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Home My WebLink AboutOrd 1835 - General Obligation Bonds for Tourism-Related Facilities �J�v Q I J. V1�;• Z 1908 f it o Tukw Washington Ordinance No. /ly AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, AUTHORIZING THE ISSUANCE OF BONDS AND AUTHORIZING THE CITY FINANCE DIRECTOR TO CONTRACT FOR INTERIM FINANCING OF COSTS AND EXPENSES OF THE CITY OF ACQUIRING LAND AND MAKING SITE IMPROVEMENTS, PARKING FACILITIES, A MULTIMODAL CENTER, RELATED ACCESS AND OTHER IMPROVEMENTS TO FACILITATE TOURISM PROMOTION OR THE ACQUISITION AND DEVELOPMENT OF TOURISM RELATED FACILITIES PENDING THE ISSUANCE OF BONDS; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. WHEREAS, the City of Tukwila, Washington (the "City is in need of acquiring land and site improvements made for parking facilities, a multi -modal center, related access and other improvements to facilitate tourism promotion or the acquisition and development of tourism related facilities, the estimated cost of which is $3,500,000, and the City does not have available sufficient funds to pay the cost; and WHEREAS, it is desirable to provide by ordinance general authority for the City Finance Director to contract for interim financing of the costs and expense associated with those improvements pending the issuance of bonds as authorized herein; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY ORDAINS AS FOLLOWS: Section 1. Authorization of Bonds. The City authorizes the issuance and sale of general obligation bonds of the City in the aggregate principal amount of not to exceed $3,500,000 for the purpose of acquiring land and site improvements made for parking facilities, a multi -modal center, related access and other improvements to facilitate tourism promotion or the acquisition and development of tourism- related facilities (as those terms are defined in Chapter 67.28 RCW) and such other facilities as may be approved by the City Council. Such bonds shall be issued in one or more series, at such times as the City shall deem advisable, shall be in such denomination and form, shall be dated, shall bear such interest rate or rates, shall be payable at such time or times, shall have such option of payment prior to maturity, may be payable from, among other sources, special hotel -motel taxes received by the City pursuant to Chapter 67.28 RCW, shall contain and be subject to such provisions and covenants as hereafter shall be provided by ordinance. Section 2. Authorization of City Finance Director. The City Finance Director is authorized to negotiate and enter into contracts for the sale of short-term obligations as authorized by Chapter 39.50 RCW up to the maximum of $3,500,000. Such obligations may bear a fixed rate or rates or a variable rate or rates of interest which may be based on a bank prime rate or the most recent prime rate of interest published in the Wall Street Journal, but in any event shall not exceed a net effective interest rate of 10% per annum. Such short-term obligations shall be dated as the date of their issuance and shall not be outstanding, together with any other short-term obligations issued to redeem the same, for longer than five years. Such short-term obligations shall be registered if so required in order to exempt the interest thereon from federal income taxation, and the City Finance Director may designate the registrar depending on the volume of certificates required. BONDACQ. DOC 2126198 1 The short-term obligations may be paid from the proceeds of bonds as authorized in Section 1 of this ordinance, from the proceeds of the issuance of other short-term obligations, or from other City funds legally made available for that purpose. The short-term obligations shall be payable solely out of the redemption fund created in relation thereto. The short-term obligations may be subject to prior redemption, may be sold at a discount, at par, or at a premium and shall be in such denominations and bear such other covenants respecting payment and such other terms and conditions as the City Finance Director may determine. Both principal of and interest on the short-term obligations shall be payable in lawful money of the United States of America at the office or offices of the registrar. The City Council finds and determines that the maximum rate of interest for rates established in this ordinance are in the best interest of the City. Section 3. Ratification and Confirmation. Any actions of the City or its officers prior to the date thereof and consistent with the terms of this ordinance are ratified and confirmed. Section 4. Severability. If any section, subsection, paragraph, sentence, clause or phrase of this ordinance or its application to any person or situation should be held to be invalid or unconstitutional for any reason by a court of competent jurisdiction, such invalidity or unconstitutionality shall not affect the validity or constitutionality of the remaining portions of this ordinance or its application to any other person or situation. Section 5. 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 and effect five (5) days after passage and publication as provided by law. PASSED BY THE CITY COUNCIL OF TH Y OF TUKWIL WASHINGTON, at a Regular Meeting thereof this 4 11 day of Q J 1998. ATTEST /AUTHENTICATED: adL d ip l e E. Cantu, City Clerk APPROVED RM: By Offi of thiC (tty Att FILED WITH THE CITY CLERK: .g 6 PASSED BY THE c ITY COUNCIL: 3/�P PUBLISHED: ,g /&7r EFFECTIVE DATE: �3 f ORDINANCE NO.: /S-5_5 co. W. Rants, Mayor BONDACQ.DOC 2/26/98 2 I, JANE E. CANTU, City Clerk of the City of Tukwila, Washington, certify that the attached copy of Ordinance No. is a true and correct copy of the original ordinance passed on the day of 1998, as that ordinance appears on the Minute Book of the City. DATED this day of 1998. 0323327.01 JANE E. CANTU, City Clerk CITY OF TUKWILA SUMMARY OF ORDINANCE NO. a.�3 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, AUTHORIZING THE ISSUANCE OF BONDS AND AUTHORIZING THE CITY FINANCE DIRECTOR TO CONTRACT FOR INTERIM FINANCING OF COSTS AND EXPENSES OF THE CITY OF ACQUIRING LAND AND MAKING SITE IMPROVEMENTS, PARKING FACILITIES, A MULTIMODAL CENTER, RELATED ACCESS AND OTHER IMPROVEMENTS TO FACILITATE TOURISM PROMOTION OR THE ACQUISITION AND DEVELOPMENT OF TOURISM RELATED FACILITIES PENDING THE ISSUANCE OF BONDS; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. On /4 the City Council of the City of Tukwila passed Ordinance No. authorizing the issuance and sale of general obligation bonds of the City for the purpose of acquiring land and site improvements made for parking facilities, a multi -modal center, related access and other improvements to facilitate tourism promotion or the acquisition and development of tourism- related facilities; authorizing the City Finance Director to negotiate and enter into contracts for the sale of short-term obligations as authorized by Chapter 39.50 RCW up to the maximum of $3,500,000; providing for severability and establishing an effective date. The full text of this ordinance will be mailed without charge to anyone who submits a written request to the City Clerk of the City of Tukwila for a copy of the text. APPROVED by the City Council at its meeting of t,V/0 Published Seattle Times: 3 r Cantu, City Clerk