Loading...
HomeMy WebLinkAbout3099CITY OF PORT ANGELES, WASHINGTON UNLIMITED TAX GENERAL OBLIGATION REFUNDING BONDS, 2001 ORDINANCE NO. 3099 AN ORDINANCE of the City of Port Angeles, Washington, authorizing the issuance and sale of unlimited tax general obligation refunding bonds of the City in the aggregate principal amount of $2,995,000 to refund certain outstanding unlimited tax general obligation bonds of the City; authorizing the appointment of an escrow agent and the execution of an escrow agreement related to such refunding; providing the date and form of said bonds; providing for the disposition of the bond proceeds; providing for the annual levy of taxes to pay the principal of and interest on the bonds; and approving the sale of the bonds. PASSED: October 16, 2001 Prepared by: PRESTON GATES & ELLIS LLP Seattle, Washington TABLE OF CONTENTS* Page Section 1. Definitions 3 Section 2. Purpose, Authorization and Description of Bonds 7 Section 3. Registration, Exchange and Payments 8 Section 4. Redemption 12 Section 5. Form of Bonds 16 Section 6. Execution of Bonds 18 Section 7. Refunding Account and Call for Redemption of Refunded Bonds 19 Section 8. Pledge of Taxes and Credit 23 Section 9. Defeasance 23 Section 10. Tax Covenants; Special Designation 24 Section 11. Sale of Bonds 24 Section 12. Undertaking to Provide Ongoing Disclosure 25 Section 13. Bond Insurance 29 Section 14. General Authorization 32 Section 15. Severability 32 Section 16. Effective Date 33 * Neither this Table of Contents nor the preceding cover page is a part of this ordinance. -i- P:1DOT\DOTONV 01/10/16 ORDINANCE NO. 3099 AN ORDINANCE of the City of Port Angeles, Washington, authorizing the issuance and sale of unlimited tax general obligation refunding bonds of the City in the aggregate principal amount of $2,995,000 to refund certain outstanding unlimited tax general obligation bonds of the City; authorizing the appointment of an escrow agent and the execution of an escrow agreement related to such refunding; providing the date and form of said bonds; providing for the disposition of the bond proceeds; providing for the annual levy of taxes to pay the principal of and interest on the bonds; and approving the sale of the bonds. WHEREAS, the City of Port Angeles, Washington (the "City "), now has outstanding its unlimited tax general obligation bonds issued under date of December 1, 1991 in the original aggregate principal amount of $2,460,995 pursuant to Ordinance No. 2569 (the "1991 Bonds "), which remain outstanding as follows: Maturities (December 1) Principal Amounts Interest Rates 2001 $ 110,000 6.00% 2002 115,000 6.15 2003 125,000 6.30 2004 130,000 6.40 2005 140,000 6.50 2006 150,000 6.60 2007 160,000 6.70 2011 760,000 6.90 and WHEREAS, Ordinance No. 2659 authorizes the defeasance and redemption of the 1991 Bonds maturing on and after December 1, 2002, on and after December 1, 2001 (in whole on any date or in part on any interest date), at a price of par plus accrued interest, if any, to the date of redemption; and WHEREAS, the City now has outstanding its unlimited tax general obligation bonds issued under date of November 15, 1992 in the original aggregate principal amount of $1,975,000 pursuant to Ordinance No. 2721 (the "1992 Bonds "), which remain outstanding as follows: Maturities (November 1) Principal Amounts Interest Rates 2001 $ 85,000 5.40% 2002 90,000 5.50 2003 95,000 5.60 2004 100,000 5.70 2005 105,000 5.85 2006 115,000 6.00 2007 120,000 6.10 2008 130,000 6.20 2009 135,000 6.25 2010 145,000 6.25 2011 155,000 6.25 2012 165,000 6.25 and WHEREAS, Ordinance No. 2721 authorizes the defeasance and redemption of the 1992 Bonds maturing on and after November 1, 2003, on and after November 1, 2002 (in whole on any date or in part on any interest payment date), at a price of par plus accrued interest, if any, to the date of redemption. WHEREAS, after due consideration it appears to the City Council of the City (the "Council ") that the callable portions of the 1991 Bonds and the 1992 Bonds may be refunded by the issuance and sale of its unlimited tax general obligation refunding bonds to effect a savings to the City and its taxpayers; and WHEREAS, in order to effect such refunding in the manner that will be most advantageous to the City and its taxpayers, it is hereby found necessary and advisable that an -2- P:1DOT\DOTONV 01/10/16 escrow agent be appointed and that certain Acquired Obligations be purchased out of the proceeds of sale of the refunding bonds and certain money of the City; and WHEREAS, it appears to the Council that it is in the best interests of the City and its taxpayers that the Bonds be sold to Seattle- Northwest Securities Corporation on the terms set forth herein; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PORT ANGELES DOES ORDAIN, as follows: Section 1. Definitions. The following words and terms as used in this ordinance shall have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended. Acquired Obligations means the Government Obligations acquired by the City under the terms of this ordinance and the Escrow Agreement to effect the defeasance and refunding of the Refunded Bonds. Beneficial Owner means the beneficial owner of all or a portion of a Bond while such Bond is in fully immobilized form. Bond Fund means the General Obligation Bond Redemption Fund maintained by the City. Bond Insurance Policy means the municipal bond insurance policy issued by the Insurer insuring the payment when due of the principal of and interest on the Bonds as provided therein. Bond Register means the registration records for the Bonds maintained by the Bond Registrar. Bond Registrar means the fiscal agency of the State of Washington in either Seattle, Washington, or New York, New York, whose duties include registering and authenticating the -3- P:IDOT\DOTONV 01/10/16 Bonds, maintaining the Bond Register, transferring ownership of the Bonds, and paying the principal of and interest on the Bonds. Bonds mean the $2,995,000 principal amount of City of Port Angeles, Washington, Unlimited Tax General Obligation Refunding Bonds, 2001 issued pursuant to this ordinance. City means the City of Port Angeles, Washington, a municipal corporation duly organized and existing under the laws of the State of Washington. Code means the Internal Revenue Code of 1986, as amended, together with corresponding and applicable final, temporary or proposed regulations and revenue rulings issued or amended with respect thereto by the United States Treasury Department or the Internal Revenue Service, to the extent applicable to the Bonds. Commission means the Securities and Exchange Commission. Council means the general legislative authority of the City. DTC means The Depository Trust Company of New York, as depository for the Bonds, or any successor or substitute depository for the Bonds. Escrow Agent means U.S. Bank Trust National Association. Escrow Agreement means the Escrow Deposit Agreement to be dated as of the date of closing of the Bonds substantially in the form attached hereto as Exhibit A. Finance Director means the duly qualified, appointed and acting Finance Director of the City or any other officer who succeeds to the duties now delegated to that office. Government Obligations means those obligations now or hereafter defined as such in Chapter 39.53 RCW, as such chapter may be hereafter amended or restated. -4- P:1DOTIDOTONV 01/10/16 Insurer means MBIA Insurance Corporation, a stock insurance company incorporated under the laws of the State of New York, or any successor thereto or assignee thereof, as issuer of a Bond Insurance Policy for the Bonds. Letter of Representations means a blanket issuer letter of representations from the City to DTC. MSRB means the Municipal Securities Rulemaking Board or any successor to its functions. 