Ordinance 2587CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 2587
AN ORDINANCE relating to Local Improvement
District No. 212; fixing the amount, form, date,
interest rate, maturity and denominations of the
Local Improvement District No. 212 Bonds; providing
for the sale of such bonds; and fixing the interest
rate on Local Improvement District No. 212 assessment
installments.
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN as follows:
Section 1. The total amount of the assessment roll in
Local Improvement District No. 212 in the City of Edmonds,
Washington (the "City"), created under Ordinance No. 2384,
passed July 19, 1983, was $87,783.36. The 30-day period for
making cash payments of assessments without interest in the
District expired on October 14, 1986, and the total amount of
assessments paid in cash was $21,668.76, leaving a balance of
assessments unpaid on the assessment roll in the sum of
$66,114.60. Local Improvement District No. 212 Bonds (the
"Bonds") therefore shall be issued in the total principal amount
of $66,114.60. The Bonds shall be dated November 17, 1986,
shall mature on November 17, 1998, and shall be numbered from 1
to 14, inclusive, in the manner and with any additional designa-
tion as the Director of Administrative Services and Finance
Director of the City, who is appointed Bond Registrar for the
Bonds, deems necessary for the purpose of identification. Bond
No. 1 shall be in the denomination of $1,114.60 and Bonds Nos. 2
to 14, inclusive, shall be in the denomination of $5,000.00
each. Interest shall be computed on the basis of a 360-day year
of twelve 30-day months. The Bonds shall bear interest at the
rate of 7.00% per annum, payable annually beginning November 17,
1987.
The Bonds shall be issued only in registered form as to
both principal and interest on books or records maintained by
the Bond Registrar (the "Bond Register"). Such Bond Register
shall contain the name and mailing address of the owner of each
Bond and the principal amount and number of Bonds held by each
owner.
--Bonds may be transferred only if endorsed in the manner
provided thereon and surrendered to the Bond Registrar. The
transfer of a Bond shall be by the Bond Registrar's receiving
the Bond to be transferred, cancelling it and issuing a new
certificate in the form of the Bonds to the transferee after
registering the name and address of the transferee on the Bond
Register. The new certificate shall bear the same Bond number
as the transferred Bond but may have a different inventory
reference number or control number. Such exchange or transfer
shall be without cost to the owner or transferee.
Both principal of and interest on the Bonds shall be
payable solely out of the Local Improvement Fund, District No.
212 (the "Bond Fund") and from the Local Improvement Guaranty
Fund of the City, and shall be payable in lawful money of the
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United States of America. Interest on the Bonds shall be paid
by check or draft mailed to the registered owners at the
addresses appearing on the Bond Register fifteen calendar days
preceding the interest payment date. The principal of the Bonds
shall be payable upon presentation and surrender of the Bonds by
the registered owners at the Bond Registrar in Edmonds,
Washington.
The City reserves the right to redeem the Bonds prior to
their stated maturity on any interest payment date, in numerical
order, lowest numbers first, at par plus accrued interest,
whenever there shall be sufficient money in the Bond Fund to pay
the Bonds so called and all earlier numbered Bonds over and
above the amount required for the payment of the interest on all
unpaid Bonds, by mailing, not less than 15 nor more than 30 days
prior to the date fixed for redemption, notice of such redemp-
tion by first class mail, postage prepaid, to the registered
owner of any Bond to be redeemed at the address appearing on the
Bond Register. The requirements of this section shall be deemed
to be complied with when notice is mailed as herein provided
whether or not it is actually received by the owner of any
Bond. The interest on the Bonds so called for redemption shall
cease on the date fixed for redemption unless such Bond or Bonds
so called are not redeemed upon presentation made pursuant to
such call.
Section 2. The Bonds shall be printed, lithographed or
typed on good bond paper in a form consistent with the
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provisions of this ordinance and state law, shall be signed by
the Mayor and the City Clerk, both of whose signatures shall be
in facsimile, and shall have a facsimile reproduction of the
seal of the City printed thereon.
