HomeMy WebLinkAboutO-2701 - Bond issuance (Special) (3)-1"{/v
CITY OF MARYSV1LLE,\VASllINUTON
ORD1NANCE N0---270(_
AN ()RDrNANCl~ofthe City ofMarysville.Washington,relating III
llllkb(o.;dlH.:ss:providing fur the ISSU~tnCC of );2,120,000 par value of Limited i
(Jillignuon Refunding Bonds,Series 20071'(Taxahle},nf the City 1\)provide
with which to pay the cost ofadvance refunding certain of the City's ourstarclo
"I'd'(iClll.T'11 Ohligaticru BUIlds,1997 and paY1l1g:the CllslS of issuance l'i,'
establishing a bond redemption fund:providing fur and authorizing the pUI
ccnam obligations out ofthe proceeds of the sale of the bonds herein uuthon..
the lise and application or the money derived from those mvcsnncnts nut!
execution ofan agreement with US Bank National Axsocianon \)1"Seattle,I\,
refunding trustee;providing (or the call,payment and redemption of HI\'
bonds ru he refunded,providing fur lilt:purchase of bond mxurancc;:Jlld "I:"
sale and providing for (he delivery or the bonds III Piper Jaffray ,\((")
Washington.
Passed 1\1<1Y 17,2()(}7
This document prepared hv
Fosler Pepper Ff-LC
J1J1 Third Avenue,Suite 34(}O
.'c,"culI/e,Washingtoll 98/0]
(206)447-44()()
Section 1
Section 2.
Section 3.
Section 4.
Section 5.
Section 6.
Section 7
Section 8_
Section Y.
Section 10.
Section 11_
Scctuut 12.
Sec1lO11 IY.
Section 14.
Sed ion 15.
Section 16.
Section 17.
Sed ion 1R.
Section 19.
Section 20_
Section 21.
Section 22.
TARLE OF CONTENTS
Definitions
Debt Capacity
Authorization ofBonds.
Description o f Bonds..
Registration and transfer of Bonds.
Payment of Bonds.
Redemption Provisions and Open Market Purchase of Bonds.
Notice ofRcdcmptio».
Failure To Redeem Honds
Pledge of lnxcs .
Form and Execution of Bonds .
Bond Reaistrar..
Rctunding or Derc.1S,II1C,---'0 l the Bonds..
Bond fund and Deposit of Bond Proceeds..
Refunding ofthe Refunded Bonds..
Call for Redemption of the Refunded Bonds.
City Findings with Respect to Refunding.
Approvalof J30nd Purchase Contract...
Preliminary Official Statement Deemed Final
Undertaking to Provide Continuing Disclosure
Bond Insurance
Effective Date of Ordinance.
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CITY en I'"lARYSV1LLl,WASHIN(iTON
ORDINANCF NU.
l\N ORDfNANCE of the City of Marysville,Washington,relating to COl.
indebtedness;providing for the issuance of $2,120,000 par value of r.imited Tax
Obligation Refunding Bonds,Series 2007T (Taxable).nf the City to provide II
with which to pay the cost of advance refunding certain otthe City's nutstandn-.
Tax General Obligation Bonds.1997 and puvtng the costs of Issuance ('I'
establishing a bond redemption fund;providing for and authorizing the 1>,1
ccrtain obhgauons out of the proceeds of the sale of the bonds herein authonv.
the lise and application of the money derived from those Investments:aulh·:'
execution ofan agreement WIth US Bank National Association of Seattle,Was!!L:
refunding trustee;providing for the call,payment and redemption of rhc oo.
bonds to be refunded:providing for the purchase of bond insurance:and ;1),1111'
sale and providing for the delivery of the bonds to Piper Jaffray &e'l,<1'
Washington.
-y.,'I-iEREAS,pursuant to Ordinance No,215B (the "1997 Bond Ordinance".l
issued its $4,500,000 par value Limited Tax General Obligation Bonds,jYl)7,(the'
provide the funds with which to pay the cost of:renovaung the City's golf CUll
improvements fronting the golf course,and by that ordinance reserved the righr to rcdcc»
prior to their maturity on December I,2007,at a price of par plus accrued interest I
redemption:and
\\/IIIJU':AS,there are presently outstanding $2,995,000 aggregate Pi]1
Bonds matunng on December I of each of the years 2007 through 2017,inclUSIve
interest rates from 4.70'};,to 5,30'j'~(the "Refunded Bonds"),and
\\-'HEREAS,after due consideration,it appears to the City Council that the Ii
be refunded by the issuance and sale of the Limited Tax General Obligation Rctun.!
herein (the "Bonds")so that a substantial savings will he effected by the difference I'"
and interest cost over the life of the Bonds and the principal and mtcrcst cost over the Ii,
Bonos but for such refunding,which refunding WIll he effected by'carrying out ',I!
defined below:and
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WHEREAS,to effect that refunding in the manner that will be most advantageous to the City,it
is found necessa'Y and advisable that certain Acquired Obligations,as defined below.bearing interest and
maturing at such tunc or tunes as necessary to carry out the refunding be purchased out ofa pOJ1lU[\of the
proceeds ofthe Bonds together with $1 ,(Joo,ooa of cash to be contributed by the City;and
WHEREAS,thc City Council deems it to be in the best interests of the City to \SSUl:and sell the
Bonds to pay P3J1 of the cost of advance refunding the Refunded Bonds and to pay the administrative
costs ofsuch refunding and the costs of issuance and sale ofthe Bonds;and
\VIfEREAS,rv11:HA Insurance Corporation of Armonk New York ("Bond Insurer"),has made a
commitment to issue an insurance policy (the "Financial Guaranty Insurance Policy")insuring the
payment when due of the principal ofand uncrcst Oil the Bonds as provided therein,and the City Council
of the City deems that the purchase of the Financial Guaranty Insurance Policy is in the hest interest of
the City:and
WHERFAS,Piper Jaffray 8:Co.of Seattle,Washington,has offered to purchase the Bonds
authorized herein under the terms and conditions hereinafter set forth in the form of a bond purchase
contract.NO\V,TliEREFORF,
TIl.E CITy'COUNCIL OF TIlE CIT\'OF l\lAR'iSVII.LE,\VASIHN(iTON.DO OR\)/dN AS
l"OLLOWS
Section].Definitions.The following terms shall have the following meanings:
"Acquired Obligations"means those United States Treasury Certificates of Indebtedness,Notes,
and Bonds-State and Local Goveml\1ent Series and other direct,noncallable obligations of the United
Stales of America purchased to accomplish the refunding of the Refunded Bonds as authorized by this
ordinance.
