04/24/1984 - Regular - Minutes• ,.Port.Orchard, Washington .
.April: 241.`1 984
Continued Council meeting' of April 2.3, 1984,. called to order at
8:00 P.M. by Mayor L Weatherill.. Council members present:, Clauson,
Wilson, Geiger, Grosso and Grable. Council members Childress and
Miller absent. Also present Engineer Curies and Clerk.
Engineer Curles presented two items'to'the.Council for their.
consideration.
(1) Report showing the estimated project cost by breakdown
and mode of project funding: (copy of report attached
to these minutes)
(2) Proposed payment schedule on the City's Debt Service.
(copy of report attached to these minutes)
Councilman Geiger presented similar:payment schedule whereby
$50,000. per year would be invested for a period of,twelve years
and at that time escalated payments would be made -to Kitsap County
Bond Fund to satisfy the City`s obligation for the.1/3 cost of.
Bypass.
Councilman Grosso read through the proposed`Interlocal Agreement
between Kitsap County and the City of Port Orchard.`relative to the
construction of the.Port Orchard.Bypass.
The followina sections were -to be�amended,.Section'2; Section_ 5,,
Section 7 (B&D.); Section 10; Section ll;.Section_:15; Section 19;
and Section 21 .. (amended section.s� attached) ,.
On motion by Grosso, seconded and carried,:Council::approved the
Geiger proposed fund payment schedule as`presented`and.that the
corrections as noted on the.Interlocal.Agreement.between Kitsap
County and the City of Port`Orchard be amended as noted and that
the Mayor be approved to sign,'the Interlocal,Agreeme.nt between
Kitsap County and the City of.,Port.Orchard.'.:Resol.ution.No. 1349.,
Councilman Clauson brought. to the attention.of.the'.County that
the Interim Chief of Police is,in.violation of the Councils
"Car Use Policy" by using City car -to commute between Tukwila
and City. As this is a rather unusual -situation:', -and that the
period of Interim status will"terminate, Clauson moved that the
Chief use the City Police Car unt.il.the completion of the interim.
period, seconded by Wilson and carried.
After some discussion the matter of Citywide policy covering
personnel policies, purchasing policies and all other practices`
peculiar to Department Heads be studied and be. -made -into permanent
City policy. Motion by Clauson, .seconded.,and carried-.
Meeting adjourned at 10:30 P.M.
Clerk v� ,t'-� Maya r
City of rport Orcli(arcl1/� I I
216 Prospect Street
Port Orchard, Washington 98366
24 April 1984
CITY DEBT SERVICE
PROPOSED PAYMENT SCHEDULE
Payment Period
1. thru 13.
14. 6/2/97
15. 6/2/98
16. 6/2/99
17. 6/2/ 0
18, 6/2/ 1
19. 6/2I 2
20. 6/2/ 3
Totals
Principal
None
61,667
205,000
225,000
245,000
270,000
300,000
330,000
$1,636,667
PROPOSED FUND PAYMENT SCHEDULE
Interest
None
60,133
1611-437.50
140,425
117,362.50
92,250
64,575
.33,825
$670,008
Objective: By the 14th year, accummulate $2,306,675.
Assumptions:
1) investments shall receive a minimum'.of 10% APR.
2) Compounding is on an annual basis.
3) City makes uniform annual payments.
Total
None
121,800
366,437.50
365,425
362,362-50
362,250
364,575
363,825
$2,306,675
Sinking Fund Factor:
for 13 years, 10% interest, final amount of $2,306,675
Annual Payment must be $94,066.21
INVEST $100,000 ANNUALLY FOR THE BOND PAYMENT
l
r Section t. Administration This agreement shall be
administered by the City of Port Orchard City Engineer and the
Director of the Kitsap County Department of Public Works.
Section 5. Funding. Local funds for this joint
undertaking will be provided as follows:
a. County will provide funding in the amount of Three
Million Dollars ($3,000,000) through the issuance of General
Obligation Bonds. County and City will share all interest and
principal payments on said Bonds. For Bond redemption, the County
shall pay both principal and interest for the first two --thirds
of the life of the Bond issue. The City shall pay both principal
and interest for the last third of the life of the Bond issue.
The Bond issue shall be twenty (20) years in duration.
All cost overruns whose total is within five percent (5%)
of the original construction contract price shall be paid from
the original Bond sale as directed in paragraph 5(a) of this
aggreement. After completion of the project and/or termination of
this agreement, any surplus funds will be distributed two-thirds
(2/3) to the County and one-third (1/3) to the City.
Section 7
b. Inspection and control during the course of
construction to insure compliance with and enforcement of all
provisions in contract entered into by City -with regard to this
Project.
d. Coordinating with the City for all necessary
sampling and testing of materials used in the course of construction.
The County shall perform or contract for the necessary quality
W
control.
Section 10. 'Engineering services. City shall be responsible
for hiring a soils engineering firm for this Project. Pay vouchers
for such engineering services shall be drawn on the construction
fund account.
Section 11. City Engineer. City shall provide the
services of the Port Orchard City Engineer as necessary when so
requested by the County to facilitate the County's supervision of
construction during the course of this Project.
The City staff shall provide services on an actual cost
basis and the City shall be reimbursed for such services pursuant
to Section 9 herein.
Section 15.
2. In the event of nonrenewal, cancellation or material
change in the coverage provided, thirty (30) days written notice
will be furnished to County from the City or to City from the County
prior to the date of nonrenewal, cancellation, or change; such
notice shall be sent to the Kitsap County Risk Manager, 614 Division
Street, Port Orchard, Washington, 98366 by the City and City Clerk
City of Port Orchard, 216 Prospect Street, Port Orchard, Washington
98366 by the County
Section 19. 'Termination. This agreement shall terminate
upon completion of the Project or upon repayment in full, pursuant
to Sections 5 and 9 herein, of the debt incurred by virtue of the
County's issuance of the general obligation bonds referred to in
Section 5 herein, whichever occurs later.
Section 21
CITY OF PORT ORCHARD
c/o City Engineer
216 Prospect Street
Port Orchard, Washington 98366