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ORDINANCE N0. 3 7 0 9
AN ORDINANCE OF THE CITY OF AUBURN, WASHINGTON, AMENDING AUBURN CITY.
ORDINANCE N0. 3575 SECTION 6 RELATING TO INTERIM FINANCING OF $1,500,000 ,
WATER AND SEWER.REVENUE BONDS.
THE CITY COUNCIL Of THE CITY OF AUBURN, WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 6. There is created and established in the office of the City
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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 bbnds authorized by Section`4, the City shall issue from time to
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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
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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 as thatprincipal and .
interest comes due. Atl such warrants shall be paid solely from the Water and
Sewer Revenue Warrant Fund, 1980, and.shall not constitute general,obl,igations .
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of the City.
The principal amount of tlie warrants heretofore'issued from that fund
shall be ((n,-,. ,H... b. ,.ti., r„ _t_ _b. ,.~e- ,
menis, Stia,, ti., mti..w...i ar...., ni.. 1 u.., ..a ..a„~ ,.cth2~~-sHa;.E2.)) as of
the date of this amenditory ordinance sha.ll be funded by a warrant.fromthat
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fund. ((,ia+,.a tt,..;r ,.*;..e aa+,... ..c issue ..ct;.r }ti.. ..cr....+:,.,. a_+.. ,.r
this--erdiRanee,)) shall bear interest at the rate of 11:25% per annum from
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'_at=_)j its date of issuance to the date of ((t~))' its
redemption, and shall be redeemed on or before December 31, 1982.
The City covenants that"it shall redeem ((a'nts)).the warrant • ,
authorized by this 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 authorized by this ordinance, from proceeds of additional
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Ordinance No. 3709 "
Page One of Three -12-21-81
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 principal comes due. The ((;.ar,=a;ts)) warrant shatl constitute a charge
o'r lien against.such gross revenue subject only to those operation and main-
tenance expenses and the payment of the principal and interest on'those out'standing water and sewer revenue bonds and bonds hereafter issued on a
parity therewith. The City covenants that it shall maintain rates`and'
charges from service to customers of its Waterworks Utility sufficient to redeem such ((warraai-s)) warrant when due or thereafter if the proceeds of the
water and sewer revenue bonds authorized by this'ordinance shall be insuf-
ficient for that purpose. `
Seattle-First National Bank, by offer dated December 11, 1981, has offered
purchase all ("(;:a;ra.;ts)) warrarit authorized by this section when issued.
The City Council finds that such offer is the best that the City could"receive
f. . .
and that it is in the best interest of the City to accept the same, and by
this_action does accept that offer. The ((++arvrant-s)) warrant when issued
shall be delivered to the purchaser upon payment therefor. If requested by
the purchaser, the City at its expense will furnish the purchaser with the
pinion of Roberts, Shefelman, Lawrence, Gay & Moch,'bond counsel.of Seattle,
Washington, approving the legality of such warrants and the exemption, of the
interest thereof from federal income.taxation. That opinion shall state that
bo:.
nd counsel has not reviewed arid thus expresses no opin:ion concerning the
completeness or accuracy of any'official•stat'ement;<offer:ing circular'"or'other
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sales material relatingto the issuance of the ((xarraRt-~s)) warrant'or`other=
wise used in connection with.the,((warrants.)) warrant.
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Ordinance No. 3709 •
Page Two of Three
12-21-81
A no-litigation opinion in the usual form shall also be furnished to the
purchaser. '
Section 2.. 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: DECEh'BER 21. 1981 _
PASSED: DECEMBER 21 1981
APPROVED: nFr.FMeFR 21, iqsi
A Y 0 R
ATTEST:
0A
City Cler
APPROVED AS TO FORM:
City Attorney
PUBLISHED: DECEMBER 25; 1981 .
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Ordinance No. 3709
Page Three of Three 12-21-81
STATE OF WASHINGTON)
) ss.
COUNTY OF KING - J I, CoraZee R. McCo»nehey, the duly appointed, qualified City Clerk
of the City of Avbnrn, a Municipa2 Corporation and Code City, situate in
the County of King, State of Washington, do hereby certify that the foze-
going is a fa11, true and correat copy of Ordinance No. 3709 of the
ordinances of the City of Auburn, entitled "RN ORDINANCE OF THE CITY OF
AUBURN, WASHINGTON, AMENDING AUBURN CITY ORDINANCE N0. 3575
SECTION 6 RELATING TO INTERIM FINANCING OF $1,500,000 WATER
AND SEWER REVENUE BONDS.
I certify that said Ordinance No. 170q was duly passed by the Council
and approved by the Mayor of the said City of Auburn, on the -2j-day of ;
DF. . .MS .R A.D.. 19--aL.
Z further certify that said Ordinance No. 3709 was published as provided .
by law in the DaiZy Globe News, a daily newspaper published in the City of
Auburn, and of general circulation therein, on the 25th day of DECEMBER
A.D., 19$1
WITNESS my hand and the offical sea2 of the City of Auburn, this. 4TH
day of JANUARY ~ A.D., 1982
CZTY CLERK OF THE CITCY "AUBURN
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