HomeMy WebLinkAboutPW13-065 - Original - Regional Water Supply System Partners - Repayment Agreement to City of Tacoma for Second Supply Project - 08/24/2010 REPAYMENT AGREEMENT
This Agreement, effective August 24, 2010, is by and among the City of Tacoma,
Washington ("Tacoma"), the City of Kent, Washington ("Kent"), Covington Water District
("Covington") and Lakehaven Utility District ("Lakehaven" and, collectively, the
"Participants")
WHEREAS, the Participants entered into the Agreement for the Second Supply Project
(the "Project Agreement") to obtain required perrmts for, design, finance, construct, operate and
maintain certain property and facilities to obtain and receive deliveries of water for the
Participants from the exercise by Tacoma of the Second Diversion Water Right (the "Project'),
and
WHEREAS, the Project offers to all of the Participants an additional source of water with
the benefits of joint development, tax exempt financing and economies of scale, and
WHEREAS, the Participants have approved a Filtration Treatment Project Financing
Plan relating to installing a filtration treatment system at the Project ("Filtration Treatment
Project"), and
WHEREAS, Tacoma has agreed to finance, to the extent not prepaid by Participants, the
costs of Phase I of the Filtration Treatment Project by the issuance of nonrecourse revenue bonds
to be issued by Tacoma("2010 Project Bonds"), and
WHEREAS, Lakehaven has elected to separately fund its share of costs of Phase I of the
Filtration Treatment Project and will not participate in the issuance of the 2010 Project Bonds,
and
WHEREAS, the Participants have entered into a Filtration Treatment Project Financing
Plan that sets forth the terms under which Lakehaven will make cash payments for Phase I and
the financing plan for the Filtration Treatment Project, and
WHEREAS, Kent and Covington have elected to have Tacoma issue 2010 Project Bonds
to finance a portion of its/their share(s) of Phase I of the Filtration Treatment Project, and
WHEREAS, a portion of the Bonds are being issued as Build America bonds because
such bonds result in a lower net interest cost than tax-exempt bonds,
WHEREAS, the Tacoma Public Utility Board has approved and the Tacoma City Council
adopted an orchnance and resolution (the "Ordinance") authonzing Tacoma to issue $47,840,000
principal amount of its Regional Water Supply System Revenue Bonds, 2010 (the "Bonds"),
consisting of Series A in the principal amount of $3,595,000 and Series B in the principal
amount of$44,245,000 to finance the portion of the Filtration Treatment Project described in the
Ordinance, and
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WHEREAS, it is advisable to elaborate on the Project Agreement's payment sections,
and
WHEREAS,the Bonds will be Project Bonds under the Project Agreement, and
WHEREAS,the Participants wish to set forth the terms under which the Participants shall
make payments to Tacoma equal to their share of the principal of and interest on the Bonds when
due and to confirm other matters required to market the Bonds, and
WHEREAS, this Agreement has been duly authorized by ordinance or resolution of each
of the Participants and by the City
NOW, THEREFORE, the Participants agree as follows
Section 1 Term This Agreement shall take effect upon its execution by the Participants
and shall expire when the Bonds are no longer outstanding under the Ordinance
Section 2 Payments by Kent and Covington
Notwithstanding any provision of Section 25 of the Project Agreement to the contrary,
Kent's and Covington's obligations to repay their share of the Project Bonds shall be governed
by the following provisions
(a) Kent and Covington hereby acknowledge and agree that they shall pay Tacoma a
portion of the principal of and interest on the Bonds and are liable to repay Tacoma amounts due
and owing with respect to such principal and interest as shown on Schedule A
Interest on the Bonds is payable sermannually on each June 1 and December 1,
commencing June 1, 2011 Principal of the Bonds shall be payable annually on each
December 1, as shown on Schedule A Interest on the Bonds shall be calculated based on a 360-
day year of twelve 30-day months The Bonds shall bear interest at the rates set forth in the
Resolution and as shown on Schedule A
(b) Kent and Covington shall renut to Tacoma on or before three business days prior
to each interest and principal payment date, commencing in May 2011, an amount equal to the
interest and principal, if any, next conung due based on their percentage share of the Bonds as
shown on the final Schedule A For the Series B Bonds (the `Build America Bonds"), Kent and
Covington shall pay interest based on the interest rate net of the 35% payment to be received
from the federal government, provided, however, if Tacoma receives the 35% payment after an
interest payment date, Tacoma may charge Kent and Covington interest on such late payment at
a rate equal to the current earnings rate on the City's investment pool from the interest payment
date to the date the interest payment is received from the federal government unless the reason
the 35% payment is not received is the sole result of Tacoma's failure to submit forms in a
timely manner to the federal government Payments shall be sent by check or electronic transfer
to the address or account shown on Schedule B Tacoma shall not be required to bill Kent and
Covington for these payments
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(c) Tacoma agrees to deposit all amounts received from the Participants under this
Agreement in the City of Tacoma Regional Water Supply System Bond Fund maintained under
the Ordinance and to use such money for the sole purpose of paying the principal of and interest
on the Bonds and Future Panty Bonds (as defined in the Ordinance) If Tacoma draws on the
Reserve Account to cover a payment not made by any Participant, Tacoma may deposit amounts
