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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