1991 Bond Ordinance means Ordinance No. 2659, passed by the Council on December 10, 1991. 1991 Bonds means the City of Port Angeles, Washington, Unlimited Tax General Obligation Bonds, 1991, issued pursuant to Ordinance No. 2659 of the City under date of December 1, 1991. 1991 Refunded Bonds means the 1991 Bonds maturing on and after December 1, 2002. 1992 Bond Ordinance means Ordinance No. 2721, passed by the Council on November 17, 1992. 1992 Bonds means the City of Port Angeles, Washington, Unlimited Tax General Obligation Bonds, 1992, issued pursuant to Ordinance No. 2721 of the City under date of November 15, 1992. 1992 Refunded Bonds means the 1992 Bonds maturing on and after November 1, 2003. NRMSIR means a nationally recognized municipal securities information repository. Refunded Bond Ordinances means the 1991 Bond Ordinance and the 1992 Bond Ordinance. Refunded Bonds means the 1991 Refunded Bonds and the 1992 Refunded Bonds. -5- P:IDOTIDOTONV 01/10/16 Refunding Account means the account by that name established within the Bond Fund pursuant to Section 7 of this ordinance. Registered Owner means the person named as the registered owner of a Bond in the Bond Register. For so long as the Bonds are held in book -entry only form, DTC shall be deemed to be the sole Registered Owner. Rule means the Commission's Rule 15c2 -12 under the Securities Exchange Act of 1934, as the same may be amended from time to time. SID means a state information depository for the State of Washington. In this ordinance, unless the context otherwise requires: (a) The terms "hereby," "hereof," "hereto," "herein, "hereunder" and any similar terms, as used in this ordinance, refer to this ordinance as a whole and not to any particular article, section, subdivision or clause hereof, and the term "hereafter" shall mean after, and the term "heretofore" shall mean before, the date of this ordinance; (b) Words of the masculine gender shall mean and include correlative words of the feminine and neuter genders and words importing the singular number shall mean and include the plural number and vice versa; (c) Words importing persons shall include firms, associations, partnerships (including limited partnerships), trusts, corporations and other legal entities, including public bodies, as well as natural persons; (d) Any headings preceding the text of the several articles and Sections of this ordinance, and any table of contents or marginal notes appended to copies hereof, shall be solely for convenience of reference and shall not constitute a part of this ordinance, nor shall they affect its meaning, construction or effect; and -6- P: \DOT\DOTONV 01/10/16 (e) All references herein to "articles," "sections" and other subdivisions or clauses are to the corresponding articles, sections, subdivisions or clauses hereof. Section 2. Purpose, Authorization and Description of Bonds. For the purpose of refunding the Refunded Bonds and thereby effecting a savings to the City and its taxpayers, the City shall issue its unlimited tax general obligation refunding bonds in the aggregate principal amount of $2,995,000 (the "Bonds "). The Bonds shall be designated as the "City of Port Angeles, Washington, Unlimited Tax General Obligation Refunding Bonds, 2001" (the "Bonds "); shall be dated as of November 1, 2001; shall be fully registered as to both principal and interest; shall be 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 in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification; and shall bear interest from their date payable on the first days of each May and November, commencing on November 1, 2001 at the following per annum interest rates and mature on November 1 of the following years in the following principal amounts: Maturity Years (November 1) Principal Amounts Interest Rates 2002 $ 75,000 3.25% 2003 175,000 3.25 2004 285,000 2.80 2005 290,000 3.50 2006 305,000 3.50 2007 315,000 3.50 2008 330,000 3.625 2009 340,000 3.75 2010 350,000 4.00 2011 370,000 4.00 2012 160,000 4.125 -7- P:1DOT\DOTONV 01/10/16 Section 3. Registration, Exchange and Payments. (a) Bond Registrar /Bond Register. The City hereby specifies and adopts the system of registration and transfer for the Bonds approved by the Washington State Finance Committee from time to time through the appointment of state fiscal agencies. The City shall cause a bond register to be maintained by the Bond Registrar. So long as any Bonds remain outstanding, the Bond Registrar shall make all necessary provisions to permit the exchange or registration of transfer of Bonds at its principal corporate trust office. The Bond Registrar may be removed at any time at the option of the City upon prior notice to the Bond Registrar, DTC, each NRMSIR and SID, if any, and a successor Bond Registrar appointed by the City. No resignation or removal of the Bond Registrar shall be effective until a successor shall have been appointed and until the successor Bond Registrar shall have accepted the duties of the Bond Registrar hereunder. The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver 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 representations contained in the Certificate of Authentication on the Bonds. (b) Registered Ownership. The City and the Bond Registrar, each in its discretion, may deem and treat the Registered Owner of each Bond as the absolute owner thereof for all purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. Payment of any such Bond shall be made only as described in Section 3(h) hereof, but such Bond may be transferred as herein provided. All such payments made as described in Section 3(h) shall be valid and shall satisfy and discharge the liability of the City upon such Bond to the extent of the amount or amounts so paid. -8- P:\DOTIDOTONV 01/10/16 (c) DTC Acceptance /Letter of Representations. To induce DTC to accept the Bonds as eligible for deposit at DTC, the City will execute and deliver to DTC a Letter of Representations. Neither the City nor the Bond Registrar will have any responsibility or obligation to DTC participants or the persons for whom they act as nominees (or any successor depository) with respect to the Bonds in respect of the accuracy of any records maintained by DTC (or any successor depository) or any DTC participant, the payment by DTC (or any successor depository) or any DTC participant of any amount in respect of the principal of or interest on Bonds, any notice that is permitted or required to be given to Registered