HomeMy WebLinkAbout03-023RESOLUTION NO. 03-023
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 OR OTHER TAX EXEMPT FINANCING FOR THE CITY IN
AN AMOUNT UP TO $400,000
WHEREAS, the City Council adopted Resolution 02-019, designating the City
Manager as Applicant Agent with the State of Washington Office of Emergency
Management and the Federal Emergency Management Administration for the
construction of a Fire Station; and
WHEREAS, the hazard mitigation proposal includes an element to locally fund a
portion of a new fire station and other improvements with a Councilmanic bond or other
sources of funds in an amount up to $ 400,000;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Port Townsend 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 for the City in an amount up to $400,000, with a term not to
exceed 20 years, to finance the construction of a Fire Station and various related capital
improvements or to allocate funds from the General Fund to cover costs, or establish a
line of credit to expedite cash disbursement to be repaid with General Fund funds.
Following the pricing of the bonds by the underwriter, the Council shall adopt an
ordinance authorizing the issuance and sate of such bonds and providing the form and
terms of the bonds.
Attest:
ADOPTED by the City Council of the City of Port Townsend at a regular
K~s ~, ~~o,
meeting thereof, held this 18th day of August 2003.
Pamela Kolacy, CMC (~
City Clerk
Approved as to form:
John P. Watts
City Attorney
Resolution No. 03-023