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HomeMy WebLinkAboutO-2171 - LID Nos. 64 and 65 (Special)·;.,I-~~J I-~~. I-?'~ CITY OF MARYSVILLE, WASHINGTON ORDINANCE NO.J.{{( 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, AS AMENDED BY ORDINANCE NO. 2107, 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 ORDINANCENO. 2043AND 2107IN 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 BondAnticipationNote, 1995 (the "LID No. 65 Note"), in an aggregate principal amount of $130,000, sometimescollectively referred to herein as "the Notes", both to mature December 31, 1996; and WHEREAS, due to delays in completing the improvements for LID No. 64, it was necessary for to extend the maturity date of the Notes to December 31, 1997, which extension was accomplished pursuant to Ordinance No. 2107, passed December 9, 1996; and WHEREAS, itnow appearsthatthere additionaldelaysinconfirmingthe finalassessment rolls for LIDs Nos. 64 and 65, which in turn will defer the issuance of bonds to provide permanent financing for improvements therein; and WHEREAS, the City has repaid $592,750 of the LID No. 64 Note, therefore, only $716,000 of that LID No. 64 Note will be extended; and WHEREAS, Bank of America NT &SA, doing business as Seafirst Bank (formerly, .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 April 30, 1998, 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 Ordinances Nos. 2043 and 2107. For the purpose of extending the term of the Notes in accordance with the offer of the Bank, which is found to be ORDINANCE - 1 ,.. in the best interest of the City and accordingly is accepted, Section 1 of both Ordinances Nos. 2043 and 2107 should be and are amended to read as follows: "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 $716,000 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 localimprovementdistrict 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 amountof $130,000 under the terms of the purchase offer of the Bankdated September 15, 1995 (the "LID No. 65 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. 65 and the costs of issuance and sale of the LID No. 65 Note. The LID No. 64 Note and LID No. 65 Note sometimes may collectively be referred to herein as the "Notes." The Notes shall be in fully registered form; shall be dated as of their date of delivery to the Bank, shall mature on April 30, 1998; and shall bear interest at the rate of 4.66% per annum (computed on the basis of a 360-day year of twelve 30-day months), payable at maturity. The City Council finds that the fixing of the interest rate set forth above is in the best interest of the City." Section 2. Ratification of Terms and Conditions of the Notes. All other provisions, terms and conditions of Ordinance No. 2043, as amended by Ordinance No. 2107, 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. ORDINANCE - 2 Section 4. Effective Date. This ordinance shall take effect and be in full force from and after its passage and five (5) days following its publication as required by law. PASSED by the City Council and APPROVED by the Mayor of the City of Marysville, Washington, at a regular open public meeting thereof this 8th day of December, 1997. {)(}uzcl!~ Mayor ATTEST: Foster P per &Shefelman PLLC Special Counsel and Bond Counsel to the City 0314134.01 ORDINANCE -3