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Ordinance No. 0430
ORDINANCENO430ANORDINANCEoftheCityCounciloftheCityofMedinaWashingtonadoptingaplanofadditionsandalterationstotheCitytssystemofsewerageauthorizingtheissuanceandsaleofbondanticipationnotesoftheCityintheaggregateprincipalamountof146000forthepurposeofpayingandredeemingoutstandingbondanticipationnotesoftheCityandprovidingadditionalfundstocarryoutsuchplanauthorizingtheissuanceoflimitedtaxlevygeneralobligationbondstopayandredeemsuchnotassprovidingtheformtermsandcovenantsofthenotestobeissuedcreatinganoteredemptionaccountwithinthebondredemptionfundandacceptinganoffertopurchasesaidnotesfromPeoplesNationalBankofWashingtonWHEREASChapter3592RCWauthorizestheCityofMedinaWashingtontheCitytoconstructcondemnandpurchaseacquireaddtoaltermaintainandoperatesystemsofseweragewithinandwithoutitslimitsandtoissueitsgeneralobligationbondsforthepurposeofprovidingallorpartofthecoststhereofandWHEREAStheCityisauthorizedbychapter3950RCWtoissueshorttermobligationsinanticipationofthesaleoflimitedtaxgeneralobligationbondsandWEREAStheCityCounciloftheCityofMedinaWashingtontheCitybyOrdinanceNo411the1985NoteOrdinancepassedandapprovedonAugust121985adoptedaplanofadditionsandalterationstoitsplanandsystemofsewerageandauthorizedtheissuanceoftheCityofMedinaLimitedTaxGeneralObligationBondAnticipationNotes1985intheaggregateprincipalamountof102000the1985Noteswhich1985NotesmatureonMay301985andWHEREAStheCityissuedthe1985NotesonAugust191985and REASitisdeemednecessaryandadvisablebytheCityCounciloftheCitythattheCityadditionallyaddtoandalteritssystemofsewerageandWREASsuchadditionsandalterationstothesystemofseweragewillnotexpandthepreviousservicecapacitybyfiftypercentormoreandEREAStheCityhasanalyzedandconsideredtheenvironmentalimpactsofthisadditionandalterationtoitssystemofsewerageandWHEREASinordertoprovidefundstopayandredeemthe1985NotesandtopaypartofthecostofsuchadditionsandalterationsitisdeemednecessaryandadvisablethattheCitynowauthorizetheissuanceofnotesandbondsthereforandtosellitslimitedtaxgeneralobligationbondanticipationnotesintheaggregateprincipalamountof146000andWHEREASitisherebydeemednecessaryandadvisablethattheCityManageronbehalfofthecityandsubjecttothetermsofthisordinancefixtheinterestrateoftheNotesandsellanddelivertheNotesasprovidedinthisordinanceNOWrnREFOREBEITOPAINEDBYTHECOUNCILOFCITYOFMEDNAWASHINGTONasfollowsSection1DefinitionsAsusedinthisordinancethelollowingwordsshallhavethefollowingmeaningsaBondsmeansthelimitedtaxgeneralobligationbondsauthorizedbySection4ofthe1985NoteOrdinanceandbySection4ofthisordinancetobeissuedtopaypartofthecostsoftheProjectbBondRedemptionFundmeanstheSewerBondRedemptionFundcreatedbySection8ofthe1985NoteOrdinance2JG256860523 cCitymeanstheCityofMedinaWashingtonamunicipalCorporationdulyorganizedandexistingunderandbyvirtueoftheConstitutionandlawsoftheStateofWashingtondConstructionFundmeanstheSewerConstructionFundcreatedbySection7ofthe1985NoteOrdinanceeCouncilmeanstheCounciloftheCityasthesameshallbedulyandregularlyconstitutedfromtimetotimef1985NoteAccountmeansthe1985NoteRedemptionAccountCreatedintheBondRedemptionFundbySection8ofthe1985NoteOrdinanceg1985NoteOrdinancemeansOrdinanceNo411oftheCltypassedbytheCityCouncilonAugust121985authorizingissuanceofthe1985Notesh1985NotesmeanstheCityofMedinaWashingtonLimitedTaxGeneralObligationBondAnticipationNotes1985issuedunderthedateofAugust191985pursuanttoandforthepurposeprovidedinordinanceNo411intheaggregateprincipalamountof102000i1986NoteAccountmeansthe1986NoteRedemptionAccountcreatedintheBondRedemptionFundbySection7ofthe1986NoteOrdinanceJ1986NoteOrdinancemeansthisOrdinanceoftheCitypassedbytheCityCouncilonMay121986authorizingissuanceofthe1986Notesk1986NotesmeanstheCityofMedinaWashingtonLimitedTaxGeneralObligationBondAnticipationNotes1986intheaggregateprincipalamountof146000tobeissuedpursuanttothisOrdinanceforthepurposesofpayingandredeemingthe1985NotesandprovidingthefundsforpayingpartofthecostoftheProject3JG256860523 