related to such late payments paid pursuant to paragraph (b) above to the Reserve Account to
meet the Reserve Account Requirement(as such terms are defined in the Ordinance)
(d) Kent and Covington may provide for the prepayment of all or a portion of their
allocable share (in increments of$5,000) of the Bonds on any date when the Bonds are subject to
optional redemption (at the price set forth in the Resolution) upon at least 60 days written notice
to Tacoma at the address shown on Schedule B Tacoma shall apply those amounts to the
redemption andprepayment of an allocable onion of the Bonds
P P
(e) Consistent with the terms of the Project Agreement, each Participant agrees that it
will establish, maintain and collect rates and charges for water and other services, facilities and
commodities sold, furnished or supplied by it through its water system which shall be adequate
to provide revenues sufficient to enable the Participant to make its required payments under this
Agreement (in the case of Kent and Covington) and the Project Agreement and comply with the
rate covenants in their respective resolutions or ordinances authorizing their senior lien water
bonds (as such covenants may be changed)
(f) Kent and Covington shall remain obligated to provide for their respective shares
of debt service on the Bonds listed on the final Schedule A unless all Participants consent to add
a new Participant or to permit an existing Participant to assign its interests to a new Participant
and all of the requirements set forth in Section 15(c) of the Ordinance are met In such event,
Schedule A shall be adjusted to reflect the revised debt service schedule for all Participants,
including the new Participant All other terms and conditions of this Agreement shall remain in
full force and effect
(g) Tacoma may in its sole discretion issue bonds that refund the Bonds ("Refunding
Bonds") if and only if there is a debt service savings for each maturity of Refunding Bonds
(compared to the Bonds and except as necessary to round out maturities to the nearest $5,000)
and the final maturity date of the Refunding Bonds is not later than that of the Bonds In such
event, Kent and Covington shall be obligated to provide for the payment of their respective
shares of the principal of and interest on those Refunding Bonds, and Schedule A shall be
adjusted to reflect the revised debt service schedule for the Refunding Bonds Refunding Bonds
that do not provide the debt service savings with the maturities described above may be issued by
Tacoma only with the written approval by Kent and Covington "Refunding Bonds" shall be
treated as "Bonds" for the purposes of this Agreement, and all other terms and conditions of this
Agreement shall remain in full force and effect
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Section 3 Covenants
(a) Tacoma, Kent and Covington agree that they will not take any action during the
life of the 2010 Bonds that would adversely affect the tax-exempt status of the Series A Bonds or
Tacoma's right to receive the federal credit payment for a portion of the interest on the Series B
Bonds, and such parties will execute a certificate prepared by bond counsel in connection with
the issuance of the Bonds regarding the reasonable expectations of each party and the tax
representations necessary for the Bonds to be issued as tax-exempt or Build America Bonds
Kent and Covington shall provide copies of any proposed contract with private parties for the
management of its water system or any contracts with a private party or the Federal Government
that exceed three years (or such lesser period if informed in writing by Tacoma) for the sale of
water from the Project to Tacoma Tacoma and its bond counsel shall promptly review such
contracts and shall inform Kent or Covington, as applicable, if such contracts are expected to
result in private use of the Project If bond counsel concludes that such contracts will result in
more private use than is permitted by then current IRS laws and regulations based on Tacoma's,
Kent's and Covington's percentage shares of debt service on the Bonds, Tacoma, Kent or
Covington shall not enter into such contract unless Tacoma, Kent or Covington, as applicable,
within 60 days after the contract is executed, provides funds to Tacoma sufficient to redeem or
defease the portion of the Bonds that bond counsel concludes is required by Federal tax law to be
retired Tacoma shall provide to the Participants copies of any of its proposed contracts that it
expects to execute and that is likely to result in private use prior to the time the contract is
executed If Tacoma, Kent or Covington takes an action that creates a possibility that the Series
A Bonds could lose their tax-exempt status or the Series B Bonds would not be eligible to
receive the federal payment of a portion of interest, such party shall be responsible for paying
costs to remedy such issue
(b) Kent covenants that it will not amend its Ordinance No 3258 or adopt an
ordinance authorizing the issuance of revenue bonds the effect of which would be to limit Kent's
ability to declare Kent's obligations under the Project Agreement and this Agreement to be a
contract resource obligation of Kent
(c) Lakehaven covenants that it will not amend its existing bond resolutions to limit
its ability or obligation to treat its share of all costs of the Project, including once its 1998 Bonds
are no longer outstanding, when the Project is not operating, as operating and maintenance
expenses of its system or as a contract resource obligations after its 1998 Bonds are fully
redeemed, refunded or defeased
(d) Covington covenants that it will not issue any additional bonds on a parity of lien
with its Water Revenue Refunding Bonds, 2001, and that it will include a provision in its future
bond authorizing resolutions enabling it to treat its share of all costs of the Project, including
when the Project is not operating, as a contract resource obligation.
