HomeMy WebLinkAbout3157 Amending Ordinance 3123 Clarifiying Projects Financed by LTGO Bond Ordinance 3157
Page 1 of 2
ORDINANCE NO. 3157
AN ORDINANCE OF THE CITY OF PORT TOWNSEND,WASHINGTON,
AMENDING ORDINANCE NO. 3123 TO CLARIFY THE PROJECTS TO BE
FINANCED WITH PROCEEDS OF THE CITY'S LIMITED TAX GENERAL
OBLIGATION BOND ANTICIPATION NOTE,2014
WHEREAS,the City Council of the City of Port Townsend, Washington(the "City")
passed Ordinance No. 3123, authorizing the issuance and sale of the City's Limited Tax General
Obligation Bond Anticipation Note, 2014 (the "Note") for the purpose of making an energy
retrofit of the library and to make improvements to the building that houses the police station,
YMCA, the Red Cross and the food bank(collectively, the "Project"); and
WHEREAS, in addition to using proceeds of the funds to finance the Project, the City
would like to use proceeds of the Note to finance other capital improvements; and
WHEREAS,the City has informed Cashmere Valley Bank, as purchaser of the Note, of
these changes;
NOW, THEREFORE, the City Council of the City of Port Townsend, Washington, do
ordain as follows:
Section 1. Addition to Project Description. This ordinance shall amend Ordinance
No. 3123, to amend the description of the Project. In connection, Section 2(a) of
Ordinance No. 3123 shall be amended as follows (with additions underlined and
deletions stricken):
(a) Authority and Description of the Project. The City is in need of an
energy retrofit of the library and to make improvements to the
building that currently houses the police station, YMCA, the Red
Cross and the food bank as well as other capital projects as
authorized by City Council (collectively, the "Projects"). The City
Council therefore finds that it is in the best interests of the City to
carry out the Projects.
All other provisions of Ordinance No. 3123 shall remain unchanged.
Section 2. General Authorization and Ratification. The Mayor, City Manager,
Finance Director and other appropriate officers of the City are severally authorized to
take such actions necessary to implement this ordinance.
Section 3. Effective Date of Ordinance. This ordinance shall take effect and be in
force from and after its passage and five days following its publication as required by
law.
Ordinance 3157
Page 2 of 2
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 6th day of September, 2016.
Deborah S. Stin on
Mayor
Attest: Approved as to form:
Joanna Sanders, CMC Steven L. Gross
City Clerk City Attorney