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HomeMy WebLinkAboutO-2107 - Amends Ord. 2043, LID Nos. 64 and 65, bond issuance (Special)'.,',1-CdC?~. /-~A. ~.I-/~ CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO.;;))07 AN ORDINANCE of the City of Marysville, Washington, relating to Local Improvement Districts Nos. 64 and 65, and amending Section 1 of Ordinance No. 2043 to extend the respective terms of its Local Improvement District No. 64 Bond Anticipation Note, 1995, and its Local Improvement District No. 65 Bond Anticipation Note, 1995, each dated October 4, 1995, and issued for the respective purposes of such districts, and ratifying and confirming Ordinance No. 2043 in all other respects not inconsistent with the terms and purposes of this ordinance. WHEREAS,by Ordinance No. 2043, the City of Marysville,Washington (the "City"), provided for the issuance of its Local Improvement District No. 64 Bond Anticipation Note, 1995 (the "LID No. 64 Note") in an aggregate principal amount not to exceed $1,308,750,and its Local Improvement District No. 65 Bond Anticipation Note, 1995, in an aggregate principal amount of $130,000, sometimes collectively referred to herein as "the Notes", both to mature December 31, 1996; and WHEREAS,it now appears that completion of the improvements to be installed in Local Improvement District No. 64 ("LID No. 64") will be delayed, which in turn will defer confirmation of the final assessment roll in such LID and the issuance of bonds to provide permanent financing for improvements therein and in LID No. 65; and WHEREAS,the Bank of America NW, N.A., doing business as Seafirst Bank, (the "Bank") has offered and agreed to extend the maturity date of the Notes to December 31, 1997, with all other terms and conditions of the Notes to remain the same. NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF MARYSVILLE, WASHINGTON,DO ORDAIN AS FOLLOWS: Section 1.Amendment of Ordinance No. 2043. For the purpose of extending the term of the Note in accordance with the offer of the Bank, which is found to be in the best interest of the City and accordingly is accepted, Section 1 of Ordinance No. 2043 should be amended to read as follows: ORDINANCE - 1 Section 1. Note Funds:Authorization and Description of Notes. The City previously established a special fund designated as the Local Improvement Fund, District No. 64 (the "LID No. 64 Fund"). Pending the receipt of the proceeds of the local improvement district bonds or other short-term obligations authorized by Ordinance No. 2016, the City shall issue its Local Improvement District No. 64 Bond Anticipation Note, 1995 (the "LID No. 64 Note"), in the principal amount of $1,308,750 under the terms of the purchase offer of Seattle-First National Bank (the "Bank") dated September 15, 1995 (the "LID No. 64 offer"), for the purpose of providing the funds with which to pay all or a part of the cost of carrying out the Improvements within LID No. 64 and the costs of issuance and sale of the LID No. 64 Note. The City previously established a special fund designated as the Local Improvement Fund, District No. 65 (the "LID No. 65 Fund"). Pending the receipt of the proceeds of the local improvement district bonds or other short-term obligations authorized by Ordinance No. 2032, the City shall issue its Local Improvement District No. 65 Bond Anticipation Note, 1995 (the "LID No. 65 Note"), in the principal amount of $130,000 under the terms of the purchase offer of the Bank dated September 15, 1995 (the "LID No. 65 offer"), for the purpose of providing the funds with which to pay all or part of the cost of carrying out the Improvements within LID No. 65 and the costs of issuance and sale of the LID No. 65 Note. Section 2. Ratification ofTerms and Conditions of the Note. All other provisions, terms and conditions of Ordinance No. 2043 and of the Notes, not inconsistent with the provisions of Section 1 of this ordinance, are ratified and confirmed in all respects. Section 3.City Officials Authorized to Proceed. Proper City officials are authorized and directed to do all things reasonable and necessary to carry out the provisions, terms and conditions of the Notes, of this ordinance and of Ordinance No. 2043, as amended. Section 4.Effective Date. This ordinance shall take effect and be in full force from and after its passage and five (5) days following it publication as required by law. ORDINANCE -2- PASSED by the City Council and APPROVED by the Mayor of thl1LCity of Marysville,Washington,at a regular open public meeting thereof this _q_~_ay of December,1996. CITY OF MARYSVILLE By lJaMiJ~ Mayor Approved as to form: By~i',?/J, City Attorney Date of Publication:IcJq h (, Effective Date (5 days after publication):/<9-//1 /q f" ORDINANCE -3-