HomeMy WebLinkAboutDocuments Presented at the MeetingDistributed at the May 3, 2010 Finance
Committee Meeting ' '
CITY OF AUBURN, WASHINGTON
ORDINANCE NO. 6305
AN ORDINANCE of the City of Auburn, Washington, relating to
contracting indebtedness; providing for the issuance of four series of limited tax
general obligation bonds of the City in the aggregate principal amount of
$31,990,000 for general City purposes to provide funds with which to (i) pay a
portion of the costs to purchase additional office space near City Hall, to be
known as the City Hall Annex, and associated property interests, equipment and
appurtenances, (ii) carry out a current refunding of all of the City's outstanding
Limited Tax General Obligation Bonds, 1998, and to pay the administrative costs
of such refunding, (iii) pay for certain downtown infrastructure improvements in
the City's revitalization area, and (iv) pay costs of issuance of the bonds; fixing
the date, form, maturities, interest rates, terms and covenants of the bonds;
establishing a bond redemption fund, a project fund and a project account; and
approving the sale and providing for the delivery of the bonds to Seattle-
Northwest Securities Corporation of Seattle, Washington.
Passed May 3, 2010
This document prepared by:
Foster Pepper PLLC
1111 Third Avenue, Suite 3400
Seattle, Washington 98101
(206) 447-4400
51051353.4
TABLE OF CONTENTS
Page
Section 1 . Definitions ...............................................................................................................2
Section 2 .
Debt Capacity ..........................................................................................................4
Section 3.
Authorization of Bonds
.4
Section 4.
Description of 2010A Bonds ...................................................................................4
Section 5.
Description of 2010B Bonds 5
Section 6.
Description of 2010C Bonds ...................................................................................6
Section 7.
Description of 201 OD Bonds ...................................................................................6
Section 8.
Registration and Transfer of Bonds .........................................................................7
Section 9.
Payment of Bonds
..8
Section 10 .
Redemption Provisions and Open Market Purchase of Bonds
..8
Section 11 .
Notice of Redemption
12
Section 12 .
Failure To Redeem Bonds
12
Section 13 .
Pledge of Full Faith and Credit; Additional Pledges of Taxes
12
Section 14.
Form and Execution of Bonds
13
Section 15 .
Duties of Bond Registrar
14
Section 16 .
Preservation of Tax Exemption for Interest on Tax-Exempt Bonds
14
Section 17 .
Designation of Tax-Exempt Bonds as "Qualified Tax-Exempt
Obligations.............................................................................................................
14
Section 18 .
Election to Treat Build America Bonds as "Build America Bonds......................
. 15
Section 19 .
Refunding or Defeasance of the Bonds
.15
Section 20 .
Bond Fund; Project Fund and Account; and Deposit of Bond Proceeds
.16
Section 21 .
Refunding of the Refunded Bonds
.16
Section 22 .
Call for Redemption of the Refunded Bonds
.17
Section 23 .
City Findings with Respect to Refunding
.17
Section 24 .
Approval of Bond Purchase Contract
.18
Section 25 .
Preliminary Official Statement Deemed Final
.18
Section 26 .
Undertaking to Provide Continuing Disclosure
.18
Section 27 .
Ratification
.20
Section 28 .
Effective Date of Ordinance ..................................................................................21
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51051353.4
CITY OF AUBURN, WASHINGTON
ORDINANCE NO. 6305
AN ORDINANCE of the City of Auburn, Washington, relating to
contracting indebtedness; providing for the issuance of four series of limited tax
general obligation bonds of the City in the aggregate principal amount of
$31,990,000 for general City purposes to provide funds with which to (i) pay a
portion of the costs to purchase additional office space near City Hall, to be
known as the City Hall Annex, and associated property interests, equipment and
appurtenances, (ii) carry out a current refunding of all of the City's outstanding
Limited Tax General Obligation Bonds, 1998, and to pay the administrative costs
of such refunding, (iii) pay for certain downtown infrastructure improvements in
the City's revitalization area, and (iv) pay costs of issuance of the bonds; fixing
the date, form, maturities, interest rates, terms and covenants of the bonds;
cstablishing a bond redemption fund, a project fund and a project aceount; and
approving the sale and providing for the delivery of the bonds to Seattle-
Northwest Securities Corporation of Seattle, Washington.
WHEREAS, the City of Auburn, Washington (the "City"), is in need of funds with which
to finance the City Hall Annex Project (defined in Section 1, below), the estimated cost of which
is $24,500,000; and the LRF Projects (defined in Section 1, below), the estimated cost of which
is $8,000,000, and the City does not have available sufficient funds to pay the cost; and
WHEREAS, pursuant to Ordinance No. 5160, the City issued its $4,000,000 par value
Limited Tax General Obligation Bonds, 1998 (the "1998 Bonds"), for the purpose of providing
funds to pay the costs of constructing a library to be owned and operated by the King County
Rural Library District and related improvements, and by that ordinance reserved the right to
redeem the 1998 Bonds prior to their maturity at any time on or after December l, 2008, at a
price of par plus accrued interest to the date fixed for redemption; and
WHEREAS, there are presently outstanding $2,235,000 par value of 1998 Bonds
maturing on December 1, of each of the years 2010 through 2018, inclusive, and bearing various
interest rates from 4.00% to 4.35% (the "Refunded Bonds");
WHEREAS, after due consideration, it appears to the City Council that the Refunded
Bonds may be refunded by the issuance and sale of a series of limited tax general Qbligation
bonds (the "2010A Bonds") so that a substantial savings will be effected by the difference
between the principal and interest cost over the life of the 2010A Bonds allocable to the
Refunding Plan (defined in Section 1, below) and the principal and interest cost over the life of
the Refunded Bonds but for such refunding, which refunding will be effected by carrying out the
Refunding Plan; and
WHEREAS, to effect that refunding in the manner that will be most advantageous to the
City, the City Council finds it necessary and advisable that certain Acquired Obligations (defined
in Section l, below), bearing interest and maturing at such time or times as necessary to
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5105,353.4
accomplish the Refunding Plan, be purchased out of a portion of the proceeds of the 2010A
Bonds; and
WHEREAS, the City Council deems it to be in the best interest of the City to borrow
money by the issuance of four series of limited tax general obligation bonds (the "Bonds") for
general city purposes to provide funds to finance the City Hall Annex Project and the LRF
Projects, to carry out the Refunding Plan and to pay the costs of issuance of the Bonds; and
WHEREAS; Seattle-Northwest Securities Corporation has offered to purchase the Bonds
authorized herein under the terms and conditions set forth in this ordinance in the form of a bond
purchase contract; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DOES
ORDAIN AS FOLLOWS:
Section 1. Definitions. As used in this ordinance the following words shall have the
following meanings:
(a) "2010A Bonds" means the $4,385,000 par value Limited Tax General Obligation
Improvement and Refunding Bonds, 2010A, of the City issued pursuant to and for the purposes
provided in this ordinance.
(b) "2010B Bonds" means the $20,365,000 par value Limited Tax General Obligation
Bonds, 2010B (Taxable Build America Bonds - Direct Payment), of the City issued pursuant to
and for the purposes provided in this ordinance.
(c) "2010C Bonds" means $920,000 par value Limited Tax General Obligation
Bonds, 2010C, of the City issued pursuant to and for the purposes provided in this ordinance.
(d) "2010D Bonds" means the $6;320,000 par value Limited Tax General Obligation
Bonds, 2010D (Taxable Build America Bonds - Direct Payment), of the City issued pursuant to
and for the purposes provided in this ordinance.
(e) "Acquired Obligations" means those United States Treasury Certificates of
Indebtedness, Notes, and Bonds--State and Local Government Series and other direct,
noncallable obligations of the United States of America purchased to accomplish the refunding
of the Refunded Bonds as authorized by this ordinance.
(f) "Bond Fund" means the Limited Tax General Obligation Bond Fund, 2010,
created by this ordinance for the payment of the Bonds.
(g) "Bond Register" means the books or records maintained by the Bond Registrar
containing the name and mailing address of the owner of each Bond and the principal amount
and number of Bonds held by each owner.
(h) "Bond Registrar" means the Fiscal Agent.
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SlO51353 4
(i) "Bonds" means, collectively, the 2010A Bonds, the 2010B Bonds, the 2010C
Bonds and the 2010D Bonds.
(j) "Build America Bonds" means, collectively, the 2010B Bonds and the 2010D
Bonds.
(k) "City" means the City of Auburn, Washington, a municipal corporation duly
organized and existing under and by viriue of the laws of the state of Washington.
(1) "City Hall Annex Project" means the acquisition of additional office space near
City Hall, including associated property interests, equipment and appurtenances, to be known as
the City Hall Annex, which acquisition shall not include Condominium Unit 390.
(m) "City Hall Annex Project Account" means the account created within the City's
Capital Projects Fund by this ordinance for the purpose of funding the City Hall Annex Project.
(n) "Code" means the LJnited States Internal Revenue Code of 1986, as amended, and
applicable rules and regulations promulgated thereunder.
(o) "DTC" means The Depository Trust Company, New York, New York.
(p) "Finance Director" means the Finance Director of the City.
(q) "Fiscal Agent" means the fiscal agent of the State of Washington, as the same
may be designated by the State from time to time.
(r) "Letter of Representations" means the Blanket Issuer Letter of Representations
dated February 18, 1997, between the City and DTC, as it may be amended from time to time.
(s) "LRF Projects" mean the construction or reconstruction of the downtown
improvements described in Resolution No. 4502, including, but not limited to, improvements to
sidewalks, crosswalks, pedestrian street lighting, utility upgrades and other street improvements
within the City's Revitalization Area.
(t) "MSRB" means the Municipal Securities Rulemaking Board.
(u) "Promenade Project Fund" means the fund created by this ordinance for the
purpose of funding the LRF Projects.
(v) "Rating Agency" means the nationally recognized rating agency or agencies, if
any, at the time rating the Bonds at the request of the City.
(w) "Refunded Bonds" means the outstanding Limited Tax General Obligation Bonds,
1998, of the City maturing in the years 2010 through 2018, inclusive, issued pursuant to
Ordinance No. 5160, the refunding of which has been provided for by this ordinance.
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51051353.4
(x) "Refunding Plan" means:
(i) the deposit with the Refunding Trustee of an amount of proceeds of the Bonds
that (together with other money of the City, if necessary) will be sufficient to acquire the
Acquired Obligations to be held, with cash, if necessary, by the Refunding Trustee;
(ii) the payment of interest due on the Refunded Bonds on June 1, 2010, and the
call, payment and redemption on June 14, 2010, of all of the outstanding Refunded Bonds
at a price of par plus accrued interest; and
(iii) the payment of the costs of carrying out the foregoing elements of the
Refunding Plan.
(y) "Refunding Trust Agreement" means a Refunding Trust Agreement between the
City and the Refunding Trustee substantially in the form of that which is on file with the Finance
Director and by this reference incorporated herein.
(z) "Refunding Trustee" means U.S. Bank National Association of Seattle,
Washington, serving as trustee or escrow agent or any successor trustee or escrow agent.
(aa) "SEC" means the United States Securities and Exchange Commission.
(bb) "Tax-Exempt Bonds" means, collectively, the 2010A Bonds and the 2010C
Bonds.
(cc) "Term Bonds" means those Build America Bonds maturing in the years 2025,
2030, 2034, and 2039 which are subject to mandatory redemption prior to maturity.
Section 2. Debt Capacity. The assessed valuation of the taxable property within the
City as ascertained by the last preceding assessment for City purposes for the calendar year 2010
is $7,809,499,809, and the City has outstanding general indebtedness evidenced'by limited tax
general obligation bonds, notes, leases and conditional sales contracts (excluding the Refunded
Bonds to be refunded by this ordinance) in the principal amount of $35,881,485 incurred within
the limit of up to 11/z% of the value of the taxable property within the City permitted for general
municipal purposes without a vote of the qualified voters therein, and has no outstanding
unlimited tax general obligation bonds. The aggregate amount of indebtedness authorized to be
issued by this ordinance is $31,990,000.
Section 3. Authorization of Bonds. The City shall borrow money on the credit of the
City and issue four series of negotiable limited tax general obligation bonds evidencing that
indebtedness in the aggregate amount of $31,990,000 for general City purposes as further
described below. The general indebtedness to be incurred shall be within the limit of up to 11/z%
of the value of the taxable property within the City permitted for general municipal purposes
without a vote of the qualified voters therein.
Section 4. Description of 2010A Bonds. The 2010A Bonds shall be called Limited
Tax General Obligation Improvement and Refunding Bonds, 2010A, of the City, issued to
provide funds with which to (i) pay a portion of the costs of the City Hall Annex Project, (ii)
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51051753.4
carry out the Refunding Plan, and (iii) pay the costs of issuance and sale of the 2010A Bonds.
The 2010A Bonds shall be in the aggregate principal amount of $4,385,000; shall be dated their
date of delivery to the initial purchasers thereof; shall be in the denomination of $5,000 or any
integral multiple thereof within a single maturity; shall be numbered separately in the manner
and with any additional designation as the Bond Registrar deems necessary for purposes of
identification; shall bear interest (computed on the basis of a 360-day year of twelve 30-day
months) payable semiannually on each June 1 and December 1, commencing December 1, 2010,
to the maturity of the 2010A Bonds; and shall mature on December 1 in the years and amounts
and bear interest at the rates per annum as follows:
Maturity Interest
Years Amounts Rates
2010
$510,000
2.000%
2011
690,000
2.000
2012
705,000
3.000
2013
720,000
3.000
2014
745,000
4.000
2015
235,000
4.000
2016
250,000
4.500
2017
260,000
4.500
2018
270,000
4.500
The life of the capital facilities financed or refinanced with proceeds of the 2010A Bonds
exceeds the term of the 2010A Bonds.
Section 5. Description of 2010B Bonds. The 2010B Bonds shall be called Limited
Tax General Obligation Bonds, 2010B (Taxable Build America Bonds - Direct Payment), of the
City, issued to provide funds with which to pay a portion of the costs of the City Hall Annex
Project and the costs of issuance and sale of the 2010B Bonds. The 2010B Bonds shall be in the
aggregate principal amount of $20,365,000; shall be dated their date of delivery to the initial
purchasers thereof; shall be in the denomination of $5,000 or any integral multiple thereof within
a single maturity; shall be numbered separately in the manner and with any additional
designation as the Bond Registrar deems necessary for purposes of identification; shall bear
interest (computed on the basis of a 360-day year of twelve 30-day months) payable
semiannually on each June 1 and December l, commencing December 1, 2010, to the maturity
or earlier redemption of the 2010B Bonds; and shall mature on December 1 in the years and
amounts and bear interest at the rates per annum as follows:
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51051351.4
Maturity
Years
Amounts
Interest
Rates
2015
$535,000
3.266%
2016
545,000
3.716
2017
560,000
4.120
2018
575,000
4.395
2019
590,000
4.495
2020
610,000
4.595
2025
3,360,000
5.295
2030
4,025,000
6.093
2039
9,565,000
6.243
The life of the capital facilities financed with proceeds of the 2010B Bonds exceeds the
term of the 2010B Bonds.
Section 6. Description of 2010C Bonds. The 2010C Bonds shall be called Limited
Tax General Obligation Bonds, 2010C, of the City, issued to provide funds with which to pay a
portion of the costs of the LRF Projects and to pay the costs of issuance and sale of the 2010C
Bonds. The 2010C Bonds shall be in the aggregate principal amount of $920,000; shall be dated
their date of delivery to the initial purchasers thereof; shall be in the denomination of $5,000 or
any integral multiple thereof within a single maturity; shall be numbered separately in the
manner and with any additional designation as the Bond Registrar deems necessary for purposes
of identification; shall bear interest (computed on the basis of a 360-day year of twelve 30-day
months) payable semiannually on each June 1 and December l, commencing December 1, 2010,
to the maturity of the 2010C Bonds; and shall mature on December 1 in the years and amounts
and bear interest at the rates per annum as follows:
Maturity
Years
Amounts
Interest
Rates
2010
$105,000
2.000%
2011
195,000
2.000
2012
200,000
3.000
2013
205,000
3.000
2014
215,000
4.000
The life of the capital facilities financed or refinanced with proceeds of the 2010C Bonds
exceeds the term of the 2010C Bonds.
Section 7. Description of 2010D Bonds. The 2010D Bonds shall be called Limited
Tax General Obligation Bonds, 2010D (Taxable Build America Bonds - Direct Payment), of the
City, issued to provide funds with which to pay a portion of the costs of the LRF Projects and the
costs of issuance and sale of the 2010D Bonds. The 2010D Bonds shall be in the aggregate
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51051353.4
principal amount of $6,320,000; shall be dated their date of delivery to the initial purchasers
thereof; shall be in the denomination of $5,000 or any integral multiple thereof within a single
maturity; shall be numbered separately in the manner and with any additional designation as the
Bond Registrar deems necessary for purposes of identification; shall bear interest (computed on
the basis of a 360-day year of twelve 30-day months) payable semiannually on each June 1 and
December 1, commencing December l, 2010, to the maturity or earlier redemption of the 2010D
Bonds; and shall mature on December 1 in the years and amounts and bear interest at the rates
per annum as follows:
Matur.ity Interest
Years Amounts Rates
2015
$ 220,000
3.266%
2016
225,000
3.716
2017
230,000
4.120
2034
5,645,000
6.193
The life of the capital facilities financed with proceeds of the 2010D Bonds exceeds the
term of the 2010D Bonds.
Section 8. Registration and Transfer of Bonds. The Bonds shall be issued only in
registered form as to both principal and interest and shall be recorded on the Bond Register. The
Bond Register shall contain the name and mailing address of the owner of each Bond and the
principal amount and number of each of the Bonds held by each owner.