Only such Bonds as shall bear thereon a Certificate of
Authentication in the following form, manually executed by the
Bond Registrar, shall be valid or obligatory for any purpose or
entitled to the benefits of this ordinance:
CERTIFICATE OF AUTHENTICATION
This bond is one of the fully registered City of
Edmonds, Washington, Local Improvement District No.
212 Bonds described in the within mentioned ordinance.
By
Director of Administrative
Services and Finance Director
of the City of Edmonds,
Washington, Bond Registrar
Such Certificate of Authentication shall be conclusive evidence
that the Bonds so authenticated have been duly executed, authen-
ticated and delivered hereunder and are entitled to the benefits
of this ordinance.
In case either or both of the officers who shall have
executed the Bonds shall cease to be such officer or officers of
the City before the Bonds so signed shall have been authenti-
cated or delivered by the Bond Registrar, or issued by the City,
such Bonds nevertheless may be authenticated, delivered and
issued and upon such authentication, delivery and issuance,
shall be as binding upon the City as though those who signed the
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same had continued to be such officers of the City. Any Bond
also may be signed on behalf of the City by such persons as at
the actual date of execution of such Bond shall be proper
officers of the City although at the original date of such Bond
any such person shall not have been such officer of the City.
Section 3. The Bond Registrar shall keep, or cause to be
kept, at its principal corporate trust office, sufficient books
for the registration and transfer of the Bonds, which shall at
all times be open to inspection by the City. 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
and Ordinance No. 2451 of the City.
The Bond Registrar shall be responsible for its representa-
tions contained in the Registrar's Certificate of Authentication
on the Bonds.
Section 4. The Bonds shall be negotiable instruments to
the extent provided by RCW 62A.8-102 and 62A.8-105.
Section 5. The City covenants that it will neither make
nor permit any use of proceeds of the Bonds or other funds of
the City at any time during the term of the Bonds which will
cause the Bonds to be arbitrage bonds within the meaning of
Section 148 of the United States Internal Revenue Code of 1986
and applicable regulations promulgated thereunder. Further, the
City covenants that, if all proceeds of the Bonds have not been
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spent within six months from the date of issuance of the Bonds,
it will calculate, or cause to be calculated, and rebate to the
United States all earnings from the investment of Bond proceeds
that are in excess of the amount that would have been earned had
the yield on such investments been equal to the yield on the
Bonds, plus all income derived from such excess earnings, to the
extent and in the manner required by Section 148 of such Code
and such applicable regulations. In the event the City shall
fail to meet the rebate requirements applicable to the Bonds
under Section 148 of such Code, the City covenants that, to the
extent permitted by that Section, it shall pay the penalty
provided in Subsection 148(f)(7)(C) if required to prevent a
loss of the tax exemption for interest on the Bonds.
The City has not been notified of any listing or proposed
listing by the Internal Revenue Service to the effect that the
City is a bond issuer whose arbitrage certifications may not be
relied upon.
Section 6. The City finds and declares that it is a duly
organized and existing governmental unit of the State of
Washington and has general taxing power; that no Bond which is
part of this issue of Bonds is a "private activity bond" within
the meaning of Section 141 of the Internal Revenue Code of 1986;
that at least 95 percent of the net proceeds of the Bonds will
be used for local governmental activities of the City (or of a
governmental unit the jurisdiction of which is entirely within
the jurisdiction of the City); and that the aggregate face
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amount of all tax-exempt obligations (other than private
activity bonds) issued by the City and all entities subordinate
to the City (including any entity which the City controls or
which derives its authority to issue tax-exempt obligations from
the City) during the current calendar year is not reasonably
expected to exceed $5,000,000. The City therefore certifies
that it is an issuer which qualifies for the small governmental
issuer arbitrage rebate exemption under Section 148(f)(4)(C) of
the Internal Revenue Code of 1986.
