HomeMy WebLinkAbout3186 Amending Ordinance 3123, as Amended by Ordinance 3157, to Extend the Maturity Date of the City’s Limited Tax General Obligation Bond Anticipation Note, 2014Ordinance 3186
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ORDINANCE NO.3186
AN ORDINANCE OF THE CITY OF PORT TOWNSEND, WASHINGTON,
AMENDING ORDINANCE 3123, AS AMENDED BY ORDINANCE 3157, TO EXTEND
THE MATURITY DATE 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") dated December 2, 2014 to Cashmere
Valley Bank (the "Bank") 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, the City Council of the City passed Ordinance No. 3157 to amend
Ordinance No. 3123 to amend the description of the Project to allow the proceeds of the Note to
be used to finance other capital improvements; and,
WHEREAS, in the opinion of the City Council, it is in the best interest of the City to
extend the maturity date of the Note;
NOW, THEREFORE, the City Council of the City of Port Townsend do ordain as
follows:
Section 1. Additiop to Project Description. This Ordinance amends Ordinance No. 3123,
as previously amended by Ordinance No. 3157, to extend the maturity date of the Note
from December 1, 2017 to May 31, 2019. All other provisions of Ordinances Nos. 3123
and 3157 shall remain unchanged.
Section 2 1 pe � nsp . The City agrees to pay the Bank a fee of $500 for this extension.
Section 3. Ratification of Resolution No. 14-059. Resolution No. 14-059 authorized the
City to enter into a contract with the Bank for the Note, and this ordinance ratifies such
resolution and authorizes the City Manager to extend the contract with the Bank for the
extension of the term of the Note.
SectionIT_4_ General Authorization and Ratification. The City Manager, Finance Director
and other appropriate officers of the City are severally authorized to take such actions
necessary to implement this Ordinance.
Section 5. 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 3186
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ADOPTED by the City Council of the City of Port Townsend, Washington, at an open
public meeting thereof, this 6th day of November 2017.
Attest:
'e. ,.,4 ""'.
Joanna Sanders, MMC
City Clerk
Deborah S. Stinson
Mayor
Approved as to form:
Steven L Gross
City Attorney