Ordinance 2423ORDINANCE NO. 2423
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON,
RELATING TO LOCAL IMPROVEMENT DISTRICT NO. 210;
AUTHORIZING THE ISSUANCE AND SALE OF LOCAL IMPROVEMENT
DISTRICT BOND ANTICIPATION NOTES; AND AMENDING
SECTIONS 6 AND 8 OF ORDINANCE NO. 2237 TO PERMIT THE
ISSUANCE OF SUCH NOTES.
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. Section 6 of Ordinance No. 2237 is amended to
read as follows:
Section 6. Local Improvement District warrants or
local improvement district bond anticipation notes shall be
issued in payment of the portion of the cost and expense of the
improvement to be paid from special assessments, the warrants or
notes to be payable out of the Local Improvement Fund, District
No. 210, hereinafter created, to bear interest from the date
thereof at a rate not to exceed the maximum permitted by law and
to be redeemed in cash, additional short-term obligations,
and/or by local improvement district bonds herein authorized to
be issued. The costs and expenses of the improvement shall be
defrayed and the bonds shall be redeemed by the collection of
special assessments to be levied and assessed upon the property
within such district, payable in up to twenty-five (25) equal
annual installments, with interest at a rate to be hereafter
fixed by ordinance, payable up to twenty-seven (27) years after
the date of issue.
Section 2. Section 8 of Ordinance No. 2237 is amended to
read as follows:
Section 8. There is hereby created and established
for Local Improvement District No. 210 a special fund to be
known and designated as "Local Improvement Fund, District No.
210," into which fund shall be deposited the proceeds from the
sale of interest bearing warrants or bond anticipation notes
drawn against such fund which may be issued and sold by the
City, and the aggregate of the several amounts assessed, levied
and collected on the several lots and parcels of land in such
local improvement district; and against which fund shall be
issued cash warrants for the costs and expenses in connection
with such improvement as the same become due, and against which
fund shall be paid the bonds and the interest thereon.
Section 3. The portion of the presently total estimated
cost and expense of the improvements ordered to be carried out
in Local Improvement District No. 210 (the "District") by
Ordinance No. 2237 anticipated to be assessed against the spe-
cially benefitted properties in the District is $1,200,000.
Local improvement district bond anticipation notes of the
District (the "Notes") therefore shall be issued pursuant to
Chapter 39.50 RCW in the aggregate principal amount of
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$1,200,000 for the purpose of paying the cost and expense of
those improvements pending the receipt of special assessment
payments and the proceeds of local improvement district bonds of
the District. The Notes shall be numbered from 1 upward; shall
be in the denomination of $5,000 each or any integral multiple
thereof. The Notes shall be dated as of the date of their
issuance; shall mature February 1, 1985; shall bear interest at
the rate of 7 % per annum, payable at maturity, with full
obligation on the part of the City to pay interest at the same
rate from and after maturity until the Notes with interest are
paid in full or until sufficient money for such payment in full
is on deposit in the "Local Improvement Fund, District No. 210,"
created by Ordinance No. 2237, and the Notes have been duly
called for redemption by the City Finance Director's giving
written notice to the Purchaser of such call at least ten days
prior to the call date. The Notes shall not be subject to
redemption prior to their maturity date. Both principal of and
interest on the Notes shall be payable solely out of the "Local
Improvement Fund, District No. 210," from the proceeds of local
improvement district bonds authorized to be issued by such
ordinance or other short-term obligations to be deposited in
such fund and/or prepaid special benefit assessments deposited
in such fund, and from the Local Improvement Guaranty Fund of
the City, and shall be payable in lawful money of the United
States of America at the office of the City Finance Director in
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Edmonds, Washington. The City Council declares and finds that
the fixing of the above interest rate is in the best interests
of the City.
Section 4. The City is authorized to issue additional
short-term bond anticipation notes to mature within three years
of the date of issuance of the Notes to pay and redeem the Notes
at their maturity and the City Finance Director is authorized to
negotiate with various financial institutions and/or investment
banking firms which he may select for the sale of such notes.
The notes shall be sold at a negotiated sale, shall have such
option of prior redemption, shall mature on such date and shall
bear interest at such fixed or variable rate, but in no event to
exceed 12% per annum, payable at such time or times as the City
Finance Director shall determine.
Section 5. The Notes shall be printed or lithographed on
good bond paper or may be in typewritten or multicopied form in
a form consistent with this ordinance and state law. The Notes
shall be signed by the City Finance Director, and shall have the
seal of the City impressed or a facsimile of the seal printed
thereon.
Section 6. The City covenants that it will spend the
principal proceeds of the Notes with due diligence to completion
of the purposes specified in this ordinance and will make no use
of the proceeds of the Notes or other funds of the City at any
time during the term of the Notes which will cause the Notes to
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be arbitrage obligations within the meaning of Section 103(c) of
the United States Internal Revenue Code of 1954, as amended, and
the applicable regulations promulgated thereunder.
Section 7.
PEOPLES NATIONAL BANK OF WASHINGTON Seattle ,
Washington, (the "Purchaser") has submitted an offer to purchase
99.25
the Notes at a price of $_ per each $100 par value, the City to
furnish the printed, typewritten or multicopied Notes and the
approving legal opinion of Roberts & Shefelman, municipal bond
counsel of Seattle, Washington, at the City's expense. Bond
counsel shall not be required to review or express any opinion
concerning the completeness or accuracy of any official state-
ment, offering circular or other sales material issued or used
in connection with the Notes, and bond counsel's opinion shall
so state. The City Council, deeming that it is in the best
interest of the City that such offer be accepted, accepts the
same. The Notes shall, therefore, immediately upon their execu-
tion, be delivered to the Purchaser upon payment therefor in
accordance with such offer.
The principal proceeds received from the sale of the Notes
shall be paid into the "Local Improvement Fund, District No.
210," and used to pay a part of the cost of the improvements
ordered to be carried out by Ordinance No. 2237.
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Section 8. This ordinance shall take effect five days
after passage and publication by posting as provided by law.
APPROVED:
ATTEST/AUTHENTICATED:
C TY CLERK, Jacqueline G. Parrett
APPROVED AS TO FORM:
OFFICE OF T E CITY ORNEY:
By a•
FILED WITH THE CITY CLERK: April 3, 1984
PASSED BY THE CITY COUNCIL: April 3, 1984
POSTED: April 4, 1984
EFFECTIVE DATE: April 13, 1984
PUBLISHED: April 8, 1984
0282e
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AFFIDAVIT OF POSTING ORDINANCE
STATE OF WASHINGTON )
) ss:
COUNTY OF SNOHOMISH )
JACQUELINE G. PARRETT
, being first duly sworn
on oath deposes and says that she is over the age of eighteen (1.8)
years and is competent to testify as to the matter stated herein.
There is no official newspaper or other newspaper printed and
published within the City. In accordance with RCW 35A.12.160, on
the 4th day of
April
, 1984, affiant posted true and
correct copies of the attached Ordinance No. 2423 , passed by the
City Council on the 3rd day of April 19 84, at the
official posting places for City notices which are the public
bulletin boards at the following locations:
Edmonds Civic Center
250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Public Library
Civic Center, 250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Branch of United States Post Office
201 Main Street
Edmonds, Washington 98020
DATED this 5th day of April 1984 .
SUBSCRIBED AND SWORN to before me this day of
Q]ib-t-;0ary Publ'c a.n and for the
Stage o Washington, residing
at