"Bond Counsel"means the law linn of Fosler Pepper PLLC',its successor,or other nationally
recognized bond counsel to the City.
"Bond Fund"means the Limited Tax General Obligation Refunding Bond Fund,Series 2(J07T
(Taxable),created by this Ordinance.
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"Bond Insurer"or "Insurcr"means MBIA Insurance Corporation,a stock insurance company
incorporated under the laws of the State ofNew York.
"Bond Register"means the registration hooks on which arc maintained the names and addresses
ofthe owners of the Bonds.
"Bond Registrar"means the fiscal agent of the State of Washington,as the same may be
designated from umc to time, or such other registrar or paying agent duly designated by ordinance of the
City.
"Bonds"means the 5;2,120,000 principal amount of Limited Tax General Obligation Refunding
Bonds.Series 2007T (Taxable)of the City issued pursuant to and for the purposes provided in this
Ordinance
"1997 Bonds"means the City's Limited Tax General Obligation Bonds,1997 issued pursuant to
and for the pLlfpOSCS provided in Ordinance No.21511.
"Code"means the Internal Revenue Code of 1986,as amended,or any successor thereto,and all
applicable regulations thereunder
"City"means the City of Marysville,Washington.
"DTC"means The Depository Trust Company,New York.New York.
"Finance Director"means the Finance Director ofthe City
"Financial Guaranty Insurance Policy"means the Financial Guaranty Insurance Policy issued by
the Bond Insurer insuring the payment when due of the principal of and interest on the Bonds as provided
therein.
"Letter of Representations"means the Blanket Issuer Letter of Representations dated
November 14, 1997 between the City and DTC,as it may be amended from rime to nme.
"l\lSRB"means the Municipal Securities Rulcmcking Hoard.
"NRl\lSIR"means a nationally recognized municipal securities information repository
designated by the SEC in accordance with SEC Rule 15c2-12(b)(51.
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'li'04'.',I.:
"Purchase Agreement"means the purchase agreement presented to the City by Piper Jaffrey &
Co ..of Seattle.Washington,otlering to purchase the Bonds under the terms and conditions provided
therein.
"Purchaser"means Piper JaIfruy &Co.,a I'Seattle,\\/ashingron.
"Refunded Bonds"means the outstanding Limited Tax General Obligation Bonds.1997,of the
City maturiug 111 the years 2007 through 2017,inclusive,Issued pursuant to Ordinance No.2158.the
refunding of which has been provided for by this ordinance.
"Refunded Bond Ordinance"means Ordinance No.2158 of the City.
"Refunding Plan"means:
(a)the placement of sufficient proceeds of the Rands which,with other
Inuney of the City,if necessary,will acquire the Acquired Obligations to he deposited.
with cash,11'necessary.with the Refunding:Trustee;
(h) the payment of the principal otand interest on the Refunded Hands when
due up to and including December 1,2007,and the call,payment,and redemption on
December 1.2007,of all ofthe then-out.standing Refunded Bonds at a price ofpar;and
(c)the payment of the costs of issuing the Bonds and the costs of carrying
our the foregoing clements of the Refunding Plan.
"Refunding Trust Agreement"means a Refunding Trust Agreement between the City and the
Refunding [ruxtce sub-aannally ill the form ofthat which IS 011 file with the F111311CC Director and by this
reference incorporated herem,together With such changes as the Finance Director deems appropriate and
which arc consrsrent with the purposes of this ordinance.
"Refunding Trustee"means US Bank National Association of Seattle,Washington.serving 3S
trustee or escrow agent or any successor trustee or escrow agent.
Section 2.Ps:bt CE:D!:lS:i1Y.The assessed valuation of the taxable property within the City as
ascertained by the last preceding assessment for City purposes for the calendar year 20U7 is
$3,250,901,319,and the (,ity has outstanding general indebtedness evidenced by limited lax general
obligatio»bonds III the principal amount of $8,740,1 ~3 incurred within the limit of up to 1-[/2'>0 of the
value of the taxable property within the City permitted for general municipal purposes without ,J vote of
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the qualified voters therein,unlimited tax general obligation bonds in the principal ,II'
incurred within the limit of lip to 2 1/2'~<)of the value ofthe taxable property withi» '
purposes only,issued pursuant to a vote of the qualified voters of the City,,I ;\'
indebtedness for which bonds are authorized herein to be issued is $2,l20,O{)O.
outstanding unlimited tax general obligation bonds issued tor utility purposes or pill'l,
purposes.
Section 3,ALlth~d:(!.!Jion of Bomis,The City shall borrow money on '
and issue negotiable limited tax general obligation honds evidencing that indebtcdm..
$2,120,000 for general City purposes to provide the funds to carry out the rcfundi I
outstanding Limited Tax General Ohligation Bonds.1')97 (thc "Refunding")and
issuance and side of the bonds (the "costs of Issuance").lhc general indebtedness i
within the limit ofup to 1-1/2%,ofthe value of the taxable property within the City
municipal pUlVOSCS without a vote ofthe qualified voters therein.
Section 4.D~i>l,;:riptiQ!Lor Bonds.The bonds shall be called Limited 1;1\.,
Refunding Bonds,Series 2007T (Taxable),of the City (the "Bonds");shall be in I].
amount 01'$2,120J)()O;shall he dated their date of initial delivery;shall be in the d<;'i'
or any integral multiple thereof within <l single maturity:shall be numbered separat.
with any additional designation as the fiscal agent of the State of Washington
designated by the State of Washington from time to time)(the "Bond Registrar"),..
purposes of identification:shall bear interest (computed on the basis of a 160-day .\(.'
months)payable semiannually on each June I and December I,commencing J)~.,"
maturity or earlier redemption of the Bonds;and shall mature on December I 111 yc"
bear interest at the riltes per annum as follows:
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i\lalurily Interest Maturity Interest
Years Amounts Rates Years Amounts Rates---_._._-----
2007 $145,000 :'i,2l)0'~'o 20 Ll $130,()OO 5 1R7°,;,
200S 95,000 5.260 *********
ZOOl)100,000 5.J(iO 2017 585,000 5,434
ZOIO 110.000 6.000 ***..,...
2011 115,000 Ii.OOO 2021 720,000 5.250
2012 120.000 6.000
Sectinn 5 RegistIMi.on and Transfer ofB(}nd~.The Bonds shall be issued only in registered
form as to both principal and interest and shall be recorded on hooks or records maintained by the Bond
Registrar {the "Bond Register").The Bond Register shall contain the name and mailing address of the
owner of each Bond and 111e principal amount and number ofeach ofthe Bonds held by each owner.
