HomeMy WebLinkAboutOrd 2472 - Conform Debt Service Payment DatesCl*ty of u la
Washington
Ordinance No. 2472
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, AMENDING ORDINANCE NO. 2464,
SECTION 4 (PART) AND SECTION 5, AND AMENDING EXHIBIT
A OF ORDINANCE NO. 2465, TO CONFORM DEBT SERVICE
PAYMENT DATES; AND PROVIDING FOR OTHER PROPERLY
RELATED MATTERS; PROVIDING FOR SEVERABILITY; AND
ESTABLISHING AN EFFECTIVE DATE.
WHEREAS, the City previously issued its Limited Tax General Obligation Bond
Anticipation Note, 2014 (the "Note ") pursuant to Ordinance No. 2464, and its Limited
Tax General Obligation Bonds, 2014 (the "Bonds ") pursuant to Ordinance No. 2465;
and
WHEREAS, this amendment is necessary to conform the debt service payment
dates set forth in Ordinance No. 2464 and Ordinance No. 2465, respectively, to the
dates specified at closing by the purchasers of the Note and the Bonds, respectively;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY ORDAINS AS FOLLOWS:
Section 1. Ordinance No. 2464, Section 4, Amended. Except as amended by
this ordinance, all other provisions of Ordinance No. 2464 shall remain in full force and
effect and all actions taken at any time prior to the effective date of this ordinance,
which are consistent with Ordinance No. 2464 as so amended, are hereby ratified and
confirmed in all respects.
Section 4 of Ordinance No. 2464, subparagraphs B and C, are hereby amended to
read as set forth below. (Additions are double underlined and deletions are enclosed in
double parentheses and struck through.)
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Terms of the Note.
B. Interest. Each Draw shall bear interest at the Interest Rate selected by the
City from the Date of each Draw, which shall be computed on the basis of a year of 360
days for the actual number of days elapsed. The City Finance Director shall designate
the Fixed Rate or the applicable Variable Rate Period with respect to each Draw in the
Draw Request. So long as no Event of Default has occurred and is continuing, interest
shall accrue on each Draw at the applicable Interest Rate. Upon the occurrence of an
Event of Default and until such default is cured, the Bank may, at its option, impose the
Default Rate.
Interest on the outstanding principal amount of the Note will be paid quarterly,
beginning ((Apf4))March 1, 2015, and each ((Apf4))March 1, June 1, September 1 and
December 1 thereafter, to and including the Maturity Date. If the first day of a calendar
month is not a Business Day, the payment shall be due on the next succeeding
Business Day.
The City may elect to convert any Fixed Rate Draw to a Variable Rate as set forth
in the Line of Credit Agreement, and may convert any Variable Rate Draw to a different
Variable Rate Period or to a Fixed Rate at the expiration of any Variable Rate Period.
Unless the City affirmatively elects a new Variable Rate Period in writing received by the
Bank on or before 2:00 p.m. (Pacific Time) on the last Business Day of a Variable Rate
Period for a specific Draw, the Interest Rate for such Draw shall be renewed for a
successive Variable Rate Period of the same length as the expiring Variable Rate
Period. Notwithstanding the foregoing, the Finance Director may consent to different
terms in the Line of Credit Agreement regarding the Variable Rate Periods and indices
available and regarding conversion of interest rate modes, if she deems the terms in the
Line of Credit Agreement to be in the City's best interests.
C. Commitment Fee. The City agrees to pay a commitment fee of 0.50% on the
average daily balance of the unused portion of the commitment amount (i.e., the
maximum stated amount of the Note, less the sum of all Draws) calculated on the basis
of a 360 -day year and the actual days elapsed. The commitment fee shall be payable
quarterly in arrears on each interest payment date, commencing on ((Ap4))March 1,
2015.
Section 2. Ordinance No. 2464, Section 5, Amended. Except as amended by
this ordinance, all other provisions of Ordinance No. 2464 shall remain in full force and
effect and all actions taken at any time prior to the effective date of this ordinance,
which are consistent with Ordinance No. 2464 as so amended, are hereby ratified and
confirmed in all respects.
Section 5 of Ordinance No. 2464 is hereby amended to read as set forth below.
(Additions are double underlined and deletions are enclosed in double parentheses and
struck through.)
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Term Out Provision. If, on the Maturity Date, the City is unable to pay the
principal of or interest on the Note then due and payable in full and no Event of Default
has occurred and is continuing, the Maturity Date shall be extended for a term of one
year, to December 1, 2018. This period shall be referred to as the "Term Out Period."