1ProjectmeanstheadditionstoandalterationofthesystemofsewerageoftheCityasauthorizedbySection2ofthe1985NoteOrdinanceandbySection2ofthe1986NoteOrdinancemRefundingNotesmeansanyrenewalorextensionofthe1986Notesoranysubstitutebondanticipationnotesissuedtorefundthe1986NotesSection2AuthorizationoftheProiectTheCityherebyspecifiesandadoptsandauthorizesandorderstobecarriedoutthefollowingplanofadditionstoandalterationsofitssystemofsewerageinadditiontotheplanspecifiedandadoptedinSe6tion2ofthe1985NoteOrdinanceReplaceapproximately142feetOf24inchdiameterconcretestormdrainlinepipenearNE8thStreetand84thAvenueNECostsofacquisitionconstructionimprovementanddevelopmentofthefacilitiesdescribedaboveincludingallequipmentaccessoriesappurtenanceslandscapingandotherrelatedfacilitiesthereforcostsofarchitecturalengineeringdesignadministrativeappraisallegalandfinancialservicesincidenttheretoandtotheissuanceofthe1986Notesshallbepaidfromtheproceedsofthe1986NotesIfsupplementalormatchingfundsfromfederalstateorlocalpublicsourcesorprivatesourcesbecomeavailebletopayaportionofthecostsoftheProjecttheCouncilmayapplysuchfundstothecostofsuchfacilitiesortosupplementorenlargesuchfacilitiesortoretirethe1985NotesDetailsoftheforegoingplanmaybemodifiedwheredeemedadvisableornecessaryinthejudgmentoftheCouncilandimplementationorcompletionofanyspecifiedportionoftheProjectshallnotberequirediftheCouncildeterminesthatithasbecomeinadvisableorimpractical4JG258860523 TheCitymaymakesuchchangesinthedesignorthefacilitiestobeaddedtooralteredasmaybefoundnecessaryordesirablepriortoorduringconstructionSection3EstimatedCostandSourcesofFundsTheestimatecostoftheadditionsandalterationsdescribedinSection2hereofandSection2ofthe1985OrdinanceincludingallcostsincidenttothefinancingthereofisdeclaredasnearasmaybetobethesumofOneHundredFortysixThousandDollars146000Aportionofsuchcosthasbeenprovidedfromthesaleofthe1985Notesandtheremaindershallbeprovidedfromthatportionoftheproceedsofthesaleofthe1986Notesnotusedtopayandredeemthe1985NotesandfromtheproceedsoftheBondsauthorizedtobeissuedhereinatsuchtimeasnecessarytopayandredeemthe1986NotesoranyRefundingNotesSection4AuthorizationoftheBondsTheCouncilherebyratifiesandconfirmsthattheCityshallissueandsellitslimitedtaxgeneralobligationbondstheBondsinsuchamountsandatsuchtimeortimesastheCouncilmaydeterminetobeinthebestinterestoftheCityanditsinhabitantsallasprovidedinSection4ofthe1985NoteOrdinanceTheBondsshallbeissuedinanamountsufficienttogetherwithanyotherfundslegallyavailabletopayprincipalofandinterestonthe1986NotesattheirmaturityTheBondstobeissuedshallbeinsuchdenominationsandformshallbedatedandbearinterestatsuchrateorratesshallbepayableatsuchplaceorplacesandshallhavesuchoptionofpaymentpriortomaturityasshallbedeterminedbytheCityCouncilSection5Authorizationofthe1986NotesInanticipationoftheissuanceoftheBondstheCityshallforthepurposeofpayingandredeemingthe1985NotesandtoprovidefurtherinterimSJG256880523 