HomeMy WebLinkAbout02-037RESOLUTION NO. 02-037
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON AUTHORIZING THE CITY MANAGER TO TAKE NECESSARY
ACTIONS FOR THE NEGOTIATED SALE OF LIMITED TAX GENERAL
OBLIGATION BONDS OF THE CITY IN THE AMOUNT UP TO $3,400,000
WHEREAS, the City Council adopted Resolution 02-036 endorsing a proposal
for a combined City Hall/City Hall Annex, which proposal includes an element to fund
construction of a new City Hall Annex and other improvements with a Councilmanic
bond in the amount up to $ 3,400,000;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Port Townsend as follows:
That the City Manager is authorized to take all necessary actions, in conjunction
with bond counsel and financial consultants, for the negotiated sale of limited tax general
obligation bonds of the City in the amount up to $3,400,000, with a term not to exceed 25
years, to finance the renovation of historic City Hall and the construction of a new City
Hall Annex, and various capital improvements. Following the pricing of the bonds by the
underwriter, the Council shall adopt an ordinance authorizing the issuance and sale of
such bonds and providing the form and terms of the bonds.
ADOPTED by the City Council of the City of Port Townsend at a regular
meeting thereof, held this 22nd day of July, 2002.
Attest:
Pamela Kolacy, cMc ('~
City Clerk
Approved as to form:
John P. Watts
City Attorney
Resolution No. 02-037