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HomeMy WebLinkAbout2684CITY OF PORT ANGELES LIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTE, 1992 $224,500 ORDINANCE NO. 2684 AN ORDINANCE OF THE CITY OF PORT ANGELES, WASHINGTON, PROVIDING FOR THE ISSUANCE AND SALE OF ITS GENERAL OBLIGATION BOND ANTICIPATION NOTE IN THE PRINCIPAL AMOUNT OF $224,500 TO PAY THE COST OF A FIRE TRUCK FOR THE CITY; PROVIDING THE FORM, TERMS, CONDI- TIONS, AND COVENANTS OF SAID NOTE; AND AUTHORIZING THE CITY FINANCE DIRECTOR TO SELL AND DELIVER SAID NOTE. PASSED: April 7, 1992 Prepared by: PRESTON THORGRIMSON SHIDLER GATES & ELLIS 5400 Columbia Center 701 Fifth Avenue Seattle, Washington 98104 -7078 TABLE OF CONTENTS* Page Recitals 1 Section 1. Definitions 1 Section 2. Authorization of the Bonds 2 Section 3. Authorization of the Note 3 Section 4. Prior Redemption of the Note 4 Section 5. Form of the Note 4 Section 6. Execution of Note 5 Section 7. Application of Proceeds of Sale of the Note . 6 Section 8. Note Redemption Fund 6 Section 9. Sale of Note 6 Section 10. Tax Covenants and Designation 7 Section 11. Severability 8 Section 12. Prior Acts 8 Section 13. Effective Date 8 * This Table of Contents and the preceding cover page are not part of the ordinance. They are provided for convenience of the reader only. -i- FWW085 92/04/04 1 ORDINANCE NO. 2684 AN ORDINANCE OF THE CITY OF PORT ANGELES, WASHINGTON, PROVIDING FOR THE ISSUANCE AND SALE OF ITS GENERAL OBLIGATION BOND ANTICIPATION NOTE IN THE PRINCIPAL AMOUNT OF $224,500 TO PAY THE COST OF A FIRE TRUCK FOR THE CITY; PROVIDING THE FORM, TERMS, CONDI- TIONS, AND COVENANTS OF SAID NOTE; AND AUTHORIZING THE CITY FINANCE DIRECTOR TO SELL AND DELIVER SAID NOTE. WHEREAS, the City is authorized by Chapter 39.50 RCW to issue short -term obligations in anticipation of the sale of general obligation bonds, and to refund such short -term obligations; and WHEREAS, it is deemed necessary and advisable that the City reimburse its Equipment Services Fund for the cost of a fire truck heretofore purchased, the cost of which was intended to be covered by borrowed funds, and, to implement such plan, that the City issue a bond anticipation note of the City in the aggregate principal amount of $224,500, pending the issuance and sale of limited tax levy general obligation bonds of the City to finance such fire truck and other projects; 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: (a) "Bonds" means the limited tax levy general obligation bonds to be issued to pay and redeem the Note, and for other purposes. (b) "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. (c) "Council" means the legislative body of the City as the same shall be duly and regularly constituted from time to time. (d) "1992 Note Redemption Fund" means the "1992 Bond Anticipation Note Redemption Fund" created by Section 8 of this ordinance. (e) "Note" means the bond anticipation note of the City to be issued pursuant to this ordinance in the principal amount of $224,500 for the purpose provided herein. (f) "Paying Agent" means the fiscal agencies of the State of Washington from time to time. Section 2. Authorization of the Bonds. As an integral part of the financing described above, the City shall issue and sell its limited tax general obligation bonds (the "Bonds ") in such amounts and at such time or times as the City Council may determine to be in the best interest of the City and its inhabitants. The Bonds shall be issued in an amount sufficient, together with any other funds legally available, to pay principal and interest on the Note, at its maturity. The Bonds to be issued -2- FWW085 92/04/04 shall be in such denomination(s) and form; shall be dated, and bear interest at such rate or rates; shall be payable at such place or places; and shall have such option of payment prior to maturity as shall be determined by the City Council. Section 3. Authorization of the Note. In anticipation of the issuance of the Bonds, the City shall, for the purpose of providing funds to reimburse a previous expenditure for a fire truck, issue a short -term obligation in the principal amount of $224,500. Said short -term obligation shall be designated the "City of Port Angeles, Washington, Bond Anticipation Note, 1992," shall be dated the date of its delivery, shall be issued in bearer form, shall be in a single denomination of $224,500, shall bear interest at a fixed rate payable at maturity, and shall mature on June 1, 1992. The 1992 Note shall be sold to Piper Jaffray & Hopwood at the price and bearing interest at the rate specified in the offer from such firm attached hereto and referred to in Section 9 hereof. Both principal of and interest on the 1992 Note shall be payable in lawful money of the United States of America at the office of the Finance Director of the City in Port Angeles, Washington, or at the principal office of either of the fiscal agencies of the State of Washington in Seattle, Washington, or New York, New York (such fiscal agencies