047-21 - Ordinance - Borrowing from Kitsap BankORDINANCE N0.047-21
AN ORDINANCE OF THE CITY OF PORT ORCHARD, WASHINGTON, AUTHORIZING
ACTIONS RELATED TO PORT ORCHARD BORROWING FROM KITSAP BANK FOR
SECURITY FOR A LEASEHOLD ON DNR ACQUATIC LANDS FOR THE FUTURE
SOUTH KITSAP COMMUNITY CENTER; PROVIDING FOR SEVERABILITY AND
PUBLICATION; AND SETTING AN EFFECTIVE DATE.
WHEREAS, the City Council authorized the Mayor to execute a Purchase and Sale
Agreement for the existing Kitsap Bank Building located at 619 Bay Street (the "Property"); and
WHEREAS, subsequent to the purchase and sale agreemenfi, the Port Orchard City
Council authorized the Mayor to execute an assignment of a Kitsap Bank leasehold on
Washington State Department of Natural Resources ("DNR") owned aquatic -lands, identified as
Kitsap County Tax Parcel No. 26240141 001-2004; and
WHEREAS, DNR requires security from Port Orchard for the lease in the amount of the
yearly rent; and
WHEREAS, Port Orchard has chosen to utilize a letter of credit from Kitsap Bank in the
amount of $18,000 to meet DNR's requirements and provide the security for the lease;
WHEREAS, Port Orchard is authorized by chapters 35A.40 and 39.36 RCW to borrow
money; Now, Therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON, DO ORDAIN AS
FOLLOWS:
SECTIC��i 1» The Port Orchard City Council authorizes the Mayor to obtain from Kitsap
Bank a letter of credit for $18,000 to serve as security for a leasehold on Washinton State
Department of Natural Resources owned aquatic -lands acquired for the for the South Kitsap
Community Events Center.
SEr'1"ICfIV Z. Severabilas�r, If any section, sentence, clause or phrase of this Ordinance
should be held to be unconstitutional or unlawful by a court of competent jurisdiction, such
invalidity or unconstitutionality shall not affect the validity or constitutionality of any other
section, sentence, clause or phrase of this Ordinance.
SECTION 3. Publication. This Ordinance shall be published by an approved summary
consisting of the title.
SECTION 4. Effective Date. This Ordinance shall take effect and be in full force and
effect five days after publication, as provided by law.
Ordinance No. 047-21
PASSED by the City Council of the City of Port Orchard, APPROVED by the Mayor and
attested by the Clerk in authentication of such passage this 28th day of September 2021.
Brandy Rinearson, MMC, City Clerk
ATTEST:
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Charlotte Archer, City Attorney
PUBLISHED: October 11, 2021
EFFECTIVE DATE: October 16, 2021
Robert Putaansuu, Mayor
SPONSOR:
John Clauson, Cour4cilmember
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