Bonds surrendered to the Bond Registrar may be exchanged for Bonds in any authorized
denomination of an equal aggregate principal amount and of the same series, interest rate and
maturity. Bonds may be transferred only if endorsed in the manner provided thereon and
surrendered to the Bond Registrar. Any exchange or transfer shall be withoul cost to the owner
or transferee. The Bond Registrax shall not be obligated to exchange or transfer any Bond during
the 15 days preceding any principal payment or redemption date.
The Bonds initially shall be registered in the name of Cede & Co., as the nominee of
DTC. The Bonds so registered shall be held in fully immobilized form by DTC as depository in
accordance with the provisions of the Letter of Representations. Neither the City nor the Bond
Registrar shall have any responsibility or obligation to DTC participants or the persons for whom
they act as nominees with respect to the Bonds regarding accuracy of any records maintained by
DTC or DTC participants of any amount in respect of principal of or interest on the Bonds, or
any notice which is permitted or required to be given to registered owners hereunder (except
such notice as is required to be given by the Bond Registrar to DTC).
For as long as any Bonds are held in fully immobilized form, DTC, its nominee or its
successor depository shall be deemed to be the registered owner for all purposes hereunder and
all references to registered owners, bondowners, bondholders or the like shall mean DTC or its
nominee and shall not mean the owners of any beneficial interests in the Bonds. Registered
ownership of such Bonds, or any portions thereof, may not thereafter be transferred except: (i) to
any successor of DTC or its nominee, if that successor shall be qualified under any applicable
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51051353.4
laws to provide the services proposed to be provided by it; (ii) to any substitute depository
appointed by the City or such substitute depository's successor; or (iii) to any person if the
Bonds are no longer held in immobilized form.
Upon the resignation of DTC or its successor (or any substitute depository or its
successor) from its functions as depository, or a determination by the City that it no longer
wishes to continue the system of book entry transfers through DTC or its successor (or any
substitute depository or its successor), the City may appoint a substitute depository. Any such
substitute depository shall be qualified under any applicable laws to provide the services
proposed to be provided by it.
If (i) DTC or its successor (or substitute depository or its successor) resigns from its
functions as depository, and no substitute depository can be obtained, or (ii) the City determines
that the Bonds are to be in certificated form, the ownership of Bonds may be transferred to any
person as provided herein and the Bonds no longer shali be held in fizlly immobilized form.
Section 9. Pavment of Bonds. Both principal of and interest on the Bonds shall be
payable in lawful money of the United States of America. Interest on the Bonds shall be paid by
checks or drafts of the Bond Registrar mailed on the interest pa~ment date to the registered
owners at the addresses appearing on the Bond Register on the 15t day of the month preceding
the interest payment date or, if requested in writing by a registered owner of $1,000,000 or more
in principal amount of Bonds of a series prior to the applicable record date, by wire transfer on
the interest payment date. Principal of the Bonds shall be payable upon presentation and
surrender of the Bonds by the registered owners to the Bond Registrar. Notwithstanding the
foregoing, for as long as the Bonds are registered in the name of DTC or its nominee, payment of
principal of and interest on the Bonds shall be made in the manner set forth in the Letter of
Representations.
Section 10. Redemption Provisions and Open Market Purchase of Bonds.
(a) Optional Redemption of Tax-Exempt Bonds. The Tax-Exempt Bonds shall be
issued without the right or option of the City to redeem the Tax-Exempt Bonds prior to their
stated maturity dates. (b) Optional Redemption of Build America Bonds. The City reserves the right and
option to redeem the Build America Bonds prior to their stated maturity dates at any time on or
after June 1, 2020, as a whole or in part, at a price equal to the principal amount to be redeemed,
without premium, plus accrued interest to the date fixed for of redemption.
(c) Extraordinary Optional Redemption. The City additionally reserves the right and
option to redeem the Build America Bonds prior to their stated maturity dates at any time prior to
June l, 2020, as a whole or in part, upon the occurrence of an Extraordinary Event, at the
Extraordinary Opfional Redemption Price.
An "Bxtraordinary Event" will have occurred if the City determines that a
material adverse change has occurred to Section 54AA or Section 6431 of the Code ar
there is any guidance published by the Internal Revenue Service or the United States
Treasury with respect to such Sections or any other determination by the Internal
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51051353.4
Revenue Service or the United States Treasury, which determination is not the result of
any act or omission by the City to satisfy the requirements to qualify to receive the 35%
cash subsidy payment from the United States Treasury, pursuant to which the City's 35%
cash subsidy payment from the United States Treasury is reduced or eliminated.
"Extraordinary Optional Redemption Price" means the greater of (i) 100%
of the principal amount of the Build America Bonds to be redeemed or (ii) the sum of the
present values of the remaining scheduled payments of principal of and interest to the
earlier of (A) the stated maturity date on the Build America Bonds to be redeemed or (B)
the next available date on which the Build America Bonds may be optionally redeemed at
a price of par (plus accrued interest, if any), discounted (on a semi-annual basis,
assuming a 360-day year consisting of twelve 30-day months) to the date on which such
Build America Bonds are to be redeemed at the Treasury Rate plus 100 basis points, plus,
in each case, accrued interest on the Build America Bonds to be redeemed to the date
fixed for redemption.
"Treasury Rate" means, with respect to any date fixed for redemption for a
particular Build America Bond, the yield to maturity as of such date of United States
Treasury securities with a constant maturity (excluding inflation indexed securities, and
as compiled and published in the most recent Federal Reserve Statistical Release H.15
(519) that has become publicly available as of the first Business Day that is at least
thirty-five days prior to such scheduled redemption date or, if such Statistical Release is
no longer published, any publicly available source of similar market data) most nearly
equal to the period from such date to the stated maturity date of such Build America
Bond.
At the request of the Bond Registrar, the Extraordinary Optional
Redemption Price shall be determined by an independent accounting firm, investment
banking firm or financial advisor retained by the City at the Gity's expense. Absent
manifest error, such determination shall be conclusive and binding on the City, the Bond
Registrar and the Registered Owners, and neither the City nor the Bond Registrar shall be
liable for relying on such determination.
(d) Mandatory Redemption of Term Bonds.
(i) 2014B Bonds. The 2010B Bonds maturing in 2025, 2030 and
2039 are Term Bonds and, if not redeemed under the optional or extraordinary optional
redemption provisions set forth above or purchased in the open market under the
provisions set forth below, shall be called for redemption pro rata at a price equal to the
principal amount to be redeemed, without premium, plus accrued interest to the date
fixed for redemptian, on December 1 in years and amounts as follows:
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51051353.4
2010B Term Bonds Maturing in 2025
Mandatory
Redemption
Years
2021
2022
2023
2024
2025*
*maturity
2010B Term Bonds 1VIaturing in 2030
Mandatory
Redemption
Years
2026
2027
2028
2029
2030*
*maturity
Mandatory Mandatory
Redemption Redemption
Years Amounts
2010B Term Bonds Maturing in 2039
Mandatory
Redemption
Amounts
$625,000
650,000
670,000
695,000
720,000
Mandatory
Redemption
Amounts
$745,000
770,000
805,000
835,000
870,000
Mandatory Mandatory
Redemption Redemption
Years Amounts
2031
$ 900,000
2036
2032
940,000
2037
2033
975,000
2038
2034
1,015,000
2039 *
2035
1,060,000
*maturity
$1,100,000
1,145,000
1,190,000
1,240,000
(ii) 2010D Bonds. The 2010D Bonds maturing in 2034 are Term
Bonds and, if not redeemed under the optional or extraordinary optional redemption
provisions set forth above or purchased in the open market under the provisions set forth
below, shall be called for redemption pro rata at a price equal to the principal amount to
be redeemed, without premium, plus accrued interest to the date fixed for redemption, on
December 1 in years and amounts as follows:
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51051353.4
2010D Term Bonds Maturing in 2034
Mandatory ' Mandatory
Redemption Redemption
Years Amounts
Mandatory Mandatory
Redemption Redemption
Years Amounts
2018
$240,000
2027
$340,000
2019
245,000
2028 .
355,000
2020
255,000
2029
365,000
2021
270,000
2030
380,000
2022
280,000
2031
395,000
2023
290,000
2032
415,000
2024 -
300,000
2033
430,000
2025
315,000
2034*
445,000
2026
325,000
*maturity
(iii) Credit for Mandatory Redemption Amounts. If the City redeems
under Section 10(a) or (b), purchases in the open market or defeases Term Bonds, the par
amount of the Term Bonds so redeemed, purchased or defeased (irrespective of their
actual redemption or purchase prices) shall be credited against one or more scheduled
mandatory redemption amounts for those Term Bonds. The City shall determine the
manner in which the credit is to be allocated and shall notify the Bond Registrar in
writing of its allocation at least 60 days prior to the earliest mandatory redemption date
for that maturity of Term Bonds for which notice of redemption has not already been
given.
(e) Partial Redemption of Bonds. Portions of the principal amount of any Bond, in
installments of $5,000 or any integral multiple thereof, may be redeemed. If less than all of the
principal amount of any Bond is redeemed, upon surrender of such Bond to the Bond Registrar,
there shall be issued to the registered owner, without charge therefor, a new Bond (or Bonds, at
the option of the registered owner) of like series, maturity and interest rate in any of the
denominations authorized by this ordinance in the aggregate total amount remaining
unredeemed.
(f) Open Market Purchase. The City further reserves the right and option to purchase
any or all of the Bonds in the open market at any time at any price acceptable to the City plus
accrued interest to the date of purchase.
(g) Selection of Bonds for Redemption. If fewer than all of the outstanding Build
America Bonds of a series are to be redeemed prior to maturity, then (a) if the Build America
Bonds are in book-entry form at the time of such redemption, the Bond Registrar shall instruct
DTC to instruct the DTC Participants to select the specific Build America Bonds for redemption
pro rata, and neither the City nor the Bond Registrar shall have any responsibility to ensure that
DTC or the DTC Participants properly select such Build America Bonds for redemption, and (b)
if the Build America Bonds are not then in book-entry form at the time of such redemption, on
each date fixed for redemption, the Bond Registrar shall select the specific Build America Bonds
for redemption pro rata. The portion of any Bonds of a denomination more than $5,000 to be
redeemed shall be in the principal amount of $5,000 or any integral multiple thereo£ The Bond
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Registrar shall select such portions of Bonds to be redeemed in such manner as the Bond
Registrar in its discretion may deem to be fair and appropriate. Notwithstanding the foregoing,
for as long as the Build America Bonds are registered in the name of DTC or its nominee,
selection of Bonds for redemption shall be in accordance with the Letter of Representations.
(h) Cancellation of Bonds. All Bonds purchased or redeemed under this section shall
be canceled.
Section 11. Notice of Redemption. While the Bonds are held by DTC in book-entry
only form, any notice of redemption shall be given at the time, to the entity and in the manner
required by DTC in accordance with the Letter of Representations, and the Bond Registrar shall
not be required to give any other notice of redemption. If the Bonds cease to be in book-entry
only form, the City shall cause notice of any intended redemption of Bonds to be given by the
Bond Registrar not less than 20 nor more than 60 days prior to the date fixed for redemption by
first-class mail, postage prepaid, to the registered owner of any Bond to be redeemed at the
address appearing on the Bond Register at the time the Bond Registrar prepares the notice, and
the requirements of this sentence shall be deemed to have been fulfilled when notice has been
mailed as so provided, whether or not it is actually received by the owner of any Bond.
In the case of an optional redemption, the notice may state that the City retains the right
to rescind the redemption notice and the related optional redemption of Bonds by giving a notice
of rescission to the affected registered owners at any time prior to the scheduled optional
redemption date. Any notice of optional redemption that is so rescinded shall be of no effect,
and the Bonds for which the notice of optional redemption has been rescinded shall remain
outstanding.
Interest on Bonds called for redemption shall cease to accrue on the date fixed for
redemption unless the Bond or Bonds called are not redeemed when presented pursuant to the
call. In addition, the redemption notice shall be mailed within the same period, postage prepaid,
to the Rating Agency at its principal offices in New York, New York, or its successor, to the
MSRB and to such other persons and with such additional information as the City shall
determine, but these additional mailings shall not be a condition precedent to the redemption of
Bonds.
Section 12. Failure To Redeem Bonds. If any Bond is not redeemed when properly
presented at its maturity or call date, the City shall be obligated to pay interest on that Bond at
the same rate provided in the Bond from and after its maturity or call date until that Bond, both
principal and interest, is paid in full or until sufficient money for its payment in full is on deposit
in the Bond Fund and the Bond has been called for payment by giving notice of that call to the
registered owner thereof.
Section 13. Pled2e of Full Faith a_nd Credit• Additional Pledges of Taxes.
(a) The Bonds. For as long as any of the Bonds are outstanding, the City irrevocably
pledges to include in its budget and levy taxes annually within the constitutional and statutory
tax limitations provided by law without a vote of the electors of the City on all of the taxable
property within the City in an amount sufficient, together with other money legally available and
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51051353.4
to be used therefor, to pay when due the principal of and interest on the Bonds, and the full faith,
credit and resources of the City are pledged irrevocably for the annual levy and collection of
those taxes and the prompt payment of that principal and interest.
(b) The 2010A Bonds and 2010B Bonds - REET 1. The proceeds of real estate
exeise tax authorized under RCW 82.46.010(2) ("REET 1"), which is imposed, collected and
allocated to expenditures for capital projects by Ordinance No. 3418 of the City, are pledged, as
necessary, to the payment of the 2010A Bonds and the 2010B Bonds.
(c) The 2010C Bonds and 2010D Bonds - LRF Tax and REET 2. The proceeds
received by the City of the sales and use tax authorized under RCW 82.14.505 and .510, which is
imposed, collected and allocated by Ordinance No. 6031 of the City, are pledged, as necessary,
to the payment of the 2010C Bonds and the 2010D Bonds.
The proceeds of real estate excise tax authorized under RCW 82.46.035(2) ("REET 2"),
which is imposed, collected and allocated to expenditures for capital projects by Ordinance No.
4871 of the City, are pledged, as necessary, to the payment of the 2010C Bonds and the 2010D
Bonds.
Section 14. Form and Execution of Bonds. Each series of Bonds shall be prepared in
a form consistent with the provisions of this ordinance and state law and shall be signed by the
Mayor and City Clerk, either or both of whose signatures may be manual or in facsimile, and the
seal of the City or a facsimile reproduction thereof shall be impressed or printed thereon.
Only Bonds bearing a Certificate of Authentication in the following form, manually
signed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the
benefits of this ordinance:
CERTIFICATE OF AUTHENTICATION
This Bond is one of the fully registered City of Auburn, Washington,
Limited Tax General Obligation [Improvement and Refunding] Bonds,
[2010A/2010C] [2010B/2010D (Taxable Build America Bonds - Direct
Payment)], described in the Bond Ordinance.
WASHINGTON STATE FISCAL AGENT
Bond Registrar
By ~SPECIMENJ
Authorized Signer
The authorized signing of a Certificate of Authentication shall be conclusive evidence.that the
Bond so authenticated has been duly executed, authenticated and delivered and is entitled to the
benefits of this ordinance.
If any officer whose facsimile signature appears on the Bonds ceases to be an officer of
the City authorized to sign bonds before the Bonds bearing his or her facsimile signature are
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authenticated or delivered by the Bond Registrar or issued by the City, those Bonds nevertheless
may be authenticated, issued and delivered and, when authenticated, issued and delivered, shall
be as binding on the City as though that person had continued to be an officer of the City
authorized to sign bonds. Any Bond also may be signed on behalf of the City by any person
who, on the actual date of signing of the Bond, is an officer of the City authorized to sign bonds,
although he or she did not hold the required office on the date of issuance of the Bonds.
Section 15. Duties of Bond Re irar. The Bond Registrar shall keep, or cause to be
kept, sufficient books for the registration and transfer of the Bonds, which shall be open to
inspection by the City at all times. The Bond Registrar is authorized, on behalf of the City, to
authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of the
Bonds and this ordinance, to serve as the City's paying agent for the Bonds and to carry out all of
the Bond Registrar's powers and duties under this ordinance and City Ordinance No. 3905
establishing a system of registration for the City's bonds and obligations.
The Bond Registrar shall be responsible for its representations contained in the Bond
Registrar's Certificate of Authentication on the Bonds. The Bond Registrar may becorne the
owner of Bonds with the same rights it would have if it were not the Bond Registrar and, to the
extent permitted by law, may act as depository for and permit any of its officers or directors to
act as members of, or in any other capacity with respect to, any committee formed to protect the
rights of Bond owners.
Section 16. Preservation of Tax Exemption for Interest on Tax-Exempt Bonds. The
City covenants that it will take all actions necessary to prevent interest on the Tax-Exempt Bonds
from being included in gross income for federal income tax purposes, and it will neither take any
action nor make or permit any use of proceeds-of the Tax-Exempt Bonds or other funds of the
City treated as proceeds of the Tax-Exempt Bonds at any time during the term of the
Tax-Exempt Bonds which would cause interest on the Tax-Exempt Bonds to be included in gross
income for federal income tax purposes. The City also covenants that it will, to the extent the
arbitrage rebate requirement of Section 148 of the Code is applicable to the Tax-Exempt Bonds,
take all actions necessary to comply (or to be treated as having complied) with that requirement
in connection with the Tax-Exempt Bonds, including the calculation and payment of any
penalties that the City has elected to pay as an alternative to calculating rebatable arbitrage, and
the payment of any other penalties if required under Section 148 of the Code to prevent interest
on the Tax-Exempt Bonds from being included in gross income for federal income tax purposes.
