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HomeMy WebLinkAbout2586ORDINANCE NO. 2586 AN ORDINANCE OF THE CITY OF PORT ANGELES, WASHINGTON, PROVIDING FOR THE CONSOLIDATION OF LOCAL IMPROVEMENT DISTRICTS NOS. 209, 210 AND 212 INTO CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 1990 -1; AUTHORIZING THE ISSUANCE AND SALE OF CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 1990 -1 BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF $152,237.56; PROVIDING THE FORM, TERMS, RATES, MATURITY, CONDITIONS AND COVENANTS OF SAID BONDS; PROVIDING FOR THE DISPOSITION OF THE PROCEEDS OF THEIR SALE; AND CONFIRMING THE SALE OF SUCH BONDS. WHEREAS, the City of Port Angeles Local Improvement Districts Nos. 209, 210 and 212 (the "Local Improvement Dis- tricts") were duly created by Ordinance No. 2507, Ordinance No. 2505, and Ordinance No. 2506, respectively; and WHEREAS, the assessment rolls for the Local Improvement Districts have been confirmed in the manner required by law by the following ordinances and in the following amounts: Ordinance Confirming Amount of LID No. Roll 209 210 212 2559 2560 2558 Assessment $79,076.85 $79,587.15 $50,691.60 Amount Prepaid $ 6,566.79 $30,529.05 $20,022.20 Amount of Unpaid Assessments $72,510.06 $49,058.10 $30,669.40 WHEREAS, for the purpose of issuing bonds, it is deemed necessary and desirable that the Local Improvement Districts be consolidated into a single local improvement district pursuant to RCW 35.45.160, and that the City issue Consolidated Local Improvement District No. 1990 -1 Bonds in an amount equal to $152,237.56 to pay part of the costs of the improvements made within the Local Improvement Districts; and WHEREAS, the City has received a written offer to purchase such Bonds from Piper, Jaffray & Hopwood, Incorporated and has determined that it is in the best interest of the City to sell such Bonds to such firm pursuant to such offer; NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PORT ANGELES, WASHINGTON DO ORDAIN as follows: Section 1. Definitions. As used in this ordinance the following words shall have the following meanings: "Assessments" means the assessments levied in Local Improve- ment Districts Nos. 209, 210 and 212 of the City by Ordinances Nos. 2259, 2560 and 2558, respectively, which assessments are pledged to be paid into the Bond Fund, including installments thereof and any interest and penalties due or which may become due thereon. "Bonds" means the City of Port Angeles Consolidated Local Improvement District No. 1990 -1 Bonds authorized by this ordi- nance to be issued. "Bond Fund" means the Consolidated Local Improvement District Bond Redemption Fund created by Section 2 of this ordinance. "Bond Register" means the books or records maintained 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 owned by each owner or nominee. -2- NMN267 90/04/29 "Bond Registrar" means the fiscal agency of the State of Washington in either Seattle, Washington, or New York, New York, for the purposes of registering and authenticating the Bonds, maintaining the Bond Register, effecting the transfer of ownership of the Bonds and paying the principal of and interest on the Bonds as the same become due and payable. "City" means the City of Port Angeles, Washington, a municipal corporation duly organized and existing under and by virtue of the Constitution and laws of the State of Washington. "Districts" or "Local Improvement Districts" means Local Improvement Districts Nos. 209, 210 and 212. "Guaranty Fund" means the Guaranty Fund of the City author- ized and maintained pursuant to RCW Ch. 35.54. Section 2. Consolidation of Districts. For the purpose of issuing bonds to repay interim financing and to finance part of the costs and expenses of improvements made in the Local Improvement Districts, the Districts are hereby consolidated into Consolidated Local Improvement District No. 1990 -1. A special fund of the City to be known as the Consolidated Local Improvement District No. 1990 -1 Bond Redemption Fund (the "Bond Fund ") is hereby authorized to be created by the Finance Director. After payment in full of all outstanding warrants previously issued and all interfund loans previously made to provide funds for the making of improvements in the Local Improvement Districts, all money received by the City in payment -3- NMN267 90/04/29 of, penalties, if any, and interest on the Assessments levied in Local Improvement District Nos. 209, 210, and 212, and all money, if any, on hand in the Local Improvement District Nos. 209, 210 and 212 Funds of the City shall be paid into the Bond Fund and used to pay the principal of and interest on the Bonds authorized by this ordinance, and as security for such payment the Bond Fund is hereby pledged. Section 3. Authorization of the Bonds. For the purpose