (or, at the option of the City, out of any other funds on hand and legally available for such purpose) not less than approximately equal annual payments sufficient, with other money in the Reserve Account and otherwise required to be paid therein, to have on deposit therein by October 1, 1989, a total amount which will be at least equal to the Average Annual Debt Service. The City hereby further covenants and agrees that in the event it issues any future Parity Bonds it will provide in the ordinance authorizing the issuance of the same that it will pay into the Reserve Account out of the Revenue of the System (or, at the option of the City, out of any other funds on hand Legally available for such purpose) not less than approximately equal -11- JG69 84/09/24 additional annual payments so that by five years from the date of issuance of such future Parity Bonds there will have been paid into the Reserve Account an amount which, with the money already on deposit therein, will be at least equal to the Maximum Annual Debt Service. Such annual payments into the Reserve Account shall be made not later than December 20 of each year. The City further covenants and agrees that when the required deposits have been made into the Reserve Account, it will at all times maintain therein an amount at least equal to the Average Annual Debt Service. The City further covenants and agrees that if the City issues any Future Parity Bonds, it will at all times maintain in the Reserve Account an amount at least equal to the Maximum Annual Debt Service. Whenever there is a sufficient amount in the Revenue Bond Fund, including all accounts therein, to pay the principal of, premium, if any„ and interest on all outstanding Parity Bonds, the money in the Reserve Account may be used to pay such principal, premium, if any, and interest. Money in the Reserve Account may also be-withdrawn to redeem and retire, and to pay the premium, if any, and interest due to such date of redemption, on any outstanding Parity Bonds, as long as the moneys left remaining on deposit in the Reserve Account are at least equal to the Maximum Annual Debt Service. In the event there shall be a deficiency in the Debt Service Account to meet maturing installments of either interest on or principal of and interest on the outstanding bonds payable out of such Account, such deficiency shall be made up from the Reserve Account by the withdrawal of moneys therefrom. Any deficiency created in the Reserve Account by reason of any such withdrawal shall then be made up out of Revenue of the System after making necessary provision for the payments required to be made by -12- 3G69 84/09/24 subparagraphs First through Third inclusive of Section 5 of this ordinance. C. Priority of Lien of Payments into Revenue Bond Fund. The amounts so pledged to be paid into the Debt Service Account and the Reserve Account from the Revenue Fund are hereby declared to be a prior lien and charge upon the Revenue of the System superior to all other charges of any kind or nature what- soever except the Costs of Maintenance and Operation of the System; and except that the amounts so pledged are of equal lien to the charges upon such Revenue for the payment of the principal of and interest on any Parity Bonds. D. Application and Investment of Moneys in Revenue Bond Fund. Money in the Debt Service Account and Reserve Account may be invested as permitted by law. Investments in the Debt Service Account shall mature prior to the date on which such money shall be needed for required interest or principal payments. Investments in the Reserve Account shall mature not later than the last maturity of any then outstanding Parity Bonds. All interest earned and income derived by virtue of such investments shall remain in the Revenue Bond Fund and be used to meet the required deposits into any account therein. E. Sufficiency of Revenues. The City Council hereby finds that in fixing the amounts to be paid into the Revenue Bond Fund out of the Revenue of the System, it has exercised due regard for the Costs of Maintenance and Operation and has not obligated the City to set aside and pay into such Fund a greater amount of such Revenue than in its judgment will be available over and above the Costs of Maintenance and Operation. Section 7. Provision for Defeasance of the Bonds. In the event that money and /or "Government Obligations," as such obliga- tions are now or hereafter defined in RCW Ch. 39.53, as amended, -13- JG69 84/09/24 t or its successor statute, if any, maturing or having guaranteed redemption prices at the option of the holder at such time or times and bearing interest to be earned thereon in such amounts as are sufficient (together with any resulting cash balances) to redeem and retire part or all of the Bonds in accordance with their terms, are hereafter irrevocably set aside in a special account and pledged to effect such redemption and retirement, then no further payments need be made into the Revenue Bond Fund or any account therein for the payment of the principal of and interest on the certain Bonds so provided for and such Bonds shall