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HomeMy WebLinkAbout2012-2 AUBURN TRANSPORTATION BENEFIT DISTRICT RESOLUTION N0.2072-2 A RESOLUTION OF THE AUBURN TRANSPORTATION BENEFIT DISTRICT, PROVIDING FOR THE SUBMISSION TO THE QUALIFIED ELECTORS OF THE DISTRICT AT A SPECIAL ELECTION TO BE HELD THEREIN ON APRIL 17, 2012, OF A PROPOSITION AUTHORIZINGTHE DISTRICT TO ISSUE ITS GENERAL OBLIGATION BONDS FOR THE PURPOSE OF FINANCING TRANSPORTATION. IMPROVEMENTS IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $59,000,000 PAYABLE BY ANNUAL PROPERTY TAX LEVIES TO BE MADE IN EXCESS OF REGULAR PROPERTY TAX LEVIES, AND TO LEVY THOSE EXCESS PROPERTY TAXES, AND TO PROVIDE FOR OTHER MATTERS RELATING THERE'f0. WHEREAS, Chapter 36.73 RCW enables cities and counties to .create transportation benefd districts in order to finance and carry out transportation improvements necessitated by economic developmen4 and to improve the performance of the transportation system; and WHEREAS, under RCW 36.73.015(3), transportation improvements include among other things, projects contained in the transportation plan of the state, a regional transportation planning organization, a county or a city, and may include investment in transportation projects and programs of regional or statewide significance; and WHEREAS,following a piiblic hearing held in accordance wRh RCW 36.73.050, the Auburn Transportation Benefd District, Washington (the "District") was formed by Ordinance No. 6377 of the City of Aubum (the "City"), passed on September 19, 2011, forthe purpose of making transportation improvements that are consistent with existing state, regional and local transportation plans and are necessitated by existing or reasonably foreseeable congestion levels, as provided in Chapter 36.73 RCW; and WHEREAS, the District is a quasi-municipal corporation, an independent taxing authority and a taxing district within tFie State of Washington authorized issue general obligation bonds to pay for the costs of transportation improvements pursuant to chapter 36.73 RCW; and VYHEREAS, the Board of the District (the "Board") wishes to seek voter approval for the issuance and sale of not to exceed $59,000,000 of general obligation bonds of the District (the "Bonds") to pay the costs of certain transportation improvements RESOLUTION NO. 2012-2 February 8, 2012 Page 1 pursuant to chapter 36J3 RCW and the costs of issuance of the Bonds, to be repaid by an annual excess property tax levy; and WHEREAS, the constitution and laws of the State of Washington provide that the question of whether or not the District may issue such bonds be submitted to the qual�ed electors of the District for ttieir ratification or rejection; NOW THEREFORE BE IT RESOLVED BY THE BOARD OF THE AUBURN _ �_ _ TRANSPORTATION BENEFIT DISTRICT, WASHINGTON, as follows: Section 1. Designation of TBD Projects — Use of Bond Proceeds. The specific transportafion improvemerrt (the "TBD Projects") to be financed with proceeds of the_ � bonds described in this resolution consist of the transportation improvements described in detaif within the City's six-year Transportation ImprovemeM Program (the "Program"), as 4he:'Program may be updated by the Ciry from time to tirrie. The cost of the TBD Projects shall include all necessary expenses for acquisitions of properly, inspection and testing, administrative and relocation, and all design, engineering, legal,. financial, architectural, and planning costs, but shall not include the replacement of equipment. The cost:of the.TBD Projects shall also include amounts reimbursed to the District or to the City to the extent that City funds were used for such purposes, together with incidental costs and costs related fo the sale and ' issuance of the Bonds. The estimated cost of 4Fie TBD Projects, including the costs of issuing and selling the Bonds authorized by this resolution, is declared to be app�oximately .