HomeMy WebLinkAbout23-020 Authorizing the Defeasance of the City's Outstanding Limited Tax Genearl Obligation Refunding Bonds, 2012 and Limited Tax General Obligation Bonds, 2017B (Taxable)Resolution 23-020
RESOLUTION NO. 23-020
A RESOLUTION OF THE CITY OF PORT TOWNSEND, WASHINGTON,
AUTHORIZING THE DEFEASANCE OF THE CITY'S OUTSTANDING LIMITED
TAX GENERAL OBLIGATION REFUNDING BONDS, 2012 AND LIMITED TAX
GENERAL OBLIGATION BONDS, 2017B (TAXABLE).
WHEREAS, by Ordinance No. 3072, the City Council of the City of Port "Townsend,
Washington (the "City") authorized the issuance of $5,530,000 principal amount of Limited Tax
General Obligation Refunding Bonds, 2012 (the "2012 Bonds") of which $585,000 is currently
outstanding; and
WHEREAS, by Ordinance No. 3165, the City Council of the City authorized the
issuance of $1,105,000 principal amount of Limited Tax General Obligation Bonds, 2017B
(Taxable) (the "2017B Bonds") of which $1,060,000 is currently outstanding; and
WHEREAS, Sections 13 of Ordinances Nos. 3072 and 3165 provide that the City may
use money available from any lawful source to pay the principal of and interest on the 2012
Bonds and 2017B Bonds, respectively, as the same shall become due and payable and to defease
such bonds; and
WHEREAS, the City Council deems it in the best interest of the taxpayers of the City to use
available cash to defease the outstanding 2012 Bonds maturing on December 1, 2025 in the principal
amount of $585,000 as described in Exhibit A (the "2012 Defeased Bonds"); and
WHEREAS, the City Council deems it in the best interest of the taxpayers of the City to
use available cash to defease the outstanding 2017B Bonds maturing on and after December 1,
2023 in the principal amount of $1,060,000 as described in Exhibit A (the "2017B Defeased
Bonds," and together with the 2012 Defeased Bonds, the "Defeased Bonds");
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
ion for„Defe„asance. The City Council authorizes the City to irrevocably
Section 1. Provis',_,
defease the Defeased Bonds in accordance with the provisions of Sections 13 of Ordinances Nos.
3072 and 3165. The City shall provide for the payment of the principal of and interest on the
outstanding 2012 Bonds maturing on December 1, 2025 and the outstanding 2017B Bonds
maturing on and after December 1, 2023 as described in Exhibit A, by depositing cash with U.S.
Bank Trust Company, National Association ("U.S. Bank") as paying agent for the 2012 Bonds
and 2017B Bonds. In addition, the City Council authorizes the Director of Finance and
Technology Services, to direct U.S. Bank to send a notice of redemption of the 2012 Bonds and
2017B Bonds as provided in Ordinances Nos. 3072 and 3165, respectively.
Section „2. Ratification. The Director of Finance and Technology Services and other
appropriate officers of the City are severally authorized to take such actions and to execute such
documents as in their judgment may be necessary or desirable to carry out the transactions
contemplated in connection with this resolution, and to do everything necessary for the
defeasance of the Defeased Bonds. All actions taken prior to the effective date of this resolution
Resolution 23-020
in furtherance of the purposes described in this resolution and not inconsistent with the terms of
this resolution are ratified and confirmed in all respects.
Section 3. Effective Date. This resolution takes effect from and after its passage.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 6th day of March 2023
David T'Tlabef
Mayor
Attest: Approved as to form:
Alyssa Rodri g u e s,r*eem Iooc
City Clerk City Attorney