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Home My WebLink About3719 - ORDINANCE N0. 3 7 1 9 AN ORDINANCE OF THE. CITY OF AUBURN, WASHINGTON, RE-ENACTING ORDINANCE N0. 3709 AMENDING SECTION 6 OF AUBURN CITY ORDINANCE N0. 3575 RELATING TO INTERIM FINANCING OF WATER AND SEWER REVENUE BONDS. THE CITY COUNCIL OF THE.CITY OF AUBURN, WASHINGTON,•DO ORDAIN AS FOLLOWS: Section l: Section 6 of Auburn City Ordinance No. 3575 is hereby amended to r.ead as follows: . • ' ' "Section 6. There is created and established in the office of the City Finance Director a special fund of the City to be known as the "Water and `'Sewer Revenue Warrant Fund, 1980." Pending the issuance of the water and ` sewer revenue bonds authorized by Section 4, the City shall issue from.time to time water and sewer'revenue'warrants in a total amount not to exceed.~• $2,000,000 which shall be paid from the proceeds of 'such water and sewer reve- ' nue bonds and, if necessary, from the gross revenue of the Waterworks Utility of the City after the payment of the maintenance and.operation expense5 of that utiTity and•the payment of the principal of and interest on any ' outstand:ing water and ,sewer revenue bonds of the City as that principal and interest,comes due. ATlsuch:warrants. sfiall be paid'solely from:the Water and Sewer Revenue Warrant Fuhd, 1980; and shall not constitute general'obligations - of the City.. ~ . . , The principal amount of the warrants heretofore issued from that fund; shall be , . , . . ) ) ~as of the date of this amenditory ordinance shall be funded5by a warrant from that ' _ . fund, ` shal l bear ~interest at the rate of;:T3.25% p e r annum from . its date of issuance to the date of ((therr)) its 'redemption; and shall be redeemed on or before December 31, 1982. . The City covenants that it shall redeem ((-'-waT;=aTr`cs)) the warrant authorized bythis section and issued 'pursuant to this and subsequent ordi- , nances on or before December 31, 1982, from the proceeds of the water and sewer revenue bonds authoriied by this ordinance, from proceeds of additional Ordinance No. 3719 Page One of Three . . .12-29-81 warrants which the City Council may at a later time authorize, and if necessary from the gross revenue-of the Waterworks Utility of the City after the payment of the maintenance and operation expenses of that utility and the payment of the principal of and interest on any outstanding water and sewer revenue bonds of the City and bonds hereafter issued on a parity therewith as that princ'ipal'comes due. The warrant shall constitute a charge • or.lien against such gross revenue subject only to those operation and main- tenance expenses and the payment of the principal and interest on those outstanding water and'sewer r2Ven6e bonJds and bonds hereafter issued on a . , parity therewith. The City covenants that it shall maintain rates and f . charges from service to customers of'its;Waterworks Utility sufficient to redeem such ((warrant-s)) warrant.when due or thereaf,ter if the proceeds of the water and sewer revenue bonds authorized by this ordinance shall be insuf- f.icient foc that purpose. Seattle-First National Bank, by offer dated December 11, 1981, has offered purchase all ((warwatts)) warrant authoriied by this section when issued. The City Council finds that,such offer is the best that the City could receive and that ;it is in the best interest of the City to accept the same, and by this action does accept that offer. The ((we+°rartts)) warrant when issued shall be delivered to fhe purchaser upon payment therefor. If requested by the purchaser, the City at its-expense will furnishthe purchaser with the opinion of.Roberts, Shefelman, Lawrence, Gay & Moch, bond counsel of,Seattle, ,.Washington, approving fhe legality of such warrants and the exemption of the interest thereof from federal income taxation. That opinion shall state that bond counsel has not reviewed and thus expresses no opinion concerning the completeness or accuracy of any off,icial statement, offering circular or other sales material relating to the issuance of the ((aarwant-s)) warrant or other- wise used in connection with the ((warrarrts.)).warrant. --Ordinance No. 3719 . ' Page Two of Three 12-29-81 , A no-litigation opinioq in the usual form shall also be furnished to the , purchaser: . ' Section 2. All actionstaken.consistent`.with this Ord'inance are hereby ratified, approved and confirmed. Section 3. This Ordinance'shall take effect and be in.force five (5) days from and after its passage, approval and publication, as provided by law. INTRODUCED: JANUARY 4, 1982 PASSED: JANUARY 4, 1982 APPROVED: JANUARY 4, 1982 MAY R ATTEST: . City C1erk APP OVED AS TO FORM: ity Attorney PUBLISHED: JANUARY 11. 1982 Ordinance No. 3719 Page Three of Three 12-29-81 ' <a ~ t STATE OF WASHZNGTON) ) ss. COUNTY OF KZNG ) . , I, Coralee A. McConnehey, the duly appointed, quaSified City Clerk of the City of Auburn, a Municipal Corporation and Code City, situate i» the County of King, State of Washington, do hereby certify that the fore- g oing is a fu1S, true and correct copy of Ozdinance No. 3719 of the ordinances of the City of Auburn, entitled "AN ORDINANCE OF THE CITY OF AUBURN, WASHINGTON, RE-ENACTING.ORDINANCE N0. 3709 AMENDING SECTION 6 OF AUBURN CITY ORDINANCE N0. 3575 RELATING TO INTERIM FINANCING OF WATER AND SEWER REVENUE BONDS. , I certi.fy that said Ordinance No. 3719 was duly passed by the Council and approved by the Mayor of the said City of Auburn, on the 4th day of JANUARY A.D., 1982 . 2 further certify that said Ordinance No. 3719 was pabZished as provided by law in the Daily CZobe News, a daiZy newspaper published in the City of Auburn, and of general circvlation therein, on the llth day of JANUARY A.D., 19 82 WZTNESS my hand and the offical seal of the City of Auburn, this. 22nd day of JANUARY. A.D., 19 g2 W GK.(XX- ~ C ' CZTY CLERK OF TNE CITY OF AUBURN ~