HomeMy WebLinkAboutOrd 1694 - Water and Sewer Revenue Bonds for Waterworks Utility (Repealed by Ord 1736)
Ordinance No. 1694 repealed by 1736
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, RELATING THE WATERWORKS UTILITY OF THE CITY,
INCLUDING THE SYSTEM OF SEWERAGE AS A PART THEREOF;
SPECIFYING, ADOPTING AND ORDERING TO BE CARRIED OUT A
SYSTEM OR PLAN OF ADDITIONS TO AND BETTERMENTS AND
EXTENSIONS OF THE WATERWORKS UTILITY OF THE CITY;
AUTHORIZING THE ISSUANCE OF WATER AND SEWER REVENUE
BONDS OF THE CITY TO PAY A PART OF THE COST OF THAT SYSTEM
OR PLAN; AND AUTHORIZING INTERFUND LOANS PENDING THE
ISSUANCE OF THOSE BONDS.
WHEREAS, beginning in 1995, The City of Seattle intends to transfer to the City the
responsibility for providing water and sewer services to the East Marginal /Duwamish corridor
and the Ryan Hill areas of the City; and
WHEREAS, the City Council has determined that certain capital improvements to the
Waterworks Utility are necessary to enable the City to provide water and sewer services to those
areas of the City; and
WHEREAS, the City Council deems it to be in the best interest of the City that the City
borrow money by the issuance of water and sewer revenue bonds and, pending the issuance of
those bonds, make temporary loans from available City funds for the purpose of providing a part
of the funds with which to pay the costs of the constructing the improvements described herein;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY ORDAINS AS FOLLOWS:
Section 1. Adoption of Plan of Additions. The City specifies, adopts and orders to be
carried out system or plan of additions to and betterments and extensions of the Waterworks
Utility (the "Plan of Additions" and each element thereof an "Addition ") described as follows:
(1) Construct new 16" line along East Marginal Way with new metered
connection and intertie with Seattle system;
(2) Construct additional 16" line to connect East Marginal area to 18" line in
Allentown and Tukwila's existing storage reservoir; and
(3) Construct required improvements in Ryan Hill area, including new
metering point, intertie with Seattle and new pipelines as required.
The estimated cost of the Plan of Additions, as nearly as may be determined, is declared to
be $4,000,000, all of which is expected to be financed from the proceeds of water and sewer
revenue bonds and other obligations of the City. The Plan of Additions may be modified to
include other improvements if the City determines by ordinance that those amendments or other
improvements constitute a system or plan of additions to and betterments and extensions of the
Waterworks Utility.
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Section 2. Authorization of Bonds. The City shall borrow money and issue negotiable
water and sewer revenue bonds in the amount of not to exceed $4,000,000 (the "Bonds to
provide funds to pay the costs of carrying out the Plan of Additions and to pay the costs of
issuance and sale of the Bonds. The Bonds shall be payable from the gross revenues of the
Waterworks Utility and shall be issued either on a parity of lien with the City's outstanding water
and sewer revenue bonds or in a lien position subordinate thereto. The Bonds shall not be a
general obligation of the City.
Section 3. Authorization of Interfund Loans. Pending the receipt of the proceeds of the
Bonds authorized in Section 2 hereof, the Finance Director is authorized to provide for temporary
loans (the "Loans to the City's Water /Sewer Construction Fund 403 (the "Construction Fund
from the City's Sewer Fund 402 (the "Sewer Fund or other available funds of the City for the
purpose of paying part of the cost of the Plan of Additions. The Loans shall be in the aggregate
principal amount of not to exceed $4,000,000. The Loans shall bear interest at a rate equal to the
interest rate earned on investments in the State of Washington Investment Pool (computed on the
basis of a 360 -day year of twelve 30-day months) and shall be payable as determined by the
Finance Director, except that the term of the Loans shall not exceed one year.
The City Council finds that making the Loans is in the best interest of the City.
Section 4. Ratification. All actions previously taken and consistent with the provisions of
this ordinance are ratified and confirmed.
Section 5. Severability. If any section, sentence, clause or phrase of this ordinance
should be held to be invalid or unconstitutional by a court of competent jurisdiction, such
invalidity or unconstitutionality shall not affect the validity or constitutionality of any other
section, sentence, clause or phrase of this ordinance.
Section 6. 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 (5) days after
passage and publication as provided by law.
PASSED BY THE CITY COUNCIL OF THE OF TUKWILA, WASHINGTON, at
a Regular Meeting thereof this oqa' day of ,1994.
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Rants, Mayor
ATTEST /AUTHENTICATED:
J. e E. Cantu, City Clerk
APPROVED AS TO FORM:
By O(� -t/1-, P-
Office of the City Attorney
FILED WITH THE CITY CLERK: J7-
PASSED BY THE CITY COUNCIL: 2
PUBLISHED: -f-'1 )4
EFFECTIVE DATE: !v
ORDINANCE NO.: (0 9/
wtrwks 02/17/94
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