HomeMy WebLinkAboutFS 2013-03-05 Item 2C - Interlocal Agreement - Amendment to Long-Term General Obligation Bonds with Metropolitan Park DistrictTO:
City of Tukwila
Jim Haggerton, Mayor
INFORMATIONAL MEMORANDUM
Mayor Haggerton
Finance and Safety Committee
FROM: Peggy McCarthy, Finance Director
BY: Craig Zellerhoff, Fiscal Coordinator Payroll and Accounts Payable
DATE: February 22, 2013
SUBJECT: Amend Interlocal Agreement with Metropolitan Park District (MPD)
ISSUE
Amend Interlocal Agreement for issuance of Long Term General Obligation Bonds in 2013
rather than 2012 due to market timing. The bonds are for financing the capital project at the
Tukwila Pool.
DISCUSSION
This is a revision to the original Interlocal Agreement to correlate the verbiage in regards to the
issuance of the Bonds and amount in 2013. The original agreement was for an open market
sale with a 15 year repayment schedule and has been replaced with a private placement with
Cashmere Bank and a 10 year repayment schedule. The agreement has been amended as
follows:
Section 1.7: The original amount stated in this section was not to exceed $1,100,000. This
amount has been reduced to $1,000,000. Additionally, the Ordinance number has been updated
to reflect the Ordinance authorizing the new amount for the Bonds.
Section 2: Ordinance number and the year of the Bond sale have been updated to reflect
current information.
Exhibit B: The 15 year repayment schedule was incorporated in this Exhibit and has been
deleted and replaced with Exhibit B -2 reflecting a 10 year repayment schedule.
RECOMMENDATION
The Committee is being asked to forward this item to the March 18, 2013 Consent Agenda. The
MPD Board will be asked to consider this item at their meeting on March 18, 2013 as well.
ATTACHMENTS
Amended Interlocal Agreement
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City of Tukwila
6200 Southcenter Boulevard, Tukwila WA 98188
Agreement Number:
INTERLOCAL AGREEMENT
Amendment # 1 to Interlocal Agreement #12 -008 for the Tukwila Metropolitan Park
District and Agreement # 12 -143 for the City of Tukwila
That portion of the Interlocal Agreement between the City of Tukwila and the Tukwila
Metropolitan Park District is amended as follows:
Section 1.7 is amended to read as follows:
The Tukwila City Council has adopted Ordinance No. 2394 authorizing the issuance of not
to exceed $1,000,000 Limited Tax General Obligation Bonds, 2013 and the execution of
this Agreement to provide for the financing of the Pool Improvement Project.
Section 2 is amended to read as follows:
For purposes of this Agreement, the following words shall have the following meanings,
unless another meaning is clearly intended. Capitalized terms not defined below shall have
the meanings given in the Bond Ordinance.
"Agreement" means this Interlocal Agreement for the funding of the Tukwila Pool
Improvement Project, entered into by and between the City and TMPD under the authority
of RCW 35.61.290 and 67.20.010.
"Bond Counsel" means a firm of nationally recognized Bond Counsel selected by the City.
"Bond Ordinance" means Ordinance No. 2394 of the City of Tukwila authorizing
issuance of the City's Limited Tax General Obligation Bonds, 2013 (Pool
Improvement Project).
"Business Day" means any day that is not a Saturday, Sunday, holiday or other day on
which commercial banking institutions in Washington state are authorized or obligated by
law or executive order to be closed.
"City" means the City of Tukwila, Washington.
"Code" means the Internal Revenue Code of 1986, as amended, together with all
administrative rulings and regulations promulgated or issued thereunder.
"Debt Service Payment" means any payment of principal or interest (or both) with respect
to Pool Improvement Project Bonds plus any premium, prepayment penalty, credit
enhancement, remarketing or similar fee coming due and payable on any principal or
interest payment date and not paid on issuance of the bonds.
CA: 2012
Page 1 of 2
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City of Tukwila
6200 Southcenter Boulevard, Tukwila WA 98188
Agreement Number:
"Gross TMPD Revenues" means all taxes, fees, charges and other revenues received by
TMPD from any source whatsoever.