Owners under this ordinance (except such notices as shall be required to be given by the City to the Bond Registrar or to DTC (or any successor depository)), or any consent given or other action taken by DTC (or any successor depository) as the Registered Owner. For so long as any Bonds are held in fully - immobilized form hereunder, DTC or its successor depository shall be deemed to be the Registered Owner for all purposes hereunder, and all references herein to the Registered Owners shall mean DTC (or any successor depository) or its nominee and shall not mean the owners of any beneficial interest in such Bonds. If any Bond shall be duly presented for payment and funds have not been duly provided by the City on such applicable date, then interest shall continue to accrue thereafter on the unpaid principal thereof at the rate stated on such Bond until such Bond is paid. (d) Use of Depository. (i) The Bonds shall be registered initially in the name of "CEDE & Co. ", as nominee of DTC, with one Bond maturing on each of the maturity dates for the Bonds in a denomination corresponding to the total principal therein designated to mature on such date. -9- P:IDOTIDOTONV 01/10/16 Registered ownership of such immobilized Bonds, or any portions thereof, may not thereafter be transferred except (A) to any successor of DTC or its nominee, provided that any such successor shall be qualified under any applicable laws to provide the service proposed to be provided by it; (B) to any substitute depository appointed by the Council pursuant to subsection (ii) below or such substitute depository's successor; or (C) to any person as provided in subsection (iv) below. (ii) Upon the resignation of DTC or its successor (or any substitute depository or its successor) from its functions as depository or a determination by the Council to discontinue the system of book entry transfers through DTC or its successor (or any substitute depository or its successor), the Council may hereafter appoint a substitute depository. Any such substitute depository shall be qualified under any applicable laws to provide the services proposed to be provided by it. (iii) In the case of any transfer pursuant to clause (A) or (B) of subsection (i) above, the Bond Registrar shall, upon receipt of all outstanding Bonds, together with a written request on behalf of the Council, issue a single new Bond for each maturity then outstanding, registered in the name of such successor or such substitute depository, or their nominees, as the case may be, all as specified in such written request of the Council. (iv) In the event that (A) DTC or its successor (or substitute depository or its successor) resigns from its functions as depository, and no substitute depository can be obtained, or (B) the Council determines that it is in the best interest of the beneficial owners of the Bonds that such owners be able to obtain such bonds in the form of Bond certificates, the ownership of such Bonds may then be transferred to any person or entity as herein provided, and shall no longer be held in fully- immobilized form. The Council shall deliver a written request to the Bond Registrar, together with a supply of definitive Bonds, to issue Bonds as herein provided -10- P:IDOTIDOTONV 01/10/16 in any authorized denomination. Upon receipt by the Bond Registrar of all then outstanding Bonds together with a written request on behalf of the Council to the Bond Registrar, new Bonds shall be issued in the appropriate denominations and registered in the names of such persons as are requested in such written request. (e) Registration of Transfer of Ownership or Exchange; Change in Denominations. The transfer of any Bond may be registered and Bonds may be exchanged, but no transfer of any such Bond shall be valid unless such Bond is surrendered to the Bond Registrar with the assignment form appearing on such Bond duly executed by the Registered Owner or such Registered Owner's duly authorized agent in a manner satisfactory to the Bond Registrar. Upon such surrender, the Bond Registrar shall cancel the surrendered Bond and shall authenticate and deliver, without charge to the Registered Owner or transferee therefor, a new Bond (or Bonds at the option of the new Registered Owner) of the same date, maturity and interest rate and for the same aggregate principal amount in any authorized denomination, naming as Registered Owner the person or persons listed as the assignee on the assignment form appearing on the surrendered Bond, in exchange for such surrendered and cancelled Bond. Any Bond may be surrendered to the Bond Registrar and exchanged, without charge, for an equal aggregate principal amount of Bonds of the same date, maturity and interest rate, in any authorized denomination. The Bond Registrar shall not be obligated to register the transfer or to exchange any Bond during the 15 days preceding the date any such Bond is to be redeemed. (f) Bond Registrar's Ownership of Bonds. The Bond Registrar may become the Registered Owner of any Bond 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 P:IDOTIDOTONV 01/10/16 officers or directors to act as member of, or in any other capacity with respect to, any committee formed to protect the right of the Registered Owners of Bonds. (g) Registration Covenant. The City covenants that, until all Bonds have been surrendered and cancelled, it will maintain a system for recording the ownership of each Bond that complies with the provisions of Section 149 of the Code. (h) Place and Medium of Payment. 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 calculated on the basis of a 360 -day year and twelve 30 -day months. For so long as all Bonds are in fully- immobilized form, such payments of principal and interest thereon shall be made as provided in the operational arrangements of DTC as referred to in the Letter of Representations. In the event that the Bonds are no longer in fully- immobilized form, interest on the Bonds shall be paid by check or draft mailed to the Registered Owners of the Bonds at the addresses for such Registered Owners appearing on the Bond Register on the 15th day of the month preceding the interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of such Bonds by the Registered Owners at the principal office of the Bond Registrar. Section 4. Redemption. (a) Optional Redemption. The Bonds maturing in years 2001 through 2011 are not subject to redemption prior to maturity. The Bonds maturing on November 1, 2012, are subject to redemption at the option of the City on and at any time after November 1, 2011, in whole or in part (maturities to be selected by the City) at a price of par plus accrued interest, if any, to the date of redemption. (b) Selection of Bonds for Redemption. As long as the Bonds are held in book -entry only form, the selection of Bonds to be redeemed shall be made in accordance with -12- P: \DOT\DOTONV 01/10/16 the operational arrangements in effect at DTC. If the Bonds are no longer held in uncertificated form, the selection of such Bonds to be redeemed shall be made as provided in this subsection (b). If the City redeems at any one time fewer than all of the Bonds having the same maturity date, the particular Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot (in such other manner determined by the Bond Registrar) in increments of $5,000. In the case of a Bond of a denomination greater than $5,000, the City and Bond Registrar shall treat each Bond as representing such number of separate Bonds each of the denomination of $5,000 as is obtained by dividing the actual principal amount of such Bond by $5,000. In the event that only a portion of the principal sum of a Bond is redeemed, upon surrender of the such Bond at the principal office of the Bond Registrar there shall be issued to the Registered Owner, without charge therefor, for the then unredeemed balance of the principal sum thereof, at the option of the Registered Owner, a Bond or Bonds of like maturity and interest rate in any of the denominations herein authorized. If Bonds are called for redemption, portions of the principal amount of such Bonds, in installments of $5,000 or any integral multiple of $5,000, may be redeemed. 