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Ordinance No. 0411
ORDINANCENO41IANORDINANCEoftheCityCounciloftheCityofMedinaWashingtonadoptingaplanofadditionsandalterationstotheCityssystemofsewerageauthorizingtheissuanceandsaleofbondanticipationnotesoftheCityintheaggregateprincipalamountof102O00forthepurposeofprovidingfundstocarryoutsuchplanauthorizingtheissuanceoflimitedtaxlevygeneralobligationbondstopayandredeemsuchnotesprovidingtheformtermsandcovenantsoftheNotestobeissuedcreatingabondredemptionfundandanoteredemptionaccountthereincreatingaconstructtonfundandacceptinganoffertopurchasesaidnotesfromPeoplesNationalBankofWashingtonEREASChapter3592RCWauthorizestheCityofMedinaWashingtontheCitytoconstructcondemnandpurchaseacguireaddtoaltermaintainandoperatesystemsofseweragewithinandwithoutitslimitsandtoissueitsgeneralobligationbondsforthepurposeofprovidingallorpartofthecoststhereofandWHEIEASitisdeemednecessaryandadvisablebytheCityCounciloftheCitythatthecityaddtoandalteritssystemofsewerageandWHEREASthenecessaryandadvisableadditionstothesystemofseweragewillnotexpandthepreviousservicecapacitybyfiftypercentormoreandWHEREAStheCityhasanalyzedandconsideredtheenvironmentalimpactsofthisadditionandalterationtoitsplanandsystemofsewerageandWHEREAStheCityisauthorizedbyChapter3950RCWtoissueshorttermobligationsinanticipationofthesaleoflimitedtaxgeneralobligationbondsandWHEREASinordertoprovidefundstopaypartofthecostofsuchadditionsandalternationsitisdeemednecessaryandadvts ablethattheCitynowauthorizetheissuanceofnotesandbondsthereforandtosellitslimitedtaxgeneralobligationbondsnticipationnotesintheaggregateprincipalamountof102000andWHEREJStheCityhasreceivedawrittenofferfromPeoplesNationalBankofWashingtonSeattleWashingtontopurchasesuchbondanticipationnotesintheaggregateprincipalamountof102000andWHEREASitisherebydeemednecessaryandadvisablethatsaidnotesbesoldatprivatesaletoPeoplesNationalBankofWashingtonandissuedasprovidedinthisordinanceNOWTHEREFOREBEITORDAINEDBYTHECOUNCILOFTHECITYOFMEDINAWASHINGTONasfollowsSection1DefinitionsAsusedinthisordinancethefollowingwordsshallhavethefollowingmeaningsaBondsmeansthelimitedtaxgeneralobligationbondsauthorizedbySection4ofthe1985NoteOrdinancetobeissuedtopaypartofthecostsoftheProjectbBondRedemptionFundmeanstheSewerBondRedemptionFundcreatedbySection8ofthe1985NoteOrdinanceccitymeanstheCityofMedinaWashingtonamunicipalcorporationdulyorganizedandexistingunderandbyvirtueoftheConstitutionandlawsoftheStateofWashingtondConstructionFundmeanstheSewerConstructionFundcreatedbySection7ofthe1985NoteOrdinanceeCouncilmeanstheCounciloftheCityasthesameshallbedulyandregularlyconstitutedfromtimetotimef1985NoteOrdinancemeansthisOrdinanceNo411OftheCitypassedbytheCityCouncilAugust121985JG187850809 