then cease to be entitled to any lien, benefit or security of this ordinance, except the right to receive the funds so set aside and pledged, and such Bonds shall no longer be deemed to be outstand- ing hereunder. Section 8. Bond Covenants. A. Maintenance and Operation. The City shall at all times maintain, preserve and keep the properties of the System in good repair, working order and condition and will from time to time make all necessary and proper repairs, renewals, replace- ments, extensions and betterments thereto, so that at all times the business carried on in connection therewith will be properly and advantageously conducted, and the City will at all times operate or cause to be operated said properties of the System and the business in connection therewith in an efficient manner and at a reasonable cost. B. Rate Covenant. The City shall establish, maintain and collect rates and charges for the use of the services and facilities of and all commodities sold, furnished or supplied by the System, which shall be fair and nondiscriminatory and shall adjust such rates and charges from time to time so that: -14- JG69 84/09/24 (1) The Revenue of the System will at all times be sufficient (a) to pay the Costs of Maintenance and Operation, (b) to pay the principal of and interest on the Parity Bonds, as and when the same shall become due and payable, (c) to make adequate provision for the payment of any Term Bonds, (d) to make when due all payments which the City is obligated to make into the Reserve Account and all other payments which the City is obligated to make pursuant to this ordinance, and (e) to pay all taxes, assessments or other governmental charges lawfully imposed on the System or the revenue there- from or payments in lieu thereof and any and all other amounts which the City may now or hereafter become obligated to pay from the Revenue of the System by law or contract; and (2) The Net Revenue in each calendar year will be at least equal to 1.30 times the Average Annual Debt Service. C. Payment of Costs of Maintenance and Operation. After making or providing for the monthly payments from the Revenue Fund as required by Section 6 hereof, there shall be maintained in the Revenue Fund sufficient moneys to enable the City to meet the Costs of Maintenance and Operation of the System on a current basis. D. Sale or Disposition of the System. The City will not sell or otherwise dispose of the System in its entirety unless simultaneously with such sale or other disposition, provision is made for the payment into the Revenue Bond Fund of cash or "Gov- ernment Obligations," as now or hereafter defined in RCW Ch. 39.53, as amended, or its successor statute, if any, sufficient together with interest to be earned thereon to pay the principal of and interest on the then outstanding Parity Bonds, nor will it sell or otherwise dispose of any part of the useful operating -15- JG69 84/09/24 properties of the System unless such facilities are replaced or provision is made for payment into the Revenue Bond Fund of the greatest of the following: (1) An amount which will be in the same proportion to the net amount of Parity Bonds then outstanding (defined as the total amount of the Parity Bonds less the amount of cash and investments in the Revenue Bond Fund and accounts therein) that the Revenue from the portion of the System sold or disposed of for the preceding year bears to the total Net Revenue for such period; or (2) An amount which will be in the same proportion to the net amount of Parity Bonds then outstanding (as defined above) that the Net Revenue from the portion of the System sold or disposed of for the preceding year bears to the total Net Revenue for such period; or (3) An amount which will be in the same proportion to the net amount of Parity Bonds then outstanding (as defined above) that the depreciated cost value of the facili- ties sold or disposed of bears to the depreciated cost value of the entire System immediately prior to such sale or disposition. The proceeds of any such sale or disposition of a portion of the properties of the System (to the extent required above) shall be paid into the Reserve Account in the Revenue Bond Fund. Notwithstanding any other provision of this subsection D the City may sell or otherwise dispose of any of the works, plant, properties and facilities of the System or any real or personal property comprising a part of the same which shall have become unserviceable, inadequate, obsolete or unfit to be used in the operation of the System, or no longer necessary, material to or -16- JG69 84/09/24 useful in such operation, without making any deposit into the Revenue Bond Fund. E. Liens or Encumbrances. The City will not at any time create or permit to accrue or to exist any lien or other encumbrance or indebtedness upon the System or the Revenue of the System, or any part thereof, prior or superior to the lien thereon for the payment of the Parity Bonds, and will pay and discharge, or cause to be paid and discharged, any and all lawful claims for labor, materials or supplies which, if unpaid, might become a lien