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, for the then unredeemed balance of the principal amount thereof, a new Bond or Bonds, at the option of the Registered Owner, of like maturity and interest rate in any denomination authorized by this ordinance. (c) Notice of Redemption. (i) Official Notice. Unless waived by any owner of Bonds to be redeemed, official notice of any such redemption shall be given by the Bond Registrar on behalf of the City by mailing a copy of an official redemption notice by first class mail at least 30 days -13- P:IDOTIDOTONV 01/10/16 and not more than 60 days prior to the date fixed for redemption to the Registered Owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Bond Registrar. All official notices of redemption shall be dated and shall state: (A) the redemption date, (B) the redemption price, (C) if fewer than all outstanding Bonds are to be redeemed, the identification by series and maturity (and, in the case of partial redemption, the respective principal amounts) of the Bonds to be redeemed, (D) that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and (E) the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal office of the Bond Registrar. On or prior to any redemption date, the City shall deposit with the Bond Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date. (ii) Effect of Notice; Bonds Due. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption -14- P:1DOTIDOTONV 01/10/16 in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. Upon surrender for any partial redemption of any Bond, there shall be prepared for the Registered Owner a new Bond or Bonds of the same maturity in the amount of the unpaid principal. All Bonds which have been redeemed shall be canceled and destroyed by the Bond Registrar and shall not be reissued. (iii) Additional Notice. In addition to the foregoing notice, further notice shall be given by the City as set out below, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed. Each further notice of redemption given hereunder shall contain the information required above for an official notice of redemption plus (A) the CUSIP numbers of all Bonds being redeemed; (B) the date of issue of the Bonds as originally issued; (C) the rate of interest borne by each Bond being redeemed; (D) the maturity date of each Bond being redeemed; and (E) any other descriptive information needed to identify accurately the Bonds being redeemed. Each further notice of redemption may be sent at least 30 days before the redemption date to the Insurer, each NRMSIR, the SID, if any, and to the Underwriter or to its business successor, if any, and to such persons and with such additional information as the Bond Registrar shall deem appropriate, but such mailings shall not be a condition precedent to the redemption of such Bonds. (iv) Redemption Payments. Upon the payment of the redemption price of Bonds being redeemed, each check or other transfer of funds issued for such purpose shall bear the CUSIP number identifying, by issue and maturity, the Bonds being redeemed with the proceeds of such check or other transfer. -15- P:IDOTIDOTONV 01/10/16 (v) Amendment of Notice Provisions. The foregoing notice provisions of this Section 4, including but not limited to the information to be included in redemption notices and the persons designated to receive notices, may be amended by additions, deletions and changes in order to maintain compliance with duly promulgated regulations and recommendations regarding notices of redemption of municipal securities. (d) Purchase of Bonds. The City also reserves the right to purchase any of the Bonds offered to the City at any time at a price deemed reasonable by the City. Section 5. Form of Bonds. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $ [BOND INSURER LEGEND] STATE OF WASHINGTON CITY OF PORT ANGELES UNLIMITED TAX GENERAL OBLIGATION REFUNDING BOND, 2001 INTEREST RATE: MATURITY DATE: CUSIP NO.: REGISTERED OWNER: PRINCIPAL AMOUNT: 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, or registered assigns, on the Maturity Date identified above, the Principal Amount indicated above and to pay interest thereon from November 1, 2001, 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 the first days of each May and November, commencing on November 1, 2001. Both principal of and interest on this bond are payable in lawful money of the United States of America. For so long as the bonds of this issue are held in fully immobilized form, payments of principal and interest thereon shall be made as provided in accordance with the operational arrangements of DTC referred to in the Blanket Issuer Letter of Representations from the City to DTC. -16- P:1DOT\DOTONV 01/10/16 This bond is one of an authorized issue of bonds of like date and tenor, except as to number, amount, rate of interest and date of maturity in the aggregate principal amount of $2,995,000, and is issued for the purpose of refunding certain outstanding general obligation bonds of the City. The bonds of this issue are issued under and in accordance with the provisions of the Constitution and applicable statutes of the State of Washington and ordinances duly adopted by the City Council, including Ordinance No. 3099 (the "Bond Ordinance "). The bonds of this issue are subject to optional redemption as provided in the Bond Ordinance. The bonds of this issue are not "private activity bonds" as such term is defined in the Internal Revenue Code of 1986, as amended (the "Code "). The bonds of this issue have been designated by the City as "qualified tax - exempt obligations" under Section 265(b) of the Code for banks, thrift institutions and other financial institutions. The City hereby irrevocably covenants that it will levy taxes annually upon all the taxable property in the City without limitation as to rate or amount and in amounts sufficient, with other monies legally available therefor, to pay the principal of and interest on the bonds of this issue as the same shall become due. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest. The pledge of tax levies may be discharged prior to maturity of the bonds by making provision for the payment thereof on the terms and conditions set forth in the 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 or on behalf of the Bond Registrar. It is hereby certified that all acts, conditions and things required by the Constitution and statutes of the State of Washington to exist, to have happened, been done and performed precedent to and in the issuance of this bond have happened, been done and performed and that the issuance of this bond and the bonds of this issue does not violate any constitutional, statutory or other limitation upon the amount of bonded indebtedness that the City may incur. -17- P:1DOTIDOTONV 01/10/16 IN WITNESS WHEREOF, the City of Port Angeles, Washington has caused this bond to be executed by the manual or facsimile signatures of the Mayor and City Clerk and a facsimile of the seal of the City to be imprinted or otherwise reproduced hereon as of this 1s` day of November, 2001. CITY OF PORT ANGELES, WASHINGTON By /s/ manual or facsimile Mayor ATTEST: /s/ manual or facsimile City Clerk The Bond Registrar's Certificate of Authentication on the Bonds shall be in substantially the following form: CERTIFICATE OF AUTHENTICATION Date of Authentication: This is one of the City of Port Angeles, Washington, Unlimited Tax General Obligation Refunding Bonds, 2001, dated November 1, 2001, as described in the Bond Ordinance. WASHINGTON STATE FISCAL AGENCY as Bond Registrar By /s/ Authorized Signer Section 6. Execution of Bonds. The Bonds shall be executed on behalf of the City with the manual or facsimile signature of the Mayor, attested by the manual or facsimile signature of the City Clerk, and shall have the seal of the City impressed, imprinted or otherwise reproduced thereon. In case either or both of the officers who have signed or attested any of the Bonds cease to be such officer before such Bonds have been actually issued and delivered, such Bonds shall be valid nevertheless and may be issued by the City with the same effect as though -18- P:IDOTIDOTONV 01/10/16 the persons who had signed or attested such Bonds had not ceased to be such officers, and any Bond may be signed or attested on behalf of the City by officers who at the date of actual execution of such Bond are the proper officers, although at the nominal date of execution of such Bond such officer was not an officer of the City. Only Bonds that bear a Certificate of Authentication in the form set forth in Section 5, 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 and are entitled to the benefits of this ordinance. Section 7. Refunding Account and Call for Redemption of Refunded Bonds. (a) Refunding Account. There is hereby authorized to be created in the Bond Fund an account known as the "2001 Unlimited Tax General Obligation Refunding Account" (the "Refunding Account "), which Account is to be held by the Escrow Agent and drawn upon for the sole purpose of paying the principal of and interest on the Refunded Bonds until their date of redemption and of paying costs related to the refunding of the Refunded Bonds. The proceeds of sale of the Bonds (exclusive of accrued interest thereon, which shall be paid into the Bond Fund and used to pay interest on the Bonds on November 1, 2001) shall be credited to the Refunding Account and, together with other funds of the City, if necessary, shall be used immediately upon receipt thereof to defease the Refunded Bonds as authorized by the Refunded Bond Ordinances and pay costs of issuance. The City shall defease the Refunded Bonds and discharge such obligations by the use of money in the Refunding Account to purchase certain Government Obligations (which obligations so purchased, are herein called "Acquired Obligations "), bearing such interest and maturing as to principal and interest in such amounts and -19- P:IDOTIDOTONV 01/10/16 at such times that, together with any necessary beginning cash balance, will provide for the payment of: (i) interest on the 1991 Refunded Bonds on December 1, 2001; (ii) the redemption price (100% of the principal amount thereof) of the 1991 Refunded Bonds on December 1, 2001; (iii) interest on the 1992 Refunded Bonds as it becomes due and payable through and including November 1, 2002; and (iv) the redemption price of the 1992 Refunded Bonds (100% of the principal amount thereof) on November 1, 2002. Such Acquired Obligations shall be purchased at a yield not greater than the yield permitted by the Code and regulations relating to acquired obligations in connection with refunding bond issues. The City hereby appoints the corporate trust department of U.S. Bank Trust National Association, Seattle, Washington as the Escrow Agent for the Refunded Bonds (the "Escrow Agent "). A beginning cash balance, if any, and Acquired Obligations shall be deposited irrevocably with the Escrow Agent in an amount sufficient to defease the Refunded Bonds. The proceeds of the Bonds remaining in the Refunding Account after acquisition of the Acquired Obligations and provision for the necessary beginning cash balance shall be utilized to pay expenses of the acquisition and safekeeping of the Acquired Obligations and expenses of the issuance of the Bonds. The City may, from time to time, transfer, or cause to be transferred, from the Refunding Account any money not thereafter required for the purposes set forth in subparagraphs (i) — (iv) above, subject to verification in writing by an independent certified public accountant that such transfer will not result in inadequate funds being available to make -20- P:\DOT\DOTONV 01/10/16 the required payments therefrom. The City reserves the right to substitute other securities for the Acquired Obligations in the event it may do so pursuant to Section 148 of the Code and applicable regulations thereunder, upon compliance with the conditions set forth in the Escrow Agreement. (b) Call for Redemption of Refunded Bonds. The City hereby irrevocably sets aside sufficient funds out of the purchase of Acquired Obligations from proceeds of the Bonds to make the payments described in Subsection (a)(i) — (iv) of this Section. The City hereby irrevocably calls the 1991 Refunded Bonds for redemption on December 1, 2001 and the 1992 Refunded Bonds for redemption on November 1, 2002 in accordance with the provisions of Section 5 of the 1991 Bond Ordinance and Section 5 of the 1992 Bond Ordinance. The defeasance and call for redemption of the Refunded Bonds shall be irrevocable after the final establishment of the Refunding Account and delivery of the Acquired Obligations and the requisite cash deposit, if any, to the Escrow Agent, except as provided herein relating to the substitution of securities. The Escrow Agent is hereby authorized and directed to provide for the giving of notices of the redemption of the Refunded Bonds in accordance with the applicable provisions of the Refunded Bond Ordinances. The City is authorized and requested to provide whatever assistance is necessary to accomplish such redemption and the giving of notices therefor. The costs of publication of such notices shall be an expense of the City. The Escrow