Bonds surrendered to the Bond Registrar may be exchanged for Bonds in any authorized
denomination of 311 equal aggregate principal amounl and of the same interest rate and maturity.Hands
may be transferred only if endorsed in the manner provided thereon and surrendered to the Bond
Registrar.Any exchange or transfer shall be without cost to the owner or transferee.The Bond Registrar
shall not he obligated to exchange or transfer any Bond during the 15 days preceding any principal
payment or redemption date.
The Bonds initially shall hI.:registered in the name of Cede 8::Co.as the nominee of The
Depository Trust Company.New York,New York ("PTC").The Bonds so registered shall be held in
fully immobilized form by Ul"C as depository in accordance with the provisions ofa Blanket Issuer I.cttcr
or Representations November 14, 1997 between the City and DTC (as it ll13y be amended from time to
time,the "Letter of Representations").Neither the City nul' the Bond Registrar shall have any
responsibility or obligation to DTC participants or the persons for whom they act as nominees with
respect to the Ilonds regarding accuracy of any records maintained by DTC or DTC participants of any
amount in respect ofprincipal of or interest on the Bonds,or any notice which is permitted or required to
be given to registered owners hereunder (except such notice as is required to he given by the Bond
Registrar to DTC).
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For as long as allY Bonds arc held in fully Immobilized form,DTC,its nominee or its successor
depository shall be deemed to be the registered owner for all puq10ses hereunder and all references to
registered owners,bondowncrs. bondholders or the like shall mean [)TC or its nominee and,except for
the purpose of the City's undertaking herein to provide continuing disclosure.shall not mean the owners
of any beneficial interests in the Blinds.Registered ownership of such Bonds,or any portions thereof
may not thereafter be transferred except:(i)to any successor of DTC or its nominee,if thaI successor
shall be qualified under any applicable laws to provide the services proposed to be provided by It:(ill to
any substitute depositor)!appointed by the City or such substitute depository's successor;or (iii) to any
person if the Bonds are no longer held in immobilized form.
Upon the resignation of D'lC or Its successor (or any substitute depository or its successor)from
its functions ,IS depository,or a determination by the City that it no longer wishes to continue the system
of book entry transfers through DTC or its successor (or any substitute depository or its successor),the
City lllay appoint a substitute depository.Any such substitute depository shall he qualified under any
applicable laws to provide the services proposed to be provided by it.
If (i)UTe or its successor (or substitute depository or its successor)resIgns Irom its functions as
depository,and no substitute depository can he obtained,or (ii) the City determines that the Bonds arc to
be in certificated form.tile ownership of Bonds may be transferred to any person as provided herein and
the Bonds no longer shall be held in fully immobilized Ionn.
Section 6.Pavmenr of Bonds.Both principal of and interest on the Bonus shall be payable
in lac•-ful money of the United States of America.Interest on the Bonds shall be paid by checks or drafts
of the Bond Registrar mailed on the interest payment date to the registered owners at the addresses
appearing on the Bond Register on the 15th day of the month preceding the interest payment date or,if
requested in writing by a registered owner of $1UO,OOO or more in principal amount of Bonds pnor to the
applicable record date,by wire transfer on the interest payment date.Principal of the Bonds shall be
payable upon presentation and surrender of the Bonds by the registered owners to the Bond Registrar.
Notwithstanding the foregoing,for us long as the Bonds are registered in till'name of DT('or its
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nominee.payment or principal of and interest on the Bonds shall be made in the manner set forth in the
Letter of Representations.
Section 7.Redemption ProvIsmllS and Open Market Purchase of Bonds.The Bonds shall
be issued without the right or option of the City to redeem the Bonds prior to their stated
maturity dates.
Bonds maturing 111 2017 and 2021 arc Tcnn Bonds and, If nut redeemed under the optional
redemption provIsIOns set forth above or purchased III the open market under the provisions set forth
below.shall be called for redemption randomly (in such manner as the Bond Registrar shall determine)at
par plus accrued interest on December 1 111 ye<:lrs and amounts as follows:
TEH..l'\1l30ND MATLJRIN(J 11\201"'Z
Mandatory
Redemption
Years
2014
2015
2016
2017(nJa{lIritJ)
Mandatory
Redemption
Aml1\!nts
$135,000
140,000
150,000
160,000
TERM BOND MATlJRTNCi TN 2(PI
Mandatory
Redemption
Years
20lK
2019
2020
2021 ((illll!nJaturity)
Mandatory
Redemption
Amounts
$165,000
175,000
185,000
195,000
If the City redeems under the optional redemption provls1ons,purchases in the open marker or
delcases Term Bonds,the par amount of the Term Bonds so redeemed,purchased or defeased
(irrespective of their actual redemption or purchase prices)shall he credited ugiunst one or more
scheduled mandatory redemption amounts 11x those Term Bonds.The City shall determine the manner in
which the credit is to be allocated and shall notify the Ihllld Registrar in writing of'its allocation at least
.g..
60 days prior to the earliest mandatory redemption date for that maturity of Term Bonds for which notice
of redemption has not already been given.
Portions of the principal amount of any Bond.in installments of $5.000 or any integral multiple
thereof Illay he redeemed.If Jess than all of the principal amount of any Bond IS redeemed,upon
surrender of that Bond tn the Bond Registrar,there shall he issued to the registered owner.without charge
therefor,a new Bond (or Bonds,at the opuon or the registered owner)of the same maturity and interest
rate ill any ofthe denominations authorized by this ordinance III the aggregate principal amount remauung
unredeemed.
The City further reserves the right and option to purchase any or all of the Bonds in the open
market at any tunc at any price acceptable to the City plus accrued interest to the date of purchase.
All Bonds purchased or redeemed under this section shall be canceled.
Notwithstanding the foregoing,for <1S long as the Bonds arc registered 1I1 the name of DTC or its
n01111 nee, setection of Bonds for redemption shall be ill accordance with the I.etter of Representations.
