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1 CITY OF Ai7BURN, WASHINGTON
2 ORDINANCE N0. 4643
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AN ORDINANCE RELATING TO LOCAL IMPROVEIKENT DISTRICT NO. 345;
4 FIXING THE AMOLJNT, FORM, DATE, INTEREST RP,TES, MATURITY AND
DENOMINATIONS 0F THE LOCAL IMPROVEMENT DISTRICT NO. 345 BONDS;
5 PROVIDING FOR THE SALE AND DELIVERY THEREOF TO SEATTLE-FIRST
NATIONAL BANK IN SEATTLE, WASHINGTON; AND FIXING THE INTEREST
6 RATE ON LOCAL IMPROVEMENT DISTRICT NO. 345 ASSESSMENT
INSTALLMENTS.
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g WHEREAS, the City of Auburn, Washington (the "City"),
g created Local Improvement District No. 345 under Ordinance
10 No. 4576, passed on July 6, 1992; NOW, THEREFORE
11 THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DO
12 ORDAIN as follows:
13 Section 1. Authorization and Description of Bonds. The 14 assessment roll in the total amount of $264,453.97 for Local
15 Improvement District No. 345 was confirmed by Ordinance
16 No. 4623, passed on August 16, 1993. The 30-day period for
17 making cash payments of assessments without interest in the
lg District expired on October 7, 1993, and the total amount of
lg assessments paid in cash was $113,434.07, leaving a balance of
20 assessments unpaid on the assessment roll in the sum of
21 $151,019.90. Local Improvement District No. 345 Bonds (the
22 10Bonds°1) shall, therefore, be issued in the total principal sum
23 of $151,019.90. The Bonds shall be dated November 1, 1993,
24 shall mature on November 1, 2005, and shall be numbered from 1
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1 to 30, inclusiye, in the manner and with any additional
2 designation as the Bond Registrar (collectively, the fiscal
3 aqencies of the State of Washington located in Seattle,
4 Washinqton, and New York, New York) deems necessary for the
5 purpose of identification. Bond No. 1 shall be in the
6 denomination of- $6,019.90 and Bonds Nos. 2 to 30, inclusive,
7 shall be in the denomination of $5,000.00 each. Interest shall
8 be computed on the basis of a 360-day year of twelve 30-day
J months. The Bonds shall bear interest, payable annually
10 beqinning November 1, 1994, and on each November 1 thereafter in
11 accordance with the following schedule:
12 Bond Numbers Interest
(inclusive) Amounts Rates
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1 to 2 $11,019.90 3.25$
14 3 to 6 20,000.00 3.75
7 to 9 15,000.00 4.00
15 10 to 12 15,000.00 4.25
13 to 1'5 15,000.00 4.50
16 16 to 18 15,000.00 4.70
19 to 21 15,000.00 4.85
17 22 to 24 15,000.00 5.00
25 to 28 20,000.00 5.15
lg 29 to 30 10,000.00 5.25
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Section 2. Registration and Transfer of Bonds. The Bonds
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shall be issued only in registered form as to both principal and
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interest and shall be recorded on books or records maintained by
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the Bond Registrar (the "Bond Register"). Such Bond Reqister
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shall contain the name and mailinq address of the owner of each
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1 Bond and the principal amount and number of each of the Bonds
2 held by each owner.
3 Bonds may be transferred only if endorsed in the manner
4 provided thereon and surrendered to the Bond Registrar. The
5 transfer of a Bond shall be by the Bond Registrar's receivinq
g the Bond to be transferred, cancellinq it and issuing a new
7 certificate in the form of the Bonds to the transferee after
8 registering the name and address of the transferee on the Bond
g Register. The new certificate shall bear the same Bond number
10 as the transferred Bond but may have a different inventory
11 reference number or control number. Any exchange or transfer
12 shall be without cost to the owner or transferee. The Bond
13 Registrar shall not be obligated to exchange or transfer any
14 Bond during the 15 days preceding any principal payment or
15 redemption date.
