Ordinance 4205ORDINANCE NO.4205
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON,
AUTHORIZING THE EXECUTION AND DELIVERY OF AMENDMENTS TO
CERTAIN DOCUMENTS IN CONNECTION WITH EXTENDING THE
MATURITY OF A PROMISSORY NOTE ISSUED BY THE EDMONDS
PUBLIC FACILITIES DISTRICT TO FIRST FINANCIAL NORTHWEST
BANK; AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH; AND FIXING A TIME WHEN THE SAME SHALL BE
EFFECTIVE.
THE CITY COUNCIL OF THE CITY OF EDMONDS DOES ORDAIN AS FOLLOWS:
Section 1. Findings and Determinations. The City Council makes the following
findings and determinations:
1.1 Pursuant to chapter 67.28 RCW, the City of Edmonds, Washington (the "City"), is
authorized to acquire and operate "tourism -related facilities."
1.2 RCW 67.28.130 authorizes the City and the Edmonds Public Facilities District (the
"District") to participate in the financing of all or any part of a tourism -related facility on such
terms as may be fixed by agreement between the respective legislative bodies without submitting
the matter to a vote of the electors thereof, unless the provisions of the general laws of the State of
Washington applicable to the incurring of indebtedness require such submission.
1.3 Pursuant to RCW 67.28.130, Ordinance No. 3676, adopted by the City Council on
January 15, 2008, and Ordinance No. 3687, adopted by the City Council on June 3, 2008, the City
authorized the execution and delivery of a Contingent Loan Agreement (the "Original Contingent
Loan Agreement") with the District to provide credit support for $4,000,000 aggregate principal
amount of Sales Tax Obligation and Refunding Bonds, 2008, issued by the District (the "Bonds").
1.4 The District issued its Edmonds Public Facilities District Promissory Note, 2018
(the "Note") in the principal amount of not to exceed $3,000,000 to repay and redeem the Bonds
and to pay costs of issuance and sale of the Note.
1.5 In connection with the issuance of the Note by the District, the City and the District
amended and restated the Original Contingent Loan Agreement to provide credit support for the
Note (as so amended, the "Contingent Loan Agreement"), and the City entered into an assignment
of deposit account (the "Collateral Agreement") with First Financial Bank (the "Bank") setting
forth the terms and conditions upon which the City purchased a certificate of deposit from the
Bank in an amount equal to the principal amount of the Note to secure payment by the District of
the principal of the Note.
1.6 The District authorized the issuance of the Note pursuant to District Resolution
No. 2018-03 (the "District Resolution"). Pursuant to Section 15(b) of the District Resolution, the
FG:54076310.1
consent of the City is required for certain amendments to the PFD Resolution, including any
amendment authorizing the extension of maturity of the Note.
1.7 The District has informed the City that the District and the Bank have agreed to
modify the terms of the Note to extend the maturity of the Note, and the City Council has
determined that it is in the best interest of the City to authorize the amendment of certain
documents required in connection with the extension of the maturity of the Note.
Section 2. Approval of Amendment to Contingent Loan Agreement. The Mayor is
authorized and directed, on the City's behalf, to execute and deliver an amendment to the
Contingent Loan Agreement that permits the maturity of the Note to be extended from
December 31, 2028, to December 31, 2029, and that extends the maturity of loans made under the
Contingent Loan Agreement from December 31, 2028, to December 31, 2029.
Section 3. Approval of Amendment to Collateral Agreement. The Mayor is
authorized and directed, on the City's behalf, to execute and deliver an amendment to the Collateral
Agreement that extends the maturity of the Collateral Agreement from December 31, 2028, to
December 31, 2029.
Section 4. Consent to Amendment of District Resolution. The Mayor is authorized
and directed, on the City's behalf, to execute and deliver a consent to amendment of the District
Resolution that permits the maturity of the Note to be extended from December 31, 2028, to
December 31, 2029, and that permits no principal payment to be made on the Note on
December 31, 2020.
Section 5. Authorization and Ratification. The Administrative Services Director, the
Mayor, and the other appropriate officers of the City are authorized and directed to take any actions
and to execute such documents as in their judgment may be necessary or desirable to carry out the
terms of, and complete the transactions contemplated in connection with, this ordinance, the
Contingent Loan Agreement, the Collateral Agreement, and the District Resolution. All actions
previously taken in furtherance of and not inconsistent with the provisions of this ordinance are
hereby ratified and confirmed in all respects.