or charge upon the Revenue of the System, or any part thereof, or upon any funds in the hands of the City, prior to or superior to the lien of the Parity Bonds, or which might impair the security of the Parity Bonds. F. Insurance. The City will keep the works, plants and facilities comprising the System insured, and will carry such other insurance, with responsible insurers, with policies payable to the City, against risks, accidents or casualties, at least to the extent that insurance is usually carried by private corpora- tions operating like properties, or will implement a self - insurance program with reserves adequate, in the judgment of the Council, to protect the City and the holders of the Bonds against loss. In the event of any loss or damage, the City will promptly repair or replace the damaged portion of the insured property and apply the proceeds of any insurance policy for that purpose; or in the event the City should determine not to repair or reconstruct such damaged portion of the properties of the System, the proceeds of such insurance shall be paid into the Reserve Account to the extent that such transfer shall be necessary to make up any deficiency in said Reserve Account and the balance, if any, shall, at the option of the City, be used either for repairs, renewals, -17- JG69 84/09/24 replacements, or capital additions to the System, for the redemp- tion of Parity Bonds, or for deposit into the Reserve Account. G. Books and Accounts. The City shall keep proper books of account in accordance with any applicable rules and regulations prescribed by the State of Washington. The City shall prepare, and any owner or holder of Parity Bonds may, upon written request, obtain copies of balance sheets and profit and loss statements showing in reasonable detail the financial condition of the System as of the close of each year, and the income and expenses of such year, including the amounts paid into the Revenue Fund, the Revenue Bond Fund, and into any and all special funds or accounts created pursuant to the provisions of this ordinance, and the amounts expended for maintenance, renewals, replacements, and capital additions to the System. H. No Free Service. Except to the extent required by law, the City will not furnish or supply or permit the furnishing or supplying of any commodity, service or facility furnished by or in connection with the operation of the System, free of charge to any person, firm or corporation, public or private, so long as any Bonds are outstanding and unpaid. I. Additions and Improvements. The City will not expend any of the revenues derived by it from the operation of the System or the proceeds of any indebtedness payable from the Revenue of the System for any extensions, betterments or improve- ments to the System which are not legally required or economically sound, and which will not properly and advantageously contribute to the conduct of the business of the System in an efficient manner. J. Collection of Delinquent Accounts. The City will, on or before April 1 of each calendar year, determine all accounts that are delinquent and will take all necessary action to enforce -18- JG69 84/09/24 s payment of such accounts against those property owners whose accounts are delinquent. Section 9. Issuance of Future Parity Bonds. The City hereby further covenants and agrees with the owners and holders of each of the Bonds for as long as any of the same remain outstanding that the City will not issue any bonds or other obligations having a greater or equal priority of lien upon the Revenue of the System to pay and secure the payment of the principal of and interest on such bonds or other obligations than the lien created upon the Revenue of the System to pay and secure the payment of the princi- pal of and interest on the Bonds except as follows: A. The City reserves the right to issue Future Parity Bonds for the purposes of First, providing funds to acquire, construct, reconstruct, install, or replace any equipment, facilities, additions, betterments, or other capital improvements to the System for which it is authorized by law to issue revenue bonds, or Second, refunding at or prior to their maturity, any revenue warrants, or outstanding revenue bonds or other obligations payable out of the Revenue of the System. The City also reserves the right, in issuing such Future Parity Bonds, to pledge that payments will be made out of the Revenue of the System and into the Revenue Bond Fund and the Reserve Account therein to pay and secure the payment of the principal of and interest on such Future Parity Bonds on a parity with the payments required herein to be made out of such Revenue into such Fund and Account to pay and secure the payment of the principal of and interest on any Parity Bonds then outstanding, upon compliance with the following conditions: -19- JG69 84/09/24 (1) At the time of the issuance of any future Parity Bonds there is no deficiency in the Revenue Bond Fund or the Reserve Account. (2) The principal of and interest on the future Parity Bonds shall be payable out of the Revenue Bond Fund and the