of repaying interim financing and financing part of the cost and expense of the improvements ordered by Ordinances Nos. 2507, 2505 and 2506 and constructed in Local Improvement Districts Nos. 209, 210 and 212, the City shall issue its Consolidated Local Improvement District No. 1990 -1 Bonds (the "Bonds ") in the aggregate principal amount of $152,237.56. The Bonds shall be dated as of May 1, 1990, shall be numbered in such manner and with any additional designation as the Bond Registrar deems necessary for the purpose of identification and control, shall be in the denomination of $5,000 each or any integral multiple thereof, except for one bond in the denomination of $7,237.56, and shall bear interest from their date at the rates set forth in the bond purchase contract attached to this ordinance. Interest shall be payable annually beginning May 1, 1991, and annually thereafter on the first day of May of each year. The Bonds shall mature May 1 in the years and amounts set forth below: -4- NMN267 90/04/29 Year Amount 1991 $12,237.56 1992 10,000.00 1993 10,000.00 1994 10,000.00 1995 10,000.00 2002 100,000.00 The Bonds shall be obligations only of the Bond Fund and the Guaranty Fund of the City and shall not be general obligations of the City. Both the 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 mailed to registered owners or assigns at the addresses appearing on the Bond Register as of the fifteenth day of the month preceding the interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the registered owners at the principal offices of the Bond Registrar. Section 4. Bond Register and Exchange of Bonds. The Bond Register shall be maintained by the Bond Registrar, and shall contain the name and mailing address of the owner or owners of each Bond or nominee of such owner or owners and the principal amount and number of Bonds held by each owner or nominee. 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 rate and maturity. Bonds may be transferred only if endorsed in the -5- NMN267 90/04/29 manner provided thereon and surrendered to the Bond Registrar. Such exchange or transfer shall be without cost to the owner or transferee. Section 5. Redemption. The Bonds shall be redeemed at par in advance of their scheduled maturity, by application of Assess- ments and prepayments thereof, in whole or in part in numerical order, on any interest payment date whenever there shall be sufficient money in the Bond Fund to pay the same and all Bonds which mature at such time, over and above an amount sufficient for the payment of the interest next accruing on all unpaid Bonds. The Bond Registrar shall maintain a system of numbering which shall permit reissued and /or transferred Bonds to be called in accordance with their original number at the time of issuance. Notice of any such intended redemption shall be given not less than thirty days nor more than sixty days prior to the date fixed for redemption by first class mail, postage prepaid, to the registered owner of any Bond to be redeemed at the address appearing on the Bond Register. The requirements of this section shall be deemed to be complied with when notice is mailed as herein provided regardless of whether or not it is actually received by the owner of any Bond. Interest on any Bond so called for redemption shall cease to accrue on the date fixed for redemption unless such Bond or Bonds so called are not redeemed upon presentation made pursuant to such call. -6- NMN267 90/04/29 Section 6. Form of Bonds The Bonds shall be in substan- tially the following form: UNITED STATES OF AMERICA NO. $ STATE OF WASHINGTON CITY OF PORT ANGELES CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 1990 -1 BONDS INTEREST RATE: % MATURITY DATE: May 1, Registered Owner: Principal Amount: Dollars Laws of Washington 1965, Chapter 7, § 35.45.070 provides, in part, as follows: Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of the city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof. The City of Port Angeles, Washington (the "City ") hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above from the Consolidated Local Improvement District No. 1990 -1 Bond Redemption Fund (the "Bond Fund ") created by Ordinance No. (the "Bond Ordinance "), the Principal Amount indicated above and to pay interest thereon from May 1, 1990, or the most recent date to which interest has been paid or duly provided for until payment of this bond at the Interest Rate set forth above, payable on -7- NMN267 90/04/29 May 1, 1991, and annually thereafter on the first day of each May. Both principal of and interest on this bond are payable in lawful money of the United States of America. Interest shall be paid by mailing a check or draft to the Registered Owner or assigns at the address shown on the Bond Register as of the 15th day of the month prior to the interest payment date. Principal shall be paid to the Registered Owner or assigns upon presentation and surrender of this bond at the principal office of the fiscal agency of the State of Washington in either Seattle, Washington, or New York, New York (collectively, the "Bond Register"). 