HomeMy WebLinkAbout15-013 Mountain View Bond Ordinance Resolution 15-013
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RESOLUTION NO. 15-013
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON,AUTHORIZING AND REQUESTING THE CITY MANGER TO
PREPARE A BOND ORDINANCE FOR MOUNTAIN VIEW COMMONS REPAIRS
AND TO REFINANCE EXISTING DEBT
WHEREAS,the City Council adopted Resolution 14-036 on June 16, 2014, which
directed the City Manager to prepare a resolution to place on the ballot a measure to the voters
for a bond to be used to fund necessary repairs to the Mountain View Commons campus; and,
WHEREAS, on October 20, 2014, Council enacted Ordinance 3113, which placed the
measure on the February 10, 2015 special election ballot; and,
WHEREAS, as certified by the Jefferson County Auditor,the citizens of the City of Port
Townsend approved the bond sale with the required level of participation and the required vote
to approve; and,
WHEREAS, in conjunction with the voter-approved bond sale for the Mountain View
improvements, City staff, after consulting with the City's financial advisors and bond counsel,
have determined that the City could reduce outstanding debt service payments for the 2008
Limited Tax General Obligation (LTGO) Bonds by refinancing that debt; and,that the City could
realize cost savings in the issuance of the refinancing debt if the City combined the Mountain
View bond sales with the refinancing bond sales.
NOW,THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
Section 1. The City Manager is authorized and requested to prepare the
necessary documents for the sale of general obligation bonds for the Mountain View
improvements and to present those documents to Council for approval.
Section 2. The City Manager is authorized and requested to prepare the
necessary documents for the sale of general obligation bonds to refinance 2008 LTGO
Bonds and to present those documents for approval.
Resolution 15-013
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Section 3. The City Manager is authorized to take any administrative actions
consistent with the intent of this Resolution.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 2nd day of March, 2015.
i
David King
Mayor
Attest: Approved as to form:
G
Joanna Sanders, CMC Steven L. Gross
City Clerk City Attorney