requirements for Reserve Account payments in Sec- tion 6 hereof shall be met. (3) Prior to the delivery of any Parity Bonds the City shall have on file in the office of the Clerk of the City a certificate of an independent professional engineer or certified public accountant dated not earlier than 90 days prior to the date of delivery of such future Parity Bonds and showing that the Net Revenue, determined and adjusted as hereinafter provided for each calendar or fiscal year after the issuance of such Parity Bonds (the "Adjusted Net Reve- nue") will equal at least 1.30 times the Annual Debt Service in such year. The Adjusted Net Revenue shall be the Net Revenue for a period of any twelve consecutive months out of the twenty -four months immediately preceding the date of delivery of such proposed Parity Bonds as adjusted by such engineer or accountant to take into consideration changes in Net Revenue estimated to occur under one or more of the following condi- tions for each year after such delivery for so long as any Parity Bonds, including the Parity Bonds proposed to be issued, shall be outstanding: (a) any increase or decrease in Net Revenue which would result if any change in rates and charges adopted prior to the date of such certificate and subsequent to the beginning of such twelve month period, had been in force during the full twelve month period; -20- JG69 84/09/24 (b) any increase or decrease in Net Revenue estimated by such engineer or accountant to result from any additions, betterments and improvements to and extensions of any facilities of the System which (i) became fully operational during such twelve month period, (ii) were under construction at the time of such certificate or (iii) will be constructed from the proceeds of the Parity Bonds to be issued; (c) the additional Net Revenue which would have been received if any customers added to the System during such twelve month period were customers for the entire period. Such engineer or accountant shall base his certifi- cation upon, and his certificate shall have attached thereto, financial statements of the System audited by the State Examiner (unless such an audit is not available for a twelve- month period within the preceding twenty -four months) and certified by the City Treasurer, showing income and expenses for the period upon which the same is based. The certificate of such engineer or accountant shall be conclusive and the only evidence required to show compliance with the provisions and requirements of this subsection A(3). Notwithstanding the foregoing requirement, if future Parity Bonds are to be issued for the purpose of refunding at or prior to their maturity any part or all of the then outstanding Parity Bonds and the issuance of such refunding Parity Bonds results in a debt service savings and does not require an increase of more than $5,000 in any year for principal and interest on such refunding Parity Bonds, the -21- JG69 84/09/24 1 certificate required by subsection A(5) of this section need not be obtained. B. Nothing herein contained shall prevent the City from issuing revenue bonds or other obligations which are a charge upon the Revenue of the System junior or inferior to the payments required by this ordinance to be made out of such Revenue into the Revenue Bond Fund and Reserve Account to pay and secure the payment of any outstanding Parity Bonds. C. Nothing herein contained shall prevent the City from issuing revenue bonds to refund maturing Parity Bonds for the payment of which moneys are not otherwise available. Section 10. Bond Form. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA No. $ INTEREST RATE: STATE OF WASHINGTON CITY OF PORT ANGELES SOLID WASTE UTILITY REVENUE BONDS, 1984 MATURITY DATE: CUSIP NO: SEE REVERSE SIDE FOR CERTAIN DEFINITIONS REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS The City of Port Angeles, Washington, a municipal corporation organized and existing under and by virtue of the laws and Consti- tution of the State of Washington (the "City "), hereby acknowl- edges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns, on the Maturity Date identified above, the Principal Amount specified above, unless redeemed prior thereto as provided herein, together with interest on such Principal Amount from the date hereof or the most recent date to which interest has been paid or duly provided for at the Interest Rate set forth above, payable April 1, 1985, and semiannually thereafter on each April 1 and October 1 until payment of the principal sum has been made or duly provided for. Both principal of and interest on this bond are payable in lawful money of the United States of America. Interest on this bond is payable by check or draft of the Bond Registrar mailed (on the -22- JG69 84/09/24 date such interest is due) to the Registered Owner hereof at the address appearing on the records maintained by the Bond Registrar as of the fifteenth (15th) day of the month preceding the interest payment date. Principal shall be paid to the registered owner hereof upon presentation and surrender of this bond at the prin- cipal offices of