are herein called the -3- FWW085 92/04/04 "Paying Agent ") at the option of the owners. The Note shall be a general obligation of the City. Section 4. Prior Redemption of the Note. The Note may not be redeemed at the option of the City prior to its scheduled maturity. Section 5. Form of the Note. The Note shall be in substantially the following form: UNITED STATES OF AMERICA NO. 1 $224,500 STATE OF WASHINGTON CITY OF -PORT ANGELES BOND ANTICIPATION NOTE, 1992 The City of Port Angeles, Washington (the "City "), a municipal corporation of the State of Washington, acknowledges itself to owe and for value received promises to pay to bearer, on June 1, 1992, the principal amount of TWO HUNDRED TWENTY -FOUR THOUSAND FIVE HUNDRED DOLLARS together with interest thereon at the rate of ' per annum payable on maturity or until such principal sum shall have been paid or payment duly provided for. Both principal of and interest on this note are payable in lawful money of the United States of America at the office of the Finance Director of the City of Port Angeles, Washington, or at either of the fiscal agencies of the State of Washington in Seattle, Washington, or New York, New York (such fiscal agencies are herein called the "Paying Agent ") out of the 1992 Note Redemption Fund created by Ordinance No. of the City (the "Note Ordinance ") . Reference is made to the Note Ordinance for definitions of other defined terms used herein. This note is not subject to redemption at the option of the City prior to its scheduled maturity. -4- FWW085 92/04/04 This note is in the aggregate principal amount of $224,500 and is issued pursuant to the Note Ordinance under and in strict compliance with the provisions of the Constitution and laws of the State of Washington. Both the principal of and interest on this note are payable in lawful money of the United States of America. The City hereby irrevocably covenants to issue its limited tax levy general obligation bonds in an amount which, with other money of the City legally available therefor, will be sufficient to pay the principal of and interest on the notes of this issue as the same shall become due. The full faith, credit and resources of the City are hereby irrevocably pledged to the prompt payment of the principal of and interest on the notes of this issue as the same shall become due. It is hereby certified and declared that this note is issued pursuant to and in strict compliance with the Constitution and laws of the State of Washington and duly adopted ordinances of the City, and that all acts, conditions and things required to have happened, been done, and performed precedent to and in the issuance hereof have happened, been done and performed, and that the total indebtedness of the City, including this note and the notes of this issue, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Port Angeles, Washington, has caused this note to be executed on behalf of the City by manual signature of its Mayor, to be attested by its City Clerk, and the official seal of the City to be impressed hereon as of this day of , 1992. CITY OF PORT ANGELES, WASHINGTON By Mayor ATTEST: [SEAL] City Clerk Section 6. Execution of Note. The Note shall be signed on behalf of the City by the manual signature of its Mayor and shall be attested by the manual signature of the City Clerk, and shall -5- FWW085 92/04/04 have the official seal of the City impressed or imprinted thereon. Section 7. Application of Proceeds of Sale of the Note. The principal proceeds of the sale of the Note shall be applied by the City Finance Director to reimburse the Equipment Services Fund of the City for the cost of a custom fire pumper cabin chassis truck purchased in April 1991. Any remaining proceeds of sale of the Note may be used for any lawful City purpose. Section 8. Note Redemption Fund. There is hereby authorized to be in the office of the City Treasurer a special fund of the City to be known as the "1992 Bond Anticipation Note Redemption Fund," which Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Note. The City covenants that on or before the maturity date of the Note it will sell and issue the Bonds in one or more series and deposit so much of the proceeds thereof into the 1992 Note Redemption Fund as is necessary to pay and redeem the Note, including accrued interest. The City may apply to the payment and redemption of the Note any other funds of the City on hand and legally available for such purpose. The full faith, credit and resources of the City are hereby pledged to the prompt payment of the principal of and interest on the Note as the same shall become due. Section 9. Sale of Note. The City Treasurer is hereby authorized and directed to sell and deliver the Note to Piper, -6- FWW085 92/04/04 Jaffray & Hopwood pursuant to the bond purchase agreement attached hereto and said agreement is hereby approved. The proper City officials are hereby authorized and directed to do everything necessary for the prompt issuance, execution