Ordinance 2907CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 2907
AN ORDINANCE RELATING TO THE FINANCES OF THE CITY,
AMENDING ORDINANCES NOS. 2903 AND 2904 AND OTHERWISE
RATIFYING AND CONFIRMING THOSE ORDINANCES.
WHEREAS, by Ordinance No. 2903 passed on December 8,
1992, the City authorized the issuance and sale of $7,805,000
Water and Sewer Revenue Refunding Bonds, 1992 for the purpose of
refunding certain outstanding bonds of the City; and
WHEREAS,. by Ordinance No. 2904 passed on December 8,
1992, the City authorized the issuance and sale of $5,785,000
Water and Sewer Revenue and Refunding Bonds, 1993, for the
purpose of providing part of the funds to carry out a plan or
system for the construction or acquisition of certain
improvements of the water works utility and to refund certain
other outstanding bonds of the City; and
WHEREAS, it has come to the attention of the City
Council that certain corrections should be made to those
ordinances in conformity with the intentions of the Council and
the purchase contracts entered into between the City and Seattle -
Northwest Securities Corporation for the purchase and sale of
those bonds as authorized by such ordinances; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN, as follows:
0050460.02
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Section 1. The definition of "Refunding Plan"
appearing in Section 1 on page 8 of Ordinance No. 2903 should be
and hereby is amended to read as follows:
"Refunding Plan" means:
(a) the placement of sufficient proceeds of the Bonds
which, with other money of the City, will acquire the
Acquired Obligations to be deposited with cash with the
Refunding Trustee;
(b) the call, payment and redemption of the
outstanding 1983 Refunded Bonds on May 1, 1993, at 102%
of par;
(c) the payment of the interest on the 1988 Refunded Bonds
when due up to and including December 1, 1998, and, on
December 1, 1998, the call, payment and redemption of all of
the outstanding 1988 Refunded Bonds at par;
(d) the payment of the costs of issuing the Bonds and
carrying out the Refunding Plan.
Section 2. The title of Ordinance No. 2904 appearing
on the first page of such ordinance should be and hereby is
amended to read as follows:
AN ORDINANCE relating to the combined water and
sewerage systems comprising the waterworks utility of
the City; specifying and adopting a plan or system for
the construction of certain improvements of that
waterworks utility; declaring the estimated cost
thereof as nearly as may be; providing for the issuance
of $5,785,000 par value Water and Sewer Revenue and
Refunding Bonds, 1993, for the purpose of providing a
part of the funds to carry out that plan or system for
the construction or acquisition of certain improvements
of the waterworks utility of the City specified and
adopted herein, and refund a portion of the City's
outstanding Water and Sewer Revenue Bonds, 1988;
providing for and authorizing the purchase of certain
obligations out of a portion of the proceeds of the
sale of the bonds authorized herein and for the use and
application of the money derived from those
obligations; authorizing the execution of an agreement
with a refunding trustee; fixing the date, form,
maturities, interest rates, terms and covenants of
those bonds; providing for the sale and delivery of
those bonds to Seattle -Northwest Securities Corporation
0050460.02
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of Seattle, Washington; and establishing an effective
date of this ordinance.
Section 3. The eighth recital appearing on page 5 of
Ordinance No. 2904 should be and hereby is amended to read as
follows:
WHEREAS, there are presently outstanding
$2,060,000 principal amount of 1988 Bonds maturing on
December 1 in the years 1999 through 2001, inclusive
(the 111988 Refunded Bonds") bearing interest at various
rates from 7.30% to 7.50% per annum; and
Section 4. The fourteenth recital appearing on page 6
of Ordinance No. 2904 should be and hereby is amended to read as
follows:
WHEREAS, the City Council has determined it is
necessary and in the best interest of the City that
there be adopted a plan or system for certain
improvements of the System, consisting of paying 54.22%
of the cost of constructing or acquiring a public works
facility, being that portion of the facility to be used
for the System, and the expansion of the City's share
of the capacity of the sewerage treatment plant in
Lynnwood, and that the City issue its $3,505,000 par
value water and sewer revenue bonds for the purpose of
paying the cost of carrying out that plan or system;
and
Section 5. The definitions of 111988 Refunded Bonds"
and 111992 Bonds" appearing on page 8 in Section 1 of Ordinance
0050460.02
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2904 should be in the same and hereby are amended, respectively,
to read as follows:
111988 Bonds" means the outstanding Water and Sewer
Revenue Bonds, 1988, of the City issued under date of
September 1, 1988, pursuant to Ordinance No. 2678
maturing up to and including December 1, 1998.