either of the fiscal agencies of the State of Washington in Seattle, Washington or New York, New York (col- lectively, the "Bond Registrar "). Reference is hereby made to additional provisions of this bond set forth on the reverse side hereof and such additional provisions shall for all purposes have the same effect as if set forth in this space. Reference also is made to Ordinance No. of the City, adopted October 2, 1984, (hereinafter, the "Bond Ordinance ") as more fully describing the covenants with and the rights of registered owners of the bonds or registered assigns and the meanings of capitalized terms appearing on the bonds which are defined in such Bond Ordinance: This bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance until the Certificate of Authentication hereon shall have been manually signed by the Bond Registrar. It is hereby certified and declared that this bond is issued pursuant to and in strict compliance with the Constitution and laws of the State of Washington and ordinances and resolutions of the City and that all acts, conditions and things required to be done precedent to and in the issuance of this bond and the bonds of this issue have happened, been done and performed. IN WITNESS WHEREOF, the City of Port Angeles, Washington, has caused this bond to be signed on behalf of the City with the facsimile signature of its Mayor, to be attested by the facsimile signature of the City Clerk, and the seal of the City to be reproduced in facsimile or impressed hereon, as of this 1st day of October, 1984. CITY OF PORT ANGELES, WASHINGTON By Mayor ATTEST: City Clerk CERTIFICATE OF AUTHENTICATION Date of Authentication: This bond is one of the bonds described in the within - referenced Ordinance No. of City of Port Angeles, Washington, and is one of the Solid Waste Jtility Revenue Bonds, 1984, dated October 15, 1984, of such City. -23- JG69 84/09/24 WASHINGTON STATE FISCAL AGENCY, as Bond Registrar By Authorized Officer ADDITIONAL BOND PROVISIONS This bond is one of an issue of solid waste utility revenue bonds of like date and tenor, except as to number, rate of inter- est and date of maturity in the aggregate principal amount of and $565,000 issued pursuant to the laws of the State of Washington and ordinances of the City Council of the City of Port Angeles duly and regularly adopted, including the Bond Ordinance, for the purpose of providing funds necessary to acquire certain additions and betterments to the System. The principal of and interest on such bonds are payable only out of the revenue of the combined solid waste utility system of the City required by law and by ordinance of the Board of City Council of the City to be paid into the 1984 City of Port Angeles Solid Waste Utility Revenue Bond Redemption Fund of the City (the "Bond Fund "), and out of income from investments held in the Bond Fund. The City reserves the right to redeem the bonds of this issue outstanding, on October 1, 1992 and on any interest payment date thereafter, in whole, or in part in inverse order of maturity and by lot within a maturity in such manner as the Bond Registrar shall determine, out of any moneys available from any source, at the following times and prices expressed as percentages of the principal amount, plus accrued interest to the date of redemption: On October 1, 1992 and April 1, 1993, at 102.0% On October 1, 1993 and April 1, 1994, at 101.0% On October 1, 1994 and thereafter, at 100.0% In the event this bond is called for payment prior to its maturity, a notice of such redemption shall be mailed first class, postage prepaid, to the registered owner of this bond at the address appearing on the records maintained by the Bond Registrar not less than thirty (30) days prior to such redemption date. Interest on any bond or bonds so called for redemption shall cease on the date fixed for such redemption unless such bond or bonds are not redeemed upon presentation made pursuant to such call. The bonds of this issue are issued in fully registered form in the denomination of $5,000 each or any integral multiple thereof, provided that no bond shall represent more than one maturity. Upon surrender to the Bond Registrar, bonds are inter- changeable for bonds in any authorized denomination of an equal aggregate principal amount and of the same interest rate and maturity. This bond is transferable only on the records main- tained by the Bond Registrar for that purpose upon the surrender of this bond by the registered owner hereof or his /her duly authorized agent and only if endorsed in the manner provided hereon, and thereupon a new fully registered bond of like prin- cipal amount, maturity and interest raise shall be issued to the transferee in exchange therefor. Such exchange or transfer shall be without cost to the registered owner or transferee. The City -24- JG69 84/09/24 may deem the person in whose name this bond is registered to be the absolute owner hereof for the purpose of receiving payment of the principal of and interest on the bond and for any and all other purposes whatsoever. The Bond Registrar is not required to issue, register, transfer