financingtopaypartofthecostsoftheProjectissueshorttermobligationsintheaggregateamountof8146000The1986NotesshallbedesignatedtheCityofMadinsWashingtonLimitedTaxGeneralObligationBondAnticipationNotes1986shallbedatedMay301986shallbeissuedinbearerformshallbenumberedconsecutivelyfromoneupwardshallbeinthedenominationof5000eachoranyintegralmultiplethereofexceptforoneoftheNoteswhichshallbelssuedinadenominationcontainingtheoddamountof6000shallbearinterestataratenottoexceed70perannumcomputedonthebasisofs30daymonth360dayyearpayableatmaturityandshallmatureMay301987TheCityManagerisherebyauthorizedonbehalfoftheCityandsubjecttothetermsofthisordinancetofixtheinterestrateoftheNotesandtosellenddelivertheNotesBothprincipalofandinterestonthe1986NotesshallbepayableinlawfulmoneyoftheUnitedStatesofAmericaattheoptionoftheholdersthereofuponsurrenderthereofattheprincipalofficeofeitherofthefiscalagenciesoftheStateofWashingtoninthecitiesofSeattleWashingtonorNewYorkNewYorkSection6NoRightofPriorRedemptionTheCityhasnotreservedtherighttoredeemthe1986NotespriortotheirmaturitySection7BondRedemptionFundandNoteRedemptionAccountThereisherebyestablishedintheBondRedemptionFundcreatedbySection8ofthe1985NoteOrdinanceaspecialaccountnownasthe1986NoteRedemptionAccountthe1986NoteAccountThe1986NoteAccountshallbedrawnuponforthesolepurposeofpayingtheprincipalofandinterestonthe1986NotesMoneysinthe1986NoteAccountnotneededtopaytheinterestOrprincipal6JG256860523 nextcomingduemaytemporarilybedepositedinsuchinstitutionsorinvestedinsuchobligationsasmaybelawfulfortheinvestmentofCitymoneysAnyinterestorprofitfromtheinvestmentofsuchmoneysshallbedepositedintheConstructionFundAllinvestmentincomeorearningsshallremainintheConstructionFundandbeusedtopaythecostsoftheProjectSection8ApplicationofNoteProceedsUpontheissuanceofthe1986Notesaportionoftheproceedsofsaleofthe1986Notessufficienttopaytheinterestandprincipaldueatmaturityofthe1985Notesshallbedepositedinthe1985NoteAccountcreatedintheBondRedemptionFundbySection8ofthe1985NoteOrdinanceTheremainderoftheproceedsofsaleofthe1986NotesshallbedepositedintotheConstructionFundandshallbeappliedtothepaymentofthecostsoftheProjectandallcostsincidentaltheretoincludingthecostsofissuanceofthe1986NotesIfany1986NoteproceedsshallremainafterthecompletionoftheProjectandthepaymentofallcostsincidentaltheretoandtotheissuanceofthe1986NotestheCityshallapplyanysuchproceedstoanyotherpublicpurposesasshallbedeterminedbytheCouncilbyordinanceortothepaymentofprincipalofandinterestonthe1986NotesortheBondsastheCouncilbyordinanceshalldetermineSection9Paymentofthe1986NotesTheCityherebyirrevocablycovenantsthatonorbeforethematuritydateofthe1986NotesitwillsellandissuetheBondsoranyRefundingNotesanddepositsomuchoftheproceedsthereofintothe1985NoteAccountasnecessarytopaythe1988NotesthenoutstandinguponthematuritythereofTheCityfurthercovenantsthatforsolongasanyofthe1986Notesareoutstandingitwillincludeinitsbudgetandmake7JG256860523 annualleviesofadValorerataxeswithinandasapartofthetaxlaY7permittedtocitieswithoutevoteofthepeopleuponallthetaxablepropertywithintheCitysubjecttotaxationinamountswhichwithothermoniesincludingproceedsofanyRefundingNotesortheBondslegallyavailabIethereforwillbesufficienttopaytheprincipalofandinterestonthe1986NotesasthesameshallbecomedueThefullfaithcreditandsourcesoftheCityereherebyirrevocablypledgedfortheannuallevyandcollectionofsuchtaxesandforthepromptpaymentofsuchprincpalandinterestasthesameshallbecomedueSection10Formofthe1986NotesThe1986NotesshallinsubstantiallythefollowingformUNITEDSTATESOFAMERICANOSTATEOFWASHINGTONCITYOFMEDINALIMITEDTAXGENERALOBLIGATIONBONDANTICIPATIONNOTE1986TheCityOfMedinaWashingtonamunicipalcorporationorganizedendexistingunderandbyvirtueoftheConstitutionandlawsoftheStateofWashingtonhereincalledtheCityherebyacknowledgesitselftooweandforvaluereceivedpromisestopaytobearertheprincipalsumofDOLLARSonthe30thdayofMay1987withinterestthereonfromthedatehereofattherateofpercentperannumpayableatmaturityoruntilsuchprincipalsumshallhavebeenpaidorfundsdulyprovidedinthe1986NoteRedemptionAccountoftheSewerBondRedemptionFundforsuchpaymentinfullInterestonthisnoteshallbecalculatedonthebasisofa30daymontha360dayyearBothprincipalofandinterestonthisnotearepayableinlawfulmoneyoftheUnitedStatesofAmericaattheoptionoftheholderhereofuponsurrenderofthisnoteattheprincipalofficeofeitherofthefiscalagenciesoftheStateofWashingtoninthecitiesofSeattleWashingtonandNewYorkNewYork8JG256860523 TheCityhasnotreservedtherighttoredeemthe1986NotesofthisissuepriortotheirmaturityThisnoteisoneofaseriesofnotesoftheCityoflikedateandtenorexcepttonumberandamountissuedinanaggregateprincipalamountof146000pursuanttoOrdinanceNooftheCitypassedthe1986NoteOrdinanceThe1986NotesareissuedforthgSrZrposesofpayingandredeemingthe9ityofNedinaLimitedTaxGeneralObligationBondAnticipationNotes1985issuedintheaggregateprincipalamountof102000andofpayingpartofthecostofaddingtoandalteringsewerfacilitiesasmoreparticularlydescribedinandauthorizedbythe1986NoteOrdinanceTheCityherebyirrevocablycovenantstoissueonorbeforethematuritydateoftheNotesofthisissueadditionalbondanticipationnotesorlimitedtaxlevygeneralobligationbondsinamountssufficienttopaytheprincipalamountofthe1986NotesofthisissuethenoutstandingtogetherwithinteresttomaurityTheCityfurthercovenantsthatitwillincludeinitsbudgetandleadvaloremtaxeswithinandasapartofthetaxlevypermittedtocitieswithoutavoteofthepeopleuponallthetaxablepropertywithintheCitysubjecttotaxationinamountssufficientwithothermoniesincludingtheproceedsofanyadditionalbondanticipationnotesorsuchbondslegallyavailabletherefortopaytheprincipalofandinterestonthe1986NotesasthesameshallbecomedueThefullfaithcreditandresourcesoftheCityareherebyirrevocablypledgedfortheannuallevyandcollectionofsuchtaxesandthepromptpannentofsuchprincipalandinterestReferencetothe1986NoteOrdinanceismadeforadescriptionofthenatureandextentofthesecurityforthe1986NotesthetermsandconditionsuponwhichsuchNotesereissuedanddefinitionofcapitalizedtermsusedhereinItisherebycertifiedanddeclaredthatthisnoteisissuedpursuanttoandinstrictcompliancewiththeConstitutionandlawsoftheStateofWashingtonandordinancesoftheCityandthatallactsconditionsandthingsrequiredtobedoneprecedenttoandintheissuanceofthisnotehavehappenedbeendoneandperformedandthatthetotalindebtednessoftheCityincludingthisnotedoesnotexceedanyconstitutionalorstatutorylimitationINWITNESSWHEREOFtheCityofMedinaWashingtonhascausedthisnotetobesignedwiththemanualorfacsimilesignatureoftheMayortobeattestedbythemanualorfacsimilesignatureoftheClerkoftheCityandthecorporatesealoftheCitytobeimpressedorimprintedhereonasofthisdayof1986CITYOFMEDINAWASHINGTONByManualorFacsimileSignatureMayor9JG256860523 ATTESTManualorFacsimileSignatureCityClerkSection11Executionofthe1986NotesThe1985NotesshalbesignedonbehalfoftheCityythefacsimileormanualsignatureoftheMayorshallbeattestedbythefacsimileormanualsignatureOftheClerkoftheCityatleastOneofsuchsignaturesshallbemanualandshallhavethecorporatesealoftheCityimpressedorafacsimilethereofimprintedthereonSection12LostorDestroyedNotesIncaseany1986NotesecuredbythisordinanceshallbeloststolenordestroyedtheCitymayexecuteandtheCityTreasurermaydeliveranewnoteornotesorlikeamountdatenumberandtenortotheholderthereofupontheholderspayingtheexpensesandchargesoftheCityinconnectiontherewithanduponhisfilingwiththeCityTreasurerevidencesatisfactorytosaidTreasurerthatsuch1986Noteor1986NoteswereactuallyloststolenordestroyedandofhisownershipthereofanduponfurnishingtheCitywithindemnitysatisfactorytotheTreasurerection131986NotesNotArbitrageBondsTheCitycovenantsandagreeswiththeholdersofthe1986NotesthatnopartOftheproceedsofthe1985NotesOranyotherfundsoftheCityshallatanytimebeuseddirectlyorindirectlytoacquiresecuritiesorobligationstheacquisitionofwhichwouldcauseanyNotetobecomeanarbitragebondasdefineinSection103coftheInternalRevenueCodeof1954asamendedoranysuccessorprovisionthereofapplicabletotheNotesandtheapplicableregnlationspromulgatedthereunderortouseorpermittheuseoftheproceedsofthe1986NotesinamannerwhichwouldcauseanyNotetobecomeanindustrialdevelopmentbondasdefinedinSection103boftheInternalRevenueCodeof1954asamended10JG256860523 oranysuccessorprovisionthereofapplicabletotheNotesTheCityfurthercovenantsthatitwillnotnegotiateanyrenewalorextensionofthe1986Notesatatimeorinamannerwhichwouldrequirethe1986NotestobefullyregisteredpursuanttoSection103JoftheInternalRevenueCodeof1954asamendedoranysuccessorprovisionthereofapplicabletotheNotesSection14SpecialCovenantRegardingTaxExemptStatusofBondsInordertomaintaintheexemptionfromfederalincometaxationofinterestontheNotesandfornootherpurposetheCityshallcomplywitheachapplicableprovisionoftheTaxReformAcof1985HR3838asadoptedbytheUnitedStatesHouseofRepresentativesonDecember171985andheSenateFinanceCommitteeproposaladoptedonMay71986unlessinthewrittenoplnionofbondcounseltotheCitysuchcomplianceisnotrequiredinordertomaintaintheexemptionoftheinterestontheNotesfromfederalincometaxationSection15ActionsofCityOfficialsUponthesaleofthe1986NotestheappropriateCityofficialsagentsandrepresentativesareherebyauthorizedanddirectedtodoeverythingnecessaryforthepromptissuanceexecutionanddeliveryofthe1986NotesandfortheproperuseandapplicationoftheproceedsofthesalethereofasprovidedinSection8ofthisordinanceSection16SeverabilityIfanyoneormoreofthecovenantsoragreementsprovidedinthisordinancetobeperformedonthepartoftheCityshallbedeclaredbyanycourtofcompetentjurisdictiontobecontrarytolawthensuchcovenantorcovenantsagreementoragreementsshallbenullandVoidandshallbeseparablefromtheremainingcovenantsandagreementsinthisordinanceandshallinnowayaffectthevalidityoftheotherprovisionsofthisordinanceorofthe1986Notes11JG256860523 Section17RatificationAnyacttakenpursuanttotheauthorityofthisordinancebutpriortoitseffectivedateisherebyratifiedandconfirmedSection18EffectiveDateThisordinanceshalltakeeffectfivedaysafterthedateofitspassageandpublicationasprovidedbylawPASSEDbytheCitycounciloftheCityofMedinaWashingtonataregularmeetingthereofheldonthe12thdayofMayJ1986ATTESTCityClerkCITYOFMEDINAWASHINGTONByMayor12JG2S6860523 CERTIFICATEItheundersignedClerkoftheCityofMedinaWashingtontheCityandkeeperoftherecordsoftheCityCouncilhereincalledtheCouncilDOHEREBYCERTIFY1ThattheattachedordinanceisatrueandcorrectcopyofOrdinanceNo430hereincalledtheOrdinanceoftheCouncildulypassedataregularmeetingthereofheldonthe12thdayofMaY19862ThatsaidmeetingwasdulyconvenedandheldinallrespectsinaccordancewithlawandtotheextentrequiredbylawdueandpropernoticeofsuchmeetingwasgiventhataquorumwaspresentthroughoutthemeetingandalegallysufficientnumberofmembersoftheCouncilvotedinthepropermannerforthepassageofsaidOrdinancethatallotherrequirementsandproceedingsincidenttotheproperpassageofsaidOrdinancehavebeendulyfulftlledcarriedoutandotherwiseobservedandthatIamauthorizedtoexecutedthiscertificateINWXTNESSWHEREOFIhavehereuntosetmyhandandaffixedtheofftclalsealoftheCitythis2thdayofMay1986SEAL