Section 7. The City has determined and certifies that (a)
the Bonds are not "private activity bonds" within the meaning of
Section 141 of the Internal Revenue Code of 1986; (b) the
reasonably anticipated amount of tax-exempt obligations (other
than private activity bonds) which the City and any entity
subordinate to the City (including any entity which the City
controls or which derives its authority to issue tax-exempt
obligations from the City) will issue during the calendar year
in which the Bonds are issued will not exceed $10,000,000; and
(c) the amount of tax-exempt obligations, including the Bonds,
designated as "qualified tax-exempt obligations" for the
purposes of Section 265(b)(3) of the Internal Revenue Code of
1986 or any predecessor provision of federal law by the City
during the calendar year in which the Bonds are issued does not
exceed $5,000,000. The City designates the Bonds as "qualified
tax-exempt obligations" for the purposes of Section 265(b)(3) of
the Internal Revenue Code of 1986.
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Section 8. The Bonds shall be sold by the City under the
terms and conditions set forth herein at a price of par plus
accrued interest from the date of the Bonds to the date of their
delivery to the purchasers, the City to furnish the printed
Bonds and the approving legal opinion of Roberts & Shefelman,
municipal bond counsel of Seattle, Washington, at the City's
expense. Bond counsel's opinion shall be given on a date agreed
upon between the City and bond counsel, and bond counsel is not
retained to give an opinion on and bond counsel's opinion shall
not apply or relate to events occurring after that date. Bond
counsel is not retained for the purpose of reviewing and shall
not be required to review or express any opinion concerning the
completeness or accuracy of any official statement, offering
circular or other sales material issued or used in connection
with the Bonds, and bond counsel's opinion shall so state.
The proper City officials are authorized and directed to do
everything necessary for the prompt sale and delivery of the
Bonds to the purchasers of the Bonds and for the proper applica-
tion and use of the proceeds of the sale thereof.
Section 9. The interest rate on the installments and
delinquent payments of the special assessments in Local
Improvement District No. 212 are revised and fixed at the rate
of 7.50% per annum.
Section 10. This ordinance, being an exercise of a power
specifically delegated to the City legislative body, is not
subject to referendum and shall take effect five days after its
passage and publication.
�C-
MAYOR,XLKJRRY S. NAUGHTEN
ATTEST/AUTHENTICATED:
CI Y CLERK, JACQUELINE PARRETT
APPROVED AS TO FORM:
OFFICE OF THE_CITY ATTORNEY:
BY
FILED WITH THE CYTY CLERK: October 31, 1986
PASSED BY THE CITY COUNCIL: November 3, 1986
PUBLISHED: November 8, 1986
EFFECTIVE DATE: November 13, 1986
ORDINANCE NO. 2587
0614e
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STATE OF WASHINGTON,
COUNTY OF SNOHOIAISH,
V ORDINANCE �JO. 2587 V
AN ORDINANCE relating to Local Improvement District No.
212. fixing the amount, form, date, Interest rate, maturity and
- denominations of the Local Improvement District No. 212
Bonds; ,providing for the sale of such bonds; and fixing the
interest rate of Local Improvement District No. 212 assess.
mint installments.
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHING.
I as th
of the
The Bonds shall be issued only in registered form as to both
:principal and Interest on books or records maintained by the
Bond Registrar (the "Bond Register"). Such Bond Register shall
contain the name and moiling address of the owner of each Bond
and the principal amount and number of Bonds held by each
owner.
Bonds may be transferred only if endorsed In the manner
Provided .thereon and surrendered to the Bond Registrar. The
transfer. of a Bond sholLbe by the Bond Registrar's receivingg the
Bond to be, transferred, cgnceliing it and issuing a new certificote
in the form of the Bonds to the transferee offer registering the
name and address of the transferee on the Bond Register. The
new certificate shall. bear the some Bond number as the irons-.
tarred Bond .but may hove o different Inventory reference
number or, control number. Such exchange or transfer shall be
without cost to the owner or transferee.