Section 8.Notice of Redemption.lhe City shall cause nonce 1)1'any intended redemption
of Bonds to he given not less than 30 nor more than 60 days prior to the date fixed for redemption by
first-class mail,postage prepaid,to the registered owner of any Bond to be redeemed at the address
appearing on the Bond Register at the time the Rond Registrar prepares the nonce.and the requirements
of this sentence shall be deemed to have been fulfilled when notice has been mailed as so provided,
whether or not it is actually received by the OWIH.:r 01 <:Iny Bond.Interest on Bonds called for redemption
shall cease to accrue on the date fixed for redemption unless the Bond or Bonds called are not redeemed
when presented pursuant to the call In addition,the redemption nonce shall he mailed within the same
period,postage prepaid,to Moody's Investors Service,lnc..and Standard &Poor's at their offices in New
York,New York,or their successors,to the Bond Insurer,at its principal office in Armonk,New York,Of
its successor,to each NKJvlSIR or the MSRB and to such other persons and with such additional
information as the CIty Finance Director shall determine.but these additional mailings shall not be a
condition precedent tothe redemption ofBonds.Notwithstanding the foregoing,for as long as the Bonds
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are registered in the name of OTt'or its nominee,notice of redemption shall be given in accordance with
the Letter of Representations.
ScctiOll~).Failure To Redeem Bonds.If any Bond is not redeemed when properly
presented at its maturity or call date,the City shall be obligated 10 pay interest on that Bond at the same
rate provided 1tl the Bond from and after its maturity or call date until that Bond,both principal and
interest is paid in full or until sufficient money tor its payment in full is on deposit in the bond
redemption fund hereinafter created and the Bond has been called for payment by giving notice of that
call to the registered owner ofeach ofthose unpaid Bonds.
Pledge of Taxes.For as long as any (If the Bonds are outstanding,the City
irrevocably pledges 10 include in its budget and levy taxes annually within the constitutional and statutory
rax limitations provided by law without a vote of the electors of the City on all or the taxable property
within the City in an amount sufficient.together with other money legally available and to be used
therefor.to pay when due the principal of and interest on the Bonds,and the full faith.credit and
resources of the City are pledged irrevocably for the annual levy and collection of those taxes and the
prompt payment ofthat principal and interest.
Section I I,Form and Execution of Bonds.The Bonds shall be printed or lithographed on
good bond paper ill a form consistent with the provisions of this ordinance and state law and shall be
signed hy the Mayor and City Clerk,either or both or whose signatures may he manual or in facsimile,
and the seal oftllC City or a facsimile reproduction thereof shall be impressed or printed thereon.
Only Bonds bearing a Certificate ofAuthentication in the following form,manually signed by the
Bond Registrar.shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance:
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CERTIFICATE OF AUTHENTrCATION
This Bond is one of the fully registered City ofMarysvit!c,W<.lshinglil.
Tax General Obligation Refunding Bonds,Series 20007T (Taxable),dcscru
Bond Ordinance.
WASIHNGTON STAll':FISCAL Aid
Bond Registrar
By
Authorized Signer
The authorized signing of a Certificate of Authentication shall be conclusive cvidcn.
authenticated has been duly executed,authenticated and delivered and is entitled 1,1'
ordinance.
uuny officer whose Iarsimilc signature appears on the Honds ceases 10 he ;",
authorized to sign bonds before the Bonds bearing his or her facsimile signature
delivered by the 130nd Registrar or issued by the City,those Bonds nevertheless ill
issued and delivered and,when aurhemicated,issued and delivered,shall be as \)1[',
though that persall had continued to be an officer of the City authorized to sign hon.!
may be signed 011 behalf of the City by any person who.on the actual dale of sign:.,
officer of the CIty authorized to sign bonds,although he or she did nor hold the requl'.
of issuance of the Bonds.
Section 12.Bond Registrar.The Bond Registrar shall keep,or cause I,'
hooks for the registration and transfer of the Bonds,which shall be open to inspect.
times.The Bond Registrar is authorized.on behalf of the City,to authenticate
transferred or exchanged in accordance with the provisions of the Bonds and this ,
the City's paying agent for the Bonds and to carry our all ofthe Bond Registrar's pov, . ,
this ordinance and City Ordinance No. 1405 establishing a system of registration for Ii
obligations.
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The Bond Registrar shall be responsible for its representations contained In the Bond Rcgistrars
Certificate of Authentication on the Bonds,The Bond Registrar may become the owner of Bonds with
the same rights it would have If It were not the Bond Registrar and,to the extent permitted by law,may
act as depository I'm and permit any or its officers or directors to act as members of, or in any other
capacity'with respect to, any committee formed to protect the rights of Bond owners.
Sectionl 3.Refundine or Defeasance of the Bonds.The City may issue refunding bonds
pursuant to the laws of the State of Washington or usc money availablu from any other lawful source to
pay when due the principal of and interest on the Bonds,or any'portion thereof included lT1 a refunding or
defeasance plan.and 10 redeem and retire,refund or defcasc all such then-outstanding Bonds (hereinafter
collectively called the "deteascd Bonds")and to pay the costs of the refunding or defeasance.If money
and/or "uovcmmcnt obligations"(as defined in chapter 39.53 RCW,as now or hereafter amended)
rnatunng at a time or times and beanng interest III amounts (together WIth money,if necessary)sufficient
to redeem and retire,refund or defense the dcfcascd Bonds in accordance WIth their tenus are set aside in
a special trust fund or escrow account irrevocably pledged to that redemption,rcurcment or defeasance of
defeased Bonds (hereinafter called the "trust account"),then all right and interest of the owners of the
defeased Bonds in the covenants orthis ordinance and ITl the funds and accounts obligated to the payment
ofthe dcfcasco Bonds shall cease and become VOId.The owners of dcfcascd Bonds shall have the right to
receive payment of the principal of and interest on the defeased Bonds from the trust account.The City
shall include 1Il the refunding or defeasance plan such provisions as the City deems necessary for the
random selection of any dcfcascd Bonds that constitute less than all of a particular maturity ofthe Bonds,
for notice ofthe defeasance to be given to the owners of the dofcascd Bonds and to such other persons as
the City shall determine,and for any required replacement of Bond certificates for defeased Bonds.The
defeased Hands shall he deemed no longer outstanding,and the City may apply any money ill uuy other
fund or account established for the payment or redemption of the dcfcased Bonds to any lawful purposes
as it shall determine.
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If the Bonds arc registered in the name of OTe or its nominee,notice ofanyc.
shall be given to DTC in the manner prescribed in the Letter of Representations for 11,'1"
of Bonds.
Notwithstanding anything in this section 10 the contrary,if the principalo:
duc on the Bonds is paid by thc Bond Insurer pursuant to the Financial (ill,'
Policy,the Bonds shall be treated as remaining outstanding for all purpose-11,
considered paid by the City,and the covenants,agreements and other obliguuo.:
the registered owners of the Bonds shall continue 10 exist and run to the fK,,(
Insurer,and the Bond Insurer shall be subrogated to the rights of the registered
Section 14.
the office of the CIty Finance Director a special fund designated as the J.imitcd [;"
Refunding Bond Fund,Series 2007T (Taxable)(the "Bond Fund"),for the purpose <)1'
and interest on the Bonds.Accrued interest on the Bonds,if any,received from th,
the Bonds shall be paid into the Bond Fund, All taxes collected for and allocated tp III
principal ofand interest on the Honds shall be deposited in the Bond Fund.