Agent is hereby authorized and directed to pay to the fiscal agency or agencies of the State of Washington, sums sufficient to pay, when due, the payments specified in of subsection (a)(i) - (iv) of this ordinance. All such sums shall be paid from the money and -21- P:1DOTIDOTONV 01/10/16 Acquired Obligations deposited with said Escrow Agent pursuant to the previous section of this ordinance, and the income therefrom and proceeds thereof. The City will take such actions as are found necessary to see that all necessary and proper fees and expenses of the Escrow Agent shall be paid when due. The proper officers and agents of the City are directed to obtain from the Escrow Agent an agreement setting forth the duties, obligations and responsibilities of the Escrow Agent in connection with the redemption and retirement of the Refunded Bonds as provided herein and setting forth such provisions for the payment of the Escrow Agent as are satisfactory to it. The Finance Director is authorized and directed to execute and deliver to the Escrow Agent an escrow agreement in form satisfactory to the Escrow Agent and approved by counsel to the City. (c) Finding of Savings and Defeasance. The Council hereby finds that the issuance and sale of the Bonds at this time will effect a savings to the City and its taxpayers. In making such finding and determination, the Council has given consideration to the interest on and the fixed maturities of the Refunding Bonds and the Refunded Bonds, the costs of issuance of the Refunding Bonds and the known earned income from the investment of the proceeds of sale of the Refunding Bonds pending redemption and payment of the Refunded Bonds. The Council also finds that the Acquired Obligations to be deposited with the Escrow Agent and the income therefrom, together with any necessary beginning cash balance, are sufficient to redeem the Refunded Bonds and will discharge and satisfy the obligations of the City under the Refunded Bond Ordinances. Immediately upon the delivery of such Acquired Obligations to the Escrow Agent and the deposit of any necessary beginning cash balance, the Refunded Bonds shall be deemed not to be outstanding under the Refunded Bond Ordinances and shall cease to be entitled to any lien, benefit or security under such ordinance except the right -22- P:IDOTIDOTONV 01/10/16 to receive payment from the Acquired Obligations and beginning cash balance so set aside and pledged. Section 8. Pledge of Taxes and Credit. The City hereby irrevocably covenants that, unless the principal of and interest on the Bonds are paid from other sources, it will make annual levies of taxes without limitation as to rate or amount upon all of the property in the City subject to taxation in amounts sufficient to pay such principal and interest as the same shall become due and shall provide for the deposit of sufficient money in the Bond Fund to pay such principal and interest. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and for the prompt payment of such principal and interest. Section 9. Defeasance. In the event that money and/or Government Obligations maturing at such time or times and bearing interest to be earned thereon in amounts (together with such money, if necessary) sufficient to redeem and retire part or all of the Bonds in accordance with their terms, are set aside in a special account of the City to effect such redemption and retirement, and such moneys and the principal of and interest on such Government 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 provided for, and such Bonds shall cease to be entitled to any lien, benefit or security of this ordinance except the right to receive the moneys so set aside and pledged, and such Bonds shall be deemed not to be outstanding hereunder. Within 60 days of any defeasance of bonds the Bond Registrar shall provide notice of defeasance of Bonds to registered owners, the Insurer, and to each NRMSIR and SID, if any, in accordance with Section 12. -23- P:1DOT1DOTONV 01/10/16 Section 10. Tax Covenants; Special Designation. The City hereby covenants that it will not make any use of the proceeds of sale of the Bonds or any other funds of the City that may be deemed to be proceeds of such Bonds pursuant to Section 148 of the Code that will cause the Bonds to be "arbitrage bonds" 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 Bonds) and the applicable Regulations thereunder throughout the term of the Bonds. The City further covenants that it will not take any action or permit any action to be taken that would cause the Bonds to constitute "private activity bonds" under Section 141 of the Code. The City hereby designates the Bonds as "qualified tax - exempt obligations" under Section 265(b)(3) of the Code for banks, thrift institutions and other financial institutions. The City does not anticipate issuing more than $10,000,000 in tax exempt obligations during 2001. Section 11. Sale of Bonds. The Bonds shall be sold by negotiated sale to Seattle- Northwest Securities Corporation, Seattle, Washington, under the terms and conditions thereof as provided in its purchase contract and in this ordinance. The City Manager is hereby authorized to sign the purchase contract on behalf of the City. For purposes of the Rule, the preliminary Official Statement dated October 8, 2001 is hereby deemed final as of its date except for the omission of information dependent upon the pricing of the Bonds and the completion of the purchase contract. The City Manager and Finance Director are hereby authorized to review and approve on behalf of the City the final Official Statements relative to the Bonds with such additions and changes as may be deemed necessary or advisable to them. The proper City officials are hereby authorized and directed to -24- P:1DOTIDOTONV 01/10/16 do everything necessary for the prompt execution and delivery of the Bonds to said purchaser and for the proper application and use of the proceeds of sale thereof. Section 12. Undertaking to Provide Ongoing Disclosure. (a) Contract /Undertaking. This section constitutes the City's written undertaking for the benefit of the owners of the Bonds as required by Section (b)(5) of the Rule. (b) Financial Statements /Operating Data. The City agrees to provide or cause to be provided to each NRMSIR and to the SID, if any, in each case as designated by the Commission in accordance with the Rule, the following annual financial information and operating data for the prior fiscal year (commencing in 2002 for the fiscal year ended December 31, 2001): 1. Annual financial statements, which statements may or may not be audited, showing ending fund balances for the City's general fund prepared in accordance with the Budget Accounting and Reporting System prescribed by the Washington State Auditor pursuant to RCW 43.09.200 (or any successor statute) and generally of the type included in the official statement for the Bonds under "Appendix A: City of Port Angeles 2000 Audited Financial Statements "; 2. The assessed valuation of taxable property in the City; 3. Property taxes due, property taxes collected and property taxes delinquent; 4. Property tax levy