or exchange any of the bonds during a period beginning at the opening of business on the twentieth (20th) day next preceding any interest payment date and ending at the close of business on the interest payment date, or, in the case of any proposed redemp- tion of the bonds, after the mailing of notice of the call of such bonds for redemption. The City hereby covenants and agrees with the owner of this bond that it will keep and perform all the covenants of this bond and of the Bond Ordinance to be by it kept and performed. Refer- ence is made to the Bond Ordinance for a complete statement of all terms, conditions and covenants affecting this bond. The City pledges that all of the Revenue of the System will be paid into its Revenue Fund (as such terms are defined in the Bond Resolu- tion) as collected and that it will set aside out of said Revenue Fund and pay into the Bond Fund and the Reserve Account created therein the various amounts required by the Bond Ordinance to be paid into and maintained in the Bond Fund and Reserve Account, all within the times provided by said Bond Ordinance. Said amounts so pledged to be paid out of said Revenue of the System are hereby declared to be a prior lien and charge upon such Revenue of the System superior to all other liens and charges of any kind or nature except the costs of maintenance and operation (as defined in the Bond Ordinance) of the solid waste utility system and any charges that may hereafter be made on such Revenue of the System to pay and secure the payment of the principal of and interest on any solid waste utility revenue bonds of the City which may later be issued on a parity with the bonds of the issue. The City has further bound itself to maintain the System in good repair, working order and condition, to operate the same in an efficient manner and at a reasonable cost, and to fix, maintain and collect rates and charges for as long as any of the bonds of this issue are outstanding that will make available, for the payment of the principal thereof and interest thereon as the same shall become due, Net Revenue (as defined in the Bond Ordinance) in an amount which will be equal to at least 1.30 times the Maximum Annual Debt Service (as defined in the Bond Ordinance). The pledge of Revenue of the System and other obligations of the City under the Bond Ordinance may be discharged at or prior to the maturity or redemption of the bonds of this issue upon the making of provisions for the payment thereof on the terms and conditions set forth in the Bond Ordinance. Reference to the Bond Ordinance and any and all modifications and amendments thereof is made for a description of the nature and extent of the security for the bonds of this issue, the funds or revenues pledged, and the terms and conditions upon which such bonds are issued. It is hereby certified and declared that this bond and the bonds of this issue are issued pursuant to and in strict com- pliance with the Constitution and laws of the State of Washington -25- JG69 84/09/24 • and ordinances of the City, and that all acts, conditions and things required to be done precedent to and in the issuance of this bond have happened, been done and performed. The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regula- tions. TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UNIF GIFT MIN ACT - Custodian (Cust) (Minor) under Uniform Gifts to Minors Act (State) Additional abbreviations may also be used although not listed above. ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR TAXPAYER IDENTIFICATION NUMBER OF TRANSFEREE (Please print or typewrite name and address, including zip code of Transferee) the within bond and all rights thereunder and does hereby irrevoc- ably constitute and appoint of , or its successor, as Agent to transfer said bond on the books kept by the Bond Registrar for registration thereof, with full power of substitution in the premises. DATED: , 19 SIGNATURE GUARANTEED: t -26- JG69 84/09/24 NOTE: The signature of this Assign- ment must correspond with the name of the registered owner as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. • Section 11. Execution of the Bonds. The Bonds shall be e signed on behalf of the City by the facsimile signature of the Mayor, shall be attested by the facsimile signature of the City Clerk, and shall have the official corporate seal of the City impressed or imprinted in facsimile thereon. Only such Bonds as shall bear thereon a Certificate of Authentication in the form hereinbefore recited, manually executed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication shall be conclusive evidence that the Bonds so authenticated have been duly executed, authenticated and delivered hereunder and are entitled to the benefits of this resolution. In case either of the officers of the City who shall have executed the Bonds shall cease to be such officer or officers of the City before the Bonds so signed shall have been authenticated or delivered by the Bond Registrar, or issued by the City, such Bonds may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be as binding