Section IS.RcfundlD,g ofthe Refunded Bonds,
Washington,is appointed Refunding Trustee
US Bank National i\S~',.
(h)lJse of Rond Proceeds;Acquisition of Acquired Ohlig,~lion~.All 01 ,;,
sale of the Bonds,together with $1,000,000 of cash of the City which IS hereby ,'Ip!",·
shall be deposited immediately upon the receipt thereof with the Refunding Trustee :<,;,
the obligations of the City relating to the Refunded Bonds under the Refunded I'"
providing for the payment of the amounts required to be paid by the Refunding [Ji"
practicable.such obligations shall be discharged fully by the Refunding Trustee'«0.11,],
of the Acquired Obligations,bearing such interest and maturing as 10 principa'"
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amounts and at such times SP as to provide,together with a beginning cash balance,if necessmy,lor the
payment of the amount required to be paid by the Refunding Plan.The Acquired Obligations are listed
and more particularly described in Fxhibit A attached to the Refunding Trust Agreement between the City
and the Refunding Trustee,but are subject to substitution as set forth below.Any Bond proceeds or other
money deposited with the Refunding Trustee not needed to purchase the Acquired Obligations and
provide a beginning cash balance,if any, and pay the costs of issuance of the Bonds shall be returned to
the City at the time of delivery or the Bonds to the initial purchaser thereof and deposited in the Bond
Fund to pay interest 011 the Bonds on the first interest payment date.
(e)Substitution ofAcquired Obligations,Prior to the purchase of any Acquired Obligations
by the Refunding Trustee,the City reserves the right to substitute other direct.noncallable obligations of
the United States or America ("Substitute Obligations")for any of the Acquired Obligations and to use
any savings created thereby for any lawful City purpose if,(a) in the opinion PI'Foster Pepper PLLC,the
City's bond counsel,the interest on the Bonds and the Refunded Bonds will remain excluded from gross
income for federal income tax purposes under Sections 103,14R,and 14f)(d)of the Code.and (b)such
substitution shall not impair the timely payment of the amounts required to be paid by the Refunding
Plan,as verified bvn nationally recognizee independent certified public accountmg linn.
After the purchase or the Acquired Obligations by the Refunding Trustee.tbe City reserves the
right to substitute therefor cash or Substitute Obligations subject to the conditions that sue!!money or
securities held by the Refunding lrustec shall be sufficient to carry out the Refunding Plan.that such
substitution will not cause the Refunded Bonds to be arbitrage bonds within the meaning of Section 148
of the Code and regulations thereunder in effect on the date of such substitution and applicable to
obligations issued on the issue dates of the Bonds and the Refunded Hands.as applicable,and that the
City obtain,at Its expense:0)a verification by a nationally recognized independent certified public
accounting firm acceptable \0 the Refunding Trustee confirming that the payments of principal of and
interest on the substitute securities,if paid when due,and any other money held by the Refunding Trustee
will he sufficient to entry out the Refunding Plan;and (2) all opinion from Foster Pepper PILe,bond
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counsel to the City,its successor,or ether nationally recognized bond counsel to the City,to the effect
that the disposition and substitution or purchase of such securities,under the statutes,rules,and
regulations then 111 force and applicable to the Bonds,will not cause the interest on the Refunded Bonds to
be included in gross income for federal income tax purposes and that such disposition and substitution or
purchase is in compliance with the statutes and regulations applicable to the Bonds.Any surplus money
resulting from the sale,transfer,other disposition.or redemption of the Acquired Obligations and the
substitutions therefor shall be released from the trust estate and transferred to the City to be used for any
lawful City purpose.
(d)!\dmmistratiOIl of Refunding Plan.The Refunding Trustee is authorized and directed ttl
purchase tbe Acquired Obligations (or substitute obligations)and to make the payments required to be
made by the Refunding Plan from the Acquired Obligations (or suhstitute obligations)and money
deposited with the Refunding Trustee pursuant to this ordinance.All Acquired Obligations (or substitute
obligations]and the money deposited with the Refunding Trustee and any income therefrom shall be held
irrevocably,invested and applied III accordance with the provisions ofthe Refunded Bond Ordinance,this
ordinance,chapter 39.53 RCW and other applicable statutes of the State of Washington and the
Refunding Frusr Agreement.All necessary and proper fees.compensation,and expenses of the
Refunding Trustee for the Bonds and all other costs incidental to the setnng up of the escrow to
accomplish the refunding of the Refunded Bonds and costs related to the issuance and delivery of the
Bonds,including bond printing,verification ICes,bond insurance premium,bond counsel's ICes,ami
other related expenses,shall he paid out ofthe proceeds of the Bonds.
(c)Authorization for Refunding Trust Agrcl:mcnt.To carry out the Refunding Plan provided
for by this ordinance,the Mayor or Finance Director of the CIty is authorized and directed to execute and
deliver to the Refunding Trustee a Refunding Trust Agreement substantially in the form attached as
Exhibit A hereto and by this reference made a part hereof setting forth the duties,obligations and
responsibilities of the Refunding Trustee in connection WIth the payment,redemption,and rcurcmcnt of
the Refunded Bonds as provided herein and stating that the provisions for payment of the fees,
-[5-
compensation.and exrense~of such Refunding Trustee set forth therein are satisfactory to It.Prior to
cxccuung the Refunding Trust Agreement,the Mayor or Finance Director of the City IS authorized to
make such changes therein that do [lot change the substance and purpose thereof or that assure that the
escrow provided therein and the Bonds arc 1ll compliance with the requirements of federal law governing
the exclusion of interest on the Bonds from gross income for federal income tax purposes.
Section 16.Call lor Redemption of the Refunded Hond~.The City calls for redemption on
December 1,2007,all of the Refunded Bonds at par plus accrued interest.Such call for redemption shall
be irrevocable after the delivery of the Bonds to the initial purchaser thereof The date on which the
Refunded Bonds are herein called for redemption is the first date on which those bonds may be called.
lhe proper City officials arc authorized and directed to give or cause to be given such notices as
required,at the tunes and 111 the manner required.pursuant to the Refunded Bond Ordinance 111 order to
effect the redemption prior to their maturity of the Refunded Bonds.