16 Section 3. Payment of Bonds. Both principal of and
17 interest on the Bonds shall be payable solely out of the Local
lg Improvexaent Fund, District No. 345 (the "Bond Fund°), and from
19 the Local Improvement Guaranty Fund of the City, and shall be
20 payable in lawful money of the United States of America.
21 Interest on the Bonds shall be paid by check or draft mailed to
22 the registered owners on the interest payment date at the
23 addresses appear.inq on the Bond Register on the fifteenth day of
24 the month precedinq tlze interest payment date. Principal of the
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1 Bonds shall be payable upon presenfiation and surrender of the
2 Bonds by the registered owners at either of the principal
3 offices of the Bond Registrar at the option of the owners.
4 Section 4. Redemption Provisions. The City reserves the
5 right to redeem the Bonds prior to their stated maturity on any
g interest payment date, in numerical order, lowest numbers first,
7 at par plus accrued interest to the date fixed for redemption,
g whenever there shall be sufficient money in the Bond Fund to pay
g the Bonds so called and a11 earlier numbered Bonds over and
10 above the amount required for the payment of the interest on all
11 unPaid Bonds.
12 All Bonds redeemed under this section shall be cancelled.
13 Section 5. Notice of Redemption. The City shall cause
14 notice of any intended redemption of Bonds to be given not less
15 than 30 nor more than 45 days prior to the date fixed for
16 redemption by first-class mail, postage prepaid, to the
17 registered owner of any Bond to be redeemed at the address
lg appearing on the Bond Reqister at the time the Bond Registrar
19 Prepares the notice, and the requirements of this sentence shall
20 be deemed to have been fulfilled when notice has been mailed as
21 so provided, whether or not it is actually received by the owner
22 of any Bond. Interest on Bonds called for redemption shall
23 cease to accrue on the date fixed for redemption unless the Bond
24 ar Bonds called are not redeemed when presented pursuant to the
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1 call. In addition, the redemption notice shall be mailed within
2 the same period, postage prepaid, to Seattle-First National Bank
3 at its principal office in Seattle, Washington, or its
4 successor, and to such other persons and with such additional
5 information ae the City Finance Director shall determine, but
6 these additional mailinqs shall not be a condition precedent to
7 the redemption of Bonds.
8 Section 6. Failure to Redeem Bonds. If any Bond is not
9 redeemed when properly presented at its maturity or call date,
10 the City shall be obligated to pay interest on that Bond at the
11 same rate provided in the Bond from and after its maturity or
12 call date until that Bond, both principal and interest, is paid
13 in full or until sufficient money for its payment in full is on
14 deposit in the Bond Fund and the Bond has been called for
15 payment by giving notice of that call to the registered owner of
16 each of those unpaid Bonds.
17 Section 7. Form and Execution of Bonds. The Bonds shall
lg be printed, lithographed or typed on good bond paper in a form
lg consistent with the provisions of this ordinance and state law,
20 shall be signed by the Mayor and the City Clerk, either or both
21 of whose signatures may be manual or in facsimile, and the seal
22 of the City or a facsimile reproduction thereof shall be
23 impressed or printed thereon.
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1 Only Bonds bearing a Certificate of Authentication in the
2 followinq form, manually siqned by the Bond Reqistrar, shall be
3 valid or obligatory for any purpose or entitled to the benefits
4 of this ordinance:
5 CERTIFICATE OF AUTHENTICATION
6 This bond is one of the fully reqistered City of
Auburn, Washington, Loca1 Improvement District No. 345
7 Bonds described in the Bond Ordinance.
g Washinqton State Fiscal Agency
Bond Registrar
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By
10 Authorized Signer
11 The authorized signing of a Cer-tificate of Authentication shall
12 be conclusive evidence that the Bond so authenticated has been
13 duly executed, authenticated and delivered and is entitled to
14 the benefits of this ordinance.
