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HomeMy WebLinkAbout3194 Amending Ordinance No. 3144 and the Certificate of Determination Pursuant to Ordinance No. 3144, to Extend the Maturity Date of the City’s Water and Sewer Revenue Bond Anticipation Note, 2016Ordinance 3194 Page 1 of 2 ORDINANCE NO. 3194 AN ORDINANCE OF THE CITY OF PORT TOWNSEND, WASHINGTON, AMENDING ORDINANCE NO. 3144 AND THE CERTIFICATE OF DETERMINATION PURSUANT TO ORDINANCE NO. 3144, TO EXTEND THE MATURITY DATE OF THE CITY'S WATER AND SEWER REVENUE BOND ANTICIPATION NOTE, 2016 WHEREAS, the City Council of the City of Port Townsend, Washington (the "City") passed Ordinance No. 3144, authorizing the issuance and sale of the City's Water and Sewer Revenue Bond Anticipation Note, 2016 (the "Note") dated March 1, 2016 to Kitsap Bank (the "Bank") to provide interim financing for the City's water and sewer capital improvements, including construction of a water treatment facility and the five million gallon reservoir and other capital improvements (collectively, the "Project"); and, WHEREAS, Ordinance No. 3144 authorized the City Manager to approve the final terms of the Note pursuant to certain parameters listed in Section 17 of such ordinance; and, WHEREAS, the final terms of the Note were memorialized in the Certificate of Determination pursuant to Ordinance No. 3144 dated as of March 1, 2016 (the "Certificate of Determination"); 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. Extension of Maturi Date. This Ordinance amends Ordinance No. 3144 and the Certificate of Determination, to extend the maturity date of the Note from March 1, 2018 to March 1, 2021. All other provisions of Ordinance No. 3144 and the Certificate of Determination shall remain unchanged. Section 2. 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 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 3194 Page 2 of 2 ADOPTED by the City Council of the City of Port Townsend, Washington, at a regular meeting thereof, this 5th day of February, 2018. �-8' )nzt4�'2'eo ..m.._..— bora) S. Stifisoil. Mayor Attest: Joanna Sanders, MMC City Clerk A pprovedrm: ......�.... - St City Attorney