HomeMy WebLinkAboutRes 1604 - Cascade Water Alliance Issue and Sell Initial Bonds �J�� A...w
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Washington
Resolution No. 14 G T
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, AUTHORIZING AND DIRECTING THE MAYOR OR HIS
DESIGNEE TO EXECUTE CERTIFICATIONS, ENTER INTO A
CONTINUING DISCLOSURE UNDERTAKING, AND DO ALL THINGS
NECESSARY TO ENABLE CASCADE WATER ALLIANCE TO ISSUE AND
SELL ITS INITIAL BONDS.
WHEREAS, the City of Tukwila (the "City entered into an Interlocal Agreement
effective June 1, 1999, as amended and restated as of February 28, 2005 (the "Interlocal
Agreement relating to the creation of the Cascade Water Alliance "Cascade and
WHEREAS, pursuant to the Interlocal Agreement, Cascade is authorized to issue
bonds for its purposes upon approval of the Cascade Board; and
WHEREAS, the Cascade Board has determined to issue its initial bonds in a
principal amount of approximately $58 million, to pay the costs of carrying out a
portion of the capital program described in its Watershed Management Plan; and
WHEREAS, pursuant to the Interlocal Agreement, debt service on the bonds will
be paid directly from net revenue of Cascade and, indirectly, from member charges to
be paid by the City and other members of Cascade; and
WHEREAS, the Interlocal Agreement includes a "step up" provision, which
provides that if any member fails to pay its share of member charges, the other
members shall pay to Cascade (in addition to its own member charges otherwise due)
the defaulting member's charges in proportion to each remaining member's share; and
WHEREAS, the City now desires to recognize the issuance of bonds by Cascade
and the City's responsibilities with respect thereto under the Interlocal Agreement, and
to authorize and direct the Mayor or his designee to sign closing certificates and a
continuing disclosure undertaking in connection with the bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, DO RESOLVE AS FOLLOWS:
Section 1. The City hereby acknowledges the issuance of approximately $58
million principal amount of bonds by Cascade, and acknowledges the City's
responsibilities with respect thereto set forth in the Interlocal Agreement. The City
authorizes and directs the Mayor or his designee to execute one or more certificates
with respect to:
A. Information regarding the City included in Appendix A to the Preliminary and
Final Official Statements for the bonds;
B. The absence of litigation with respect to the bonds and the City's obligations
under the Interlocal Agreement; and
C. The due authorization by the City of, and the validity of, the Interlocal
Agreement.
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In addition, the City hereby authorizes and directs The Mayor or his designee to
enter into an ongoing disclosure undertaking with respect to financial and operating
data regarding the City included in the Official Statement.
Section 2. 'The Mayor or his designee is authorized to take any actions and to
execute documents as in his judgment may be necessary or desirable in order to carry
out the terms of, and complete the Cascade bond issuance contemplated by, this
Resolution. All acts taken pursuant to the authority of this Resolution, but prior to its
effective date are hereby ratified.
PASSED BY THE CITY COUNCIL 4E THE CITY OF�TUKWILA, WASHINGTON,
at a Regular Meeting thereof this day of 2006.
ATTEST/ AUTHENTICATED:
Dennis Robertson, Council President
Jan Cantu, CHIC, City Clerk
APPROVED AS TO FORM BY:
Filed with the City Clerk-
Passed by the City Coun i.1/' 7-6 CO
Office of the City Attorney Resolution Number-
l �D
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