g1985NoteAccountmeansthe1985NoteRedemptionAccountcreatedintheBondRedemptionFundbySection8ofthe1985NoteOrdinanceh1985NotesmeanstheCityofMadinsWashingtonLimitedTaxGeneralObligationBondAnticipationNotes1985intheprincipalMountof102000tobeissuedpursuanttothisordinanceforthepurposeofprovidingthefundsforpayingpartofthecostoftheProjectiProjectmeanstheadditionstoandalterationofthestormsewerfacilitiesoftheCityasauthorizedbySection2ofthe1985NoteOrdinancejRefundingNotesmeansanyrenewalorextensionofthe1985Notesoranysubstitutebondanticipationnotesissuedtorefundthe1985NotesSection2AuthorizationoftheProjectTheCityherebyspecifiesendadoptsandauthorizesandorderstobecarriedoutthefollowingplanofadditionstoandalterationsofitssystemofsewerage1Replaceapproximately1050feetofASinchdiameterconcretepipewith24inchdiameterconcretepipelocatedonthenorthwestportionoftheOverlakeGolfandCountryClubCostsofacquisitionconstructionimprovementanddevelopmentofthefacilitiesdescribedaboveincludingallequipmentaccessoriesappurtenanceslandscapingandotherrelatedfacilitiesthereforcostsofarchitecturalengineeringdesignadministrativeappraisallegalandfinancialservicesincidenttheretoandtotheissuanceofthe1985Notesshallbepaidfromtheproceedsofthe1985NotesIfsupplementalormatchingfundsfromfederalstateorlocalpublicsourcesorprivatesourcesbecomeavailabletopayaportionofthecostsoftheProjectthe3JG187850809 Councilmayapplysuchfundstothecostofsuchfacilitiesortosupplementorenlargesuchfacilitiesortoretirethe1985NotesDetailsoftheforegoingplanmaybemodifiedwheredeemedadvisableornecessaryinthejudgmentoftheCouncilandimplementationorcompletionofanyspecifiedportionoftheProjectshallnotberecuirediftheCouncildeterminesthatithasbecomeinadvisableorimpracticalTheCitymaymakesuchchangesinthedesignorthefacilitiestobeaddedtooralteredasmaybefoundnecessaryordesirablepriortoorduringconstructionSection3EstimatedCostandSourcesofFundsTheestimatedcostoftheadditionsandalterationsdescribedinSection2hereofincludingallcostsincidenttothefinancingthereofisdeclaredasnearasmaybeobethesumofOneHundredTwoThousandDollars102000Suchcostshallbeprovidedfromthesaleofthe1985NotesauthorizedhereinandfromtheproceedsoftheBondsauthorizedtobeissuedhereinatsuchtimeasnecessarytopayandedeemthe1985NotesoranyRefundingNotesSection4AuthorizationoftheBondsTheCityshallissueandsellitslimitedtaxgeneralobligationbondstheBondsinsuchamountsandatsuchtimeortimesastheCouncilmaydeterminetobeinthebestinterestoftheCityanditsinhabitantsTheBondsshallbeissuedinanamountsufficienttogetherwithanyotherfundslegallyavailabletopayprincipalandinterestonthe1985NotesattheirmaturityTheBondstobeissuedshallbeinsuchdenominationsandformshallbedatedandbearinterestatsuchrateorratesshallbepayableatsuchplaceorplacesandshallhavesuchoptionofpaymentpriortomaturityasshallbedeterminedbytheCityCouncilSection5Authorizationofthe1985NotesTheCityshallissuethe1985Notesinanaggregateprincipalamountof102000JG167850809 toprovidethefundsnecessarytopaypartofthecostsoftheProjectinanticipationoftheissuanceoftheBondsThe1985NotesshallbedesignatedtheCityofHedinaWashingtonLimitedTaxGeneralObligationBondAnticipationNotes1985shallbedatedAugust191985shallbeissuedinbearerformshallbenumberedconsecutivelyfromoneupwardshallbeinthedenominationof5000eachoranyintegralmultiplethereofexceptfor1985NoteNo1whichshallbeinthedenominationof7000shallbearinterestattherateOf500perannumcomputedonthebasisofa30daymonth360dayyearpayableatmaturityandshallmatureMay301985Bothprincipalofandinterestonthe1985NotesshallbepayableinlawfulmoneyoftheUnitedStatesofAmericaattheoptionoftheholdersthereofattheprincipalofficeofeitherofthefiscalagenciesoftheStateofWashingtoninthecitiesofSeattleWashingtonorNewYorkNewYorkSection6NoRightofPriorRedemptionTheCityhasnotreservedtherighttoredeemthe1985NotespriortotheirmaturitySection7ConstructionFundThereisherebyestablishedaspecialfundoftheCitytobeknownastheSewerConstructionFundtheConstructionFundTheproceedsofsaleofthe1985NotesotherthanaccruedinterestshallbedepositedintheConstructionFundandshallbeappliedandusedsolelyforthecostsoftheProjectandallcostsincidenttheretoAnyinterestorprofitreceivedfromtheinvestmentofsuchproceedsormoniesshallbedepositedintheConstructionFundasreceivedandshallbeappliedandusedsolelyfortheProjectincludingallcostsincidenttheretoSection8BondRedemptionFundandNoteRedemptionAccountAspecialfundoftheCityknownastheSewerBondRedemption5JG187850809 FundtheBondRedemptionFundisherebyestablishedThereisherebyestablishedintheBondRedemptionFundaspecialaccountknownasthe1985NoteRedemptionAccountthe1985NoteAccountThe1985NoteAccountshallbedrawnuponforthesolepurposeofpayingtheprincipalofandinterestonthe1985NotesMoneysinthe1985NoteAccountnotneededtopaytheinterestorprincipalnextcomingduemaytemporarilybedepositedinsuchinstitutionsorinvestedinsuchobligationsasmaybelawfulfortheinvestmentofCitymoneysAnyinterestorprofitfromtheinvestmentofsuchmoneysshallbedepositedintheConstrUctionFundAllinvestmentincomeOrearningsshallremainintheConstructionFundandbeusedtopaythecostsoftheProjectSection9ApplicationofNoteProceedsUpontheissuanceofthe1985Notestheproceedsofsaleofthe1985NotesshallbedepositedintotheConstructionFundandshallbeappliedtothepaymentofthecostsoftheProjectandallcostsincidentaltheretoincludingthecostsofissuanceofthe1985NotesIfany1985NoteproceedsshallremainafterthecompletionOftheProjectandthepaymentOfallcostsincidentaltheretoandtotheissuanceofthe1985NotestheCityshallapplyanysuchproceedstoanyotherpublicpurposesasshallbedeterminedbytheCouncilbyordinanceortothepaymentofprincipalofandinterestonthe1985NotesortheBondsastheCouncilbyordinanceshalldetermineSection10Paymentofthe1985NotesTheCityherebyirrevocablycovenantsthatonorbeforethematuritydateofthe1985NotesitwillsellandissuetheBondsoranyRefundingNotesanddepositsomuchoftheproceedsthereofintothe1985NoteAccountasnecessarytopaythe1985Notesthenoutstanding6JG167850809 TheCityfurthercovenantsthatforsolongasanyofthe1985NotesereoutstandingitwillincludeinitsbudgetandmakeannualleviesofdvaloremtaxeswithinandasapartofthetaxlevypermittedtocitieswithoutavoteofthepeopleuponallthetaxablepropertyWithintheCitysubjecttotaxationinamountswhichwithothermoniesincludingproceedsofanyRefundingNotesortheBondslegallyavailablethereforwillbesufficienttopaytheprincipalofandinterestonthe1985NotesasthesameshallbecomedueThefullfaithcreditandresourcesoftheCityareherebyirrevocablypledgedfortheannuallevyandcollectionofsuchtaxesandforthepromptpaymentofsuchprincipalandinterestasthesameshallbecomedueSection11Formofthe1985NotesThe1985NotesshallbeinsubstantiallythefollowingformUNITEDSTATESOFAMERICANoSTATEOFWASHINGTONCITYOFMEDINABONDANTICIPATIONNOTE1985TheCityofMedinaWashingtonamunicipalcorporationorgauizedendexistingunderandbyvirtueoftheConstitutionand1eweOftheStateofWashingtonhereincalledtheCityherebyacknowledgesitselftooweandforvaluereceivedpromisestopaytobearertheprincipalsumofDOLLARSonthe30thdayofMay1986withinterestthereonfromthedatehereofattherateoffiveandNolO0percent500perannumpayableatmaturityoruntilsuchprincipalsumshallhavebeenpaidorfundsdulyprovidedinthe1985NoteRedemptionAccountoftheSewerBondRedemptionFundforsuchpaymentinfullInterestonthisnoteshallbecalculatedonthebasisofa30daymonthend360dayyearBothprincipalofandinterestonthisnotearepayableinlawfulmoneyoftheUnitedStatesofAmericaattheoptionoftheholderhereofattheprincipalofficeofeitherofthefiscal7JG167850809 