Both principal of and interest on the Bonds shall be payable
solely out of the Local Improvement Fund, District No. 212 (the
Bond Fund") and from the Local Improvement Guaranty Fund of
the City and shall be payable in lawful money of the United
States of America: Interest on the Bonds shall be Paid by check or
or
710., LEGAL NOTICE - -
uthenticated have been duly exill
.d hereunder and are entitled to the b
both of the officers who shall have
ase'to be such officer or offlccers of
so sloned shall. have been nuthentl
Any
any such person
or cause to be Re
d books for the i
If at all times be
trar is authorize
: vorn on oath deposes and says
Registrarrshall be rasponsible'for its representations
the Registrars certificate of Authentication on the J' HERALD, a daily newspaper
The Bonds shall be negotiable instruments to the ,
led by RCW 62A.8.102 and 62A.8-105;` Everett County of Snohomish
The City covenants that .it will neither make nor i , ouny
ise of proceeds of the Bonds or other funds of the City
during the term of the Bonds which will cause the newspaper is a newspaper of
arbitrage bonds•within'the meaning of Section 148 of
tales Internal Revenue Code of 1986 and'applicable ,
iromulgated thereunder. Further, the.City covenants rid State; that said newspaper
oceeds of the Bonds have not been.spent within six
the date of Issuance of the Bonds, It will calculate, or
calculated, and rebate to the United States all paper by order Of the Superior
nthe Investment of Bondproceeds that are in excess
,t that would have been earned had the yield onsuch the notice ........................................
been equal to the yield on the Bonds, plus all Income ,
requirements applicable to the Bonds under Section 148 of such
Code, the City covenants that, to the extent peemitted'byy, that...............................................................
Section It shall pay the penalty provided in Subsection 148(f)(7)(C)
If
required to prevent a loss of the tax exemption for Interest on
the Bonds.
The City has not been notified of any listing or proposed listing
by -the Internal Revenue Service to the effect that the City 1s a -•••••••••••••••••--•------•••-•-••....................•-•-----
bond Issuer whose arbitrage certifications may not be relied
upon.
Section 6, The City finds and declares that it Is o duly organized
cn Is port of Tnls Issue
Rhin the meaning of
...............................................................
' 1986; that at least 95
. attached was published in said
will be used for local
r smdion t°the city
.ement form, in the regular and
)x-exempt obligations
by the City and all
any entity .Tawhich the
)llowing days and times, namely:
to Issue x-exemot
, small govern.
under. Section
................................................................
es that (a) the
he meaning of
-- - -..__, ....._....._ ........ ................��...............-.................................................
to the Clty-(Including any entity which the City controls or which
derives Its authority to issue tax-exempt obligations from the
City) will Issue during the calendar year In which the Bonds are •rly distributed to its subscribers
Issued will not exceed $10,000,000; and (c) the amount of tax-
exempt obligations Including the Bonds, designated as "qualified
tax-exempt obligations" for the purposes of Section 265(b)(3) of
the Internal Revenue Code of.1986 or any predecessor provisions
of federal law by the City during the calendar year in which the
Bonds are issued does not exceed $5,000,000. The City designates„
the Bonds as "qualified tax-exempt obligations" for the purposes ...
Section 8. The Bonds shall be sold by the City under the terms Principal Clerk
an c—onnffions set forth herein at a price of par plus accrued
Interest from the date of the Bonds to the date of. their delivery to -
the 10 th
purchasers the City to furnish the pprinted Bonds and the
approving legof opinion of Roberts & Shefelmon, municipal bond
counsel . of Seattle Washington, at the City's expense.. Bond 1 t0 before me this ............................
counsel's opinion sAoii ber given on a date. agreed upon between
the City and bond counsel, and bond counsel is not retained to 8 6
give an opinion on and bond counsel's opinion shallnotapply or
relate to events occurring offer that date. Bond counsel is not
ores a bond Register fifteen calendar days preceding the interest retained for the purpose of reviewing and shall not be required to. 19••
feview or express any opinion concerning the completeness or ""'-'-"""""•......... ................. ......