"Pool Improvement Project" or "Project" means the Tukwila Pool Improvement Project
described in Exhibit A and incorporated by this reference.
"Pool Improvement Project Bonds" the City's Limited Tax General Obligation Bonds, 2012,
authorized by the Bond Ordinance.
"Parties" means the City and TMPD.
"Tukwila Metropolitan Park District" or "TMPD" means The Tukwila Metropolitan Park
District, a municipal corporation created pursuant to chapter 36.120 RCW and a vote of the
people held on August 16, 2011.
"TMPD Board' means the governing board of TMPD.
"TMPD Payment" means one or more payments made by TMPD under this Agreement to
fund the City.
Exhibit B is amended as follows:
Exhibit B to the Interlocal Agreement is deleted and hereby replaced with Exhibit B -2.
Exhibit B -2 is fully incorporated for all purposes of this Agreement.
All other provisions of the contract shall remain in full force and effect.
Dated this day of , 20
CITY OF TUKWILA TUKWILA METROPOLITAN PARK
DISTRICT
Jim Haggerton, Mayor Verna Seal, Board President
APPROVED AS TO FORM APPROVED AS TO FORM
Shelley M. Kerslake, Lisa M. Marshall,
City Attorney Commission Attorney
CA: 2012
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Page 2 of 2
City of Tukwila
Cashmere LTGO Bond Amortization Schedule
EXHIBIT B -2
PAYM ENT
PERIOD BEGINNING PRINCIPAL INTEREST RATE INTEREST ENDING CASH FLOW
2/1/2013 1,000,000.00 1,000,000.00
6/1/2013 1,000,000.00 (50,731.67) 0.02 (5,833.33) 949,268.33 (56,565.00)
12/1/2013 949,268.33 (48,258.90) 0.02 (8,306.10) 901,009.43 (56,565.00)
6/1/2014 901,009.43 (48,681.17) 0.02 (7,883.83) 852,328.26 (56,565.00)
12/1/2014 852,328.26 (49,107.13) 0.02 (7,457.87) 803,221.13 (56,565.00)
6/1/2015 803,221.13 (49,536.82) 0.02 (7,028.18) 753,684.31 (56,565.00)
12/1/2015 753,684.31 (49,970.26) 0.02 (6,594.74) 703,714.05 (56,565.00)
6/1/2016 703,714.05 (46,537.07) 0.03 (10,027.93) 657,176.98 (56,565.00)
12/1/2016 657,176.98 (47,200.23) 0.03 (9,364.77) 609,976.75 (56,565.00)
6/1/2017 609,976.75 (47,872.83) 0.03 (8,692.17) 562,103.92 (56,565.00)
12/1/2017 562,103.92 (48,555.02) 0.03 (8,009.98) 513,548.90 (56,565.00)
6/1/2018 513,548.90 (49,246.93) 0.03 (7,318.07) 464,301.97 (56,565.00)
12/1/2018 464,301.97 (49,948.70) 0.03 (6,616.30) 414,353.27 (56,565.00)
6/1/2019 414,353.27 (48,277.93) 0.04 (8,287.07) 366,075.34 (56,565.00)
12/1/2019 366,075.34 (49,243.49) 0.04 (7,321.51) 316,831.85 (56,565.00)
6/1/2020 316,831.85 (50,228.36) 0.04 (6,336.64) 266,603.49 (56,565.00)
12/1/2020 266,603.49 (51,232.93) 0.04 (5,332.07) 215,370.56 (56,565.00)
6/1/2021 215,370.56 (52,257.59) 0.04 (4,307.41) 163,112.97 (56,565.00)
12/1/2021 163,112.97 (53,302.74) 0.04 (3,262.26) 109,810.23 (56,565.00)
6/1/2022 109,810.23 (54,368.80) 0.04 (2,196.20) 55,441.43 (56,565.00)
12/1/2022 55,441.43 (55,441.43) 0.04 (1,108.83) 0.00 (56,550.26)
(131,285.26)
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