upon the City as though those who signed the same had continued to be such officers of the City. Any Bond may also be signed and attested on behalf of the City by such persons as at the actual date of execution of such Bond shall be the proper officers of the City although at the original date of such Bond any such person shall not have been such officer. -27- JG69 84/09/24 Section 12. Bond Registrar. The Bond Registrar shall keep, or cause to be kept, at its principal corporate trust office, sufficient records for the registration and transfer of the Bonds which shall at all times be open to inspection by the City. The Bond Registrar is authorized, on behalf of the City, to authenti- cate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this resolution and to carry out all of the Bond Registrar's powers and duties under this resolu- tion. The Bond Registrar shall be responsible for its representa- tions contained in the Certificate of Authentication on the Bonds. The Bond Registrar may become the owner of any Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depositary for and permit any of its officers or directors to act as a member of, or in any other capacity with respect to, any committee formed to protect the rights of Bond owners. Section 13. Lost or Destroyed Bonds. In case the Bonds or any of them shall be lost, stolen or destroyed, the Bond Registrar may execute and deliver a new Bond or Bonds of like amount, date, and tenor to the registered owner thereof upon the owner's paying the expenses and charges of the District and the Bond Registrar in connection therewith and upon his/her filing with the City Treasurer and the Bond Registrar evidence satisfactory to said Treasurer and Bond Registrar that such Bond or Bonds were actually lost, stolen or destroyed and of his/her ownership thereof, and upon furnishing the City and Bond Registrar with indemnity satis- factory to such City Treasurer and Bond Registrar. Section 14. Sale of Bonds. The sale of the Bonds to Boettcher & Company - Northwest, Seattle, Washington, pursuant to their proposal dated October 2, 1984, and upon the terms, condi- -28- JG69 84/09/24 tions, covenants and price as set forth in said proposal and in this ordinance, is hereby approved, ratified and confirmed. The proper officials of the City are hereby authorized and directed to do all things necessary for the prompt execution and delivery of the Bonds and for the proper use and application of the proceeds of sale thereof. Section 15. Application of Proceeds of Sale of.the Bonds. Upon the sale of the Bonds the proceeds thereof (except for accrued interest, which shall be paid into the Debt Service Account in the Revenue Bond Fund) shall be utilized as follows: A. The City shall first pay Eighty -five Thousand Dollars ($85,000) of the proceeds of the Bond into the Reserve Account. B. There is hereby created a special fund of the City known as the "City of Port Angeles Solid Waste Utility Improve- ments after shall costs Fund, 1984." All of the proceeds of the Bonds remaining payment be paid of the into the Reserve Account pursuant to Paragraph 15(A) into such Improvements Fund and utilized to pay the acquisition, construction and installation of the Project, and costs incidental thereto, and to pay all costs incurred in connection with the issuance and sale of the Bonds. Such bond proceeds not immediately needed to pay Project costs and the costs of issuance and sale of the Bonds may be deposited in or with such institutions or invested in such obliga- tions as may now or hereafter be permitted cities of the State of Washington by law and which will mature prior to the date on which the moneys so deposited or invested shall be needed. All interest earned and income or profits derived by virtue of such investments shall remain in the fund or funds in which such proceeds have been deposited and be used for the purposes for which the -Bonds are being issued. Bond proceeds, or income therefrom, not expended -29- JG69 84/09/24 upon completion of the Project, may be used, first, to make additions and improvements to the System as deemed necessary by the City Council; and second, to pay the principal of and interest on any Parity Bonds. Section 16. Amendments. A. The Council from time to time and at any time may pass an ordinance or ordinances supplemental hereof, which ordi- nance or ordinances thereafter shall become a part of this ordi- nance, for any one or more or all of the following purposes: (1) To add to the covenants and agreements of the City in this ordinance, other covenants and agreements thereafter to be observed, which shall not adversely affect the interests of the holders of any Parity Bonds, or to surrender any right or power herein reserved. (2) To make such provisions for the purpose of curing any ambiguities or of curing, correcting or sup- plementing any defective provision contained in this ordi- nance or any ordinance authorizing future Parity Bonds in regard to matters or questions arising under such ordinances as the Council may deem necessary or desirable and not inconsistent with such ordinances