Section 17. Designation of Tax-Exempt Bonds as "Qualified Tax-Exempt
Obli atg ions." The City has determined and certifies that (a) the Tax-Exempt Bonds are not
"private activity bonds" within the meaning of Section 141 of the Code; (b) the reasonably
anticipated amount of tax-exempt obligations (other than private activity bonds and other
obligations not required to be included in such calculation) which the City and any entity
subordinate to the City (including any entity that the City controls, that derives its authority to
issue tax-exempt obligations from the City, or that issues tax-exempt obligations on behalf of the
City) will issue during the calendar year in which the Tax-Exempt Bonds are issued will not
exceed $30,000,000; and (c) the amount of tax-exempt obligations, including the Tax-Exempt
Bonds, designated by the City as "qualified tax-exempt obligations" for the purposes of Section
265(b)(3) of the Code during the calendar year in which the Tax-Exempt Bonds are issued does
51051353.4
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not exceed $30,000,000. The City designates the Tax-Exempt Bonds as "qualified tax-exempt
obligations" for the purposes of Section 265(b)(3) of the Code
Section 18. Election to Treat Build America Bonds as "Build America Bonds". The
City hereby irrevocably elects to have Section 54AA of the Code apply to the Build America
Bonds so that the Build America Bonds are treated as "build America bonds," and further to
have Subsection 54AA(g) of the Code apply to the Build America Bonds so that the Build
America Bonds are treated as "qualified bonds" with respect to which the City will be allowed a
credit payable by the United States Treasury to or to the order of the City pursuant to Section,
6431 of the Code in an amount equal to 35% of the interest payable on the Build America Bonds
on each interest payment date. The City hereby authorizes and directs the Finance Director (or
his or her designee) to take such actions and enter into such agreements as are necessary or
appropriate for the City to receive or cause to be received from the United States Treasury the
applicable federal credit payments in respect of the Build America Bonds, including, but not
limited to, the timely filing with the Internal Revenue Service of Form 8038-CP-"Return for
Credit Payments to Issuers of Qualified Bonds" in the manner prescribed by Internal Revenue
Service Notice 2009-26. The City covenants that it will comply with the provisions of the Code,
compliance with which would result in the interest on the Build America Bonds being excluded
from gross income for federal tax purposes but for the City's irrevocable election to have Section
54AA of the Code apply to the Build America Bonds.
Section 19. Refunding~or Defeasance of the Bonds. The City may issue refunding
bonds pursuant to the laws of the State of Washington or use money available from any other
lawful source to pay when due the principal of and interest on the Bonds, or any portion thereof
included in a refunding or defeasance plan, and to redeem and retire, refund or defease all such
then-outstanding Bonds (hereinafter collectively called the "defeased Bonds") and to pay the
costs of the refunding or defeasance. If money and/or "government obligations" (as defined in
chapter 39.53 RCW, as now or hereafter amended) maturing at a time or times and bearing
interest in amounts (together with money, if necessary) sufficient to redeem and retire, refund or
defease the defeased Bonds in accordance with their terms are set aside in a special trust fund or
escrow account irrevocably pledged to that redemption, retirement or defeasance of defeased
Bonds (hereinafter called the "trust account"), then all right and interest of the owners of the
defeased Bonds in the covenants of this ordinance and iri the funds and accounts obligated to the
payment of the defeased Bonds shall cease and become void. The owners of defeased Bonds
shall have the right to receive payment of the principal of and interest on the defeased Bonds
from the trust account. The City shall include in the refunding or defeasance plan such
provisions as the City deems necessary for the random selection of any defeased Bonds that
constitute less than all of a particular maturity of the Bonds, for notice of the defeasance to be
given to the owners of the defeased Bonds and to such other persons as the City shall determine,
and for any required replacement of Bond certificates for defeased Bonds. The defeased Bonds
shall be deemed no longer outstanding, and the City may apply any money in any other fund or
account established for the payment or redemption of the defeased Bonds to any lawful purposes
as it shall determine.
If the Bonds are registered in the name of DTC or its nominee, notice of any defeasance
of Bonds shall be given to DTC in the manner prescribed in the Letter of Representations for
notices of redemption of Bonds.
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Section 20. Bond Fund; Project Fund and Account; and Deposit of Bond Proceeds.
The Bond Fund is hereby created and established in the office of the City Finance Director as a
special fund designated as the Limited Tax General Obligation Bond Fund, 2010, for the purpose
of paying principal of and interest on the Bonds. All taxes collected for and allocated to the
payment of the principal of and interest on the Bonds shall be deposited in the Bond Fund.
A portion of the principal proceeds and premium, if any, received from the sale and
delivery of the 2010A Bonds sufficient to carry out the Refunding Plan shall be deposited with
the Refunding Trustee and used in accordance with the provisions of Section 21.
There is also created and established in the office of the City Finance Director a special
fund designated as the Promenade Project Fund. The principal proceeds and premium, if any,
received from the sale and delivery of the 2010C Bonds and the 2010D Bonds shall be paid into
the Promenade Project Fund and used to pay the costs of the LRF Project and the costs of
issuance of the 2010C Bonds and 2010D Bonds. Until needed to pay such costs, the City may
invest principal proceeds temporaxily in any legal investment, and the investment earnings may
be retained in the Promenade Project Fund and be spent for the purposes of that fund.
There is also created and established in the office of the City Finance Director a special
account in the City's Capital Projects Fund designated as the City Hall Annex Project Account.
The principal proceeds and premium, if any, received from the sale and delivery of the 2010A
Bonds and 2010B Bonds shall be paid into the City Hall Annex Project Account and used to pay
the costs of the Project and the costs of issuance of the 2010A Bonds and 2010B Bonds. Until
needed to pay such costs, the City may invest principal proceeds temporarily in any legal
investment, and the investment earnings may be retained in the City Hall Annex Project Account
and be spent for the purposes of that account.
Section 21. Refunding of the Refunded Bonds.
(a) Appointment of Refunding Trustee. U.S. Bank National Association of Seattle,
Washington, is appointed Refunding Trustee.
(b) Use of 2010A Bond Proceeds• Acquisition of Acquired Obligations. A sufficient
amaunt of the proceeds of the sale of the 2010A Bonds shall be deposited immediately upon the
receipt thereof with the Refunding Trustee and used to discharge the obligations of the City
relating to the Refunded Bonds under Ordinance No. 5160 by providing for the payment of the
amounts required to be paid by the Refunding Pian. To the extent practicable, such obligations
shall be discharged fully by the Refunding Trustee's simultaneous purchase of the Acquired
Obligations, bearing such interest and maturing as to principal and interest in such amounts and
at such times so as to provide, together with a beginning cash balance, if necessary, for the
payment of the amount required to be paid by the Refunding Plan. The Acquired Obligations are
listed and more particularly described in Exhibit A attached to the Refunding Trust Agreement
between the City and the Refunding Trustee. Any 2010A Bond proceeds or other money
deposited with the Refunding Trustee not needed to purchase the Acquired Obligations and
provide a beginning cash balance, if any, shall be returned to the City at the time of delivery of
the Bonds to the initial purchaser thereof and deposited in the Bond Fund to pay interest on the
2010A Bonds on the first interest payment date.
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51051353 4
(c) Administration of Refunding Plan. The Refunding Trustee is authorized and
directed to purchase the Acquired Obligations and to make the payments required to be made by
the Refunding Plan from the Acquired Obligations and money deposited with the Refunding
Trustee pursuant to this ordinance. All Acquired Obligations and the money deposited with the
Refunding Trustee and any income therefrom shall be held irrevocably, invested and applied in
accordance with the provisions of Ordinance No. 5160, this ordinance, chapter 39.53 RCW and
other applicable statutes of the State of Washington and the Refunding Trust Agreement. All
necessary and proper fees, compensation, and expenses of the Refunding Trustee for the 2010A
Bonds and all other costs incidental to the setting up of the escrow to accomplish the refunding
of the Refunded Bonds shall be paid out of the proceeds of the 2010A Bonds.
(d) Authorization for RefundingL Trust Agreement. To carry out the Refunding Plan
provided for by this ordinance, the Mayor or the Finance Director of the City is authorized and
directed to execute and deliver to the Refunding Trustee a Refunding Trust Agreement
substantially in the form on file with the City Clerk and by this reference made a part hereof
setting forth the duties, obligations and responsibilities of the Refunding Trustee in connection
with the payment, redemption, and retirement of the Refunded Bonds as provided herein and
stating that the provisions for payment of the fees, compensation, and expenses of such
Refunding Trustee set forth therein are satisfactory to it. Prior to executing the Refunding Trust
Agreement, the Mayor or the Finance Director of the City is authorized to make such changes
therein that do not change the substance and purpose thereof or that assure that the escrow
provided therein and the 2010A Bonds are in compliance with the requirements of federal law
governing the exclusion of interest on the 2010A Bonds from gross income for federal income
tax purposes.
Section 22. Call for Rede=tion of the Refunded Bonds. The City calls for
redemption on June 14, 2010, all of the Refunded Bonds at par plus accrued interest. Such call
for redemption shall be irrevocable after the delivery of the 2010A Bonds to the initial purchaser
thereof. The proper City officials are authorized and directed to give or cause to be given such
notices as required, at the times and in the manner required, pursuant to Ordinance No. 5160 in
order to effect the redemption prior to their maturity of the Refunded Bonds.
Section 23. Citv Findinjzs with Respect to Refunding. The City Council of the City
finds and determines that the issuance and sale at this time of the 2010A Bonds allocable to the
Refunding Plan will effect a savings to the City and is in the best interest of the City and its
taxpayers and in the public interest. In making such finding and determination, the City Council
has given consideration to the fixed maturities of the 2010A Bonds and•the Refunded Bonds, the
costs of issuance of the 2010A Bonds and the known earned income from the investment of the
proceeds of the issuance and sale of the 2010A Bonds used in the Refunding Plan pending
payment and redemption of the Refunded Bonds.
~ The City Council further finds and determines that the money to be deposited with the
Refunding Trustee for the Refunded Bonds in accordance with Section 21 of this ordinance will
discharge and satisfy the obligations of the City under Ordinance No. 5160 with respect to the
Refunded Bonds, and the pledges, charges, trusts, covenants, and agreements of the City therein
made or provided for as to the Refunded Bonds, and that the Refunded Bonds shall no longer be
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51051353.4
deemed to be outstanding under such ordinance immediately upon the deposit of such money
with the Refunding Trustee.
Section 24. Approval of Bond Purchase Contract. Seattle-Northwest Securities
Corporation of Seattle, Washington, has presented a purchase contract (the "Bond Purchase
Contract") to the City offering to purchase the Bonds under the terms and conditions provided in
the Bond Purchase Contract, which written Bond Purchase Contract is on file with the City Clerk
and is incorporated herein by this reference. The City Council finds that entering into the Bond
Purchase Contract is in the City's best interest and therefore accepts the offer contained therein
and authorizes its execution by City officials.
The Bonds will be printed at City expense and will be delivered to the purchaser in
accordance with the Bond Purchase Contract, with the approving legal opinion of Foster Pepper
PLLC, municipal bond counsel of Seattle, Washington, regarding the Bonds.
The proper City officials are authorized and directed to do everything necessary for the
prompt deiivery of the Bonds to the purchaser and for the proper application and use of the
proceeds of the sale thereof.
Section 25. Preliminarv Official Statement Deemed Final. The City Council has been
provided with copies of a preliminary official statement dated April 19, 2010 (the "Preliminary
Official Statement"), prepared in connection with the sale of the Bonds. For the sole purpose of
the Bond purchaser's compliance with SEC Rule 15c2-12(b)(1), the City "deems final" that
Preliminary Official Statement as of its date, except for the omission of information as to
offering prices, interest rates, selling compensation, aggregate principal amount per series,
principal amount per maturity, maturity dates, options of redemption, delivery dates, ratings and
other terms of the Bonds dependent on such matters.
Section 26. Undertaking to Provide Continuing Disclosure. To meet the requirements
of SEC Rule 15c2-12(b)(5) (the "Rule"), as applicable to a participating underwriter for the
Bonds, the City makes the following written undertaking (the "Undertaking") for the benefit of
holders of the Bonds:
(a) Undertaking to Provide 'Annual Financial Information and Notice of Material
Events. The City undertakes to provide or cause to be provided, either directly or through a
designated agent, to the MSRB, in electronic format as prescribed by the MSRB, accompanied
by identifying information as prescribed by the MSRB:
(i) Annual financial information and operating data of the type included in the
final official statement for the Bonds and described in subsection (b) of this section
("annual financial information");
(ii) Timely notice of the occurrence of any of the following events with respect to
the Bonds, if material: (1) principal and interest payment delinquencies; (2) non-payment
related defaults; (3) unscheduled draws on debt service reserves reflecting financial
difficulties; (4) unscheduled draws on credit enhancements reflecting financial
difficulties; (5) substitution of credit or liquidity providers, or their failure to perform;
(6) adverse tax opinions or events affecting the tax-exempt status of the Bonds;
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51051753.4
(7) modifications to rights of holders of the Bonds; (8) Bond calls (other than scheduled
mandatory redemptions of Term Bonds); (9) defeasances; (10) release, substitution, or
sale of property securing repayment of the Bonds; and (11) rating changes; and
(iii) Timely notice of a failure by the City to provide required annual financial
information on or before the date specified in subsection (b) of this section.
(b) T e of Annual Financial Information Undertaken to be Provided. The annual
financial information that the City undertakes to provide in subsection (a) of this section:
(i) Shall consist of (1) annual financial statements prepared (except as noted in the
financial statements) in accordance with applicable generally accepted accounting principles
promulgated by the Government Accounting Standards Board ("GASB") and made
applicable to Washington state local governmental units such as the City, as such principles
may be changed from time to time, which statements shall not be audited, except, however,
that if and when audited financial statements are otherwise prepared and available to the
City they will be provided; (2) a statement of authorized, issued and outstanding balance of
general obligation debt; (3) the assessed value of property within the City subject to ad
valorem taxation; and (4) ad valorem tax levy rates and amounts and percentage of taxes
collected;
(ii) Shall be provided not later than the last day of the ninth month after the end of
each fiscal year of the City (currently, a fiscal year ending December 31), as such fiscal
year may be changed as required or permitted by State law, commencing with the City's
fiscal year ending December 31, 2009; and
(iii) May be provided in a single or multiple documents, and may be incorporated
by specific reference to documents available to the public on the Internet sebsite of the
MSRB or filed with the SEC.
(c) Amendment of Undertaking. The Undertaking is subject to amendment after the
primary offering of the Bonds without the consent of any holder of any Bond, or of any broker,
dealer, municipal securities dealer, participating underwriter, rating agency or the MSRB, under
the circumstances and in the manner permitted by the Rule. The City will give notice to the
MSRB of the substance (or provide a copy) of any amendment to the Undertaking and a brief
statement of the reasons for the amendment. If the amendment changes the. type of annual
financial information to be provided, the annual financial information containing the amended
financial information will include a narrative explanation of the effect of that change on the type
of information to be provided.
(d) Beneficiaries. The Undertaking evidenced by this section shall inure to the
benefit of the City and any holder of Bonds, and shall not inure to the benefit of or create any
rights in any other person.
(e) Termination of Undertaking. The City's obligations under this Undertaking shall
terminate upon the legal defeasance of all of the Bonds. In addition, the City's obligations under
this Undertaking shall terminate if those provisions of the Rule which require the City to comply
with this Undertaking become legally inapplicable in respect of the Bonds for any reason, as
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51051353.4
confirmed by an opinion of nationally recognized bond counsel or other counsel familiar with
federal securities laws delivered to the City, and the City provides timely notice of such
termination to the MSRB.
(f) Remedv for Failure to Comply with Undertaking. As soon as practicable after the
City learns of any failure to comply with the Undertaking, the City will proceed with due
diligence to cause such noncompliance to be corrected. No failure by the City or other obligated
person to comply with the Undertaking shall constitute a default in respect of the Bonds. The
sole remedy of any holder of a Bond shall be to take such actions as that holder deems necessary,
including seeking an order of specific performance from an appropriate court, to compel the City
or other obligated person to comply with the Undertaking.
(g) Designation of Official Responsible to Administer Undertaking. The Finance
Director of the City (or such other officer of the City who may in the future perform the duties of
that office) or his or her designee is authorized and directed in his or her discretion to take such
further actions as may be necessary, appropriate or convenient to carry out the Undertaking of
the City in respect of the Bonds set forth in this section and in accordance with the Rule,
including, without limitation, the fallowing actions:
(i) Preparing and filing the annual financial information undertaken to be
provided;
(ii) Determining whether any event specified in subsection (a) has occurred,
assessing its materiality with respect to the Bonds, and, if material, preparing and
disseminating notice of its occurrence;
(iii) Determining whether any person other than the City is an "obligated person"
within the meaning of the Rule with respect to the Bonds, and obtaining from such person
an undertaking to provide any annual financial information and notice of material events
for that person in accordance with the Rule;
(iv) Selecting, engaging and compensating designated agents and consultants,
including but not limited to financial advisors and legal counsel, to assist and advise the
City in carrying out the Undertaking; and
(v) Effecting any necessary amendment of the Undertaking.
Section 27. Ratification. All actions previously taken in accordance with this
ordinance are hereby ratified and confirmed.
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Section 28. Effective Date of Ordinance. This ordinance shall take effect and be in
force from and after its passage and five days following its publication as required by law.
PASSED by the City Council and APPROVED by the Mayor of the City of Auburn,
Washington, at a regular open public meeting thereof, this 3`d day of May, 2010.
Peter B. Lewis, Mayor
ATTEST:
City Clerk
APPROVED AS TO FORM:
Bond Counsel
PUBLISHED:
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CERTIFICATION
I, the undersigned, City Clerk of the City of Auburn, Washington (the "City"), hereby
certify as follows:
1. The attached copy of Ordinance No. 6305 (the "Ordinance") is a full, true and
correct copy of an ordinance duly passed at a regular meeting of the City Council of the City
held at the regular meeting place thereof on May 3, 2010, as that ordinance appears on the
minute book of the Gity; and the Ordinance will be in full force and effect five days after
publication in the City's official newspaper.
2. A quorum of the members of the City Council was present throughout the
meeting and a majority of those members present voted in the proper manner for the passage of
the Ordinance.
IN WITNESS WHEREOF, I have hereunto set my hand this 3rd day of May, 2010.