rates per $1,000 of assessed valuation; and 5. Outstanding general obligation debt of the City. Items 2 -5 shall be required only to the extent that such information is not included in the annual financial statements. -25- P:1DOTIDOTONV 01/10/16 The information and data described above shall be provided on or before nine months after the end of the City's fiscal year. The City's current fiscal year ends December 31. The City may adjust such fiscal year by providing written notice of the change of fiscal year to each then existing NRMSIR and the SID, if any. In lieu of providing such annual financial information and operating data, the City may cross - reference to other documents provided to the NRMSIR's, the SID or to the Commission and, if such document is a final official statement within the meaning of the Rule, available from the MSRB. If not provided as part of the annual financial information discussed above, the City shall provide the City's audited annual financial statement prepared in accordance with the Budget Accounting and Reporting System prescribed by the Washington State Auditor pursuant to RCW 43.09.200 (or any successor statutes), when and if available, to each then existing NRMSIR and the SID, if any. (c) Material Events. The City agrees to provide or cause to be provided, in a timely manner, to the SID, if any, and to each NRMSIR or to the MSRB notice of the occurrence of any of the following events with respect to the Bonds, if material: • Principal and interest payment delinquencies; • Non - payment related defaults; • Unscheduled draws on debt service reserves reflecting financial difficulties; • Unscheduled draws on credit enhancements reflecting financial difficulties; • Substitution of credit or liquidity providers, or their failure to perform; -26- P:IDOTIDOTONV 01/10/16 • Adverse tax opinions or events affecting the tax - exempt status of the Bonds; • Modifications to rights of owners; • Optional, contingent or unscheduled Bond calls other than scheduled sinking fund redemptions for which notice is given pursuant to Exchange Act Release 34- 23856; • Defeasances; • Release, substitution or sale of property securing the repayment of the Bonds; and • Rating changes. Solely for purposes of disclosure, and not intending to modify this undertaking, the City advises that no debt service reserves or property secure payment of the Bonds. (d) Notification Upon Failure to Provide Financial Data. The City agrees to provide or cause to be provided, in a timely manner, to each NRMSIR or to the MSRB and to the SID, if any, notice of its failure to provide the annual financial information described in subsection (b) above on or prior to the date set forth in subsection (b) above. (e) Termination /Modification. The City's obligations to provide annual financial information and notices of material events shall terminate upon the defeasance, prior redemption or payment in full of all of the Bonds. Any provision of that section shall be null and void if the City (1) obtains an opinion of nationally recognized bond counsel to the effect that the portion of the Rule that requires that provision is invalid, has been repealed retroactively or otherwise does not apply to the Bonds; and (2) notifies each NRMSIR and the SID, if any, of -27- P:1DOTIDOTONV 01/10/16 such opinion and the cancellation of this section. The City may amend this section with an approving opinion of nationally recognized bond counsel. In the event of any amendment of this section, the City shall describe such amendment in the next annual report, and shall include, a narrative explanation of the reason for the amendment and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the City. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (I) notice of such change shall be given in the same manner as for a material event under Subsection (c), and (II) the annual report for the year in which the change is made shall present a comparison (in narrative form and also, if practical, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. (f) Bond Owner's Remedies Under This Section. The right of any bondowner or beneficial owner of Bonds to enforce the provisions of this section shall be limited to a right to obtain specific enforcement of the City's obligations under this section, and any failure by the City to comply with the provisions of this undertaking shall not be an event of default with respect to the Bonds. For purposes of this section, "beneficial owner" means any person who has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds, including persons holding Bonds through nominees or depositories. (h) No Default. The City is not and has not been in default in the performance of its obligations of any prior undertaking for ongoing disclosure with respect to its bond obligations. -28- P: \DOT\DOTONV 01/10/16 Section 13. Bond Insurance. (a) Approval of Commitment. In accordance with the offer of the Underwriter to purchase the Bonds, the Council hereby approves the commitment of the Insurer to provide a bond insurance policy guaranteeing the payment when due of principal of and interest on the Bonds (the "Bond Insurance Policy "). The Council further authorizes and directs all proper officers, agents, attorneys and employees of the City to execute a commitment letter with the Insurer and to cooperate with the Insurer in preparing such additional agreements, certificates, and other documentation on behalf of the City as shall be necessary or advisable in providing for the Bond Insurance Policy. (b) Payments Under the Policy. In the event that, on the payment date of the Bonds, the City or the Bond Registrar determines that there will not be sufficient money available in the Bond Fund to pay all principal of and interest on the Bonds due on such payment date, the City or the Bond Registrar shall immediately notify the Insurer or its designee on the same day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. If the deficiency is made up in whole or in part, the Bond Registrar shall so notify the Insurer or its designee. In addition, if the Bond Registrar has notice that any Bondholder has been required to disgorge payments of principal or interest on the Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such Bondholder within the meaning of any applicable bankruptcy laws, then the Bond Registrar shall notify the Insurer or its designee of such fact by telephone or telegraphic notice, confirmed in writing by registered or certified mail. -29- P:1DOTIDOTONV 01/10/16 The Bond Registrar is hereby irrevocably designated, appointed, directed and authorized to act as attorney -in -fact for Bondholders as follows: (1) If and to the extent there is a deficiency in amounts required to pay interest on the Bonds, the Bond Registrar shall (a) execute and deliver to State Street Bank and Trust Company, N.A., or its successors under the Bond Insurance Policy (the "Insurance Paying Agent"), in form satisfactory to the Insurance Paying Agent, an instrument appointing the Insurer as agent for such Bondholders in any legal proceeding related to the payment of such interest and an assignment to the Insurer