and which shall not adversely affect, in any material respect, the interest of the holders of Parity Bonds. Any such supplemental ordinance may be adopted without the consent of the holders of any Parity Bonds at any time out- standing, notwithstanding any of the provisions of subsection B of this section. B. With the consent of the holders of not less than 65% in aggregate principal amount of the Parity Bonds at the time outstanding, the Council may pass an ordinance or ordinances supplemental hereto for the purpose of adding any provisions to or -30- 3G69 84/09/24 • 1 changing in any manner or eliminating any of the provisions of this ordinance or of any supplemental ordinance; provided, how- ever, that no such supplemental ordinance shall: (1) Extend the fixed maturity of any Parity Bonds, or reduce the rate of interest thereon, or extend the time of payment of interest from their due date, or reduce the amount of the principal thereof, or reduce any premium payable on the redemption thereof, without the consent of the holder of each bond so affected; or (2) Reduce the aforesaid percentage of bondholders required to approve any such supplemental ordinance, without the consent of the holders of all of the Parity Bonds then outstanding. It shall not be necessary for the consent of bondholders under this subsection B to approve the particular form of any proposed supplemental ordinance, but it shall be sufficient if such consent shall approve the substance thereof. C. Upon the adoption of any supplemental ordinance pursuant to the provisions of this section, this ordinance shall be deemed to be modified and amended in accordance therewith, and the respective rights, duties and obligations of the City under this ordinance and all holders of Parity Bonds outstanding here- under shall thereafter be determined, exercised and enforced thereunder, subject in all respects to such modification and amendments, and all terms and conditions of any such supplemental ordinance shall be deemed to be part of the terms and conditions of this ordinance for any and all purposes. B. Parity Bonds executed and delivered after the execution of any supplemental ordinance passed pursuant to the provisions of this section may have a notation as to any matter provided for in such supplemental ordinance, and if such supple- -31- 3G69 84/09/24 • 1 mental ordinance shall so provide, new bonds so modified as to conform, in the opinion of the Council, to any modification of this ordinance contained in any such supplemental ordinance, may be prepared and delivered without cost to the holders of any affected Parity Bonds then outstanding, upon surrender for cancel- lation of such bonds, in equal aggregate principal amounts. Section 17. 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 deemed 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 any Parity Bonds. Section 18. General Authorization. The Mayor, the Treas- urer, and the Clerk of the City and each of the other appropriate officers of the City are each hereby authorized and directed to take such steps, to do such other acts and things, and to execute such letters, certificates, agreements, papers, financing state- ments, assignments or instruments as in their judgment may be necessary, appropriate or desirable in order to carry out the terms and provisions of, and complete the transactions contem- plated by, this ordinance. Section 19. Not Arbitrage Bonds; Not Industrial Development Bonds. The City covenants and agrees that throughout the term of the Bonds no part of the proceeds of the Bonds or any other moneys or obligations held under this ordinance shall at any time be used for any purpose, nor shall the City take any other action, which would cause any Bond to be (i) an "arbitrage bond" under Section 103(c) of the Internal Revenue Code of 1954, as amended, and the applicable regulations thereunder or (ii) an "industrial develop- -32- JG69 84/09/24 s ment bond" under Section 103(b) of the Internal Revenue Code of 1954, as amended, and the applicable regulations thereunder. Section 20. . Compliance with Environmental Laws. The City hereby finds that it has taken any and all actions heretofore required, and hereby covenants that it shall take any and all actions hereafter required to comply with any and all applicable federal, state and local environmental laws and the applicable regulations thereunder including, but not limited to, Chapter 43.21C RCW, Chapter 70.95 RCW, Chapter 70.105 RCW and Chapter 70.105A RCW and the federal Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§ 6901 -6987, all as now and hereafter amended. Section 21. Prior Acts. All acts taken pursuant to the authority of this ordinance but prior to its effective date are hereby ratified and confirmed. Section 22. Effective Date. This ordinance shall be effec- tive five days after the date of its publication. PASSED by the Council of the City of Port Angeles at a regular meeting thereof, held this day of , 1984. ATTEST_ •, City Clerk Passed: e 1r o�� `TiS T Published: Q3-e - (j, (T3 CITY OF PORT ANGELES, WASHINGTON By Mayor -33- JG69 84/09/24