and delivery of the Note and for the proper application and use of the proceeds of such sale. Section 10. Tax Covenants and Designation. (a) Covenants Regarding Arbitrage and Private Activity. The City hereby covenants that it will not make any use of the proceeds of sale of the Note or any other funds of the City which may be deemed to be proceeds of such Note pursuant to Section 148 of the Code which will cause the Note to be an "arbitrage bond" within the meaning of said section and said Regulations. The City will comply with the requirements of Section 148 of the Code (or any successor provision thereof applicable to the Note) and the applicable Regulations thereunder throughout the term of the Note. The City further covenants that it will not take any action or permit any action to be taken that would cause the Note to constitute a "private activity bond" under Section 141 of the Code. (b) Note Designated "Oualified Tax - Exempt Obligation." The City hereby designates the Note as a "qualified tax - exempt obligation" for purchase by financial institutions pursuant to Section 265(b) of the Code. The City does not anticipate that it -7- FWW085 92/04/04 will issue more than $10,000,000 in "qualified tax - exempt obligations" during the year 1992. Section 11. Severability. If any one or more of the cove- nants or agreements provided in this ordinance to be performed on the part of the City shall be declared by any court of competent jurisdiction to be contrary to law, then such covenant or cove- nants, agreement or agreements, shall be null and void and shall be separable from the remaining covenants and agreements in this ordinance and shall in no way affect the validity of the other provisions of this ordinance or of the Note. Section 12. Prior Acts. Any act taken pursuant to the authority of this ordinance but prior to its effective date is hereby ratified and confirmed. Section 13. Effective Date. This ordinance shall take effect five days from its passage and publication. PASSED by the City Council of the City of Port Angeles, Washington at a regular open public meeting held this 7th day of April, 1992. ATTEST: CITY OF PORT AN ELES, WASHINGTON By -S- Mayo Published by Summary: April 14, 1992 FWW085 92/04/04 if 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 (the "Council "), DO HEREBY CERTIFY: 1. That the attached Ordinance No. 2684 (the "Ordinance ") is a true and correct copy of an ordinance of the City, as finally passed and approved at a meeting of the Council held on April 7, 1992, and duly recorded in the offices of the City. 2. That said meeting was a regular meeting duly convened and held in all respects in accordance with law, and, to the extent required by law, due and proper notice of such meeting was given; that a quorum was present throughout the meeting and a legally sufficient number of the members of the Council voted in the proper manner for the passage of the Ordinance; that all other requirements and proceedings incident to the proper passage of the Ordinance have been duly fulfilled, carried out and otherwise observed; and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City this 7th day of April, 1992. le (S E A L] Summaries of Ordinances Adopted by the Port Angeles City Council on April 7, 1992 Ordinance No. 2684 This Ordinance of the City of Port Angeles provides for the issuance and sale of a general obligation bond anticipation note in the principal amount of $224,500 to pay the cost of a fire truck for the City; provides the form, terms, conditions, and covenants of said note; and authorizes the City Finance Director to sell and deliver said note. Ordinance No. 2685 This Ordinance of the City of Port Angeles extends the residential sewer service rate of $16 per month, plus $0.96 per 100 cubic feet for the amount of metered water consumed by the user. For the period June 1 through September 30, the charge shall be a maximum of $22.75 per month. This Ordinance also establishes a $10.00 credit for residential customers of the City's water utility who voluntarily take water quality samples and amends Chapter VI of Ordinance 2394 and Chapter 13.65 of the Port Angeles Municipal Code. Ordinance No. 2686 This Ordinance of the City of Port Angeles repeals the City's massage parlor regulations and Chapter 12, Ordinance 2050, and Chapter 5.48 of the Port Angeles Municipal Code. Ordinance No. 2687 This Ordinance of the City of Port Angeles revises the utility discount requirements so that each recipient of a utility discount must agree to participate in the City's average payment program and amends Ordinance No. 2663 and Section 13.20.050 of the Port Angeles Municipal Code. The full texts of the above summarized Ordinances are available at City Hall in the City Clerk's office or will be mailed upon request. Office hours are Monday through Friday from 8:00 a.m. to 5:00 p.m. The Ordinances will take effect five (5) days after publication of these summaries. 1 <I Publish: April 1-2; 1992 Becky J. Upton City Clerk