111988 Refunded Bonds" means the 1988 Bonds
maturing on December 1 of each of the years 1999
through 2001, inclusive.
Section 6. Section 2 of Ordinance No. 2904 beginning
on page 11 should be in the same and hereby is amended to read as
follows:
Section 2. Plan or System Adopted. The City
specifies, adopts and orders the carrying out of a plan
or system for the construction or acquisition of
improvements of the System, consisting of the
construction or acquisition of a portion of a public
works facility, that portion of which is to be used by
the System, at an estimated cost of $2,055,000 for the
portion to be used by the System, which cost shall be
paid from part of the proceeds of the bonds authorized
herein, and expansion of the capacity of the City at
the Lynnwood sewerage facilities pursuant to the
"Amendment to Agreement for Joint Use of Sanitary
Sewerage Facilities between City of Edmonds and City of
Lynnwood" entered into on May 4, 1990, at a cost of
$1,450,000, which cost shall be paid by a portion of
0050460.02
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the proceeds of the bonds authorized herein, for a
total cost of $3,505,000.
Section 7. Section 4 of Ordinance No. 2904 beginning
on page 13 should be in the same and hereby is amended to read
follows:
Section 4. Purpose and Description of Bonds. For
the purpose of providing the funds to pay the cost of
carrying out the Plan of Additions, to pay the cost of
carrying out the Refunding Plan and to pay the costs of
issuance of the Bonds ("costs of issuance"), the City
shall issue the Bonds in the principal amount of
$5,785,000.
The Bonds shall be dated January 1, 1993; shall be
in the denomination of $5,000 or any integral multiple
thereof within a single maturity; shall be numbered
separately in the manner and with any additional
designation as the Bond Registrar (collectively, the
fiscal agencies of the State of Washington located in
Seattle, Washington, and New York, New York) deems
necessary for purposes of identification; and shall
bear interest at the rates set forth below (computed on
the basis of a 360 -day year of twelve 30 -day months),
payable on June 1, 1993, and semiannually thereafter on
each succeeding December 1 and June 1, and shall mature
on December 1 in years and amounts as follows:
Maturity Interest
Years Amounts Rates
1993 130,000 3.00%
0050460.02
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1994
125,000
3.60
1995
130,000
4.10
1996
185,000
4.40
1997
210,000
4.70
1998
225,000
4.90
1999
725,000
5.00
2000
925,000
5.20
2001
845,000
5.40
2002
105,000
5.55
2003
135,000
5.70
2004
140,000
5.90
2005
145,000
6.00
2006
130,000
6.05
2007
130,000
6.15
2008
205,000
6.20
2013
1,295,000
6.25
The following table sets forth the maturity years
and principal amounts of the Bonds issued to carry out
the Refunding Plan:
Maturity
Years Amounts
1993
$ 35,000
1994
25,000
1995
25,000
1996
25,000
1997
30,000
1997
30,000
1998
30,000
1999
660,000
2000
705,000
2001
745,000
Section 8. Except as hereby amended, Ordinances Nos.
2903 and 2904 are ratified and confirmed in all other respects
and all actions heretofore taken in furtherance of the purposes
of such ordinances or the carrying out of the purchase contracts
authorized to be entered into between the City and Seattle -
Northwest Securities Corporation are ratified and confirmed in
all respects.
0050460.02
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Section 9. Effective Date. This ordinance, being an
exercise of a power delegated to the City legislative body, is
not subject to referendum, and shall take effect five days after
its passage and publication.
PASSED by the City Council of the City of Edmonds,
Washington, at a regular open public meeting thereof and APPROVED
by the Mayor this 22nd day of December, 1992.