of the claims for interest to which such deficiency relates and which are paid by the Insurer, (b) receive as designee of the respective Bondholders (and not as Bond Registrar) in accordance with the tenor of the Bond Insurance Policy payment from the Insurance Paying Agent with respect to the claims for interest so assigned, and (c) disburse the same to such respective Bondholders; and (2) If and to the extent of a deficiency in amounts required to pay principal of any Bonds, the Bond Registrar shall (a) execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing the Insurer as agent for such Bondholder in any legal proceeding relating to the payment of such principal and an assignment to the Insurer of any of the Bonds surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are not held by the Bond Registrar and available for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (b) receive as designee of the respective Bondholders (and not as Bond Registrar) in accordance with the tenor of the Bond Insurance Policy payment therefor from the Insurance Paying Agent, and (c) disburse the same to such Bondholders. -30- P:1DOTIDOTONV 01/10/16 Payments with respect to claims for interest on and principal of Bonds disbursed by the Bond Registrar from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the City with respect to such interest, and the Insurer shall become the owner of such unpaid interest and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this subsection or otherwise. Irrespective of whether any such assignment is executed and delivered, the City and the Bond Registrar: (1) Recognize that to the extent the Insurer makes payments directly or indirectly (as by paying through the Bond Registrar), on account of principal of or interest on the Bonds, the Insurer will be subrogated to the rights of such Bondholders to receive the amount of such principal and interest for the City, with interest thereon as provided and solely from the sources stated in this ordinance and the Bonds; and (2) Will accordingly pay to the Insurer the amount of such principal and interest (including principal and interest recovered under subparagraph (ii) of the first paragraph of the Bond Insurance Policy), with interest thereon as provided in this ordinance and the Bonds, but only from the sources and in the manner provided herein for the payment of principal of and interest on the Bond to holders, and will otherwise treat the Insurer as the owner of such rights to the amount of such principal and interest. (c) Rights of Insurer. In connection with the issuance of additional general obligation bonds, the City shall deliver to the Insurer a copy of the disclosure document, if any, circulated with respect to such additional bonds. -31- P:1DOTIDOTONV 01/10/16 Copies of any amendments made to the documents executed in connection with the issuance of the Bonds which are consented to by the Insurer shall be sent to Standard & Poor's Ratings Services, a Division of The McGraw Hill Companies, Inc. The Insurer shall receive notice of the resignation or renewal of the Bond Registrar and the appointment of a successor, other than the designated state fiscal agent. The Insurer shall receive copies of all notices required to be delivered to Bondholders and, on an annual basis (or as soon as available from the office of the State Auditor) copies of the City's audited financial statements, and annual budget. Any notice that is required to be given to a holder of Bonds or to the Bond Registrar pursuant to this ordinance shall also be provided to the Insurer. All notices required to be given to the Insurer under this ordinance shall be in writing and shall be sent by registered or certified mail addressed to MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504 Attention: Surveillance. The provisions of this section shall be in effect only so long as the Bond Insurance Policy is in full force and effect. Section 14. General Authorization. The appropriate officials, agents and representatives of the City are authorized to take any actions and to execute documents as in their judgment may be necessary or desirable in order to carry out the terms of, and complete the transactions contemplated by, this ordinance. All acts taken pursuant to the authority of this ordinance but prior to its effective date are hereby ratified. Section 15. Severability. If any one or more of the covenants 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 covenants, agreement or -32- P:IDOTIDOTONV 01/10/16 agreements, shall be null and void and shall be deemed separable from the remaining covenants and agreements of this ordinance and shall in no way affect the validity of the other provisions of this ordinance or of the Bonds. Section 16. Effective Date. This ordinance shall become effective from and after its passage and publication as required by law. PASSED by the City Council of the City of Port Angeles, Washington, at a regular meeting thereof, held this 16th day of October, 2001. ATTEST: Published: October 21, 2001 (By Summary) -33- CITY OF PORT ANGELES, WASHINGTON By P: \DOT\DOTONV 01/10/16 CERTIFICATE I, the undersigned, City Clerk of the City of Port Angeles, Washington, DO HEREBY CERTIFY: 1. That the attached is a true and correct copy of Ordinance No. 3099 (the "Ordinance ") of the City, duly passed at a regular meeting of the City Council (the "Council ") of the City held on the 16th day of October, 2001. 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 legal 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 said Ordinance; that all other requirements and proceedings incident to the proper passage of said Ordinance have been fully fulfilled, carried out and otherwise observed; and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand this /[p.- day of October, 2001. Summaries of Ordinances Adopted by the Port Angeles City Council on October 16, 2001 Ordinance No. 3099 This Ordinance of the City of Port Angeles, Washington, authorizes the issuance and sale of unlimited tax general obligation refunding bonds of the City in the aggregate principal amount of $2,995,000 to refund certain outstanding unlimited tax general obligation bonds of the City; authorizes the appointment of an escrow agent and the execution of an escrow agreement related to such refunding; provides the date and form of said bonds; provides for the disposition of the bond proceeds; provides for the annual levy of taxes to pay the principal of and interest on the bonds; and approves the sale of the bonds. Ordinance No. 3100 This Ordinance of the City of Port Angeles, Washington, authorizes the issuance of electric revenue refunding bonds in the principal amount of $2,560,000 to refund certain outstanding electric revenue bonds of the City; provides for the establishment of certain funds and accounts; makes other covenants and agreements in connection with the foregoing; and authorizes the sale of such bonds. The full texts of the 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. These Ordinances shall take effect five days after publication of these summaries. Becky J. Upton City Clerk Publish: October 21. 2001