HomeMy WebLinkAbout2347ORDINANCE NO. A-3,4-7
AN ORDINANCE of the City of Port Angeles
reclassifying property located at the
northeast corner of Peabody and Sixth
Streets from RMF to OC, and amending the
Official Zoning Map, Ordinance 2158.
WHEREAS, the Planning Commission of the City of Port
Angeles has held a public hearing and recorded its recommendation
to the City Council in the Planning Commission Minutes of June
12, 1985; and
WHEREAS, the requirements of the State Environmental
Policy Act have been met; and
WHEREAS, the City Council, after a public hearing,
finds that said rezone would be in the best interests of the City
and of its citizens and in keeping with the Comprehensive Plan;
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PORT
ANGELES as follows:
Section 1. The Official Zoning Map, Ordinance No.
2158, and Ordinance No. 1709 are hereby amended to change the
zoning of the following described property from RMF, Residential
Multi - Family, to OC, Office Commercial:
Lots 10, 11 and the west 25 feet of Lot 12, Block 198,
Townsite of Port Angeles, Clallam County, Washington.
Section 2. The City Clerk is hereby directed to file a
certified copy of this Ordinance with the Clallam County Auditor.
PASSED by the City Council of the City of Port Angeles
at a regular meeting of said Council held on the 2nd day of July,
1985.
ATTEST:
Mert A.,Lannoye, City
APPROVED AS TO FORM:
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MAY 0 R
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C aig D ,- nutson, City Attorney , ,casi,
PUBLISHED: :17) 11 151 )Q85
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MEMORANDUM
June 13, 1985
TO: Dave Flodstrom, Mayor Whidden and Co ncil embers
FROM: Rob Orton, Director, Finance & Admi ! ,.tive Services
RE: Consideration of City Hall Financing BAnd Ordinance
ISSUE: Consideration of an ordinance authorizing the sale of bonds to
raise capital for the City Hall construction project.
BACKGROUND: At the last regular meeting, the Council authorized staff to
begin preparations for marketing the financial package needed to raise
capital for the City Hall construction project. Staff was authorized to
select an underwriter, appoint Preston, Thorgrimson, Ellis and Holman as
bond counsel, as well as prepare the necessary legislative activity
needed to authorize bonds, etc.
ANALYSIS: In order to initiate activities for the sale of bonds, the
City Council needs to act upon a bond ordinance which essentially
provides authorization for the sale of limited tax general obligation
bonds and establishes both bond and construction funds in order to
administer the sale proceeds. The attached ordinance provides such
authorization.
We have retained the services of Boettcher, Inc., to serve as underwriter
for the bond issue; and will be negotiating final rates and terms for the
issue for presentation to the City Council some time during July.
We will be working on "official statement" and finalizing details for a
bond rating application during the interim period.
The attached ordinance does provide a maturity schedule for the proposed
bond issue. At this writing, I am leaning towards a 15 -year term for the
issue. We have examined shorter and longer maturities but I feel this
fits best with our budget and budget forecasts. Also, we have been
experiencing a period of sharply declining rates, also suggesting that we
lean more towards fixed rate financing as opposed to variable rate.
Originally, we were anticipating this issue in the mid to high 9% range.
However, it appears now, with a favorable credit rating from the
investor's service, we may be able to attract a rate in the low 8% range.
This rate falls below the higher end of the variable rate schedule we
examined in the financial analysis report. Market rates today are at a
five -year low and I am hopeful that we can take advantage of them.
The offer to purchase the bonds by our underwriter, together with a
consideration for the interest rate on the bonds, will be presented to
the Council by separate resolution at a future date.
RECOMMENDATION: It is recommended that the City Council adopt the
attached bond ordinance.
• REO:LF
Attachment
cc: Duane Wolfe
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