$59,000,000. The economic I'de of the TBD Projects is expected to be longer than the I'rfe of the Bonds. The Board shall determine the application .of money available for the TBD Projects so as to accomplish, as nearly as may be; all of the TBD Projects. In the event that the proceeds of the bonds authorized herein, plus any other money of the District Iegally aVailable, are insufficient to accomplish all of_fhe TBD Projects, the Board,shall use the available funds for paying the cost of those portions of the TBD Projects deemed by the Board most necessary and in the best interest of the TBD. The Board shall determine the exact locations and spec�cations for the elements of the TBD Projects as well as the timing, orde� and manner of implementing or completing the TBD Project. The Board may alter; make substitutions to and amend the TBD Projects' descriptions as it determines is in the best interests of the District consistent with the descriptions in the Program and in accordance with the material change policy adopted by the Board in accordance with RCW 36.73.160 and with the notice, hearing and other procedures described in chapter 36.73 RCW; including RCW 36.73.050(2)(b), in each case as the same may be amended from time to time. RESOLUTION NO. 2012-2 Feliruary 8, 2012 Page 2 In the event that the Board determines that it has become impractical to accomplish any portion of the TBD Projects by reason of changed conditions, or costs substantially in excess of 4he amount of Bond proceeds or other available funds, the Board may .apply all or a portion of the leftover bond proceeda to the payment of principal or interest on the Bonds, as the Board may detertnine. Section 2. Description of Bonds. The Bonds may be issued as a single issue, as a part of a com6ined issue with o4her authorized bonds, or in more than one series, as deemed advisable by the Board and as permitted by law. The Bonds shall be fully , registered bonds, bearing interest payable as permitted by law, and each series mafuring within 25 years from the date of issue that series, or within any shorter period . fixed by the Board. The Bonds shall be paid by annual property tax levies sufficient in amount to pay both principal and interest when due, which annual property tax levies shall be made in excess of regular property tax levies without limitation as to rate or amount but only in amounts sufficient to meet such payments of principal and irrterest as they come due. The Bonds shall be issued and sold in such manner, at such times and in such amour�ts as shall be required for the purpose`for which such bonds are to be issued. The spe�c date; form, terms, option of prior recJemption, price, interest rate or rates and maturities of the Bonds shall be hereafter fixed,by resolution of the District. Pending the issuance of the Bonds, the District may issue short-term obligations. pursuant to chapter 89:50 RCW or such other obligations as are permitted by law to pay for the costs of the TBD Project allocated to the District. Such obligations and their costs may be paid or refunded with proceeds of the Bonds when issued Section 3. Calting of Election. The Board requests that the Director of Reco[ds and Elections of King County, as ex officio Supervisor of Elections in King Cou,rrty, and 4he _. Pierce County Auditor, as.ex officio Supervisor of Elections in Pierce County (together, the "Directors of Elections"), call and conduct a gpecial election in the Districf, in the manner provided by law, to be held therein on April 17, 2012, for the purpose of submitting to the voters of the District, for their approval or rejection, the question or whether or not general obligation bonds of the District shall be issued in the principal amount of not more than $59,000,000 (or such lesser maximum amount as may be legally issued under the laws goveming the limitation of indebtedness), the proceeds of which shall be expended to pay: the costs of the TBD Projects, and annual excess property taxes shall be levied to pay and retire the Bonds. If such proposition is approved by. the requisite number of voters, the Di§t�ict shall,be authorized to issue'the Bonds in the manner described in this resolution, to spend the proceeds thereof to pay the costs of the TBD Projects and the costs of issuance and sale of such Bonds, and to levy excess property t�vices to pay and retire such Bonds. The proceeds of the Bonds shall be used forcapital purposes only, wh'ich shall not include the replacemerrt of equipment. Section 4. Ballot Proposition. The Secretary of the Board is authorized and directed to certify, no later than March 2, 2012, to both the Di�ectors of Ele�tions, as ex officio supervisors of elections in the District, a copy of this resolution and the following RESOLUTION NO. 2012-2 February S, 