agenciesoftheStateofWashingtoninthecitiesofSeattleWashingtonandNewYorkNewYorkTheCityhasnotreservedtherighttoredeemthe1985NotesofthisissuepriortotheirmaturityThisnoteisoneofaseriesofnotesoftheCityoflikedateandtenorexcepttonumberandamountissuedintheaggregateprincipalamountof102000pursuanttoOrdinanceNo4oftheCitypassedAugust121985the1985NoteOrdinanceThe1985Notesareissuedforthepurposeofpayingpertofthecostofaddingtoandalteringsewerfacilitiesasmoreparticularlydescribedinandauthorizedbythe1985NoteOrdinanceTheCityherebyirrevocablycovenantsonorbeforethematuritydateofthe1985Notestoissueadditionalbondanticipationnotesorlimitedtaxlevygeneralobligationbondsinamountssufficienttopaytheprincipalamountofthe1985NotesofthisissuethenoutstandingtogetherwithinteresttomaturityThecityfurthercovenantsthatitwillincludeinitsbudgetandlevyadvaloremtaxeswithinandasapartofthetaxlevypermittedtocitieswithoutavoteofthepeopleuponallthetaxablepropertywithintheCitysubjecttotaxationinamountssufficientwithothermoniesincludingtheproceedsofanyadditionalbondanticipationnotesorsuchbondslegallyavailabletherefortopaytheprincipalofandinterestonthe1985NotesasthesameshallbecomedueThefullfaithcreditandresourcesoftheCityareherebyirrevocablypledgedfortheannuallevyandcollectionofsuchtaxesandthepromptpaymentofsuchprincipalandinterestasthesameshallbecomedueReferencetothe1985NoteOrdinanceismadeforadescriptionofthenatureandextentofthesecurityforthe1985NotesandthetermsandconditionsuponwhichsuchnotesisissuedItisherebycertifiedanddeclaredthatthisnoteisissuedpursuanttoandinstrictcompliancewiththeConstitutionandlawsoftheStateofWashingtonandordinancesoftheCityandthatallactsconditionsandthingsrequiredtobedoneprecedenttoandintheissuanceofthisnotehavehappenedbeendoneandperformedandthatthetotalindebtednessoftheCityincludingthisnotedoesnotexceedanyconstitutionalorstatutorylimitationINWITNESSWHEREOFtheCityOfMedinaWashingtonhascausedthisnotetobesignedwiththemanualorfacsimilesignatureoftheMayortobeattestedbythemanualorfacsimilesignatureoftheClerkoftheCityatleastoneofwhichsignaturesshallbemanualandthecorporatesealoftheCitytobeimpressedorimprintedhereonasofthis19thdayofAugust1985CITYOFMEDINAWASHINGTONByManualorFacsimileSignatureMayor8JG167850809 ATTESTManualorFacsimileSignatureCityClerkSection12Executionofthe1985NotesThe1985NotesshallbesignedonbehalfoftheCitybythefacsimileormanualsignatureoftheMayorshallbeattestedbythefacsimileormanualsignatureoftheClerkoftheCityatleastoneofsuchsignaturesshallbemanualandshallhavethecorporatesealoftheCityimpressedorafacsimilethereofimprintedthereonSection13LostorDestroyedNotesIncaseanyNotesecuredbythisordinanceshallbeloststolenordestroyedtheCitymayexecuteandtheCityTreasurermaydeliveranewnoteornotesoflikeMountdatenumberandtenortotheholderthereofupontheholderspayingtheexpensesandchargesoftheCityinconnectiontherewithanduponhisfilingwiththeCityTreasurerevidencesatisfactorytosaidTreasurerthatsuchnoteornoteswereactuallyloststolenordestroyedandofhisownershipthereofanduponfurnishingtheCitywithindemnitysatisfactorytotheTreasurerSection141985NotesNotArbitrageBondsTheCitycovenantsandagreeswiththeholdersofthe1985Notesthatnopartoftheproceedsofthe1985NotesoranyotherfundsoftheCityshallatanytimebeuseddirectlyorindirectlytoacquiresecuritiesorobligationstheacquisitionofwhichwouldcauseanyNotetobecomeanarbitragebondasdefineinSection103coftheInternalRevenueCodeof1954asamendedandtheapplicableregnlatlonspromulgatedthereunderortouseorpermittheuseoftheproceedsofthe1985NotesinamannerwhichwouldcauseanyNotetobecomeanindustrialdevelopmentbondasdefinedinSection103boftheInternalRevenueCodeof1954asMendedTheCityfurthercovenantsthatitwillnotnegotiate9JG167850809 anyrenewalorextensionofthe1985Notesatatimeorinamannerwhichwouldrequirethe1985NotestobefullyregisteredpursuanttoSection103joftheInternalRevenueCodeOf1954asamendedSection15Saleofthe1985NotesThesaleofthe1985NotestoPeoplesNationalBankofWashingtonSeattleWashingtonatapriceof9925oftheprincipalamountofthe1985NotesandunderthetermsandconditionsthereofasprovidedintheofferofsaidfirmdatedAugust121985andinthisordinanceisherebyinallrespectsauthorizedandapprovedUponthesaleofthe1985NotestheappropriateCityofficialsagentsandrepresentativesareherebyauthorizedanddirectedtodoeverythingnecessaryforthepromptissuanceexecutionanddeliveryofthe1985NotesandfortheproperuseandapplicationoftheproceedsofthesalethereofasprovidedinSection9ofthisordinanceSection16SeverabilityIfanyoneormoreofthecovenantsoragreementsprovidedinthisordinancetobeperformedonthepartoftheCityshallbedeclaredbyanycourtofcompetentJurisdictiontobecontrarytolawthensuchcovenantorcovenantsagreementoragreementsshallbenullandvoidandshallbeseparablefromtheremainingcovenantsandagreementsinthisordinanceandshallinnowayaffectthevalidityoftheotherprovisionsofthisordinanceorofthe1985NotesSection17RatificationAnyacttakenpursuanttotheauthorityofthisordinancebutpriortoitseffectivedateisherebyratifiedandconfirmedSection18EffectiveDateThisordinanceshalltakeeffectevendaysafterthedateofitspassageandpublicationasprovidedbylawPASSEDbytheCityCounciloftheCityofMedinaWashingtonataregularmeetingthereofheldonthe12thdayofAugust198510JG167850809 ATTESTCityClerkCITYOFMEINAO11JG167850809 CERTIFICATEItheundersignedClerkoftheCityofMedinaWashingtontheCityandkeeperoftherecordsoftheCityCouncilhereincalledtheCouncilDOHEREBYCERTIFY1ThattheattachedordinanceisatrueandcorrectcopyofOrdinanceNo411hereincalledtheOrdinanceoftheCouncildulypassedataregularmeetingthereofheldonthe12thdayofAugust19852ThatsaidmeetingwasdulyconvenedandheldinallrespectsinaccordancewithlawandtotheextentrequiredbylawdueandpropernoticeofsuchmeetingwasgiventhataquorumwaspresentthroughoutthemeetingandalegallysufficientnumberofmembersoftheCouncilvotedinthepropermannerforthepassageofsaidOrdinancethatallotherrequirementsandproceedingsincidenttotheproperpassageofsaidOrdinancehavebeendulyfulfilledcarriedoutandotherwiseobservedandthatIamauthorizedtoexecutedthiscertificateINWITNESSWHEREOFIhavehereuntosetmyhandandaffixedtheofficialsealoftheCitythis12thdayofAugust1985SEAL