15 If any officer whose facsimile signature appears on the
16 Bonds ceases to be an officer of the City authorized to sign
17 bonds before the Bonds bearing his or her facsimile signature
lg are authenticated or delivered by the Bond Registrar or issued
lg by the City, those.Bonds nedertheless may be authenticated,
20 issued and delivered and, when authenticated, issued and
21 delivered, shall be as binding on the City as though that person
22 had continued to be an officer of the City authorized to sign
23 bonds. Any Bond also may be signed on behalf of the City by any
24 person who, on the actual date of signing of the Bond, is an
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1 officer of the City authorized to sign bonds, although he or she
2 did not hold the required office on the date of issuance of the
3 Bond.
4 Section S. Bond Registrar. The Bond Reqistrar shall keep,
5 or cause to be kept, at its principal corporate trust office,
6 sufficient books for the reqistration and transfer of the-Bonds
7 which shall be open to inspection by the City at all times. The
8 Bond Registrar is authorized, on behalf of the City, to
J authenticate and deliver Bonds transferred or exchanged in
10 accordance with the provisions of the Bonds and this ordinance,
11 to serve as the City's paying agent for the Bonds and to carry
12 out all of the Bond Reqistrar's powers and duties under this
13 ordinance and City Ordinance No. 3905 establishing a system of
14 reqistration for the City's bonds and obligations.
15 The Bond Registrar shall be responsible for its
16 representations contained in the Bond Registrarts Certificates
17 of Authentication on the Bonds. The Bond Registrar may become
lg the owner of Bonds with the same rights it would have if it were
lg not the Bond Reqistrar and, to the extent permitted by law, may
20 act as depository for and permit any of its officers or
21 directors to act as members of, or in any other capacity with
22 respect to, any committee formed to protect the rights of Bond
23 owners.
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1 Section 9. Bonds Negotiable. The Bonds shall be
2 neqotiable instruments to the extent provided by RCW 62A.8-102
3 and 62A.8-105.
4 Section 10. Preservation of Tax Exemption for Interest on
5 Bonds. The City covenants that it will take all actions
6 necessary to prevent interest on the Bonds from being included
7 in gross income for federal income tax purposes, and it will
8 neither take any action nor make or permit any use of proceeds
9 of the Bonds or other funds of the City treated as proceeds of
10 the Bonds at any time during the term of the Bonds which will
11 cause interest on the Bonds to be included in gross income for
12 federal income tax purposes. The City certifies that it has not
13 been notified of any listing or proposed listing by the Internal
14 Revenue Service to the effect that it is a bond issuer whose
15 arbitrage certifications may not be relied upon.
16 Section 11. Small Governmental Issuer Arbitrage Rebate
17 Exception and Designation of Bonds as "Oualified Tax-Exemnt
lg obligations." The City finds and declares that (a) it is a duly
19 organized and existinq governmental unit of the State of
20 Washington and has general taxinq power; (b) no Bond which is
21 part of this issue of Bonds is a"private activity bond" within
22 the meaning of Section 141 of the United States Internal Revenue
23 Code of 1986, as amended (the "Code"); (c) at least 95$ of the
24 net proceeds of the Bonds will be used for local governmental
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1 activities of the City (or of a governmental unit the
2 jurisdiction of which is entirely within the jurisdiction of the
3 City); (d) the aqqreqate face amount of all tax-exempt
4 obligations (other than private activity bonds and other
5 obligations not required to be included in such calculation)
s issued by the City and all entities subordinate to the City
7 (including any entity which the City controls, which derives its
8 authority to issue tax-exempt obligations from the City or which
J issues tax-exempt obligations on behalf of the City) durinq the
10 calendar year in which the Bonds are issued is not reasonably
11 expected to exceed $S,OOO,OOO;;and (e) the amount of tax-exempt
12 obligations, including the Bonds, designated by the City as
13 01Qualified tax-exempt obligations" for the purposes of
14 Section 265(b)(3) of the Code during the calendar year in which
15 the Bonds are issued does not exceed $10,000,000. The City
16 therefore certifies that the; Bonds are eligible for the
17 arbitrage rebate exception under Section 148(f)(4)(D) of the
18 Code and designates the Bonds as "qualified tax-exempt
lg obligations11 for the purposes of Section 265(b)(3) of the Code.