on
Payment dote. The principal of the BonBonds
b she g payable o upon accuracy of any official statement, offering circular or other sales j
presentation and surrender of the Bonds in the registered owners material issued or used in connection with the. Bonds,,and bond
at the Bond Registrar In Edmonds, Washington. counsel's opinion shall so state. They City reserves the right to redeem the bonds prior to their The proper City officals are authorized and directed to dolc..� '
stated maturity f any interest payment dale, In numerical order, everything necessary for the, prompt. sale and delivery. of the'--- ...' "'"'�""'J�•'-
towel( numbers first, at par plus accrued Interest, whenever Bonds to the purchasers of the Bonds and for the proper applfca. in and for the State Of Washington
'there lleiall be sufficient money In the Bond Fund to pay the Bonds ,
so called and all earlier numbered Bonds over and above the tion and use �of the. proceeds of the sale thereof. ,
amount required for the payment of the Interest on all unpaid ' Section 9. The Interest rate on the Installments and delinquent !rett, Snohomish County.
Bonds, by mailing,. not less than 15 nor more than 30 days prior to PaymeUs of the special assessments In Local Improvement
the date fixed for redemption,. notice of such redemption by first District No. 212 are revised and fixed at the rate of 7.50 % per
class moll, postage prepaid, to the registered owner of any Bond annum. -
to be redeemed' at, the address appearing on the Bond Register. Section 10. This ordinance, being an exercise of a power specif-
The requirements of this section shall be deemed to be compiled IcaFy—Idee7egated to the City legislative body is not sublect to
with when notice is mailed as herein provided whether or not It Is referendum and shall take effect five days offer Its passage and
actually received. by the owner of any Bond. The interest on the publication.
Bonds so called for redemption shoal cease on the date fixed for LARRY S. NAUGHTEN
redemption unless such Bond or Bonds so called are not Mayor
redeemed upon presentation made pursuant to such call. ATTEST/AUTHENTICATED:
Section 2. The Bonds shall be printed, lithographed or typed on JACQUELINE G. PARRETT, City Clerk
goo on power -in a form consistent with the provisions of this APPROVED AS TO FORM:
ordinance and state law, shall be signed by the Mayor and the OFFICE OF THE CITY ATTORNEY:
City Clerk, both of whose signatures shall be in facsimile, and BY W. SCOTT SNYDER
shall have _a facsimile reproduction of ihe.seal of the City printed FILED WITH THE CITY CLERK: October 31, 1986.
thereon.. PASSED BY THE CITY COUNCIL: November 3, 1986.
Only such Bonds as shall bear thereon a Certificate of Authenti- EFFECTIVE DATE: November 13, 1986. -
cation in the following. form, manually executed by the Bond ORDINANCE NO. 2587 -
Registrar, shall be valid or obligatory for any purpose or entitled Published: November 8, 1986.
to the benefits of this ordinance:
CERTIFICATE OF AUTHENTICATION
This bond is one of the fully registered City of Edmonds,
Washington, Local Improvement District No. 212 Bonds
described in the within mentioned ordinance.
B
_ Director of Administrative Servlces' and
Finance Director of the City of Edmonds,
Washington; Bond Registrar
Such, Cerfiticate of Authentication shall be conclusive evidence
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S&
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 ........................................
Ordinance No. 2587
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:
Nov. 8, 1986
.....................................................................................................................................
......................................................................................................................................
and that said newspaper was regularly distributed to its subscribers
during all•-6f id period.
'Z:1.:......�.........:..1
....:.....................
Principal Clerk
10 t:h
Subscribed and sworn to before me this ............................
Nov. 86
dayof—., 11 ..........................................................1 19........
Notayy Public in and for the State of Washington,
resi • ing at Everett, Snohomish County.
l
Such. Certificate of Auth
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