CITY OF AUBURN, WASHINGTON
City Clerk
51051353.4
DRAFT DATED 5/3/2010
REFUNDING TRUST AGREEMENT
THIS AGREEMENT is made and entered into as of the 13th day of May, 2010, by and
between CITY OF AUBURN, WASHINGTON (the "City"), a municipal corporation, and U.S.
BANK NATIONAL ASSOCIATION of Seattle, Washington (the "Refunding Trustee").
WHEREAS, the City now has outstanding $2,235,000 par value of its Limited Tax
General Obligation Bonds, 1998 maturing on December 1 of each of the years 2010 through
2018, inclusive, and bearing interest at various rates ranging from 4.00% to 4.35% (the
"Refunded Bonds"); and
WHEREAS, pursuant to Ordinance No. 6305 of the City (the "Bond Ordinance"), the
City has determined that the Refunded Bonds be refunded out of the proceeds of the sale of its
Limited Tax General Obligation Improvement and Refunding Bonds, 2010A (the "Bonds"), for
the purpose of realizing a debt service savings for the City; and
WHEREAS, the payment, through eurrent refunding of the Refunded Bonds will be
accomplished pursuant to this Refunding Trust Agreement (including Exhibit A attached hereto)
and the Bond Ordinance, which documents provide for and, for the purpose of Sections 103, 148,
and 149(d) of the Internal Revenue Code of 1986, as amended (the "Code"), are to be considered
as the Refunding Plan, by:
(a) The delivery by the City to the Refunding Trustee of the proceeds
of the Bonds allocated to the Refunding Plan;
(b) The purchase by the Refunding Trustee of the noncallable direct
obligations of the United States of America listed on Exhibit A attached hereto
and made a part hereof by this reference (the "Acquired Obligations") at or prior
to the date the Bonds are delivered to the original purchaser thereof and the City
receives full payment therefor (the "Date of Closing"), which Acquired
Obligations satisfy the requirements of the Certification described in paragraph
(c);
(c) The delivery to the City and the Refunding Trustee of a
certification of escrow sufficiency prepared by Seattle-Northwest Securities
Corporation dated May 13, 2010 (the "Certification"), certifying the mathematical
accuracy of the computations (which computations shall be attached to that
Certification) showing that the Acquired Obligations to be purchased by the
Refunding Trustee pursuant to the Bond Ordinance and this Refunding Trust
Agreement, together with the specified beginning cash balance, if any, and the
maturing principal of and interest on such Acquired Obligations, will provide
suff'icient money (assuming that all principal of and interest on the Acquired
Obligations are paid on the due dates thereof and assuming no reinvestment of
51064961.1
such maturing principal and interest) to pay interest on the Refunded Bonds when
due on 3une 1, 2010, and to call, pay and redeem on June 14, 2010, all of the
outstanding Refunded Bonds at a price of par plus accrued interest; and
(d) The receipt by the Refunding Trustee of the maturing installments
of principal of and interest on the Acquired Obligations; and
(e) The Refunding Trustee's payment to the fiscal agent of the State of
Washington of money sufficient to make the payments on the Refunded Bonds set
forth herein;
and
WHEREAS, upon the issuance of the Bonds to carry out the Refunding Plan under the
authority of chapter 39.53 RCW and other laws of the State of Washington (collectively, the
"Refunding Bond Act"), the principal amount of the Refunded Bonds no longer shall be
considered outstanding pursuant to the defeasance provisions of Ordinance No. 5160 that
authorized the issuance of the Refunded Bonds (the "Refunded Bond Ordinance"); and
WHEREAS, the City Council of the City has found that the refunding of the Refunded
Bonds, through the issuance of the Bonds, is beneficial and will realize a debt service savings to
the City and its tax payers; and
WHEREAS, the City Council of the City, pursuant to the Bond Ordinance, has duly and
validly authorized the execution and delivery of this Refunding Trust Agreement, the delivery of
the proceeds of the Bonds allocable to the Refunding Plan to the Refunding Trustee, the purchase
by the Refunding Trustee of the Acquired Obligations and the carrying out of the Refunding
Plan;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained and
for the benefit of the City, the parties hereto agree as follows:
Section 1. Deliverv of Money to Refundingi Trustee. On the Date of Closing, the
City shall cause to be delivered to the Refunding Trustee $2,285,619.02 of the proceeds of the
Bonds allocated to the Refunding'Plan.
Section 2. Investment and Expenditure of Money. On the Date of Closing, the
Refunding Trustee shall apply $2,285,268.00 to pay on behalf of the City the purchase and/or
subscription prices of the Acquired Obligations, from the sources, in the principal amounts, with
the dates of maturity and bearing the interest rates or yields set forth in Exhibit A, and $1.02 to
establish a beginning cash balance. Upon receipt thereof, the Refunding Trustee shall deliver to
the City copies of the documents evidencing the purchase of and payment for the Acquired
Obligations. Investments in mutual funds and unit investment trusts are prohibited.
On the Date of Closing, the Refunding Trustee shall retain the remaining $350.00
received as payment of its fee as Refunding Trustee.
-2-
51064961.1 _
Section 3. Sufficiency of Acquired Obli atg ions. Based upon the Certification, the City
represents that the Acquired Obligations •and the maturing principal thereof and the interest
thereon, if paid when due, together with the beginning cash balance, shall be sufficient to make
when due the payments required by the Refunding Plan. Such amounts coming due are
sometimes referred to hereinafter as the "payments described in Section 3." The schedules of the
sources, amounts, maturities, and interest rates or yields of the Acquired Obligations and of the
Refunded Bonds that will fulfill the foregoing requirements are set forth in the Certification.
Section 4. Collection of Proceeds of Acquired Obligations and Application of Such
Proceeds and Monev. The Refunding Trustee shall present for payment and shall collect and
receive on the due dates thereof the maturing installments of the principal of and the interest on
the Acquired Obligations. The Refunding Trustee shall make payments, but only in the amounts
received pursuant to this section, in a timely manner to the Fiscal Agent of the State of
Washington (the "Fiscal Agent") of the amounts to be paid on the Refunded Bonds as shown in
the Certification. Those payments shall be made by check, wire transfer, or such other method
of transfer of funds as shall be agreed upon by the Refunding Trustee and the Fiscal Agent.
Section 5. Notice of Defeasance/Notice of Redemption. The Refunding Trustee agrees
to give a notice of defeasance and notice of redemption of the Refunded Bonds pursuant to the
terms of the Refunded Bonds, and in substantially the form attached hereto as and as described in
Exhibit B, to the Fiscal Agent for distribution as described therein. The notice shall be given
immediately following the execution of this Refunding Trust Agreement in accordance with the
Refunded Bond Ordinance. The cost of giving the notice shall be paid by the City.
Section 6. All Obligations and Money and Proceeds Thereof Held in Trust. The
Refunding Trustee irrevocably agrees to hold the Acquired Obligations, the principal thereof and
interest thereon, and any other money it may receive pursuant to this Refunding Trust Agreement
and any reinvestments thereof, in trust and separate at all times from all other funds and
investments held by the Refunding Trustee, solely for the purpose of making the payments
described in Section 3. The City irrevocably conveys, transfers, and assigns to the Refunding
Trustee the Acquired Obligations, the principal thereof and the interest thereon, and any other
money and investments deposited with the Refunding Trustee pursuant to this Refunding Trust
Agreement, for the purpose of making such payments. The Refunding Trustee shall not sell,
transfer, assign, or hypothecate any Acquired Obligations except pursuant to Sections 10 and 11
hereof.
Section 7. Amendments to Refunding Trust Agreement. The Refunding Trustee and the
City recognize that the owners of the Refunded Bonds and the Bonds from time to time have a
beneficial interest in the Acquired Obligations and money to be held by the Refunding Trustee as
herein provided. Therefore, this Refunding Trust Agreement is irrevocable and shall not be
subject to amendment except for the purpose of clarifying any ambiguity herein, increasing the
protection of the rights of the owners of the Refunded Bonds or the Bonds, or preserving the
exclusion of the interest on the Refunded Bonds and the Bonds from gross income for federal
income tax purposes, and only if such amendment is accompanied by an opinion addressed to the
City and the Refunding Trustee from Foster Pepper PLLC, its successor or other nationally
-3-
51064961.1
recognized bond counsel to the City, to the effect that such change is necessary for one of the
above reasons and does not detrimentally affect the owners of the outstanding Refunded Bonds
and the Bonds or that it strengthens the protection of the owners of the Refunded Bonds and the
Bonds and does not detrimentally affect the owners of the Refunded Bonds and the Bonds. If
such amendment affects the amount of money and investments in the escrow account or the
application thereof, prior to the amendment's taking effect there also shall be a verification by a
nationally recognized independent certified public accounting firm satisfactory to the Reftmding
Trustee to the effect that after such amendment the Acquired Obligations and other money in the
escrow account will be sufficient to make the payments described in Section 3. A copy of such
verification shall be delivered to the Reftmding Trustee.
Section 8. Limitation of Liability of Refunding Trustee. None of the provisions
contained in this Refunding Trust Agreement shall require the Refunding Trustee to use or
advance its own funds in the performance of any of its duties or the exercise of any of its rights
or powers hereunder. The Refunding Trustee shall be under no liability for the payment of
interest on any funds or other property received by it hereunder except to the extent the
Refunding Trustee is required by the express terms of this Refunding Trust Agreement to invest
such funds.
The Refunding Trustee's liabilities and obligations in connection with this Refunding
Trust Agreement are confined to those specifically described herein. The Reftmding Trustee is
authorized and directed to comply with the provisions of this Refunding Trust Agreement and is
relieved from all liabiTity for so doing notwithstanding any demand or notice to the contrary by
any party hereto. The Refunding Trustee shall not be responsible or liable for the sufficiency,
correctness, genuineness, or validity of the Acquired Obligations deposited with it; the
performance or compliance by any party other than the Reftmding Trustee with the terms or
conditions of any such instruments; or any loss which may occur by reason of forgeries, false
representations, or the exercise of the Refunding Trustee's discretion in any particular manner
unless such exercise is negligent or constitutes willful misconduct.
If any controversy arises between the City and any third person, the Refunding Trustee
shall not be required to determine the same or to take any action in the premises, but it may
institute, in its discretion, an interpleader or other proceedings in connection therewith as it may
deem proper, and in following either course, it shall not be liable.
Section 9. Remittance of Funds When Refunded Bonds Paid in Full. At such time as the
Refunding Trustee has received the representation of the City that all of the payments described
in Section 3 have been made and the confirmation of such representation by the Fiscal Agent,
together with such other evidence of such payments as shall be satisfactory to the City and the
Refunding Trustee, the Reftmding Trustee shall deliver forthwith or remit to the City any
remaining Acquired Obligations and money held pursuant to this Refunding Trust Agreement.
Section 10. Compensation of Refunding Trustee. The payment arrangement heretofore
made between the Refunding Trustee and the City (attached hereto as Exhibit C and by this
reference made a part hereof) on compensation and expenses of the Refunding Trustee for
services rendered by it pursuant to the provisions of this Refunding Trust Agreement is
-4-
SI064961.1
satisfactory to it and to the City, and no further payment to the Refunding Trustee shall be
required for such purpose. Such arrangement for compensation and expenses is intended as
compensation for the ordinary services as contemplated by this Refunding Trust Agreement, and
if the Refunding Trustee renders any service hereunder not provided for in this Refunding Trust
Agreement, or the Refunding Trustee is made a party to or intervenes in any litigation pertaining
to this Refunding Trust Agreement or institutes interpleader proceedings relative hereto, the
Refunding Trustee shall be compensated reasonably by the City for such extraordinary services
and reimbursed for all fees, costs, liability, and expenses (including reasonable attorneys' fees)
occasioned thereby. The Refunding Trustee shall not haye a lien against or otherwise be
compensated for its services and expenses from the money or Acquired Obligations held
pursuant to this Refunding Trust Agreement to make the payments described in Section 3.
Section 11. Successor Refunding Trustee. The obligations assumed by the Refunding
Trustee pursuant to this Refunding Trust Agreement may be transferred by the Refunding
Trustee to a successor if (a) the Refunding Trustee has presented evidence satisfactory to the
City and to Foster Pepper PLLC, its successor or other nationally recognized bond counsel to the
City that the suecessor trustee meets the requirements of RCW 39.53.070, as now in effect or
hereafter amended; (b) the City approves the appointment of the successor trustee; (c) the
successor trustee has assumed all of the obligations -of the Refunding Trustee under this
Refunding Trust Agreement and has been compensated; and (d) all of the Acquired Obligations,
and money then held by the Refunding Trustee pursuant to this Refunding Trust Agreement have
been duly transferred to such successor trustee.
Notwithstanding anything to the contrary contained in this Agreement, any company into
which the Refunding Trustee may be merged or converted or with which it may be consolidated
or any company resulting from any merger, conversion, or consolidation to which the Refunding
Trustee is a party, or any company to which the Refunding Trustee may sell or transfer all or
substantially all of its corporate trust business shall be the successor to the Refunding Trustee
without execution or filing of any paper or further act, if such company is eligible to serve as
Refunding Trustee under RCW 39.53.070.
Section 12. Miscellaneous. This Refunding Trust Agreement is governed by
Washington law without regard to the conflict of laws provisions thereof and may not be
modified except by a writing signed by the parties and subject to the limitations of Section 7. If
any one or more of the provisions contained in this Refunding Trust Agreement shall for any
reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provisions of this Refunding Trust Agreement, but this
Refunding Trust Agreement shall be construed as if such invalid, illegal, or unenforceable
provision had never been contained herein.
Section 13. Notice to Rating AA e_~ncies. The Refunding Trustee shall notify all national
rating agencies maintaining (at the request of the City) a rating on the Refunded Bonds or the
Bonds, in writing upon timely receipt of notice or evidence of either of the following
circumstances:
-5-
51064961.1
(a) Prior to their taking effect, any amendments to this Refunding
Trust Agreement under Section 7, enclosing the proposed amendatory documents;
and
(b) The holding (referred to in Section 12) that one or more provisions
of this Refunding Trust Agreement are invalid, illegal, or unenforceable in any
respect, enclosing a copy of that holding.
Such notices shall be sent to the applicable rating agencies by first class mail to the addresses
advised by those rating agencies.
Section 14. Counterparts. This Agreement may be executed in counterparts.
IN WITNESS WHEREOF, the parties have executed and delivered this Refunding Trust
Agreement pursuant to due and proper authorization, all as of the date and year first above
written.
CITY OF AUBURN, WASHINGTON U.S.BANK NATIONAL ASSOCIATION,
as Refunding Trustee
By
$y -
Title;
-6-
51064961.1
EXHIBIT A
CITY OF AUBURN, WASHINGTON
LIMITED TAX GENERAL OBLIGATION IMPROVEMENT AND REFUNDING
BONDS, 2010A
ACQUIRED OBLIGATIONS
MATURITY
PAR
INTEREST
TYPE* DATE
AMOUNT
RATE
CERT 6/01/2010
$ 47,120
0.000%
CERT 6/14/2010
2,238,148
0.013%
*CERT - United States Treasury Certificate of Indebtedness--State and Local Government Series
5106496L1
EXHIBIT B
Notice of Redemption/Defeasance*
City of Auburn, Washington
Limited Tax General Obligation Bonds,1998
NOTICE IS HEREBY GIVEN that the City of Auburn, Washington (the "City"), has called for
redemption on June 14, 2010, all of its outstanding Limited Tax General Obligation Bonds, 1998 (the
"Refunded Bonds"). The Refunded Bonds will be redeemed at a price of one hundred percent (100%) of
their principal amount, plus accrued interest to June 14, 2010. The redemption price of the Refunded
Bonds is payable on presentation and surrender of the Refunded Bonds at the office o£
[By Mail or in Person] ~
The Bank of New York Mellon
Worldwide Securities Processing
2001 Bryan Street, 9th Floar
Dallas, TX 75201
-or- [In Person Only]
Any branch of Wells Fargo
Bank, National Association in the
State of Washington
Interest on all of the Refunded Bonds or portions thereof which are redeemed shall cease to
accrue on June 14, 2010.
The following Refunded Bonds are being redeemed:
City of Auburn, Washington
Limited Tax General Obligation Bonds, 1998
(Dated October 1, 1998)
Maturity Date
Par Amount
Interest
CUSIP
(December 1 )
Redeemed
Rate
No.
2010
$210,000
4.00%
050609 FLS
2011
220,000
4.10
050609 FM3
2012
230,000
4.10
050609 FN1
2013
235,000
4.20
050609 FP6
2014
245,000
4.20
050609 FQ4
2015
255,000
430
050609 FR2
2016
270,000
430
050609 FSO
2017
280,000
4.30
050609 FT8
2018
290,000
4.35
050609 FUS
This notice shall be given immediately by first class mail to each registered owner of the Refunded Bonds, to the
MSRB, to Moody's Investors Serivice Inc., and Standard & Poor's at their principal offices in New York, New York,
to Seattle-Northwest Securities Corporation at its principal office in•Seattle, Washington, and to MBIA Insurance
Corporation (Policy #27706) at its offices in Armonk, New York.
51064961,1
NOTICE IS FURTHER GNEN to the owners of the Refunded Bonds with respect to which,
pursuant to the Refunding Trust Agreement dated May 13, 2010, by and between the City and U.S. Bank
National Association (the "Refunding Trustee"), there has been deposited into an escrow account, held by
the Refunding Trustee, cash and non-callable direct obligations of the United States of America, the
principal of and interest on which, when due, will provide money to pay to the redemption date, the
principal of and interest on the Refunded Bonds. Such Refunded Bonds are therefore deemed to be no
longer autstanding pursuant to Section 15 of Ordinance No. 5160 of the City relating to the Refunded
Bonds, but will be paid by application of the assets in such escrow account.
By Order of the City of Auburn, Washington
The Bank of New York Mellon, as Paying Agent
Dated:
Under Section 3406(a)(1) of the Internal Revenue Code the Registrar may be obligated to withhold a percentage of
the principal of a holder who has failed to furnish the Registrar with a valid taxpayer identification number and a
certification that the owner is not subject to backup withholding. Owners who wish to avoid the application of these
provisions should submit a completed IRS Form W-9 when presenting their certificates for payment.
