1272 - Ordinance - Port Orchard Bypass Financing Cost with WA CERB and EDAORDINANCE NO. 1272 ✓
AN ORDINANCE OF THE CITY OF PORT ORCHARD
WASHINGTON, AUTHORIZING AND DIRECTING THE
MAYOR TO EXECUTE ON BEHALF OF THE CITY OF
PORT ORCHARD AN AGREEMENT BETWEEN THE
STATE OF WASHINGTON COMMUNITY ECONOMIC
REVITALIZATION BOARD (CERB) AND THE U.S.
DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT
ADMINISTRATION (EDA) AND THE CITY OF PORT
ORCHARD, WASHINGTON FOR AID IN FINANCING
THE COSTS OF PUBLIC FACILITIES CONSISTING
OF THE CONSTRUCTION OF A HIGHWAY BRIDGE
ACROSS BLACKJACK CREEK AND APPROXIMATELY
3,200 l.f. OF NEW 2-LANE ROADWAY TO CONNECT
TO EXISTING TRANSPORTATION SYSTEMS -
KNOWN AS "PORT ORCHARD BYPASS."
THE COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON
DOES ORDAIN AS FOLLOWS:
Section 1. THAT the Mayor of the City of Port Orchard,
Washington, be said hereby is authorized and directed to
execute, on behalf of the City, a Final Contract between the
U.S. Department of Commerce EDA, the State of Washington CERB
and the City of Port Orchard, Washington, and such other
documents, including promissory note, as may be required by
the United States and the State of Washington for aid in
financing the cost of the public facilities described above.
A copy of said Final Contract is attached hereto, designated
as Exhibit A and made a part hereof as though set forth in full.
Section 2. The Council of the City of Port Orchard
has accepted the offer of a loan from the Washington State CERB
in the amount of $187,000 and the offer of a loan from the U.S.
Department of Commerce EDA made pursuant to the Public Works
and Economic Development Act of 1965 in the amount of $324,000.
The CERB loan shall bear interest of the rate of 5.65% per annum.
The EDA loan shall bear interest at the rate of 10.5% per annum.
Repayment of said loan shall be in accordance with the
provisions of the General and Special Conditions to the Final
Contract and promissory note, and more particularly as follows:
the loans shall be amortized over a six -year period with equal
prinicipal payments.
The City of Port Orchard reserves the right to
accelerate payments on principal and eliminate the interest on
.any accelerated principal payments.
City of Port Orchard
Ordinance No. 1272
Section 3. The funds to repay this obligation are
to come from sales tax of the City of Port Orchard, Washington.
This EDA loan is to be considered a general
obligation of the City of Port Orchard, backed by its full
faith and credit. This obligation is subordinate to other
obligations now outstanding and to any additional obligations
issued on a parity therewith.
Section 4. The City of Port Orchard shall establish
a separate fund as provided by law to be known as the CERB
Fund. Revenues from the City of Port Orchard's sales tax and
any other monies as may be required to meet the above detailed
repayment schedule shall be placed in this fund.
PASSED by the City Council and APPROVED by the Mayor
of the City of
JuNg, ,
Port Orchard, Washington this 2 day of
1984.
cZI/C
LESLIE/ J. WEATHERILL, MAYOR
ATTEST:
ZGLloyd, City erk
APPROVED AS TO FORM:
ty Attorney
C E R T I F I C A T E
STATE OF WASHINGTON )
ss
COUNTY OF KITSAP )
I, the undersigned, Robert G. Lloyd, the duly
appointed, qualified and acting City Clerk of the city of
Port Orchard, County of Kitsap, State of Washignto.n, do
hereby certify that the ordinance hereto attached is
a full, true and correct copy of Ordinance No. 1272 of the
City of Port Orchard, Washington, entitled as follows;
AN ORDINANCE of the City of Port Orchard
Washington, authorizing and directing the
Mayor to execute on behalf of the City of
Port Orchard an Agreement between the
State of Washington Community Economic
Revitalization Board (CERB) and the U.S.
Department of Commerce Economic Development
Administration (EDA) and the City of Port
Orchard, Washington for aid in financing
the costs of public facilities consisting
of the construction of a highway bridge
across Blackjack Creek and approximately
3,200 l.f. of new 2-lane roadway to connect
to existing transportation systems -known as
"Port Orchard Bypass".
I further certify that said Ordinance was passed
by the Council of the City of Port Orchard at a meeting held
on 2 S _3 L Ale— , 1984, at which time a quorum was in
attendance and that said ordinance was duly publised in the
official newspaper of the City of Port Orchard on the 2- 7 -ck
day of ,)%�1�_, 1984.
DATED this _day of 1984.
Robert G. Lloyd, ffVty Clerk
Port Orchard, Washington