CITY OF EDMONDS, WASHINGTON
By
Mayor
ATTEST:
FORM APPROVED:
,, X
Bond Counsel
FILED WITH THE CITY CLERK: December 18, 1992
PASSED BY THE CITY COUNCIL: December 22, 1992
PUBLISHED: December 25, 1992
EFFECTIVE DATE: December 30, 1992
ORDINANCE NO. 2907
0050460.02
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AN
1992,
Wafer
tions to bi
(b) the cc
RRefunded
(C) the pl
age
STATE OF WASHINGTON,
COUNTY OF SNOHOMISH,
2903 passed on December 8
ssuance and sale of $7,805,006
ding Bonds, 1992 for the purpose
bonds of the City; and
2904 passed on December 8
ssuance and sale of 55,785,006
Refunding Bonds, 1993, for the
e funds to carry- out a plan or
acquisition of certain Improve -
and to refund certaIn. other
attention of the City Council that
de to those ordinances In confor-
uncll and the purchase contracts
Ind Seattle -Northwest Securities
d sale of those bonds as author -
CITY OF EO,`MONDS, WASHING -
"Refunding Plan" appearing in
R No. 2903 should be and hereby
on May 1, 7993 aTon the Ithe Or ar,
of the Interes4 1 r Refunded Bonds'
> and Including December 1, 1998, and, on
,8 the toll, payment and redemption of all of
9h8 Refunded Bonds at par'
Of the costs of Issuing the.donds and carrying
p Plan.
le of Ordinance No. 2904 appearing on the first
ince should be and hereby is amended to read
:E relating to the combined water and sewer.
as
ton; and establishing an errective care or mis oraman—
Section 3. The eighth recital appearing on.pope Sof Ordinance
N6.-2903";'fiould be and hereby is amended to read as follows:
WHEREAS, there ore presently outstanding.$2,060,000 princl-
al amount of 1988 Bonds maturing on December 1 In the years
bearing through 2001,
variousvrafesefrom87:30%, toe7.50% per
annum; and
Section 4.' The fourteenth 'recital appearing on page 6 of
OrdI M%%7Ro.2904 should be and hereby Is amended to read os
follows: '
I WHEREAS,'ihe City Council has determined It Is necessary
I and In the best Interest of the City that there be adopted a plan
or system for. certain Improvements of the System, consisting
of paying 54.22% of the cost of constructing or acquiring a
public works facility being that portion of the focility 10 be used
for the System, ana the expansion of the City's share of the
capacity of the sewerage treatment plant in Lynnwood, and
that the City Issue Its 33,505,000 par value water and sewer
revenue bonds for the purpose of paying the cost -of carrying.
I out that plan or system; and
Section S. The definitions of "1988 Refunded Bbnds" and "1992
B61fdS-SRbearing on page 8 In Section 1 of Ordinance 2904
S
hould be in the some and hereby are amended,. respectively, to
read as follows:
'1988 Bonds" means the outstanding Water and Sewer
Revenue Bonds, 1988 of the City issued under date of Septem-
ber 1, 1988 pursuant to to No. 2678 maturing up to and i
including Becember 1, 1998.
1988 Refunded Bonds" meons the 1988 Bonds mat. on.
December 1 of each of the yeors,1999 through -2001, InclusPve.
Section 6. Section 2 of Ordinance No. 2904 bbolnnin00 on age it
sh15M37B M the some and hereby Is omended•to,reocl:os follows.
)f the construction or acquisition: aT a
;s facility, that portion'of which is to be
an estimated cost of, $2,055,000 for the I
herein, for a total cost otiwAuMuu.
4 of Ordinance No. 2904 beginning on page 13 '
,a
-6 herehv Is amended to.read as follows:
5 of, issuance of the. Bonds ("costs of
shall Issue the Bonds in the principal
Affidavit of Publication
The undersigned, being first duly sworn on oath deposes and says
that she is Principal Clerk of THE HERALD, a daily newspaper
printed and published in the City of Everett, County of Snohomish,
and State of Washington; that said newspaper is a newspaper of
general circulation in said County and State; that said newspaper
has been approved as a legal newspaper by order of the Superior
Court of Snohomish County and that the notice ........................................
G.it.y..of Edmonds
......................................................................................
Ordinance No. 2907
......................................................................................................................................
a printed copy of which is hereunto attached, was published in said
newspaper proper and not in supplement form, in the regular and
entire edition of said paper on the following days and times,. namely:
December 25, 1992
.................................................................................................................................. ..
......................................................................................................................................
and that said -newspaper was regularly distributed to its subscribers
during all of ii period.
/ rinclpal Clerk
Subscribed and sworn to before me this ....... 28th..........
_.. .da of..
.. e
............ I....... crnb..
.......... .:::.../f992....