G2
51064961.1
EXHIBIT C
U.S. BANK NATIONAL ASSOCIATION FEE SCHEDULE
51064961.1
Distributed at the May 3, 2010 Finance
Committee Meeting by Finance Directoi
Shelley Coleman
*
~
*
- B°
T4iAi.l YOl1 IAqAGIN~C~
Bond Pricing Results
May 3, 2010
rwr~~
SNYY
City of Auburn, Washington
Financing Goals
1) Issue $31,990,000 of Limited Tax General Obligation and Refunding Bonds to:
• generate $22,500,000 to pay for the acquisition of additional office space near City
Hall
• generate $7,200,000 to pay for infrastructure improvements in the downtown
area
• Currently refund $2,235,000 of the outstanding 1998 LTGO Bonds (2010 - 2018
maturities)
- Net present value savings of 7.29% or $162,947
2) True Interest Cost
• New Money Portion: 3.86%
• Combined Total (new money & refunding): 3.82%
3) Benefit of utilizing BABs (new money portion only)
• BABs: $49,530,693 total net debt service; 3.82% TIC
• Tax-Exempt: $52,573,521 total debt service; 4.36% TIC
4) Repayment Pattern
• Final maturity of Annex portion: December 1, 2039
• Final maturity of LRF portion: December 1, 2034
• Level net debt service after subsidy
~ Refunding portion structured to match debt service pattern of prior debt
5) Tax-exempt portion is bank qualified
6) Call provision
• The Bonds maturing on and after December 1, 2020 are callable on and after
june 1, 2020.
7) Credit Rating
~ "AA" from Standard & Poor's
• Estimated benefit of "AA" rating vs. "Al" rating (new money portion only):
- $2,381,032 in total debt service
- $1,556,230 in net debt service
9) Key Dates
• Price bonds: May 3 2010
• Sign bond purchase contract: May 3, 2010
• First Interest: December 1, 2010
• First Principal: December 1, 2010
• Close Issue: May 13, 2010
2
City of Auburn, Washington
Projected LTGO Bond Debt Service*
City of Auburn
Limited Tax General Obligation Bond Debt Service
$10,000,000
$9,000,000
$8,000,000
$7,000,000
$6,000,000
$5.000,000
$4.000,000
$3,000,000
$2,000,000
$1,000,000
$0
* Debt service net of subsidy.
3
A
■ Unrefunded 2000 Valley Com ■ 2005 ■ 2006A
■ 2006T ❑ 2009 SCORE m 2010 Valley Com
■ 2010A O 2010B ❑ 2010C
O 2010D
City of Auburn, Washington
Market Conditions/Interest Rate Trends
13.50%
12.50%
11.50%
10.50%
9.50%
~
f
r
8.50%
7.50%
6.50%
5.50%
4.50%
45-Ywr Bond 6uy*r Indox Nisrory
.
' OnrY"r Snapshol
5.00% ~
4.75% '
' 4.50% '
~ 4.25% ~
r
4.00%
3.50%
Apr-85 Apr-90 Aprv95 Apr-00 Apr-OS Aprv70
4
City of Auburn, Washington
Comparable Investor Yields - Tax-Exempt
Final
Final
Final
Pricin Date
5/3/2010
4/26/2010
4/19/2010
AAA MMD
Issuer
(5/3/2010)
City of Auburn
City of Ellensburg
Meridian SD
State
WA
WA
WA
Underwriter
SNW
SNW
DA Davidson
Amount
$5,305,000
$9,710,000
$17,000,000
Security
LTGO
Water/Sewer Revenue
UT'GO
Insured Rating
None
None
Aal
Insuranm
None
None
School Bond Guaranty
Call
Yes
(6/1/2020 @
Par)
Yes (6/1/2020 a Par)
Yes (6!1/2020 a Par)
Underlying RaHng
AA
AA
A3
g(Z
Yes
Yes
Yes
Yield
ppA
Yield
AAA
Yield
AAA
2010
0.56%
0.50%
-0.06
0.40%
-020
2011
0.56%
0.75%
0.19
0.75%
0.15
2012
0.83%
1.40%
0.57
1.15%
0.26
114%
0.35
2013
1.18%
1.48%
0.30
1.55%
0.34
1.61%
0.40
2014
1.52%
1.82%
0.30
1.88%
0.33
1.%%
0.40
2015
1.88%
2.23%
0.35
2.35%
0.94
2.37%
0.45
2016
2.24%
2.59%
0.35
2.72%
0.45
2.75%
0.45
2017
2.51%
2.86%
0.35
2.98%
0.94
3.01%
0.47
2018
2.70%
3.05%
0.35
3.17%
0.44
3.20%
0.45
City of Auburn, Washington
Comparable Investor Yields - Taxable (BABs)
Pricing Date
Final
5/3/2010
Final
4/26/2010
Final
4/26/2010
Issuer
City of Aubum
L'anse Cmuse SD
Northweat Fire District
State
Underwriter
Amount
Security
Insured Raring
Insurance
Call
Underlying Rating
BQ
WA
SNW
$26,685,000
LTGO
None
None
Yes (6/1/20 C Paz)
AA
No
MI
JP Morgan
$56,130,000
UTGO
AA+
School Bond Guaranty
Yes (5/1/20 ~ Par)
AA+
No
AZ
Stone & Youngberg
$8,000,000
UTGO
None
None
Yes (7/1/20 @ Par)
AA-
No
Yield
Spread to Tsy
Yield
Spread to Tsy
Yield
Spread to Tsy
2015
3.27%
0.80
2016
3.72%
1.25
2017
4.12%
1.00
2018
4.401/6
0.70
4.67%
0.95
2019
4.50%
0.80
5.03%
1.30
4.87%
1.15
2020
4.60%
0.90
5.18%
1.45
4.99%
1.27
2021
5.48%
1.75
2022
5.63%
1.90
2023
5.83%
2.10
2024
6.03%
2.30
2025
5.30 %
1.60
6.18%
2.45
5.72%
2.00
2026
2027
2028
2029
6.12%
1.53
2030
6.10%
1.55
6.44%
1.85
2031
2032
2033
2034
6.20%
1.65
2035
6.54%
1.95
2036
2037
-
2038
2039
6.25%
1.70
~--2040
6.59%
2.00
City of Auburn, Washington
Bond Pricing Report
BOND PRIQNG
City OfAubian
LTGO 8c Re£ Bonds, 2010A4.TGO Honda, 2010B (BABs)/LTGO Bands> ZOl OGLTGO Bands, ZOI OD (BABs)
FLNAL NUiviBERS - AgBTeBete
s.ea a~ess nr
Y
,wd
R..
r.u
x:«
wo~e
(-n.'.r)
ad.".e
8r'sl Beo6 - S-in A(Ta-Etaipt - Ar4:
1201/ZO10
SIO,UW
iAqD%
0.500'li
I00.422
1,1f220
3.750
17A1/1011
8000
2.0007L
0.750%
101.922
13,261.BD
3.730
17AU7D12
A5,OW
3.0001L
1.007i
I07.997
28,130.63
1.730
17AU2017
7Z0,000
7.000%
1.iMi
lO5.D7
77,'A6.4D
7.730
17AL1DU
745,000
LOOMi
t.4t0%
!0!.l77
70i7b3.65
7.730
1]AI/tD15
773,000
/.OOM%
2.D0%
109.190
21,7/f.30
7.750
1201/2D16
230,000
4.500%
2.EMi
111.07
2l.9D2.50
3.730
ILOI/2D1'!
210,ODD
1.500%
2.M0%
I11.ON
7i,'X6A0
3.750
IZOt/2DIB
ZAAOD
1.500%
3.030%
110.09
2V,T65.70
3.730
4,193y00
262,U5.4D
9-1 BaeY . e- B OMW - Aeetx):
17A1/2DI3
SJS,OOD
32Qefi
7.2S67i
100.000
•
3.000
ILbL2D16
515,000
1.716%
7.A6lf.
lOD.000
-
3.000
17/DU2D17
SQ0.000
4.120%
4.120%
100.000
-
3.000
17AU1018
575,000
IJ95%
4.HS%
IOD.OW
-
5.000
12IIVI019
990,0W
1.195%
I.iSX
IOD.ODD
.
5.000
iuvmm
ao.aoo
~ssm
4.505u
100.00o
5.000
lAis.aou
-
mas r..e.o6- s.m sOLMM - nmw:
11AV2021
625,000
3295%
5.705%
100.000
-
1000
12,01/2M2
Q60,WU
3295%
5795%
100.ODD
-
3.000
li~0U1D27
QO,OOD
5195%
5.293%
100.000
-
1.000
12A1/,1174
05,000
3295%
5.295%
100.000
-
3.000
17AU2025
710AOG
5295%
5295%
100.0DD
5.000
3.3t0,000
-
ZQIO Tum8ao4. 9ain 8 03AB. - Aaea):
12/01/ID26
7IS,OOD
6.043%
6.07%
100.000
-
5.000
12AU2027
770.U7U
6.097%
6.OVJ%
100.000
-
3.000
11A1/202t
W5.000
6A97%
6.07%
t00.0U0
-
5.OOD
12/OU229
WS,OW
6.097%
6.0➢7%
10D.000
-
5.000
17A7/3U10
61UPOU
6.U93%
6.007%
100.000
5.000
Ip25,000
-
209 ToH-Y - l- BOAU - Aeou)'
17101/207I
900,CW
621714
6247%
IOO.ODD
-
S.OOD
17AIL21122
9q,UW
67A7%
6.1A7%
IOO.OOD
-
5.000
17AL2D37
975,000
62tl%
62U%
100.000
-
3.000
imvaos+
I,as,aoo
sz4m
s.um
iao.aoo
-
s.aoo
imvams
tAW,aoo
szrnc
e.aax
iao.aoo
-
5.000
1]A1170)6
I,I00,000
6143'K
6.]A7%
IOO.OOD
-
S.ODD
12JOv2037
i,us.aoo
szmc
6243+c
ioo.aoo
-
5.000
izovame
i,ao,aoo
s1u+c
s.a4m
ioo.aoo
-
s.ooo
17A1/mlf
12~0.000
62U%
6.143%
100.000
5.000
g36y.ppp
.
SaW HoY - 8- C(1'a-F-qI . 782F):
11AVZ010
105,OW
2.000'li
0.7007i
100.812
80.10
3.750
12101/2011
195,OD0
2.0001i
0.750%
101.922
7,747.90
3.750
12Af/2012
2DOA00
7.OOdli
1.400'7~
103.991
7'86.00
7.730
lIAL2D13
103,ODD
3.000li
I.4 D'fL
I05.D7
10,733.85
7.730
11A113D11
215,000
4.0007i
1.820%
109.477
20J73.53
7.750
fZp,Upp
43.7W.40
laiY Boad' - W. D BQs •IYYY
12AL2DI5
220,000
3.260%
3.2661L
100.000
-
5.000
I1fi1/2016
725,GW
1.710i
7116%
100.000
-
3.000
12O1f2D17
DOAW
1.120%
4.12076 .
100.000
1000
675,OW
-
2034 TumBaa4 - 9u- DOLABS • IIF):
1700L2D18
240A00
6.197%
6.197%
100.000
-
5.000
12b1/7D19
245,000
6.191%
6.197%
100.000
-
3.000
1201/7D20
255.OOD
6.197%
6.IYJ%
100.OD0
-
3.000
1]AU2021
Z70,000
s.ll7%
6.1f7%
IOD.UW
•
5.000
11A!l2D22
19D.000
6.197%
6.197%
100.000
•
A000
ItAU2DV
7D0.000
6.1f)%
6.14J%
100.000
-
5.000
11A1/2WA
300.000
6197%
6.143%
100.000
-
5.000
12AL2025
313,UOU
6.197%
6.19I%
100.000
-
3.000
110D1/7D26
313,000
6.197%
6.197%
100.W0
-
5.000
ITfi1f7D27
ND,OW
6.19!%
6.1f7%
100.000
-
S.OOD
1?AI!]D2t
755,000
6.197%
6.197%
100.000
-
3.000
12AV2DfV
765A00
61fI%
6.1f3%
IOD.ODD
-
3.OOD
120U2D70
7BD,000
619]%
6.193%
100.000
-
5.000
170OU2031
7iS,00D
6197%
6.1l3%
100.000
-
5.000
1Tq1/2D72
tl3,000
6.197%
6.1f)%
100.000
-
3.000
ITAUIWl
00,000
6.197%
6.197%
l00.000
-
S.OOD
17AV2DN
445,WO
6.191%
6.193%
100.000
5.000
Sb/5,000
-
719OAo
fOS,Htl.BO
Mey 3, 2010 11:04 em Prapered by Saettla-Norfhwrat Securitiea Cap. (1c\amlyaia\dbcbit5AAubuan:l OLTGO) Pega 2
7
City of Auburn, Washington
Net Debt Service Schedule (New $ Portion)
NET DEBT SERVICE
City of Aubum
LTGO 8c ReC Bands, 2010A/LTGO Bonds, 2010B (BABs)/LTGO Bonda, 2010GI.TGO Bonds, 2010D (BABs)
FINAL NUMBERS - Aggregate New Money Pation
period
Erding
Total
Debt Service
35°h Subsidy
Net
Debt Savice
12/O1/2010
1,259,923.59
-295,590.25
964,333.34
12/O1/2011
2,289,833.82
-537,436.82
1,752,397.00
12/01/2012
2,291,433.82
-537,436.82
1,753,997.00
12/O1/2013
2,290,883.82
-537,436.82
1,753,447.00
12/O1/2014
2,294,733.82
-537,436.82
1,757,297.00
12/Ol/2015
2,290,533.82
-537,436.82
1,753,097.00
12/01/2016
2,280,875.52
-528,806.42
1,752,069.10
12/O1/2017
2,272,262.32
-518,791.80
1,753,470.52
12/O1/2018
2,264,714.32
-507,400.00
1,757,31432
12/O1/2019
2,244,579.86
-493,352.96
1,751,226.90
12/O1/2020
2,232,886.50
-478,760.28
1,754,126.22
12/O1/2021
2,219,064.86
-463,422.70
1,755,642.16
12/01/2022
2,204,250.02
-445,987.50
1,758,262.52
12/O1/2023
2,182,492.12
-427,872.24
1,754,619.88
12/O1/2024
2,164,035.92
-409,169.56
1,734,886.36
12/01/2025
2,148,676.66
-389,786.84
1,738,889.82
12/01/2026
2,126,044.70
-369,615.66
1,736,429.04
12/O1l2027
2,100,524.62
-346,683.62
1,753,841.00
12/01/2028
2,082,55232
-322,89330
1,759,659.02
12/O1/2029
2,051,518.50
-298,031.48
1,753,487.02
12/O1/2030
2,028,037.52
-272,313.12
1,755,724.40
12/O1/2031
1,996,495.02
-245,523.26
1,750,971.76
12/01/2032
1,975,845.66
-217,295.98
1,758,549.68
12/O1/2033
1,941,460.52
-187,761.18
1,753,699.34
12/O1/2034
1,908,961.36
-157,136.48
1,751,824.88
12/O1/2035
1,418,036.06
-125,312.62
1,292,723.44
12/O1/2036
1,391,860.26
-102,151.08
1,289,709.18
12/O1/2037
1,368,187.26
-78,115.54
1,290,071.72
12/01/2038
1,341,704.90
-53,096.72
1,288,608.18
12/01/2039
1,317,413.20
-27,094.62
1,290,318.58
59,979,842.69
-10,449,149.31
49,530,693.38
May 3, 2010 4:08 pm Prepered by SeattlaNathwest Securities Cotp. (k:\enelysiskbc\cityAubmn l OLTGO) Page 1
Distributed at the May 3, 2010 Finance
Committee Meeting
CITY OF AUBURN FEE SCHEDULE
FEES FOR CtTY PERMITS AND ACTIONS
Effective February 1, 2010
A. PLANNING, BUILDING AND COMMUNITY DEVELOPMENT
DEPARTMENT FEES
(Per Ordinance No. 5707, Ordinance No. 5715, Ordinance No. 5819, Resolution No. 3797,
Resolution No. 3953, Reso/ution No. 4070, Resolution No. 4117,
Resolution No. 4143,
Ordinance No. 6077, Resolution No. 4272, Resolution No. 4424, Ordinance No. 6276 and
Resolution No. 4552.)
1. APPLICATION FEES: Applications for any action identified below shall not be accepted
for filing, unless otherwise noted, until the fees per the below schedule have been paid to the
City.'
Application Type
Fee
Additional Meeting Fee
$450.00 per meeting
occurrence
Address Assignment
$104.00 per address
Administrative Use Permits ("application fee covers 1 meeting with
$880.00
staff after which additional meeting fees apply)
Appeal of Administrative Decision to Hearing Examiner
$1,000.00
Binding Site PIan2 (*application fee covers 2 meetings with staff after
$1,139.00 +$62.00/lot
which additional meeting fees apply)
Boundary Line Adjustment:
Residential
$518.00
Non-Residential (includes mixed use projects)
$854.00
Boundary Line Elimination
$500.00
Comprehensive Plan Map Amendments3 (*application fee covers 2
$2,070.00 (incl.
meetings with staff after which additional meeting fees apply)
rezoning application)
Comprehensive Plan Text Amendments3 ("Application fee covers 2
$1,000.00
meetings with staff after which additional meeting fees apply)
Conditional Use Permits ("application fee covers 2 meetings with staff
after which additional meeting fees apply):
Residential
$1,000.00
All Other Uses (includes mixed use projects)
$2,000.00
Conditional Use Permits4 - Minor Adjustment ("application fee covers
1 meeting with staff after which additional meeting fees apply):
' Please note that the City of Auburn may collect a review fee on behalf of the Valley Regional Fire Authority for
certain land use and/or environmental reviews which fee is collected in addition to the City's required fees.