LiJ}:Findings._~jltLKt;5.l?_~fUO Refunding.The City Council of the City finds and
determines that the Issuance and sale of the Bonds at this tunc will accomplish a modification of
covenants and is in the best interest of the City and its taxpayers and in the public interest In making
such finding and determination.the City Council has given consideration to the fixed maturities of the
Bonds and the Refunded Bonds.the cosh of Issuance of the Bonds and the known earned income from
the investment of the proceeds of the issuance and sale ofthe Bonds and other money of the City used in
the Refunding Plan pending payment and redemption ofthe Refunded Bends.
The City Council further finds and determines that the money to be deposited with the Refunding
Trustee for the Refunded Bonds 1Il accordance with Section ]5 of this ordinance WIll discharge and satisfy
the obligations of the City under the Refunded Bond Ordinance with respect to the Refunded Bonds,and
the pledges,charges,trusts,covenants,and agreements of the City therein made or provided for as to the
Refunded Bonds.and that tile Refunded Bonds shall no longer be deemed to be outstanding under such
ordinance immediately upon the deposit ofsuch money with the Refunding trustee.
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Section IS.Approval of Bond Purchase Contract.Piper Jaffru.
Washington.has presented a purchase contract (the "Bond Purchase Contract")to
purchase the Bonds under the tenus and conditions provided in the Bond Purch.c
written Bond Purchase Contract is on Ilk with the Finance Director of the City and t.:
by this reference.Fhc City Council finds that cmcrmg into the Bond Purchase (""I'
best interest and therefore accepts the offer contained therein and authorizes n..
officials.
The Bonds will be printed at City expense and will be delivered to the pUI'_!>
with the Bond Purchase Contract,with the approving legal opinion of Foster I'q.",
bond counsel ofSeattle,Washington.regarding the Bonds.
The proper City offiCials arc ,mthori/,ed and directed to do everything (KC
delivery of the Bonds to the purchaser and for the proper application and use of til,I'
thereof
Section JY.Preliminary Official Statement Deemed Final.The Cu-.
provided with copies of a preliminary official statement dated May 7, 20U7 (lh,'
Statement").prepared in connection with the sale of the Bonds.For the sol,I',
purchaser's compliance with Securities and Exchange Commission Rule 15e2-1211'1'~
final"that Preliminary Official Statement as or its date.except for the omiSSIO;'
offering prices,interest rates,selling compensation.aggregate principal amount.("
maturity,maturity dates,options or redemption,delivery dales,ratings and othc.!
dependent on such matters.
Section 20.Undertaking to Provide COlltinuing Disclosure.To meet I'
United States Securities and Exchange Commission ("SEC")Rule lSc2-12(h){",
applicable to a participating underwriter for the Bonds,the City makes the (ollowiu..
(the "Undertaking")for the benefit ofholders of the Bonds:
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(a)Undertaking to Prov](l~AJU1ual Financial Information and Notlc~.9f
Material Events.The City undertakes to provide or cause to be provided,either directly
or through a designated agent:
(i)To each nationally recognized municipal securities information
repository designated by the SEC III accordance with the Rule (")JR.MSHC)and to a slate
information depository,If any,established 1Il the State of Washington (the "SID")annual
financial information and operating data of the type included in the final official
statement for the Bonds and described in subsection (h)of this sccuon (varmual financial
Information"):
{ii)]'0 each NRMSIR or the Municipal Securities Rulcmaking
Board CMSRU"j,and to the SIr),timely notice of the occurrence of any ofthe following
events with respect 10 the Bonds,If material:(J)principal and interest payment
delinquencies:(2)non-payment related defaults:(3)unscheduled draws on debt service
reserves reflecting financial difficulties;(4)unscheduled draws on credit enhancements
reflecting financial difficulties:(5)substitution of credit or liquidity providers,Dr their
failure to perform;(6)adverse tax cpimons or events affecting the tax-exempt status of
the Bonds;(7)modifications to rights of holders ofthe Bonds:(S)Bond calls (other than
scheduled mandatory redemptions of Term Bonds):(9) dcfcasances; (10)release,
subsututio».or sale of property securing repayment of the Bonds:and (11)rating
changes:and
(iii)In each NRMSIR or to the MSRB,and to the SID,timely nonce
01'.1 failure by the City to provide required annual financial information on or before the
dale specified in suhsccuon (b)of this section.
(b)i vue of Annual Financial Information Undertaken to he Provided.The
annual financial information that the City undertakes to provide in subsection (it)of this
section:
(i)Shall consist of (1)annual financial statcrncuts prepared (except
as noted In the financial statements)JIl accordance with applicable generally accepted
accounung principles promulgated by the Government Accounting Standards Board
("GASB")as applicable to Washington municipal corporations,as such principles may
be changed from ume to time,which statements shall not he audited,except.however,
that if and when audited financial statements arc otherwise prepared and available to the
City they will be provided;(2)authorized,issued and outstanding balance of general
obligation bonds:(3)assessed valuation for the fiscal year;and (4)regular property tax
levy rate and property tax amounts collected in the fiscal year;
(ii)Shall be provided to each NRMSJR and the SID,not later than
the last day of the ninth month after the end of each fiscal year of the City (currently,a
fiscal year ending December 31),as such fiscal year may be changed as required or
permitted by State law,commencing with tile City's fiscal year ending December 31,
2006:and
(iii)May he provided in a single or multiple documents,and may be
incorporated hy reference to other documents that have heen filed with each NRMSIJ{
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and the SID,or.if the document incorporated by reference IS a "final effie:I
with respect to other obligations ofthe City,that has been filed with the MSRL
(c)Amendment of Undertaki..!!g.The Undertaking is subject 1\,
after the primary offering of the Bonds without the consent of any holder of,1I .
of any broker,dealer,municipal securities dealer,participating under-c.
agency,NRMSIR the SID or the MSRU,under the circumstances and 1';!ii
permitted by the Rule.
Ihe City will g:IVC notice to each NM1SlR or the MSRH,iJnd I,..
substance (or provide a Cl1PY)of any amendment to the Undertaking and d h,I'
ofthe reasons for the amendment.Ifthe amendment changes the type of <Ill
information to be provided.the annual Financial intormauon containinc
financial information will include a narrative explanation of the effect 01 tl,;'1
the type of information to he provided.
(d)Beneficiaries.The Undertaking evidenced hy this secti('l:,I
the benefit 01 the City and any holder of Bonds,and shall not Inure II'th-,
create allYrights in any other person.