Interest on the outstanding principal amount shall accrue from and after December 1,
2017 at a rate equal to the Fixed Rate plus 2.0 %, calculated on the basis of a year of
360 days for the actual number of days elapsed. Interest and Principal shall be due and
payable in four approximately equal quarterly installments, on ((Apf4))March 1, 2018,
June 1, 2018, September 1, 2018 and December 1, 2018. The maximum term of the
Note issued under this ordinance shall not be extended beyond December 1, 2018
without written approval by the Bank accepted by the City Council.
Section 3. Exhibit A to Ordinance No. 2465 Amended. Except as amended by
this ordinance, all other provisions of Ordinance No. 2465 shall remain in full force and
effect and all actions taken at any time prior to the effective date of this amendatory
ordinance, which are consistent with Ordinance No. 2465 as so amended, are hereby
ratified and confirmed in all respects.
Exhibit A of Ordinance No. 2465 is hereby amended to read as set forth in Exhibit A
to this ordinance. (Additions are double underlined and deletions are enclosed in
double parentheses and struck through.)
Section 4. General Authorization and Ratification. The appropriate officers of
the City are severally authorized to take such actions and to execute such documents
as in their judgment may be necessary or desirable to carry out the transactions
contemplated in connection with this ordinance, and to do everything necessary for the
prompt delivery of the Bonds to the Purchaser and for the proper application, use and
investment of the proceeds of the Bonds. All actions taken prior to the effective date of
this ordinance in furtherance of the purposes described in this ordinance and not
inconsistent with the terms of this ordinance are ratified and confirmed in all respects.
Section 5. Corrections by City Clerk or Code Reviser. Upon approval of the
City Attorney, the City Clerk and the code reviser are authorized to make necessary
corrections to this ordinance, including the correction of clerical errors; references to
other local, state or federal laws, codes, rules, or regulations; or ordinance numbering
and section /subsection numbering.
Section 6. Severability. The provisions of this ordinance are declared to be
separate and severable. If a court of competent jurisdiction, all appeals having been
exhausted or all appeal periods having run, finds any provision of this ordinance to be
invalid or unenforceable as to any person or circumstance, such offending provision
shall, if feasible, be deemed to be modified to be within the limits, of enforceability or
validity. However, if the offending provision cannot be so modified, it shall be null and
void with respect to the particular person or circumstance, and all other provisions of
this ordinance in all other respects, and the offending provision with respect to all other
persons and all other circumstances, shall remain valid and enforceable.
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Section 7. Effective Date. This ordinance or a summary thereof shall be published
in the official newspaper of the City, and shall take effect and be in full force five days
after passage and publication as provided by law.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at
a Regular Meeting thereof this 144 day of „� 2015.
ATTEST /AUTH ENTICATED:
e
Christy O'Flaher y, MMC, City Clerk
APPROVED AS TO FORM BY:
Bond Counsel
Filed with the City Clerk:
Passed by the City Council:
Published: ”? —1 q r
Effective Date: 1 -3 -/S
Ordinance Number: .2411
Attachment: Exhibit A, Description of the Bonds
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(a)
(b)
(c)
(d)
(e)
Exhibit A
EXHIBIT A
DESCRIPTION OF THE BONDS
Principal Amount: $3,850,000
Purchase Price: $3,850,000 (par amount of the Bonds)
Interest Payment Dates: June 1 and December 1, commencing June 1, 2015.
Maturity and Interest Rates: The Bonds shall mature on the dates and bear interest at
the initial rates (computed on the basis of a 360 -day year of
twelve 30 -day months), as follows:
City of Tukwila, Washington
Limited Tax General Obligation Bonds, 2014 (Taxable)
Maturity
Principal
Interest
Maturity
Principal
Interest
(Dec 1)
Amount
Rate
(Dec 1)
Amount
Rate
2015
$141,000
0.85%
2021
$ 165,000
3.93%
2016
149,000
1.17
2022
172,000
4.32
2017
150,000
1.60
2023
179,000
4.63
2018
153,000
2.17
2024
187,000
4.86
2019
156,000
2.67
* **
* **
* **
2020
160,000
3.26
2034
2,238,000
2.85(')
(1) Commencing December((- anuary)) 1, 2019, interest on those Bonds maturing
December 1, 2034, will be adjusted to the 5 -year Advance Fixed Bullet Rate, as quoted by
the Seattle Federal Loan Bank from time to time, divided by 0.65, which will remain in
effect through and including November 30((Desernber 34)), 2024. Commencing
December 1. 2024(( --„-- -j, , 2025)), interest on those Bonds maturing December 1,
2034, will be adjusted to the 5 -year Advance Fixed Bullet Rate, as quoted by the Seattle
Federal Loan Bank from time to time, divided by 0.65, which will remain in effect through
and including November 30(( -DeGe ,her)), 2029. Commencing December 1 2029
((��►ary 1, 20 )), interest on those Bonds maturing December 1, 2034, will be adjusted
to the 5 -year Advance Fixed Bullet Rate, as quoted by the Seattle Federal Loan Bank from
time to time, divided by 0.65, which will remain in effect through and including December 1,
2034.