............. e%ifi.✓.Y.-.,ti�:�fr:"�✓�', .,.�� ..... . ��
• tary Public in nd for.the S'tateVof Was'I It on,
residing at Everett, Snohomish County.
or
and
I Or e
of 1
1488 ttetuneee bones at par,
of the costs of Issuing the Bonds and carrying
C Pion.
He of Ordinance No. 2904 appearing on the first
once should be and hereby Is amended to read
;E relating to the combined wafer and sewer.
imprising the waterworks utility of the City;
adopting a plan or system for the construction
rvements of that waterworks utility; declaring
)st thereof as nearly as may'be; providing for
5,785,000 per value Water and Sewer Revenue
onds, 1993 for the purpose of providing a part
orry out got pion or system for the construc-
an
a
ous rates from 7;30% to 7.50% per
Ith 'recital appearing on page 6 of
be and hereby Is amended to read as
)uncil has determined It Is necessary
I that the City Issue Its $3,505,000 par value water and sewer
revenue bonds for the purpose of paying the cost of carrying.
out that pion or system; and -
Section 5. The definitions of "1988 Refunded Bonds" and 111992
Bones -Sllpearing on page 8 in Section 1 of .Ordinance 2904
should be In the some and hereby are amended, respectively, to
j read as follows:
1988 Bonds" means the outstanding Water and ewer.
Revenue Bonds, 1988, of the City Issued under date of SepfeM.
ber 1, 1988 pursuant to Ordinance No. 2678 maturing up fo and I
Including december 1, 1998.
1988 Refunded Bonds" means the 1988 Bonds maturing on
December 1 of etch of the years 1999 through°2001, Inclusive. I
Section 6. Section 2 of Ordinance No. 2904 bbglnninp on age 11
shaUrd'WM the some and hereby Is amended to'read os follows:
Section 2. Plan -or System Adopted; The City specifies, odogs
a plan or system for the
construction or acquisition of Improvementsof the System,
consisting
ubtle works facilltvntthhat construction
of whichit to be used b the
ed Into on May 4, 1990, at a cost of $1 450 000,
be paid by a portion of the proceeds o/ the
herein, for a total cost of 53,505,000.
4 of Ordinance No. 2904 beginning on page 13
1e and hereby is amended to repel as follows:
dated January 1, 1993; shall be In the
or any Integral multiple thereof within a
1993 and semiannually thereafter on each succeeding Decem-
ber S and June 1, and shall mature on December 1 in years and
amounts as follows:
Maturity Interest
Years Amounts - - Rates
1993 130,000 3.00%
1994 125,000 - 3.60
225,000
725,000
925,000
845,000
105,000
135,8pfi.
....140,000
145,000
130,000
130,000
yppg
20.j000 .6.20
2013 '
1,295,000 6.25
The-foilowI toble'sets'f9rth the maturity years and princl-
'Bonds the Refunding
rl amounts of the
Plan::
Issued to carry out
Maturity
.
.
Years'
Amounts
: 250 0
.' 1994 .. f.
1996 ..,
25 000 '
f 1 �;;.;,_ ^.: q
1997 7.r!
30000
1998 -:f
2000
30,000
7/9056000
745, 00
'Sectlofr 9; �ftectlye Date. This ordinance, being an exercise of
d nTFVttyy legislativebody, Isnot sublect to
erepdum; an shall take effect flue days after, its passage and
Ubllcoiton;z L
RASSED.bY the.CfjY CoundPof the CHY'of Edmonds 'Washing-
in,.dEa,rg alaropenpublic meeting thereof and APPROVED by
ie'//aYofis 22rjil.daY of December 1992.
=. CITY: OF EDIAONDS; WASHINGTON
NALL, Mayor
a printed copy of which is hereunto attached, was published in said
newspaper proper and not in supplement form, in the regular and
entire edition of said paper on the following days and times, namely:
December'25, 1992
..............................................................................................
......................................................................................................................................
and that said .newspaper was regularly distributed to its subscribers
during all of sai� period.
l { %:_ .�.r_.
.................. ...
r>,nclpal Clerr
k`"
Subscribed and sworn to before me this....... 8 t h
--day of.... : ........... )..D ceab ... r.... `�g92
/l
�N�tary Public in 'nd fo'r the gat i Was�u gton,
residing at Everett Snohomish County.