(c)Termination of Undertakm!!,.The City's obligauo-
Undertaking shall terminate upon the legal defeasance of all of the Bo,'d
the City's obligations under this Undertaking:shall terminate If those pn~
Rule which require the City to comply with this Undertaking become lq-'.;dl\
In respect of the Hunds for any reason,as confirmed by an OPll1\('jl
recognized bond counselor other counsel familiar with federal sccunucs
to the City,and the City provides timely nonce of such termination to each ~
the MSRB and the SID.
(f)Remcdy for Failurc to Conwly WIth Undertaking.As SOil,:
after the City learns of any failure to comply with the Undertaking,the (1_.
WIth due diligence to cause such noncompliance to be corrected.No fathu,.
or other obligated person to comply with the Undertaking shall consunu.
respect of the Bonds.The sole remedy of allY holder of a Bond shall I:,
actions as that holder deems necessary,including seeking an l1rd,i
performance from an appropriate court,to compel the City or other obli1',1:'
comply with the Undertaking.
(g)Designation of Ot1icial RespOl!~ible to Adllllllister Unde:.,"
Finance Director of the CIty (or such other officer of the City who nr:11
perform the duties of that office)or his or her designee is authorized an-i
or her discretion to take such further actions as may he ncccssarv
convenient to carry out the Undertaking of the City In respect (11'the Bon.t.
this section and in accordance with the Rule,including,without limitation.II
actions:
(i)Preparing and filing the annual financial infortnan.«
to he provided:
- I 9-
(ii)Determining whether any event specified in subsection (a)has
occurred. assessing its materiality with respect to the Bonds, and, if material, preparing
and disseminating notice of its occurrence;
(iii)Determining whether any person other than the City is an
"obligated person" within the meaning of the Rule with respect to the Bonds.and
obtaining from such person an undertaking to provide any annual financial information
and notice ofmaterial events for that person in accordance with the Rule;
(iv)Selecting,engaging and compensating designated agents and
consultants, including but not limited to financial advisors and legal counsel, to assist and
advise the City in carrying out the Undertaking:and
(v)Ftfecting any necessary amendment of the Undertaking.
(b)Centralized Dissemination Agent. To the extent authorized by the SEC,
the City may satisfy the Undertaking by transmitting the required filings using
http://www.disc1osureusa.org (or such other centralized dissemination agent ,IS may be
approved by the SEC).
Bond Insurance.The City Councilor the City finds that it is in the City's
best interest to purchase,and that a savings will result from purchasing,the Financial Guaranty
Insurance Policy 1()J'the Bonds.The City shall purchase from the Bond Insurer the Financial
Guaranty Insurance Policy insuring the prompt payment of the principal of and interest on the
Bends and agrees to the conditions for obtaining that policy,including the payment of the
premium therefor and the following provisions entitled "Payments under the Policy"required hy
the Bond Insurer to be included in this ordinance:
"A.In the event that,on the second Business Day,and again on the
Business Day,prior to the payment date on the Obligations,the Paying
Agent/Trustee [the Bond Registrar]has not received sufficient moneys to pay all
principal of and interest on the Obligations due on the second following or
following,as the case may be,Business DOlY,the Paying Agent/Trustee shall
immediately notify the Insurer or its designee on the same Business Day by
telephone or telegraph,confirmed in writing by registered or certified mail,of the
amount of the deficiency.
"13.If the deficiency is made up in whole or in part prior to or on the
payment date,the Paying Agent/Trustee shall so notify the Insurer or its designee.
"c.In addition,if the Paying Agent/Trustee has notice that any
Bondholder has been required to disgorge payments of principal or interest on the
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Obligations to a trustee in bankruptcy or creditors or others pursuant to a final
judgment by a court of competent jurisdiction that such payment constitutes an
avoidable preference to such Bondholder within the meaning of any applicable
bankruptcy laws,then the Paying Agent/Trustee shall notify the Insurer or its
designee of such fact by telephone or telegraphic notice,con/inned in writing by
registered or certified mail.
"D.The Paying Agent/Trustee is hereby irrevocably designated,
appointed,directed and authorized to act as attomey-in-fuct for Holders or the
Obligations as follows:
"1.If and to the extent there is a deficiency ill amounts
required to pay interest on the Obligations,the Paying Agent/Trustee shall
(a)execute and deliver to U.S. Bank Trust National Association,or its
successors under the Policy (the "Insurance Paying Agent/Trustee"),in
form satisfactory to the Insurance Paying Agent/Trustee,an instrument
appointing the Insurer as agent for such Holders in any legal proceeding
related to the payment of such interest and an assignment to the Insurer of
the claims for interest to which such deficiency relates and which are paid
by the Insurer,(b)receive as designee of the respective Holders (and not
as Paying Agent/Trustee)in accordance with the tenor of the Policy
payment from the Insurance Paying Agent/Trustee with respect to the
claims tor interest so assigned,and (c)disburse the sallie to such
respective Holders:and
"2.If and to the extent of a deficiency in amounts required to
pay principal of the Obligations,the Paying Agent/Trustee shall (a)
execute and deliver to the Insurance Paying Agent/Trustee in form
satisfactory to the Insurance Paying Agent/Trustee an instrument
appointing the insurer as agent tor such Holder in any legal proceeding
relating to the payment of such principal and an assignment to the Insurer
of any of the Obligation surrendered to the Insurance Paying
Agent/Trustee of so much of the principal amount thereof as has not
previously been paid or for which moneys arc not held by the Paying
Agent/Trustee and available for such payment (but such assignment shall
he delivered only if payment from the Insurance Paying Agent/Trustee is
received),(b)receive as designee of the respective Holders (and not as
Paying Agent/Trustee)in accordance with the tenor of the Policy payment
therefor from the Insurance Paying Agent/Trustee,and (c)disburse the
same to such Holders.
"f.Payments with respect to claims for interest on and principal of
Obligations disbursed by the Paying Agent/Trustee from proceeds of the Policy
shall not he considered to discharge the obligation of the Issuer with respect to
such Ohligations.and the Insurer shall become the owner of such unpaid
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Obligations and claims for the:interest in accordance with the tenor of the
assignment made to it under the:provisions of this subsection or otherwise.