2012 Page 3 proposition to be submitted. to the qualified electors at that special election. The . propo"sition and ballot title shall be in the form that follows, or as mod�ed by either of the prosecuting attorneys for King or Pierce Coun4ies (the "Prosecuting Attomeys"): ' The Board of•the Auburn_. Transportation Benefit District adopted Resolution No. 2012-2 conceming a proposition to fund District transportation improvements and projects. If approved, this proposition would authorize the issuance of general obligation bonds to pay the costs of the transportation improvements and projects identified in the City of Auburn six-year Transportation Improvement Plan in an' amount not more than $59,000,000, each series of such bonds maturing within 25 years or less, and authorize the annual levy of excess property taxes to pay and retire such bonds, as provided in Resolution No. 2012-2. Should this proposition should be approved? Yes? . . ... . . . . . . . . . . . . [ ] No? . . . . . . . . . . . . . . [ ] For purposes of receiving notice of any matters related to the ballot title, as provided in RCW 29A:36.080, the Board hereby designates 'its bond counsel, Foster Pepper PtLC . (Hugh Spitzer, 206-447-8965, spith@foster.com), as the person to whom such:notice. shall be provided. The Chair of. the Board and Secretary of the District are each authorized individually to approve changes to the ballot title, if any; deemed necessary by#he Directors of Elections or the Prosecuting Attomeys. Section 5. Vober Pamphlet Committee and General Authorization. The preparation and distribution in King and/or Pierce Counties of a local voters' pamphlet providing information on the foregoing ballot measure is hereby authorized. The pamphlet shatl include arguments advocating approval and disapproval of the ballot measure. In accordance with RCW 29A.32.280, the arguments advocating approval and disapproval of the ballot shall be prepared by committees appointed by the Board by motion not later than 45 days 6efore the publication of the pamphlet. Each committee shall be composed of not more than three persons, :and the committee advoca6ng . approval shall be composed of.persons known to favor the ballot title and the committee advocating disapproval shall be composed of persons known to oppose the ballot titte. The proper District officials are authorized to perfortn such duties as are necessary or required by law to submit the question of whether the Bonds shall be issued and excess ` taxes necessary to pay and retire the Bonds be leyied, all as provided in this resolution, to the electors of the District at the April 12, 2012 election. Section 6. Intent to Reimburse. The Board declares that to the eztent that the District (or 4he City on 6ehalf of the District) makes capitaF,expenditures for the TBD Projects, prior to the date the Bonds or other short-term obligations are issued to finance the TBD RESOLUTION NO. 2012-2 February S, 2012 Page 4 Projects, from funds that are not (and are not reasonably expected to be) reserved; allocated on a long-term basis or otherwise set aside by 1he District under its existing and reasonably foreseeable:budgetary and financial circumstances to finance the TBD Frojects, those capital expendifures are intended to be reimbursed out of proceeds of the'Bonds or other short-term obligations issued in an amouM not to exceed the: principal amount of the Bonds provided 6y this resolution. Section 7. Severability. If any provision of this resolution is declared by any court of competeM jurisdiction to be invalid; then such provision shall be null and void and shall be severable from the remaining provisions of this resolution; and shall in no way affect the validity of the other provisions of this resolution or of any other resolution or of the Bonds. Section 8. fffective Date. This resolution shall be effecfive immediately after its adoption in the mannenprovided bylaw. Section 9. Ratification of Prior Acts. Any action taken consistent with the authority and prior to the effec4ive date of fhis resolution is tiere6y rat�ed, approved and confirmed. r ' PASSED this�'�day of,��..c� _ _; . Aubum Transportation Benefd:District Chair ATTEST: /�J�� �� Danielle E. Daskam Secretary to the Board , � APPROVED AS TO FORM Hugh . pitzer, o r Pepper PLLC : Bond ounsel RESOLUTION NO. 2012-2 February 8, 2012 Page S