FG:54076310.1
Section 6. Effective Date. This ordinance shall take effect and be in full force from
and after its passage and five days following its publication as required by law. This ordinance is
the exercise of a power delegated to the City Council and is not subject to referendum.
PASSED by the City Council at a regular open public meeting thereof this I' day of
December, 2020.
ATT 5
C it E erk
APPROVED AS TO FORM:
f�-s u., q!� P, C.
Foster Garvey P.C., Bond Co el
FILED WITH THE CITY CLERK:
PASSED BY THE CITY COUNCIL
PUBLISHED:
EFFECTIVE DATE:
FG:54076310,1
M or
November 27, 2020
December 1, 2020
December 4, 2020
December 9, 2020
ORDINANCE SUMMARY
of the City of Edmonds, Washington
On the 1st day of December, 2020, the City Council of the City of Edmonds, passed the following
Ordinance, the summary of said ordinance consisting of title is provided as follows:
ORDINANCE NO.4205
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON,
AUTHORIZING THE EXECUTION AND DELIVERY OF AMENDMENTS TO
CERTAIN DOCUMENTS IN CONNECTION WITH EXTENDING THE
MATURITY OF A PROMISSORY NOTE ISSUED BY THE EDMONDS
PUBLICFACILITIES DISTRICT TO FIRST FINANCIAL NORTHWEST
BANK; AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH; AND FIXING A TIME WHEN THE SAME SHALL BE
EFFECTIVE.
The full text of this Ordinance will be mailed upon request.
DATED this lst Day of December, 2020.
CITY CLERK, SCOTT PASSEY
FG:540763 10.1
Everett Daily Herald
Affidavit of Publication
State of Washington }
County of Snohomish } ss
Dicy Sheppard being first duly sworn, upon
oath deposes and says: that he/she is the legal
representative of the Everett Daily Herald a
daily newspaper. The said newspaper is a legal
newspaper by order of the superior court in the
county in which it is published and is now and
has been for more than six months prior to the
date of the first publication of the Notice
hereinafter referred to, published in the English
language continually as a daily newspaper in
Snohomish County, Washington and is and
always has been printed in whole or part in the
Everett Daily Herald and is of general
circulation in said County, and is a legal
newspaper, in accordance with the Chapter 99
of the Laws of 1921, as amended by Chapter
213, Laws of 1941, and approved as a legal
newspaper by order of the Superior Court of
Snohomish County, State of Washington, by
order dated June 16, 1941, and that the annexed
is a true copy of EDH914918 ORDINANCE 4205
as it was published in the regular and entire
issue of said paper and not as a supplement
form thereof for a period of 1 issue(s), such
publication commencing on 12/04/2020 and
ending on 12/04/2020 and that said newspaper
was regularly distributed to its subscribers
during all of said period.
The amount of the fee for such public ion is
$26.071 r-1A _ - I
Subscribed and sworn a re me on this
day of
' t
Notary Public in and for the State of
Washington.
City of Edmonds - LEGAL ADS 114101416
SCOTT PASSEY
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Classified Proof
ORDINANCE SUMMARY
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INANC�N�. A206
AN ORDtNANC oRDF - I �.fTS OF EOMONDS,
WASHINGTON. AUTHORIZING THE EXECUTION AND
09L[VERY OF AMENDMENTS TO CERTAIN DOCUMENTS
IN CONNECTION WITH EXTENO ING THE MATURITY OF -A
PROMISSORY NOTE ISSUED BY THE EDMONDS
PUBLICFACILITIES DISTRICT TO FIRST FINANCIAL
NORPN OT BANK; ALITHORI73NG CERTAIN OTHER
ACTIONS IN CONNECTION THEREWITH; AND FIXING A
TIME WHEN THE SAME SHALL BE EFFECTIVE
The hull Mai of theca Ordna noes Will Dom 111111d upon re4quesl.
DATED Irlla 10 Day dS I]ecember. 2020.
CITY CLERK. SO OTT PASSEY
Published: December4, 2020. ED11914918
Proofed by Sheppard, Dicy, 12/04/2020 04:46:42 pm Page: 2