'"F.Irrespective or whether any such assignment is executed and
delivered.the Issuer and the Paying Agent/Trustee hereby agree lor the benefit of
the Insurer that:
"I.They recognize that to the extent the:Insurer makes
payments,directly or indirectly'(as by paying through the Paying
Agent/Trustee).on account of principal of or interest on the Obligations,
the Insurer will be:subrogated to the lights of such Holders to receive the
amount of such principal and interest from the Issuer,with interest thereon
as provided and solely from the sources stated in this Indenture and the
Obligations;and
"2.They will accordingly pay to the Insurer the amount of such
principal and interest (including principal and interest recovered under
subparagraph (ii)of the first paragraph of the Policy,which principal and
interest shall be deemed past due and not to have been paid),with interest
thereon as provided in this Indenture and the Obligation,but only from the
sources and in the manner provided herein for the payment of principal of
and interest on the Obligations to Holders,and will otherwise treat the
Insurer as the owner or such rights to the amount of such principal and
interest.
"G.In connection with the issuance of additional Obligations,the
Issuer shall deliver to the Insurer a copy of the disclosure document,if any,
circulated with respect to such additional Obligations.
"H.Copies or any amendments made to the documents executed in
connection with the issuance of the Obligations which arc consented to by the
Insurer shall be sent to Standard &Poor's Corporation.
"I.The Insurer shall receive notice of the resignation or removal of
the Paying Agent/Trustee and the appointment ofa successor thereto.
"J.The Insurer shall receive copies of all notices required to be
delivered to Bondholders and,on an annual basis,copies of the Issuer's audited
financial statements and Annual Budget.
"Notices:Any notice that is required to be given to a holder of the
Obligation or to the Paying Agent/Trustee pursuant to the Indenture shall also be
provided to the Insurer.All notices required to be given to the Insurer under the
Indenture shall be in wnung and shall be sent by registered or certified mail
addressed to MBIA Insurance Corporation,113 King Street,Armonk,New York
10504 Attention:Surveillance."
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"K.The Issuer/Obligor agrees to reimburse the Insurer nu:
and unconditionally upon demand.to the extent permitted by 1:\1-
reasonable expenses,including attorneys'Ices and expenses,incurrr.
Insurer in connection with (I)the enforcement by the Insure
Issucrs/Obligators obligations,or the preservation or defense of any rii'
Insurer,under this Resolution/Indenture and any other document __<
connection with the issuance of the Obligations,and (ii) any consent,:1"
waiver or other action with respect to the Resolution/Indenture (,'
document,whether or not granted or approved,together with mtcrc-a ,
expenses from and including the date incurred to the date of I'
Citibanks Prime Rate plus J%or the maximum interest rate perm
whichever IS less. In addition,the Insurer reserves the nght to char
connection with its review ofany such consent,amendment or waiver."
not granted or approved.
"L.The Issuer/Obligor agrees not to use the Insurer's 11;'"
public document including,without limitation,a press release or ]'
announcement or forum without the Insurer's prior consent;provic'.
such prohibition on the use ofthe Insurer's name shall not relate !('
Insurer's standard approved form of disclosure in public docunn-r.
connection with the current Obligations to be Issued in accordance \\'11 '
of the Commitment:and provided further such prohibition shall run II'
use ofthe Insurer's name in order to comply with public notice,pubf
public reporting requirements.
"M.The Issuer/Obligor shall not enter into any agrccmc».
consent to or participate in any arrangement pursuant to which Bond.
or purchased for any purpose other than the redemption and cancel led"
defeasance of such Bonds without the prior written consent of V!f3IA '
Any notices required to be given under the terms or this ordinance shall.':
Bond Insurer,Attn.:Insured Portfolio Management.
[Rcmainder (!(page {eli blank:intcntionolty.]
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51,,11':'11,2
Section 22,[jtfective Date of Ordinance,l his ordinance shall take effect and be in force
from and after Its passage and five 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 special open public meeting thereof,this 17th day ofMay,2007.
CITY OF MARYSVII.l.F,WASHINGTON
Dtihv~oZ ALJJt
Dennis L.Kendall,Mayor
ATTEST:
APPROVED AS TO FORM:
I~\r~'Y ft\~
Foster PCP~~~1LLC,Bond Counsel
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CLRTIFl('A]]ON
1,the undersigned,City Clerk of the City of Marysville,Washington {the '(.
as [oI1O\\'s:
1.The attached copy of Ordinance No.)..1(4(the "Ordinance")is ;1 I'
copy of an ordinance duly passed at a special meeting of the City Council of the ("
meeting place thereof on May 17,2007,as that ordinance appears on the minute ill"';
Ordinance will be In full knee and effect five days after publication 111 the City's :,11'"I
2 Wr-itten notice specifying the time and place of the special ;],V'
business to be transacted was given to all members of the City Council by muil or Ir.
least 24 hours prior to the special mccung,a true and complete copy ofwhich 110'["""_
Appendix I:
3 Written notice of the special meenng was given to each local nl<!I"
and (0 each ne\vspaper of general circulation that has on file with the City ,I wnn...r
of special mccungs.or 10 which such nonce cnstomari Iy is given;and
2 i\quorum of the members of the City Council was present throupj-
majority ofthose members present voled in the proper manner for the passage pj"t',.
IN WITNESS \\'HEREOF,I have hereunto set my hand this 17
1h day of!'.!:,,,
CITY OF MARYSVIU.F.W \
CITY OF MARYSVILLE
NOTICE OF ADOPTION OF ORDINANCE
PLEASE TAKE NOTICE that the Ordinance described below has been
enacted by the Mayor and City Council of the City of Marysville.The full text of
said Ordinance is available.for a charge, upon written request directed to the
City Clerk,Marysville City Hall, 1049 State Avenue,Marysville,Washington
98270.
Ordinance Number:
Date of Enactment:
Effective Date
Title of Ordinance
2701
May 17,2007
May 28,2007
An Ordinance of the City of Marysville,Washington,relating to contracting
indebtedness;providing for the issuance of $2,120,000 par value of Limited Tax
General Obligation Refunding Bonds,Series 200n (Taxable),of the City to
provide the funds with which to pay the cost of advance refunding certain of the
City's outstanding Limited Tax General Obligation Bonds,1997 and paying the
costs of issuance of the Bonds;establishing a bond redemption fund:providing
for and authorizing the purchase of certain obligations out of the proceeds of the
sale of the bonds herein authorized and for the use and application of the money
derived from those investments;authorizing the execution of an agreement with
US Bank National Association of Seattle,Washington,as refunding trustee;
providing for the call,payment and redemption of the outstanding bonds to be
refunded;providing for the purchase of bond insurance;and approving the sale
and providing for the delivery of the bonds to Piper Jaffray &Company of Seattle,
Washington.
Summary of Ordinance:
See title above. A complete copy of the Ordinance including attachments
is available for public inspection and review at the office of the City Clerk,1049
State Avenue,Marysville,Washington 98270.
TRACY JEFFRIES,CITY CLERK