20 Section 12. AWroval of Bond-Purchase Contract. Seattle-
21 First National Bank of Seattle, Washington, has presented a
22 purchase contract (the 1°Bond Purchase Contract") to the City
23 offering to purchase the Bonds under the terms and conditions
24 provided in the Bond Purchase Contract, which written Bond
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1 Purchase Contract is on file with' the City Clerk and is
2 incorporated herein by this reference. The City Council finds
3 that enterinq into the Bond Purchase Contract is in the City's
4 best interest and therefore accepts the offer contained therein
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5 and authorizes its execution by City officials.
6 The Bonds will be printed at City expense and will be
7 delivered to the purchaser in accordance with the Bond Purchase
$ Contract, with the approving legal opinion of Foster Pepper &
g Shefelman, municipal bond counsel of Seattle, Washington,
10 regarding the Bonds printed on each definitive Bond. Bond
11 counsel shall not be required-to review and shall express no
12 opinion concerning the completeness or accuracy of any official
13 statement, offering circular or other sales material issued or
14 used in connection_ with the Bonds, and bond counsel's opinion
15 shall so state.
16 The proper City officials are authorized and directed to do
17 everything necessary for the prompt delivery of the Bonds to the
lg purchaser, including without limitation the execution of the
lg Official Statement on behalf of the City, and for the proper
20 application and use of the proceeds of the sale thereof.
21 Section 13. Temporary lBond. Pending the printing,
22 execution and delivery to the purchaser of definitive Bonds, the
23 City may cause to be executed and delivered to the purchaser a
24 single temporary Bond in the total principal amount of the.
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1 Bonds. The temporary Bond shall bear the same date of issuance,
2 interest rates, principal payment dates and terms and covenants
3 as the definitive Bonds, shall be issued as a fully reqistered
4 Bond in the name of the purchaser, and otherwise shall be in a
5 form acceptable to the purchaser. The temporary Bond shall be
6 exchanged for definitive Bonds as soon as they are printed,
7 executed and available for delivery.
8 Section 14. Fixina Interest-Rate on Assessments. The
9 interest rate on the installments and delinquent payments of the
10 special assessments in Local Improvement District No. 345 is
11 revised and fixed at the rate of 5.639% per annum.
12 Section 15. Effective Date of Ordinance. This ordinance
13 shall take effect and be in force from and after its passage and
14 five days following its publication as required by law.
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16 INTRODUCED:
17 PASSED: /(J' / U 1~3
18 APPROVED : ~ 3
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ayor
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22 ATTEST:
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24 Robin Wohlhueter, City Clerk
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1 APPROVED AS TO FORM:
2 ~rcA,---"
3 Stephen R. Shelton, City Attorney
4 PIIBLISHED:
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1 I, ROBIN WOHLHUETER, City Clerk of the City of Auburn,
2 Washington, certify that the attached copy of Ordinance No. 4643
3 is a true and correct copy of the original ordinance passed on
4 the 18th day_of October, 1993, as that ordinance appears on the
5 Minute Book of-the.City.
6 DATED this ~ day of October, 1993.
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ROBIN WOHI~IiUETER, City Clerk
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' FINANCE DEPARTMENT
BOB ROEGNER, MAYOR ~ 25 WEST MAIN, AUBURN, WA 98001
RAT DUGAN, FINANCE DIRECTOR ~
(206) 931-3033
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STATE OF WASHINGTON) .
) ss.
COUNTY OF KING )
I, Robin Wohlhueter, the duly appointed, qualified City Clerk of the City of Auburn, a Municipal Corporation and Code
City, situate in the County of King, State of Washington, do
hereby certify that the foregoing is a full, true and correct
copy of Ordinance No. 4643 of the ordinances of the City of
Auburn, entitled "AN ORDINANCE."
I certify that said Ordinance No. 4643 was duly passed by
the Council and approved by the Mayor of the said City of Auburn,
: on the 18th day of October A.D., 1993.
I further certify that said Ordinance No. 4643 was published
as provided by law in the Valley Daily News, a daily newspaper
published in the City of Auburn, and of general circulation
therein, on the 24th day of October, A.D., 1993.
Witness my hand and the official seal of the City of Auburn
this 25th day of October,_A.D., 1993.
, .
Robin Wohlhueter City Clerk
City of Auburn -