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. 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 and the bonds of this issue are issued pursuant to and in compliance with the Constitution and laws of the State of Washington and ordi- nances 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. IN WITNESS WHEREOF, the City of Port Angeles, Washington, has caused this bond to be signed on behalf of the City with the manual or facsimile signature of its Mayor, to be attested by the manual or facsimile signature of its City Clerk, and the official seal of the City to be impressed or imprinted hereon this 1st day of May, 1990. CITY OF PORT ANGELES, WASHINGTON SEAL By Mayor ATTEST: City Clerk -8- NMN267 90/04/29 CERTIFICATE OF AUTHENTICATION Date of Authentication: This bond is one of the bonds described in the within - mentioned Bond Ordinance and is one of the Consolidated Local Improvement District No. 1990 -1 Bonds of the City of Port Angeles. WASHINGTON STATE FISCAL AGENCY Bond Registrar By Authorized Officer ADDITIONAL BOND PROVISIONS This bond is one of an authorized issue of bonds of like date and tenor, except as to number, interest rate, and amount in the aggregate principal amount of $152,237.56 (the "Bonds ") issued to provide a portion of the funds necessary for certain improvements within Local Improvement Districts Nos. 209, 210 and 212 of the City. These local improvement districts have been consolidated into Consolidated Local Improvement District No. 1990 -1 pursuant to RCW 35.45.160. The Bonds are payable solely from the special fund of the City known as the "Consolidated Local Improvement District No. 1990 -1 Bond Redemption Fund" (the "Bond Fund ") created pur- suant to Ordinance No. of the City and out of the Local Improvement District Guaranty Fund of the City. The City has irrevocably obligated and bound itself to pay into the Bond Fund all assessments levied within Local Improvement Districts Nos. 209, 210 and 212. The Bonds are not general obligations of the City. The Bonds are subject to redemption at a price of par in advance of their scheduled maturity, in whole or in part, in numerical order, on any interest payment date whenever there shall be sufficient money in the Bond Fund to pay the same, over and above an amount sufficient for the payment of the interest next accruing on the unpaid Bonds of Consolidated Local Improvement District No. 1990 -1. -9- NMN267 90/04/29 Notice of any such intended redemption shall be given not less than thirty nor more than sixty days prior to the redemption date by first class mail, postage prepaid, to the registered owner of any Bond to be redeemed at the address appearing on the Bond Register. The requirements of the Bond Ordinance shall be deemed to be complied with when notice is mailed as herein provided, regardless of whether or not it is actually received by the owner of any Bond. Interest on all of such Bonds so called for redemption shall cease to accrue on the date fixed for redemption unless such Bond or Bonds so called for redemption are not redeemed upon presentation made pursuant to such call. The Bonds are interchangeable for Bonds of any authorized denomination of equal aggregate principal amount and of the same interest rate and maturity upon presentation and surrender to the Bond Registrar. The City has designated the Bonds as qualified tax - exempt obligations for banks, thrift institutions and other financial institutions. 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 hereby made to the Bond Ordinance for the definitions of defined terms used herein. Reference to the Bond Ordinance and any and all modi- fications and amendments thereto is made for a description of the nature and extent of the security for the Bonds, the funds or revenues pledged, and the terms and conditions upon which the Bonds are issued. 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 does hereby irrevocably constitute and appoint of , or its successor, as Bond Registrar to transfer said bond on the books -10- NMN267 90/04/29 kept for registration thereof with full power of substitution in the premises. DATED: 1 SIGNATURE GUARANTEED: NOTE: The signature on this Assignment 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. 