2 Per Auburn City Code, a modification to an approved binding site plan shall be processed in the same manner as
the original binding site plan approval. Therefore, the specified fee shall apply to a new or modified binding site plan
approval request.
3 Fees for amendments to text or maps of the Comprehensive Plan apply only where an applicant seeks an
amendment affecting specific properties rather than the City generally or property within the City generally.
" Per Auburn City Code, a major adjustment to an approved conditional use permit shall be processed in the same
manner as the original conditional use permit approval. Therefore, the specified fee shall apply to a new request for
Page 1
Application Type
Fee
Residential
$414.00
All Other Uses (includes mixed use projects)
$554.00
Critical Areas Ordinance:
On-site monitoring & reporting (required) of wetlands & other
$300.00 per monitoring
environmentally sensitive areass
event
Reasonable Use Determination
$259.00
Review of critical areas report not associated with land use
$500.00
approval request or SEPA threshold determination request
Review of reports and plans submitted to comply with
$259.00
condition of land use approval or SEPA threshold
determination
Variance - administrative
$259.00
Variance - hearing examiner
$1,000.00
Current Use Taxation (*application fee will cover 1 meeting with staff
$800.00
after which additional meeting fees apply)
Development Agreement - Amendment
$2,200.00 + $60.00/lot
or dwelling unit
Downtown Urban Center Design Review (*application will cover 1
$1,139.00
meeting with staff after which additional meeting fees apply)
Environmental Reviews ("application fee covers 1 meeting with staff
after which additional meeting fees apply):
SEPA Checklist review (includes City issuance of DNS,
$802.00 + 259.00 per
MDNS, or DS as appropriate)
required special study
Revised or Supplemental SEPA Checklist review (includes
$350.00 + 259.00 per
City issuance of Addendum if appropriate)
special study
Environmental Impact Statement (EIS) or Supplemental EIS
$802.00 + actual costs
(includes scoping process, preparation and issuance of draft
to prepare, conduct
and final EIS/SEIS)
and issue
SEPA 3rd party review
Actual costs
Environmental Impact Statement
$802.00 + actual costs
for preparation of draft
& final statements
including labor,
materials, mailing &
other actual costs
relating to the drafting
& circulating of the EIS
Fee for Posting Public Notice Boards:
2x4 Notice Board
$80.00
4x4 Notice Board
$136.00
Final Plats - Subdivisions ('`application fee will cover 2 meetings with
$1,533.00 +$52.00 per
staff after which additional meeting fees apply)
lot
conditional use permit approval or a request for a major adjustment to a previously approved conditional use permit
approval.
5 For monitoring required over multiple years, the total monitoring fee for the required monitoring period shall be paid
prior to final plat approval or issuance of Certificate of Occupancy or acceptance of required bond.
Page 2
Application Type
Fee
Final Plats - Short Plats (*application fee will cover 1 meeting with
$750.00 +$25.00 per
staff after which additional meeting fees apply)
lot
Flexible Development Alternatives Review (*application fee will cover
$1,139.00
1 meeting with staff after which additional meeting fees apply)
Hearing Examiner- Conduct of Hearing and Preparation of Decisions
Total hourly charge for
hearing examiner plus
associated expenses to
be paid by applicant
prior to issuance of
final decision
Mining Permits (*application fee covers 3 meetings with staff after
$3,623.00
which additional meeting fees apply)
Miscellaneous Administrative Decisions (i.e. sign area deviation,
$500.00
written interpretations, etc.)
Multi-Family/Mixed Use Design Standards Compliance Review
$1,139.00
(*application fee will cover 1 meeting with staff after which additional
meeting fees apply)
Plat Alteration or Vacation (*application fee covers 1 meeting with staff
$1,000.00 per request
after which additional meeting fees apply.)
Plat Modification (*application fee covers 1 meeting with staff after
$1,000.00 per request
which additional meeting fees apply.)
Preliminary Plats - Subdivisions (*application fee covers 3 meetings
$3,000.00 +
with staff after which additional meeting fees apply.)
$120.00l1ot
Preliminary Plats - Short Plats (*application fee covers 1 meeting with
$1,449.00
staff after which additional meeting fees apply.)
Preliminary Site Plan Review (non-PUD) (*application fee will cover 1
$1,035.00
meeting with staff after which additional meeting fees apply)
Pre-application Meeting (*application fee covers 1 meeting with staff
$259.00 - fee will be
after which additional meeting fees apply.)
applied towards any
related application
made w/in 6 months of
the date the pre-
application meeting
was held.
PUD - Major Adjustment' (*application fee covers 2 meetings with
$2,588.00
staff after which additional meeting fees apply.)
Rezone (map amendment)e
$1,760.00
School Impact Fee Collection:9
Per Single Family Dwelling Unit
$52.00
Per Multi-Family Dwelling Unit
$26.00
Shoreline (*application fee covers 1 meeting with staff after which
6 The total cost for the Hearing Examiner is in addition to the relevant application fee tor applications requiring a
Fublic hearing before the Hearing Examiner (e.g. conditional use permit).
A prior City Code amendment eliminated Planned Unit Developments (PUD). The PUD fees included herein are
applicable only to the existing previously approved PUDs.
i
h
ff
hi
h
ddi
i
l
i
f
l
8
f
2
i
ft
ngs w
er w
ona
meet
ng
ees app
y.
Application
ee covers
meet
t
sta
a
c
a
t
9 The City imposes an application fee to cover the reasonable cost of administration of the impact fee program.
Page 3
Application Type
Fee
additional meeting fees apply):
Exemption Determination
$215.00
Conditional Use Permit
$1,139.00
Substantial Development Permit
$1,139.00
Variance
$1,139.00
Short Plat Application - Preliminary ("application fee covers 1 meeting
$1,449.00
with staff after which additional meeting fees apply.)
Short Plat Modification (*application fee will cover 1 meeting with staff
$259.00 per requested
after which additional meeting fees apply)
modification
Sign Permit
$100.00
Site Plan Approval - PUD, Residential9 (*application fee covers 1
$1,139.00 +$62.00/lot
meeting with staff after which additional meeting fees apply.)
or unit
Site Plan Approval - PUD, Non-residential9 (*application fee covers 1
$1,139.00 +$62.00/lot
meeting with staff after which additional meeting fees apply.)
or unit
Special Home Occupation Permits
$259.00
Three-Party Outside Utility Extension Agreement - Site Specific
$1,035.00 + plus the
Review. ("application fee covers 1 meeting with staff after which
City's actual costs in
additional meeting fees apply.)
perForming under the
terms of the agreement
as negotiated between
the parties
Type I Temporary Use Permit
$96.00 +$48.00 per
extension request
Type II Temporary Use Permit
$144.00 +$48.00 per
extension request
Variance (inclusive of Special Exceptions):
Per each residence on a single family lot
$259.00
All Other
$575.00
Water/Sewer Certificate (outside of city limits for other than single-
$311.00
family)
Zoning Certification letter:
Residential
$52.00
Non-Residential (includes mixed use development)
$104.00
Zoning Code Text Amendment ("application fee covers 1 meeting with
$1,035.00
staff after which additional meeting fees apply.)
2. BOOKS, MAPS, MATERIALS :10(pursuant to Resolution No. 3953)
Description: Fee
Comprehensive Plan Cost of Production
Downtown Plan Cost of Production
Downtown Plan Appendices Cost of Production
Copies of codes and ordinances Cost of Production
Maps Cost of Production
,10 Prices for printed materials do not include any taxes.
Formatted: Font: 9 pt
Page 4
3. LAND CLEARING, GRADING AND FILLING FEES (Per Ordinance No. 6146,
Resolution No. 4272 and Resolution No. 4424.)
Land Ciearing Fees:
Base Fee (for up to 1 acre)
Additional Fees:
1 to 5 Acres
Over 5 Acres
Grading and Filling Fees:
Base Fee:
Additional Fees:
For 500 to 250,000 Cubic Yard (CY)
Over 250,000 Cubic Yards (CY)
$311.00
Base Fee + $114.00 per acre
Base Fee + $83.00 per acre
$311.00
Base Fee + $0.12 per CY
Base Fee + $0.02 per CY
4. Permit Fees (per Ordinance 5715, Ordinance 5819, Resolufion No. 3773, Resolution
No. 3797, Resolution No. 3818, Resolution No. 3953, Resolution No. 4143, Ordinance No.
6146, Resolution No. 4272 and Resolution No. 4424.)
a. Building Permit Fees: The fee for each International Building Code, International
Residential Code, Washington State Energy Code or Washington State Indoor Air
Quality Code building permit shall be as set forth in Table 1-A, below."
Table 1-A BUILDING PERMIT FEES
TOTAL VALUATION
FEE
$ 1.00 to $500.00
$3100
$501.00 [o $2,000.00
$32.00 for the First $500.00 plus $6.00 for each additional $IOO.OQ or fraction thereof to and
including $2,000.00
$2,001.00 to $25,000.00
$114.00 for the firs[ $2,000.00 plus $18.60 for each additional $1,000.00, or fraction thereof, to and
includin $25,000.00
$25,001.00 to $50,000.00
$544.00 for the first $25,000.00 plus $14.00 for each additional $I,OOO.OQ or fraction thereof, to and
includin $50,000.00
$50,001.00 to $100,000.00
$903.00 for the first $50,000.00 plus $10.00 for each additional $I,OOO.OQ or fracdon thereof, to and
includin $100,000.00
$100,001.00 to $500,000.00
$1,397.00 for the first $I00,000.00 plus $9.00 for each additional $1,000.00, or fraction thereof, to and
including $500,000.00
$500,001.00 ro$I,000,000.00
$4,912.00 for the first $500,000.00 plus $8.00 for each additional $1,000.00, or fraction thereof, to and
includin $1,000,00 .00
$1,000,000.00 and up
$8,769.00 for the first $1,000,000.00 plus $6.00 for each additiona] $1,000.00 or fraction thereof
Other Inspections and Fees:
l.lnspectionsou[sideofnoimalbusinesshours..._ $63.00 perhour'
(minimum charge - Iwo hours)
2. Reinspection fees assessed under provisions of Section 109.4.13 $63.00 per hour'
3. Inspections for which no fee is specifically indicated $63.00 per hour'
(minimum charge - one half hour)
4. Additional plan review required by changes, addi[ions or revisions to plans $63.00 per hour'
(minimumchar e-onehalfhour)
" Please note that the City of Auburn may collect a review fee for the Valley Regional Fire Authority for certain permit
applications that is collected in addition to the City's required fees.
Page 5
5. For use of outside consultants for plan checking and inspections, or botli Actual cos[s2
FOOTNOTES:
' Or tlie total hourly cost to the junsdiction, whichever is [he greatest This cos[ shall include supeivision, overhead, equipment, hourly wages
and fdnge benefi[s of the employees involved.
Z Actual costs include administrative mid overhead costs.
b. Mechanical Permit Fees: The fee for each permit issued under provisions of the
International Mechanical Code, International Fuel Gas Code, NFPA 54 (National Fuel
Gas Code), NFPA 58 (Liquefied Petroleum Gas Code), or the mechanical device
provisions of the International Residential Code shall be as set forth in Table 2-A, below.
For new single-family dwellings a flat rate permit fee of $185.00 may be charged in lieu
of fees as prescribed in Table 2-A.
Table 2-A MECHANICAL PF.RM7T FFRS
Permit [ssuance and Heaters:
1. For the issuance of each mechaiiical peimit
$26.00
2. For issuing each supplemen[al pennit for which the original permit has not eapired, been canceled or finaled
$9.00
Unit Fee Schedule
(Note: The fo!lowing do ttot inelude permil-fssuing fee)
1. Furnaces:
For the instal]ation or relocation of forced-air or gravity-type fumace or buiner, including ducts and vents
attached to such appliance up to and inc]uding 1000,000 Btu/h (29.3kW).
$18.00
For the installation or relocation of forced-air or gravity-type fwnace or bumer, including duc[s and vents
attached to such appliance over 100,000 Btu/h (293kW)
$22.00
For [he installation or relocation of each floor fwnace, including vent
$18.00
For the installation or relocation of each suspended heater, recessed wall heater or floor-mounted unit heater............................
$18.00
2. Appliance Vents:
For the installation, relocation or replacement of each appliance vent installed and no[ included in an appliance permit
$9.00
3. Repairs or Additions:
For the repair of, Ihe alteration of, or addition to each heating appliance, refrigeration uni[, cooling uni[,
absorp[ion uiiit, or each heating, coolitig absoip[ion or evaporative cooling system, including installation
of controls regula[ed by the Meclianical Code
$16.00
4. Boilers, Compressors and Absorption Systems:
For the installa[ion or relocation of each boiler or compressor to and including ; horsepower (10.6 k W) or each absorption
system to and includiog 100,000 Btu/h (293 kW)
$18.00
For the iustallation or relocadon of each boiler or compressor over 3 horsepower (10.6kW )[o and
including 15 horsepower (52J kW),oreach absoiption system over 100,000 Btu/h (293 kW) to and
including 500,000 Btu/h (146.6 kW)
$31.00
For the installation or rebcation of each boiler or compressor over 15 horsepower (52JkW) to and including
30 horsepower (1055 kW), or each absoiption sys[etn over 500,000 B[u/h (146.6kW) [o and including
1,000,000 Btu/h (293.IkW) .
$41.00
For the ins[allation or relocation of each boiler or compressor over 30 horsepower ( I OSSkW) to and
including 50 horsepower (176 kW), or each absorption system over I,000,000 Bm/h (293.1 kW) ro
and including 1,750,000 Btu/h (5129 kW)
$62.00
For the installation or relocarion of each boiler or coropressor over 50 horsepower (176 k W). or
eacii absorption system over 1]50.000 Btu/h (512.9 kW)......._......_
_ $102.00
5. Air Handlers:
For each air handling unit to and including 10,000 cubic feet per minute (cfin) (4719 L/s), including ducfs
attacliedthereto
$12.00
Note: This fee does not apply ro an airvhandling unit which is a portion of a factory-assembled appliance, cooling sys[ein,
evaporative cooler or absorption unit for which a peimiC is required elsewhere in the Mechanical Code.
For each air-handling uni[ over 10,000 cfin (4719 L/s)
$22.00
6. Evaporative Coolers:
_ For each evaporative cooler other [han a portable pe .
$12.00
Page 6
7. Venfilafion and Exhaust:
For each ventilation fan connected to a single duc[ ......._.......$9.00
For each ventilation system which is no[ a portion of any hea[ing or airconditioning system authorized by a pettnit $12.00
For the installation of each hood which is served by a mechaiiical exhaust, including [he ducts for each hood $12.00
Incinerators:
For the installation or relocation of each domes[ic-type incinera[or $22.00
For the installation or reloca[ion of each commercial or industrial-type incinerator $18.00
Miscellaneous:
For each appliance or piece of equipment regulated by the Mechanical Code but not classed in other
appliance categories or for which no o[her fee is listed in the [able $12.00
Otherlnspecfions end Fees:
1. Inspec[ions outside of normal business hours, per hour (minimum charge two hours) $63.00
2. Reinspection fees assessed under provisions of Seclion 109.4.13 $61.003. Inspections for which no fee is specifically indicated, per hour
(minimum charge one-half hour) $63.00
3. Additional plan review required by changes, additions or revisions to plans or to plans for which
an initial review has been comple[ed (minimum charge one-half hour) $63.00
* Or the rotal wst to the jurisdiction, whichever is greatest. This wst shall include supervision, overhead, equipment, houdy wages and fringe
c. Piumbing Code Permit Fees: For new single-family dwellings a flat rate permit fee of
$185.00 may be charged in lieu of fees as prescribed in Table 3-A.
Page 7
Table 3-A PLUM6ING NERMIT FEES
Permit Issoance: -
Forissuiogeachpertnit $24.00
2. For issuing each supplemental pennit .
$12.00
Unit Fee Schedule (in addition to items 1 an(i 2 above):
I.
For each additional plumbing fixture on one trap or a set of fixtures on one trap
(including water, drainage piping and backflow pro[ection Iherefore)
. $9.00
2.
For each building sewer and each trailer pazk sewer
$19.00
3.
Rainwater systems - per drain (uiside building)
$9.00
4.
For each water heater and/or vent
$9.00
5.
For each indusirial waste pretreatrnent interceptor including its h'ap and vent,
except ki[chen-type grease interceptors functioning as fixture traps
$9.00
6.
For each installation, alteration or repair or wa[er piping and/or water trea[men[, each
$9.00
7.
For each repair or alteration ofa drainage or vent piping, each fixture
$9.00
8.
For each lawn sprinlcler system on any one meter including backflow protection devices [herefore
$9.00
9.
For atrnospheric-type vacuum breakers not included in item ] 2:
1 to 5
$6.00
over 5, each
$2.00
10.
For each backflow protecrive device odier tlian ahnospheric type vacuum breakers:
2 inch (51 mm) diuneter and smaller
$9.00
over 2 inch (51 inm) diameter
$17.00
11.
For initial installation and testing for a reclauned water system
$35.00
12.
For each annual cross-connection tes[ing of a reclaimed waster system (excluding initial test)
$35.00
13.
For each medical gas piping system serving one to five inlet(s)/outlet(s) for a specific gas
$57,00
14.
For each additional medica] gas inlet(s)/ouUet(s)
56.00
Other [nspecfions and Fees:
1. Inspections outside of nonnal business hours $63.00
2. Reinspection fee $63.00
3. Inspec[ions for which no fee is specifically indicated $63.00
4. Addirional plan review required by changes, additions or revisions to approved plans (minimum charge - one-half hom~) ................$63.00
*Per hour for each hour worked or [he total hourly cost to the jurisdicrion, whichever is greater. This cost shall include supervision, overhead,
equipment, hourly wages and fiinge benefits of a11 the employees involved.
