1779 - Ordinance - Amending Ordinance 1733 Constructing a New Municipal Facility�a
NOTICE OF CITY OF PORT ORCHARD
ORDINANCE
The following is a summary of an Ordinance approved by the Port Orchard City Council at their
regular Council meeting held November 22, 1999.
ORDINANCE NO. 1779
AN ORDINANCE OF THE CITY OF PORT ORCHARD,
WASHINGTON, AMENDING §4 OF ORDINANCE NO. 1733 TO
EXTEND TO MARCH 1, 2000, THE TERM OF ITS LIMITED TAX
GENERAL OBLIGATION BOND ANTICIPATION NOTE, 1998
(LINE OF CREDIT) IN THE AGGREGATE PRINCIPAL AMOUNT
OF NOT TO EXCEED $3,300,000, DATED SEPTEMBER 14, 1998,
AND ISSUED FOR THE PURPOSE OF CONSTRUCTING A NEW
MUNICIPAL FACILITY TO SERVE THE POLICE, MUNICIPAL
COURT, ADMINISTRATION AND PUBLIC WORKS, AND
RATIFYING AND CONFIRMING ORDINANCE NO. 1733 IN ALL
OTHER RESPECTS NOT INCONSISTENT WITH THE TERMS
AND PURPOSES OF THIS ORDINANCE.
Copies of Ordinance No. 1779 are available for review at the office of the City
Clerk of the City of Port Orchard. Upon written request a statement of the full text
of the Ordinance will be mailed to any interested person without charge. Thirty
days after publication, copies of Ordinance No. 1779 will be provided at a nominal
charge.
City of Port Orchard
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Michelle Merlino
Deputy Clerk
Publish: Port Orchard Independent
December 1, 1999
ORDINANCE NO.1779
AN ORDINANCE OF THE CITY OF PORT ORCHARD, WASHINGTON,
AMENDING §4 OF ORDINANCE NO. 1733 TO EXTEND TO MARCH 1,
2000, THE TERM OF ITS LIMITED TAX GENERAL OBLIGATION BOND
ANTICIPATION NOTE, 1998 (LINE OF CREDIT) IN THE AGGREGATE
PRINCIPAL_ AMOUNT OF NOT TO EXCEED $3,300,000, DATED
SEPTEMBER 14, 1998, AND ISSUED FOR THE PURPOSE OF
CONSTRUCTING A NEW MUNICIPAL FACILITY TO SERVE THE
POLICE, MUNICIPAL COURT, ADMINISTRATION AND PUBLIC WORKS,
AND RATIFYING AND CONFIRMING ORDINANCE NO. 1733 IN ALL
OTHER RESPECTS NOT INCONSISTENT WITH THE TERMS AND
PURPOSES OF THIS ORDINANCE.
WHEREAS, by Ordinance No. 1733, the City of Port Orchard, Washington (the "City'),
provided for the issuance of its limited Tax General Obligation Bond Anticipation Note, 1998 (Line of Credit)
(the "Note") in an aggregate principal amount not to exceed $3,300,000, to mature December 1, 1999; and
WHEREAS, the City has not yet issued bonds from which proceeds will be used to repay
the Note, both principal and interest; and
WHEREAS, Bank of America National Trust and Savings Association (formerly, the Bank of
America NW, N.A., doing business as Seafirst Bank) (the "Bank"), has offered and agreed by a letter dated
November 10, 1999, on file with the City, to extend the maturity date of the Note to March 1, 2000, with all
other terms and conditions of the Note to remain the same; now, therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON DOES
HEREBY ORDAIN:
SECTION 1. Amendment of Ordinance No. 1733. For the purpose of extending the
term of the Note in accordance with the November 10, 1999, offer of the Bank, which is found to be in the
best interest of the City and accordingly is accepted, Section 4 of Ordinance No. 1733 should be and is
amended to read as follows:
"SECTION 4. Authorization and Description of Note. Pending the
issuance of the limited tax general obligation bonds authorized by Section
3, for the purpose of providing the funds with which to pay part of the costs
of carrying out the Project, paying the costs of issuance and sale of the
Note and paying interest on the Note, the City may borrow money from time
to time pursuant to the line of credit extended by the Bank under the terms
of its Offer and shall issue the Note in an aggregate principal amount of not
to exceed $3,300,000.
The Note shall be designated the Limited Tax General
Obligation Bond Anticipation Note, 1998 (Line of Credit), of the City, shall
be dated as of its date of delivery to the Bank; shall be issued only in
registered form; shall be numbered R-1 with any additional designation as
the Note Registrar deems necessary for purpose of identification; and shall
mature on March 1, 2000.
The City may make incremental draws upon the Note (the
"Loan Draws) on any business day during the term of the Note. No Loan
Draw may exceed the total amount of the costs to be paid from such draw,
Ordinance No. 1779
Page 2 of 2
and the proceeds of each Loan Draw shall be used immediately to pay
those costs. Loan Draws on the Note shall be recorded on the Loan Draw
Record attached to the Note, or in such other form as the City and the Bank
may agree. Loan Draws shall be limited to an aggregate principal amount
of $3,300,000. Loan Draws are not subject to approval by the Bank."
SECTION 2. Ratification of Terms and Conditions of the Note. All other
provisions, terms and conditions of Ordinance No. 1733 and of the Note, not inconsistent with the provisions
of Section 1 of this ordinance, are ratified and confirmed in all respects.
SECTION 3. City Officials Authorized to Proceed. Proper city officials are
authorized and directed to do all things reasonable and necessary to carry out the provisions, terms and
conditions of the Note, of this ordinance and of Ordinance No. 1733, as amended.
SECTION 4. Effective Date. This ordinance shall take effect and be in full force from
and after its passage and five (5) days following its publication as required by law.
PASSED by the City Council of the City of Port Orchard, signed by the Mayor and attested
to by the City Clerk in authentication of such passage this 22nd day of November 1999.
ATTEST:
Patricia Parks, City Clerk
APPROVED AS TO FORM.
Fost r Pepper & Shefelman pLLC
Special Counsel and Bond Counsel to the City
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LESLIE J. WEATHERILL, MAYOR
Sponsored by:
Councilman G "ger