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) Abbreviations may also be used though not in list above. Section 7. Execution of Bonds. The Bonds shall be signed on behalf of the City by the manual or facsimile signature of the Mayor, shall be attested by the manual or facsimile signature of the City Clerk, and shall have the corporate seal of the City impressed or imprinted thereon. NMN267 90/04/29 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 ordinance. In case either of the officers 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 of the City. Section 8. Bond Registrar. The City hereby specifies and adopts the system of registration for the Bonds approved by the Washington State Finance Committee. The Bond Registrar shall keep, or cause to be kept, at its principal corporate trust office, sufficient books or records for the registration and -12- NMN267 90/04/29 transfer of the Bonds which shall at all times be open to inspec- tion by the City. The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver the Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar's powers and duties under this ordinance. 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 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 depository 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 owners of the Bonds. Section 9. Defeasance. In the event that money and /or "Government Obligations" (as now or hereafter defined in RCW Ch. 39.53 or its successor statute, if any) maturing at such time or times and bearing interest to be earned thereon in amounts (to- gether with such money if necessary) sufficient to redeem and retire the Bonds or any of them in accordance with their terms are set aside in a special account to effect such redemption or retirement and such money and /or the principal of and interest on such obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the Bond Fund for the payment of the principal of and interest on the Bonds so -13- NMN267 90/04/29 provided for, and the owners of such Bonds shall 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 be deemed not to be outstanding hereunder. Section 10. Bonds to Remain Tax Exempt; Nonarbitraae. The City covenants with the owners of the Bonds that it will not use or invest the proceeds of the Bonds or any other funds of the City for any purpose or in any manner or take any other action that would cause the Bonds to be "arbitrage bonds" as defined in Section 148 of the Internal Revenue Code of 1986 and the applic- able regulations promulgated thereunder, or would result in interest on the Bonds becoming taxable income to the owners thereof under Section 103 of the Internal Revenue Code of 1986, or any other federal tax legislation that may be enacted into law. Section 11. 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 City and the Bond Registrar in connection therewith and upon his /her filing with the Finance Director of the City and the Bond Registrar evidence satisfactory to said Finance Director 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 -14- NMN267 90/04/29 Registrar with indemnity satisfactory to such Finance Director and Bond Registrar. Section 12. Payment of Assessments and Interest on Assess- ments. The City has heretofore levied Assessments payable into the various funds created for the Districts in the total amounts listed below, of which the following amounts were prepaid prior to the passage of this ordinance and the remaining amounts are payable in ten equal annual installments together with interest and penalties thereon in the manner and at the times specified in the ordinances confirming the assessment rolls for the Districts: Ordinance Amount Confirming Amount of Amount of Unpaid LID No. Roll Assessment Prepaid Assessments 209 2559 $79,076.85 $ 6,566.79 $72,510.06 210 2560 $79,587.15 $30,529.05 $49,058.10 212 2558 $50,691.60 $20,022.20 $30,669.40 The balance of Assessments remaining unpaid at the end of the thirty -day prepayment period shall bear interest at the rate of 8.25 % per annum. Section 13. Sale of Bonds. The sale of the Bonds to Piper, Jaffray & Hopwood, Incorporated, Seattle, Washington, at the price and pursuant to the terms and conditions set forth herein and in their offer dated May 1, 1990, which is attached to this ordinance and incorporated herein by reference, is hereby in all respects ratified and confirmed. Upon the sale of the Bonds, the -15- NMN267 90/04/29 appropriate City officials are hereby authorized to do everything necessary for the prompt printing, issuance and delivery of the Bonds and the proper application of the proceeds thereof. Section 14. Application of Proceeds. Accrued interest, if any, on the Bonds shall be deposited in the Bond Fund and shall be applied to the payment of interest first coming due on the Bonds. The principal proceeds of the Bonds shall be deposited into the Local Improvement District No. 209 Fund, Local Improvement District No. 210 Fund and Local Improvement District No. 212 Fund in proportion to the amount of the