Fees: Permit fees shall be assessed in accordance with this section. Fees specified shall be
adjusted for inflation each year based upon the Seattle Consumer Price Index. Fees shall be
rounded down to nearest whole dollar.
Appeal Fees: The fee for appeals of codes adopted pursuant to ACC Chapter 15 shall be
$110.00 plus total hearing examiner costs.
Plan Review Fees: When submitted documents are required by Section 106.3 of the
Construction Administrative Code, a plan review fee shall be paid at the time of submitting the
submittal documents for plan review. Said plan review fee shall be 65 percent of the building
permit fee as shown in Table 1-A. The plan review fees specified in this section are separate
fees from the permit fees and in addition to permit fees.
Temporary Certificate of Occupancy Fees: There shall be a fee equal to ten percent of the
building permit fee for issuance of a temporary certificate of occupancy.
5. Administrative procedures and miscellaneous inspections: In addition to any other
fees specified in this chapter, there shall be a fee schedule for certain administrative procedures
not otherwise included as set forth in the following schedule of fees:
Page 8
Adult Family Home Inspection
Demolition, permit and inspections
Relocation (pre-inspection)'
Housing inspection
Change of use
Sign permits
$160.00
Per Table 1-A
Per Table 1-A
Actual city cost, minimum $21.00
Per Table 1-A
Unless except by Ch. 18.56 ACC, the fee shall
accompany each application for a sign permit.
The amount of the fee shall be based upon the
value of the sign pursuant to Table 1-A.
6. Rental Housing Business License Fees (Per Ordinance No. 5882, Resolution No.
4272 and Resolution No. 4424):
(1) The fee for a license to operate rental housing businesses in the City, as defined in
Chapter 5.22 of the Auburn City Code (ACC) shall be based on the total number of units as
follows:
(a) One to four dwelling units: $53.00 per year;
(b) Five to 24 dwelling units: $106.00 per year;
(c) Twenty-five or more dwelling units: $212.00 per year.
(2) The fee for a license to operate rental housing businesses in the city shall be for the
license year from July 1 through June 30, and each applicant must pay the full fee for the
current license year or any portion thereof during which the applicant has engaged in the
operation of rental housing businesses.
(3) The rental housing business license fee required by this chapter is in lieu of, and not in
addition to, the general business license fee required by Chapters 5.05 and 5.10 of the Auburn
City Code (ACC); provided, however, that any person required to obtain a rental housing
business license must also obtain a general business license, at no cost, pursuant to Chapters
5.05 and 5.10 of the Auburn City Code (ACC).
(4) Notwithstanding the provisions of sub-section (1) of this section, the fee for operating
rental housing facilities for any single individual, partnership, corporation or entity shall not
exceed $424.00 per year.
Page 9
B. AUBURN MUNICIPAL AIRPORT FEES (Per Ordinance No. 5707, amended by
Ordinance No. 5715 and Ordinance No. 5819, and amended by Resolutron No. 3784,
Resolution 3797, Resolution No. 3841, Resolution No. 3953, Resolution No. 4117, Resolution
No. 4270, and Resolution No. 4414)
Lease Fees:
Lease Tvpe
Fee
Open Single
$179.01
Open Twin
$206.95
Closed R-2
$272.91
Closed R-9 & 10
$381.51
Outside Tiedowns
$60.15
Storage Rows 3-8
$103.61
Storage Units (185 sq. ft. - Buildings 9, 10)
$92.23
Storage Units (298 sq. ft.)
$111.15
Storage Units (380 sq. ft. - Buildings 9, 10)
$141.78
The West End Hangars located on Hangar rows 9 and 10 have an additional 298 square feet
each. There shall be an additional $100.00 per month surcharge for the additional space.
A security surcharge of $5.00 per month is charged, in addition to the base monthly rental
fees provided in this section, for each tie-down, each hangar door and each storage rental area,
which security surcharge fees are to be used for the provision of increased security at the
Auburn Municipal Airport (approved by Ordinance No. 5500 on January 16, 2001). For the
purposes hereof, each tie-down consists of the structures/facilities necessary to accommodate
one (1) regular sized light aircraft. Furthermore, the hangar doors to which the security
surcharge applies includes all hangars located at the Auburn Municipal Airport, including those
hangars built on land owned by the City but leased to private parties, and those hangars owned
in a condominium type ownership.
The above lease and security surcharge amounts are subject to applicable leasehold taxes,
which shall be paid by the tenant. The total charges, including the above lease rates plus lease
hold tax and surcharge shall be reflected in monthly billing rates. Tenants shall be given notice
as required by Ordinance or lease agreements. The Airport Lease rates shall be effective
January 1, 2008.
Payments. Payments are due on the first of each month, past due as of the 51h and late as of
the 15th. Payments not received by the 15'h incur a$10.00 late fee. Payments not received
after 30 days from the due date incur an additional $25.00 delinquency fee.
Automatic gate electronic cards. One automatic gate electronic card will be issued to each
tenant free of charge. Any additional electronic cards requested by a tenant are subject to a
$25.00 non refundable fee. A$25.00 replacement fee will be assessed against the tenant for all
lost or damaged electronic cards. All electronic cards must be returned to the airport at the time
of lease expiration.
Page 10
Each lease shall include an initial payment of first and last months' rent plus a damage deposit
in the amount of two times the monthly base rate. Each lease agreement shall also include
terms that authorize the city to apply the damage deposit to outstanding charges on termination.
2. Daily Transient Parking (overnight) Rate
Tie Down $5.00
Open "T" $25.00
Enclosed Hanger $35.00
Additional Airport Fees
Aeronautical Business License (includes listing of your business on $250.00
airport signs and airport webpage.)
Hanger Waitlist Fee (this is a fee and is non refundable or applicable to $50.00
rent.)
Page 11
C. POLICE DEPARTMENT FEES (Per Ordinance No. 5715 amended by Ordinance No.
6216, 5819, Resolution No. 3797, Resolution No. 3953, Resolution No. 4117, Resolution No.
4272, Resolution No. 4424, Ordinance 6216, Ordinance 6276 and Resolution No. 4552.)
Type
Fees
Police Report/Coliision Report (fee not charged where requested by $13.25
victim or party involved)
Visa Letter $5.00
Fingerprinting Fees (fee not charged where taking of fingerprints is $15.00 (per card)
required by city)
Health Services (to be collected from persons confined in the Auburn $8.00
City Jail who requests health services)
Electronic Home Monitoring (per inmate, per day with fee set by $15.50
WASPC)
Page 12
D. CITY CLERK FEES (Per Ordinance No. 5715, Ordinance No. 5819, Resolution
No. 3797, and Resolution 4244.)
Tvpe
Fees for public records - Collection
Fees
Non-certified copies of public records $0.15 per page
Non-certified color copies (letter and legal sized) $0.55 per page
Non-certified color copies (11x17) $1.10 per page
Certified copies of public records $4.00 per page
Non-certified copies of public records where a search or $4.00 for 15` page and
documentation is required) $2.00 each add'I page
Fees for Auburn City Code book and supplements
Copy of Auburn City Code book (with latest supplement) $100.00 per code book
Supplements to the Auburn City Code book $11.00 per copy.
Page 13
E. CITY CEMETERY FEES (Per Ordinance 5715, Resolution No. 3797, Resolution No.
3953, Resolution No. 4027, Resolution No. 4103, Resolution No. 4117, Resolution No. 4272
Resolution No. 4424, and Resolutron No. 4552.)
GRAVES
Section 9A and 9B
All other adult graves
Child's Place
Double Depth (includes 2 burial spaces / 2 liners)
Section 9A and 96 (Upright monument plots)
GROUND CREMATION PLOTS
Centennial Urn Garden (single)
Centennial Urn Garden (double)
Section 9 Upright Section Urn Plots (6 urns)
NICHES
Mausoleum (top rows available only)
Single '
Centennial Columbarium II (1 or 2 urns)
Row 1 Top
Row 2 Middle
Row 3 Middle
Row 4 Bottom
CHAPEL OF MEMORIES - INTERIOR NICHES"
Niche Dimensions
12 x 12 Single
12 x 18 Double
12 x 24 Family (up to 3 urns)
*The above niche prices include one bud vase per niche.
occasion. See guidelines for additional pertinent information.
front is $50.00 plus tax. Urn's to be purchased separately.
CHAPEL OF MEMORIES - EXTERIOR NICHES'`
Rows4,5&6 Rows2&3
Niche $2,695.00 $2,295.00
$2,195.00
$1, 795.00
$300.00
$3,995.00
$3,995.00
$595.00
$1,190.00
$3,195.00
$495.00
SOLD
SOLD
$1,695.00
$1,545.00
$2,195.00 - $3,595.00
$3,295.00 - $5,995.00
$6,895.00 - $8,295.00
Inurnment will be $375.00 per
A single inscription on the glass
Rows 1, 7 & 8
$1,895.00
*If the niche (external) is to be used as a double niche, the inurnment, inscription and tax will be
due when a second urn is placed. (Row 1 is the bottom row)
OVERTIME WILL BE CHARGED AT $150.00 PER HOUR AFTER 4:30 P.M., MONDAY THROUGH
FRIDAY. THE SATURDAY SERVICE CHARGE IS $495.00 FOR FULL INTERMENT AND $295.00 FOR
CREMATION SERVICES.
EXTENDED LAND USE $495.00
MEMORIAL PLAQUE -$125 additional for inscription + tax $295.00
SERVICES
Opening and Closing - Ground Burials
Forest Walk $395.00
LinerNault $1,195.00
Children's Place $295.00
Opening and Closing - Cremation
Cremation Plot $425.00
Page 14
Niche -$125.00 for additional inscription + tax
$375.00
Opening and Closing - Entombment -$125.00 inscription + tax
$695.00
Vault Installation + tax
$395.00
Marker Services
Flat Grass:
Setting Fee + tax
$295.00
Resetting Fee + tax
$150.00
U pright:
Setting Fee + tax
$395.00
Resetting Fee
$325.00
Vase Setting Fee + tax
$45.00
Recording Fee
$55.00
Overtime Charge - per hour
$175.00
Saturday Service Fee
Full Interment
$495.00
Cremation
$295.00
MATERIALS
Flower Vases: (prices include vase setting fee)
Standard
$95.00
Deluxe Cast Zinc (gray or bronze zinc)
$150.00
Deluxe Wall (brass)
$175.00
Liners: Concrete Liner
$495.00
Mountain View Vault installation fee & tax)
$395.00
Double Depth
$790.00
Infant
""as required
Urn Encasement
$195.00
Vault Installation + tax
$395.00
ForestWalk Informal Cremation Garden
Single 3' Double 4'
Single Ground Plot $495.00 Double Ground Plot
$895.00
Feature Site 4' Wishing Well
Double Ground Plot $1,495.00 Scattering
$295.00
+ monument and tax
Biodegradable Urn $85.00 + tax Add for 2"d Inurnment
$375.00
Granite Memorials Start At $295.00 + tax Add for 2"d Marker Inscription $125.00+ tax
Page 15
F. PUBLIC WORKS DEPARTMENT FEES
1. Transportation Impact Fee Rate Schedule: (Per Ordinance No. 5763 as amended by
Resolution No. 3953, Ordinance No. 6005, Resolution No. 4103 and Resolution No. 4424.)
Land Use ITE Land Use Measure Trip Rate Fee Rate
Code
Residentia!
SF residential
210
dwelling
1.01
$3,882.61
MR residential
220, 221, 230, 233
dwelling
0.62
$2,519.58
Senior housing
251
dwelling
0.26
$799.59
Mobile home in MH park
240
dwelling
0.59
$1,814.45
Commercial - Services
Drive-in bank
912
sf/GFA
45.74
$4521
Day care center
565
sf/GFA
13.18
$21.72
Hotel
310
room
0.59
$2,592.07
Motel
320
room
0.47
$2,064.87
Library
590
sf/GFA
7.09
$9.93
Post office
732
sf/GFA
10.89
$15.25
Service station
944
VFP
13.86
$10,351.57
Service station with mini mart
945
sf/GFA
96.37
$53.98
Auto care center
942
sf/GFA
3.38
$5.72
Movie Theater
444,445
seat
0.07
$150.31
Health Club
492,493
sf/GFA
4.02
$10.34
Commercial-lnstitutional
Elementary school
520
sf/GFA
1.19
$1.78
Middle school/Jr. High
522
sf/GFA
1.19
$2.82
High school
530
sflGFA
0.97
$3.15
Asst. Living, Nursing Home
254,620
bed
0.22
$676.57
Church
560
sf/GFA
0.66
$2.68
Hospital
610
sf/GFA
1.18
$5.19
Commercia! - Restaurant
Restaurant
931
sf/GFA
7.49
$22.38
High turnover restaurant
932
sf/GFA
10.92
$22.07
Fast food restaurant
934
sf/GFA
34.84
$38.27
Espresso Stand drive thru
NA
site
6.00
$2,636.00
Commercia! - Retail Shopping
Shopping center 820 sf/GLA 3.75 $6.06
Page 16
Supermarket
850
sf/GLA
10.45
$18.08
Convenience market
851
sf/GLA
52.41
$33.68
Freestanding discount store
813, 815, 861, 863, 864
sf/GLA
4.53
$7.31
Hardwarelpaint store
816
sf/GLA
4.84
$3.62
Specialty retail center
814
sf/GLA
2.71
$2.53
Furniture store
890
sf/GLA
0.46
$0.52
Car sales - New
841
sf/GLA
2.64
$10.67
Car sales - Used
NA
space'l
028
$1,131.72
Commercial - Office
General office
710, 715, 750
sf/GFA
1.49
$7.51
Medical office
720
sf/GFA
3.72
$14.71
Industrial
Light industry/ma nufactu ring 110,140 sf/GFA 0.86 $6.02
Heavy industry 120 sf/GFA 0.86 $5.33
Industrial park 130 sf/GFA 0.86 $6.02
Mini-warehouse/storage 151 sf/GFA 0.21 $1.35
Notes:
A. Basic trip rates are based on the ITE Trip Generation Manual, 7th Edition.
B. Impact fee rate calculation is based upon the following methodology:
- Basic Trip Rate = PM Peak Hour Trip Generation (per unit of ineasure)
- Basic Trip Rate x Percent of New Trips x Trip Length Adjustment x Per Trip
Fee/(divide by) 1,000 for rate per square foot (where applicable) = Impact Fee Rate (per
unit of ineasure)
C. For land uses not specifically identified here, trip generation rates could be derived from
ITE or a special study by the applicant.
D. sf /GFA= Square feet Gross Floor Area; sf/GLA= Square Feet Gross Leasable Area;
VFP=Vehicle Fueling Position.
2. Truck-Dependant Land Use Supplementary Transportation Impact Fee Rate
Schedule: (Per Resolution No. 4122 and Resolution No. 4424.)
Land Use
Industrial
Light Ind ustry/Manufactu ring
Heavy Industry
Commercial-Retail
Shopping Center
ITE Land Use Unit of Measure Truck Trip Impact Fee
Code Rate Rate (per sfl
110,130, 140
sf/GFA
120
sf/GFA
820
sf/GLA
,$pace is individual vehicle sales space: 70 vehicles for sale = 70 vehicle spacesx
Page 17
0.06 $ 0.11
0.04 $ 0.09
Formatted: Font: (Default) Arial, 9
0.01 $ 0.01 pt _
' Formatted: Font: 9 pt
Formatted: Font: (Default) Arial, 9
i Pt '
!
Supermarket
Free-Standing Discount Store
Home Improvement
Superstore
Car Sales -New
Commercial - Restaurant
Restaurant
Fast Food Restaurant
850
sf/GFA
813, 815, 861, 863, 864
sf/GFA
862
sf/GFA
841
sf/GFA
931 sf/GFA
934 sf/GFA
0.33
$
0.64
0.10
$
0.19
0.37
$
0.70
0.09
$
0.16
0.63
$
1.20
2.87
$
5.51
N otes:
A. ITE Land Use Code based on ITE Trip Generation, 7th Edition
B. Impact fee rate calculation is based upon the following methodology:
- Truck Trip Rate = Daily Truck Trip Generation (per unit of ineasure)
Truck Trip Rate x Per Trip Fee = Impact Fee Rate (per unit of ineasure)
C. For land uses not specifically identifled in the table, trip generation rates could be
derived from a special study by the applicant.
D. sf /GFA=Square feet of Gross Floor Area; sf/GLA= Square Feet of Gross Leasable Area
3. Impact Fees By Land Use - Revenue Credit = 20% (Per Ordinance No. 5977,
Resolution 3953, and Resolufion No. 4022)
Total
Adjustment
Fire and EMS
Fire and EMS
(Revenue
Impact Fee
Cost
Credit) At
Per
Land Use Per Unit Of
20%
Unit of Development
Development
Residenfia!
Single Family, Duplex, Mobile Home $ 362.66
$ 72.53
$ 290.13 per dwelling unit
Multi-family 383.09
76.62
306.47 per dwelling unit
Non-Residenfia!
Hotel/Motel
0.53
0.11
0.42
per sq ft
Hospital/Clinic
1.05
0.21
0.84
per sq ft
Group Living
2.63
0.53
2.10
per sq ft
Office
0.29
0.06
0.23
per sq ft
Retail
0.62
0.12
0.50
per sq ft
RestauranUBar/Lounge
1.62
0.32
1.30
per sq ft
Industrial/Manufacturing
0.11
0.02
0.09
per sq ft
Leisure/Outdoors
1.08
0.22
0.86
per sq ft
Agriculture
0.71
0.14
0.57
per sq ft
Church
0.38
0.08
0.30
per sq ft
Schools/Colleges
1.07
021
0.86
per sq ft
GovernmenUPublic Buildings
1.81
0.36
1.45
per sq ft
Page 18
Casino 3,78 0•77 3.01 per sq ft
Jails 21.99 4.40 17,59 per sq ft
4. Facility Extension Fees: (Per Ordinance No. 5791 and amended by Ordinance No.
5819, Resolution No. 3953, Resolution No. 4272 and Resolution No. 4424.)