Optional Redemption: The Bonds maturing on and after December 1, 2020, are
subject to redemption in whole or in part on or after
December 1, 2019, without penalty at any time, upon 30 days
written notice to the Registered Owner(s) of the Bond(s) to be
redeemed.
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Mandatory Redemption: The Bond due on December 1, 2034 will be paid in annual
principal installments, plus accrued interest, on December 1
in the years and amounts as follows:
Term Bonds Maturing 2034
Mandatory
Redemption
Years
Mandatory
Redemption
Amounts
2025
$197,000
2026
202,000
2027
208,000
2028
214,000
2029
220,000
2030
226,000
2031
233,000
2032
239,000
2033
246,000
2034*
253,000
*Maturity
ON
CERTIFICATION
I, the undersigned, City Clerk of the City of Tukwila, Washington (the "City "), hereby
certify as follows:
1. The attached copy of Ordinance No. (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 2015, as that
ordinance appears on the minute book of the City.
2. The Ordinance will be in full force and effect five days after publication in the
City's official newspaper, which publication date is , 2015.
3. A quorum of the members of the City Council was present throughout the
meeting and a majority of the members voted in the proper manner for the passage of
the Ordinance.
Dated: 2015.
CITY OF TUKWILA, WASHINGTON
Christy O'Flaherty, MMC, City Clerk
City of Tukwila Public Notice of Ordinance Adoption for Ordinances 2471 -2473.
On March 16, 2015 the City Council of the City of Tukwila, Washington, adopted the
following ordinances, the main points of which are summarized by title as follows:
Ordinance 2471: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, RELATING TO CONTRACTING INDEBTEDNESS;
PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF NOT TO EXCEED
$6,250,000 AGGREGATE PRINCIPAL AMOUNT OF LIMITED TAX GENERAL
OBLIGATION BONDS TO PROVIDE FUNDS TO PAY OR REIMBURSE THE CITY FOR
THE COST OF ROAD CONSTRUCTION AND IMPROVEMENT PROJECTS AND TO
PAY THE COSTS OF ISSUANCE AND SALE OF THE BONDS; FIXING OR SETTING
PARAMETERS WITH RESPECT TO CERTAIN TERMS AND COVENANTS OF THE
BONDS; APPOINTING THE CITY'S DESIGNATED REPRESENTATIVE TO APPROVE
THE FINAL TERMS OF THE SALE OF THE BONDS; AND PROVIDING FOR OTHER
RELATED MATTERS; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN
EFFECTIVE DATE.
Ordinance 2472: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, AMENDING ORDINANCE NO. 2464, SECTION 4 (PART)
AND SECTION 5, AND AMENDING EXHIBIT A OF ORDINANCE NO. 2465, TO
CONFORM DEBT SERVICE PAYMENT DATES; AND PROVIDING FOR OTHER
PROPERLY RELATED MATTERS; PROVIDING FOR SEVERABILITY; AND
ESTABLISHING AN EFFECTIVE DATE.
Ordinance 2473: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, APPROVING AND AUTHORIZING THE DEVELOPMENT
AGREEMENT WITH TUKWILA TSD, LLC, FOR THE SHARED USE OF PARKING IN
THE PUBLIC RIGHT -OF -WAY OF CHRISTENSEN ROAD AS IT RELATES TO THE
PLANNED DEVELOPMENT OF A HOTEL LOCATED AT 90 ANDOVER PARK EAST;
PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE.
The full text of these ordinances will be provided upon request.
Christy O'Flaherty, MMC, City Clerk
Published Seattle Times: March 19, 2015