Assessments due in each district. The proceeds of the Bonds, together with other money in said Funds, shall be used to pay and redeem the warrants outstanding against said Funds, to repay any outstanding interfund loans, to pay any remaining costs of improvements constructed in the respective Districts, and to pay all expenses incidental thereto and to the issuance of the Bonds. Section 15. Effective Date. This ordinance shall take effect and be in force five after its passage and legal publication as required by law. -16- NMN267 90/04/29 PASSED by the City Council at a regular meeting held this 1st day of May, 1990. ATTEST: City Cler By Mayor/' PUBLISHED: May 4, 1990 (by summary) -17- NMN267 90/04/29 MEMORANDUM April 26, 1990 TO: Manager Flodstrom, Mayor Sargent, Council Members FROM: Administrative Services Department RE: Bond Ordinance and Purchase Agreement for LID's 209, 210 and 212 ISSUE Should the Council adopt an ordinance consolidating LID 209, 210 and 212, and authorizing the issuance of LID bonds, and accept the purchase offer of Piper, Jaffray and Hopwood? BACKGROUND Last year, Council approved the formation of three LID's for the purpose of paving streets. The work was completed and final assessment rolls have been approved. The last step in the process is issuing the bonds. L.I.D.'s differ from other bond issues in that they are not obligations of the City, but of the district alone. The backing for the bonds is the LID Guaranty Fund, and liens against specific properties which are subject to foreclosure. These particular LID's are Regent Street, Alder Street and 6th Street in Cresthaven. This issue is somewhat different in that we are combining three districts into one for the purpose of issuing bonds. We are also scheduling maturities for a portion of the issue as opposed to the standard 12 -year bond with an open call. This should result in a decrease in the overall interest cost. Attached you will find a draft ordinance and draft purchase contract for your review. The final documents will be available at the meeting. The ordinance will vary by changing the name of the issue to Consolidated Local Improvement District - 1990, and providing for the serial maturities listed above. The purchase contract will have final rates as established the day of the meeting. ANALYSIS The total assessments for the three districts were $209,355.60. During the prepay period, $57,118.04 was paid. This leaves a balance of $152,237.56 to be raised by bonds. Of this amount, $52,237.56 will be in serial bonds with maturities of 1 to 5 years. The balance will be 12 -year bonds with an open call. This feature will make the bonds more marketable and lower the cost to the homeowners. Memo -LID Bond Ordinance April 26, 1990 Page -2- Currently the City has over $230,000 in the LID Guaranty Fund to back the bonds. The bonds will tentatively close on May 21, 1990. RECOMMENDATION We recommend that the Council adopt the ordinance authorizing the LID bonds and authorize publication in summary form. We also recommend that Council accept and authorize the Mayor to sign the purchase agreement with Piper, Jaffray and Hopwood. Prepared by: R. Duane Wolfe, cPA- RDW:CH Attachments SUMMARY OF ORDINANCE ADOPTED BY THE PORT ANGELES CITY COUNCIL AT THEIR REGULAR MEETING OF MAY 1, 1990 ORDINANCE NO. 2586 NOTICE IS HEREBY GIVEN that the Port Angeles City Council passed Ordinance No. 2586 on May 1, 1990 consolidating local improvement districts nos. 209, 210 and 212 into consolidated local improvement district no. 1990 -1, for purposes of issuing improvement district bonds, authorizing the issuance and sale of consolidated local improvement district bonds in the amount of $152,237.56 to pay for the costs of the improvements in the three districts, providing the form, terms, rates and covenants of the bonds, authorizing the Mayor and Clerk to sign the bonds, authorizing the sale of the bonds to Piper, Jaffray and Hopwood, and appointing Seattle -First to act as the registrar for the bonds. Ordinance No. 2586 is available at City Hall for review and a copy will be sent upon request. This ordinance shall take effect 5 days after publication. Michelle M. Maike City Clerk Publish: May 4, 1990 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 of the City (herein called the "Counsel "), DO HEREBY CERTIFY: 1. That the attached Ordinance No. 2586 (herein called the "Ordinance ") is a true and correct copy of an ordinance of the City, as finally passed at a regular continued meeting of the Council held on the 1st day of May, 1990 and duly recorded in my office. 2. That said meeting was 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 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 2nd day of May, 1990. / / ,//0 '6ity Clerk City of Port Angeles, Washington NMN267 90/04/29