The Facility Extension Application Fee is $552.00, plus $167.00 for each Facility (Water,
Sanitary Sewer, Storm Drainage, Street, private street and private storm systems within private
streets).
Facility Extension Fees are the summation of the following categories (a+b+c+d), or $1,660.00,
whichever is greater.
a. For the combined linear footage of water, sewer, storm drainage and private
storm drainage within private streets:
The first 0 lineal feet (LF) to 1000 LF is charged at $5.50 per LF plus,
The next 1001 LF to 2500 LF is charged at $2.80 per LF plus,
Any additional over 2500 LF is charged at $1.65 per LF.
b. For the linear footage of streets and private streets:
The first 0 LF to 500 LF will be charged at $6.90 per LF plus,
The next 501 LF to 1000 LF will be charged at $4.10 per LF plus,
Any additional over 1000 LF will be charged at $1.10 per LF.
c. For non-linear extensions such as pump stations or traffic signals, the extension
fee will be determined by the City Engineer based on an estimate of the City's
labor Cost associated with the plan review, inspection, and administration of the
application.
d. For that portion of the water or sewer facility located outside City Limits, but
within existing County (King or Pierce) right-of-way, an additional fee of $444.00
plus $5.00 per LF of the combined water and sewer extension located in the
existing County right-of-way applies.
Facility Extension Fees will be paid as follows:
1. Forty percent (40%) at the time of execution of the facility extension
agreement.
2. Sixty percent (60%) upon the City's approval of the construction drawings
and prior to the start of construction.
5. Right-of Way Use Permit Fees: (Per Ordinance No. 6125)
Type A - Banner: $30.00
Page 19
Type B - Short term
Type C - Long term:
Type D - Hauling:
Street Closure - Type B or C:
Sidewalk Closure - Type B or C:
Parking Closure - Type B or C:
$60.00
$100 for the 15` year /$30 for each additional year
$100.00 + estimated staff time @$50 per hour
$90.00
$60.00
$60.00
6. Flood Control Zone Permit: (PerOrdinance No. 5819)
Base permit fee $50.00
7. Street and Alley Vacations: (Per Resolution No. 4143) $750.00
8. Utility System Development Fees: (Per Ordinance No. 5819 and amended by
Resolution No. 3797, Resolution No. 3953, Resolution No. 4272 and Resolution No. 4424.)
For all utilities, a charge in lieu of assessment or payback charges may be applicable for the
proportional share of the utility line being connected to.
a. Water Utility: Connection fees are comprised of a Water Service Installation Permit
Fee and the System Development Charge as follows:
Meter
Water Service Installation Permit Fee
System '
Size
Existing Water
Water Service & Meter Box Installed b Cit
Development
(In Inches)
Service & Meter Box`
Paved Street
Un aved Street
Charge (SDC)
'/<orless
$212.00
$2,175.00
$1,170.00
$2,424.00
1
$280.00
$2,380.00
$1,475.00
$4,048.00
1-1/2
$450.00
$3,210.00
$2,305.00
$8,072.00
2
$560.00
$3,488.00
$2,588.00
$12,920.00
3
Actual Cost
Actual Cost
Actual Cost
$24,240.00
4
Actual Cost
Actual Cost
Actual Cost
$40,408.00
6
Actual Cost
Actual Cost
Actual Cost
$80,792.00
8
Actual Cost
Actual Cost
Actual Cost
$129,280.00
10
Actual Cost
Actual Cost
Actual Cost
$135,971.00
*Installation of a water meter done by the City and the service either already exists or has been
installed by the developer.
**Installation of the entire water service is done by the City.
b. Sanitary Sewer Utility: Connection fees are comprised of a Permit Fee and the
System Development Charge as folfows:
Type Permit Fee System Development
Page 20
Existing Sewer
New Service Line
Charge (SDC)*
Stub
Required
Single Family
$88.00
$155.00
$850.00 Per Parcel
Parcel
Other Parcels
$88.00
$155.00
$850.00 Per RCE''*
Side sewer repair
$62.00
on rivate ro ert
Side sewer repair
$105.00
in ri ht-of-wa
*Except that for multifamily residential units with separate water meters for each family unit, the
sewer utility systems development charge will be calculated as one RCE per family unit.
RCE, Residential Customer Equivalent - an RCE shall be as defined by the King County
Department of Natural Resources.
In addition to City sanitary sewer connection fees, there shall be a sanitary sewer connection
fee imposed to pay Capital Improvement fees to King County per the King County Rate
Schedule.
c. Storm Drainage Utility: (Per Resolution No. 4566)
Connection fees are comprised of a Permit Fee and the System Development Charge as follows:
SYSTEM DEVELOPMENT CHARGE SDC
Type
System Development Charge (SDC)
Single Family Residence & Duplexes (on
Individual Parcels)
$1,162.00 per Parcel
Other Parcels
$1,162.00 per ESU'
"ESU, Equivalent Service Unit - A configuration of development of impervious surfaces
estimated to contribute an amount of runoff to the City's storm drainage system which is
approximately equal to that created by the average single family residential parcel. One
ESU is considered equal to 2,600 square feet of parcel coverage by impervious surfaces.
Per ACC 13.48.010.
When calculating the total SDC, a credit will be applied for the existing impervious area (New total
SDC minus calculated SDC for existing impervious area using the new definition of impervious
surface as given in ACC 13.41.010).
STORM PERMIT FEE
Permit Level**
Permit Fee
Level 1
$210.00
Level 2
$400.00
Level 3
Base Fee + the Cumulative Additional Fees as indicated below:
Page 21
• Base Fee =$1,440.00 for up to 10,000 SF of disturbed area
• Cumulative Additional Fee #1 = Base Fee +$400.00 for 10,001 SF
up to 43,560 SF (1 Acre) of disturbed area
• Cumulative Additional Fee #2 = Cumulative Additional Fee #1 +
$100.00 per Acre for each additional disturbed Acre over 1 Acre
"'"`Permit levels are determined as follows:
Level 1 permits are for all projects that
• are not located in a Critical Area and
• add or replace less than 2,000 square feet of impervious surface area; andlor
• disturb less than 7,000 square feet of land.
Level 2 permits are for all projects that:
• add or replace 2,000 to 4,999 square feet of impervious surface area; or
• disturb 7,000 square feet or more of land.
Level 3 permits are for all projects that:
• add 5,000 square feet or more of impervious surface area, or
• convert acres or more of native vegetation to lawn/landscaped area, or
• convert 2.5 acres or more of native vegetation to pasture, or
• the new plus repiaced impervious surface area is 5,000 square feet or more and
the value of improvements exceeds 50% of the assessed value of existing
improvements.
9. Other Utility Fees: (Per Ordinance No. 5819, Ordinance No. 5944, Resolution No
3797, Resolution No. 3953 and Resolution No. 4424.)
Fire Service Line Permit
$135.00
Fire Hydrant Permits
Fire Hydrant Permit and Inspection Fee
$238.00
Hydrant Meter Monthly Rate
$31.00
Hydrant Meter Weekly Rate
$31.00
Hydrant Meter Wrench - Refundab►e Deposit
$26.00
Deposit - Hydrant Meter with RPGA Wrench and Valve
$1,449.00
Water Main extension purity test fee
$181.00
Water Meter test fee, 2" or less
$217.00
Water Meter test fee greater than 2"
At Actual Cost
Storm Drainage Repair Permit
Private Storm System located on Private Property
$31.00
Storm System located in Public Rig ht-of-Way/Ease ment
$57.00
Payback Administrative Fees: (Per Ordinance No. 5954)
Application Fee
$500.00
Page 22
Processing Fee
Area or Special Benefit Analysis
Transaction/Collection Fee
Outside Professional Services
$1, 000.00
$500.00
$300.00
Time and Materials
10. Construction Permits: (Per Ordinance No. 5817, Resolution No. 3953, Resolution No.
4272, and Resolution No. 4424.)
The fees for Construction Permits are as follows:
Basic Fee (BF) $150.00
Hourly Inspection Rate (HIR)
Normal Business Hours $52.00
After Hours (after hours work includes weeknights, weekends, $80.00
and holidays and will be at the after hours HIR x the duration of
the work.
For Excavation Type Work
Lenqth of Excavation (feefl Additional Fee (AF)
31 - 100 $52.00
101 - 250 $155.00
251 - 500 $259.00
501 - 750 $362.00
751 - 1000 $466.00
Permit Fee = BF + AF (for the appropriate length of excavation)
If the excavation exceeds 1000 linear feet the following will be used:
Permit Fee = BF +$466.00 +(HIR x(Length of Excavation -1000)/100)
For Non-Excavation Type Work: This work includes any work in the public right-of-way that is
not covered by any other permits and includes such things as overhead utility work,
geotechnical borings, horizontal directional drilling and vault installation.
Permit Fee = BF +(HIR x Permit Duration in days)
In Lieu of Fee: In lieu of the above standard rates, the city engineer or his/her designee may
calculate the fee based upon current labor rates for administrative and inspection staff after
developing an estimate of staff effort involved. For projects that are expected to involve
significantly more than 1,000 feet of street excavation or when the scope or duration cannot be
accurately estimated, the city engineer may establish a deposit account to manage permitee
deposits in advance of permit issuance for reimbursing actual labor costs of administering the
permit. Such deposit accounts will not be interest bearing and will be closed at the end of the
permitted work when a final accounting of the permit administration cost shall be calculated and
a final bill or credit issued to the permitee.
11. Memorial Sign Program: (Per Ordinance No. 6137, and Ordinance No. 6149)
Page 23
Memorial Sign $150.00
12. Special Permits: (Per Ordinance No. 5817 and amended by Resolution No. 3953,
Resolution No. 4272 and Resolution No. 4424.)
Permit Tvpe Base Fee Additional Per Linear Foot Fee
Sidewalk $54.00 $1.10 per foot for each foot over 25 Linear Feet
Residential Driveway $54.00 $1.65 per foot for each foot over 20 Linear Feet'`
Commercial Driveway $107.00 $2.20 per foot for each foot over 48 Linear Feet"
*Driveway widths are based on the width of the driveway apron in the right-of-way.
Page 24
G. PARKS AND RECREATION (Per Resolution No. 3797 and amended by Resolufion No.
3953, Resolution No. 4117, Resolution No. 4272, Resolution No. 4424, Ordinance No. 6276,
and Resolution No. 4552..)
Resident
Non-Resident
Les Gove Building
$15/hour
$20/hour
3 hour minimum
Seven da s a week 9 a.m. - 11 .m.
Resident
Non-Resident
Parks, Arts & Recreation Administration Building
$30/hour
$38/hour
3 hour minimum
Frida 530 - 11 .m.; Saturda and Sunda 9 a.m. - 11 .m.
Basic Kitchen
$25
$25
Resident
Non-Resident
Senior Activit Center
Full Facility (includes basic kitchen use)
$80/hour
$100/hour
Available Friday evenings, Saturday and Sunday. Tables and
chairs for up to 200 people max. 3 hr. minimum, 5:30-11 p.m.
(Friday eve.); 5 hr. minimum, 9 a.m.-11 p.m.(weekend)
Additional cleanu time is available after 11 .m.
Rental Package Friday night & Saturday: 4 hours Friday and
$1,200
$1,500
u to 12 hours of active use on Saturda
Rental Package Full Day Saturday or Full Day Sunday: up to
$1,000
$1,300
12 hours of active use on either da
Millennium Rooms
$20/hour
$25/hour
Friday only, 3 hour minimum, 5:30 - 11 p.m., 63 people per
room maximum, 3 rooms available; weekend options available
within 30 da s or less
Weese & Rotary Rooms
$15/hour
$20/hour
Monday - Friday, 2 hour minimum, 5:30 - 11 p.m., 40 people
er room maximum
Damage & Cleaning Deposit (for Full Facility and Millennium
$300
$300
room rentals without alcohol
Damage & Cleaning Deposit (for Full Facility and Millennium
$500
$500
room rentals) with alcohol ($1,000,000 excess liability
insurance required
Optional cleaning fee (fee required with use of alcohol in
$200
$200
facilit
Commercial kitchen and/or use of dishes, tableware, ots, etc.
$50
$50
Kitchen with Millennium Room 3
$25
$25
Page 25
Resident
Non-Resident
Veterans Memorial Building
3 hour minimum
Seven da s a week 9 a.m. - 11 .m.
$30/hour
$38/hour
Resident
Non-Resident
Baseball/SoftballlGrass Fields
Reservations made in 1.5 hour increments
Youth
$7.50/1.5 hour
$9.00/1.5 hour
Adult
$18/1.5 hour
$22.50/1.5 hour
Field Li hts
$30/1.5 hour
$30/1.5 hour
Field Maintenance
$25 er field
$25 er field
Baseball/Softball! Fastpitch Tournaments
Reservations made for 1 or 2 da tournaments
1 Day
2 Day
Youth
$600
$900
Adult
$800
$1,200
Field Li hts
$30/1.5 hour
$30/1.5 hour
Resident
Non-Resident
Synthetic Turf Fields
Reservations made in 1.5 hour increments
Youth
$36/1.5 hour
$45/1.5 hour
Adult
$48/1.5 hour
$60/1.5 hour
Field Li hts
$30/1.5 hour
$30/1.5 hour
Resident
Non-Resident
Game Farm Wilderness Park Campgrounds
$20/night
$25/ni9ht
Daily, Open year round
7 ni hts maximum
Game Farm Wilderness Park Day Camp Area
$50/day
$70/day
Daylight hours, April 1- October 15
Minimum Rental: 1 da
Picnic Shelters
Auburn residents Non-residents
Game Farm Park Half Day* Full Day* Half Day* Full Day'`
Single quadrant (max: 25)
Monday - Friday $20 $40 $25 $50
Saturday - Sunday N/A N/A N/A N/A
Ful1 day
Mon-Sun Full Shelter) 1-99 $80 $160 $100 $200
Page 26
Mon-Sun (Full Shelter) 100-199
$120
$240
$150
$300
Mon-Sun (Full Shelter) 200+ (must afso rent
N/A
$300
N/A
$375
amphitheater)
Amphitheater
$50
$100
$65
$130
Isaac Evans Park
$40
$80
$50
$100
RoegnerPark
$40
$80
$50
$100
Game Farm Wilderness Park
$40
$80
$50
$100
Sunset Park
Mon-Sun Single Quad
$20
$40
$25
$50
Mon-Sun (Full Shelter) 1-99
$80
$160
$100
$200
Mon-Sun (Full Shelter) 100-199
$120
$240
$150
$300
Mon-Sun (Full Shelter) 200+
NA
$300
NA
$375
Rental Rate Schedule for Auburn Ave Theater
Resident
Non-Resident
Weekda s Mon-Thur
$170.00
$200.00
Weekend Da s Fri., Sat., and Sun.
$270.00
$320.00
Cleaning/Damage deposit. The terms and
$300.00
$300.00
conditions for full or partial refund of deposit apply
to approval of Check-Out List, including theater,
e ui ment lot restoration.
Hourly commercial rate for meetings
$35/hr
$35/hr
2 hour min. for "4-wal" only of lobby, auditorium,
and sta e
Equipment not included: Use of any theatrical
$30/hr
$30/hr
e ui ment additional char e
$1,000,000 excess liabilit insurance re uired
U on re uest
U on re uest
Impact Fees:
Park Impact Fees
$3,500.00 per residential dwelling unit
Page 27
H. MULTIMEDIA DUPLICATION (Per Resofution No. 3953 and Resolutron No. 4552.)
DVD copv CD copv
$10.00 per disc $5.00 per disk
Page 28
I. INFORMATION SERVICES AND GIS'-z (Per Resolution No. 4272, Ordinance 6276, aRd
Resolution No. 4552, aric! Resolutiorr fVQ.
Much of the City's geographic data is available for sale per the prices below plus Washington
State sales tax. A signed public records request form is required. Most public records requests
can be completed within seven to ten business days and will be delivered in ESRI Shapefile
format without Metadata.
Maps
Existing Map
Custom Maps (any non-existing map)
Data
Di ital Data I;e uests
r.,..,.,lo+o nLi-,.+or co,.+•., „f i..,a,.ery !(_ei.TICC\
Miscellaneous
CD-Rom
All other reauests for cfata or information ncst specifical] IiHourlY
Hau ~gl,a e t ~.)m;;tu any Qf~Lelow fr3e huu i;~iniuYn c^a€ aey_
Hou~cFa des Yh~ •ucst of ~rocessinc~2,nc ~2avid;n usfon mu~sts.,
v` Nqu.~v crta_c,n~,l„ctc _the c~sT of c,rocessi^g ;-r orid~€~a ~ gita' c~a e~sts,
$5.00 + tax
$2-550.00
shar-geper hour'~ + #ax
5(l.C?C~ er hour'' + tax
. M0.00
$5.00 ± tax
$250.00 per hour + 2ax
Page 29
Distributed at the May 3, 2010 Finance
Committee Meeting by HR Director
Brenda Heineman
ESTIMATED COST KING COUNTY
KC 2.5 yrs
2010 (last half
2011
2012
Annual Cost 5.5% annual inflator
Shelterin Fees
$159,269
$336,057
$354,540
ACO Sala and Benefits 1 FTE
$67,990
$143,459
$151,349
Licensin Costs
$22,526
$47,530
$50,144
Enhanced Services .5 FTE
$31,250
$65,938
$69,564
SubTotal
$281,035
$592,983
$625,597
Annual Revenue fr Licensin
$79,208
$158,417
$158,417
Transition Fundin
$85,343
$170,469
$112,510
SubTotal
$164,551
$328,886
$270,927
Estimated Annual Cost
$116,484
$264,097
$354,670
Current licensing is only estimated at 18% of potential. If the City could increase
it's licensing revenue 7% (to 25%) through education/informational programs it
could result in an additional $11,000.
L:\Organizational Design (Reorg)\Police\Animal Control & Rescue\2010\Counci1050210xIs.xlsCounci1050330