(e) Each Participant represents that it has no outstanding utility revenue bonds or
other obligations including Public Works Trust Fund loans, and covenants that it will issue no
future utility revenue bonds or other obligations including Public Works Trust Fund loans,that in
either case permit the owners or holders to accelerate debt in the event of a default Each
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Participant further covenants that it will not enter into any agreement or adopt any resolution or
ordinance granting the owners or holders of any revenue obligations the right to accelerate
payment in the event of default
Section 4 Ongoing Disclosure To assist the underwriters of the Bonds in complying
with the ongoing disclosure requirements of Section (b)(5)(i) of Securities and Exchange
Commission Rule 15c2-12 under the Securities Exchange Act of 1934, as amended (the "Rule"),
Kent and Covington agree to include reference to the Bonds in its/their regular ongoing
disclosure filings pursuant to the Rule or, in the absence of a regular ongoing disclosure filing, to
provide or cause to be provided annually to each nationally recognized municipal securities
information repository and to the state information depository for the State of Washington (if one
is created), in each case as designated by the SEC in accordance with the Rule, audited financial
statements prepared in accordance with generally accepted accounting principles applicable to
Washington municipal corporations (except as noted in such financial statements) within eight
months after each fiscal year Covington and Kent shall provide Tacoma a copy of such filing by
each September 1st
Section 5 Official Statement The Participants acknowledge that Tacoma is
preparing an official statement for the sale of the Bonds The Participants agree to cooperate
with Tacoma in providing information regarding the Participant for inclusion in the official
statement and to certify that the information provided is accurate
Section 6 Assignment, Third Party Beneficiary The Participants shall not assign
their interests or obligations under this Agreement without the prior written consent of all the
other Participants This Agreement shall inure to the benefit of and shall bind the respective
assignees The Bondowner's Trustee (as defined in the Ordinance) may enforce a Participant's
obligation to provide for payments that are due under this Agreement There are no other third
party beneficiaries of this Agreement
Section 7 Communications Communications between the parties, including
reconciliation statements and electronic transfers sent pursuant to Section 2(b), shall be delivered
in person, mailed, e-mailed or faxed to the addresses and to the attention of the person and
account specified on Schedule B of this Agreement A party may change such address or
account or specified person by submitting to the other parties a revised Schedule B
Section 8 Amendments; Reliance No amendment of any provision of this
Agreement shall be valid unless set forth in a written amendment signed by all parties Tacoma
will issue the Bonds in reliance on this Agreement
Section 9 Severability If a provision of this Agreement is held to be invalid or
unenforceable in any respect, such invalidity or unenforceability shall not affect any other
provision and this Agreement shall be construed as if such invalid or unenforceable provision
had never been contained in this Agreement
Section 10 Governing Law This Agreement shall be governed and interpreted under
the laws of the State of Washington
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Section 11 Counterparts This Agreement may be executed in counterparts, and each
shall be considered an original when the signature of each party has been obtained
Section 12 Waiver No provision of this Agreement may be waived except as
documented or confirmed in writing and no such waiver may be used to materially impair the
force and effect of any substantive provision of this Agreement Any waiver at any time by a
party of its right with respect to a default under this Agreement, or with respect to any other
matter ansmg in connection therewith, shall not be deemed a waiver with respect to any
subsequent default or matter
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510903343
the Participants have duly executed this Repayment
IN WITNESS WHEREOF, p y
Agreement on the date first written above.
City of Tacoma City of Kent
Department of Public Utilities Water
Division
By. C' Iu ^- By:
V,* Linda McCrea Suzette Cook
Title: Water Superintendent Title: Mayor
Approved as to form and legality: Approved as to form and legality:
By: Z :" �C 1t' By:
Bill F bre Tom Brubaker
Title: Attorney Title: Attorney
Covington Water District Lakehaven Utility District
By: By:
Gwenn Maxfield Don L P. Miller
Title. General Manager Title: President of the Board of
Commissioners
Approved as to form and legality: Approved as to form and legality:
By: By:
Eric Fnmodt Steve Pritchett
Title: Attorney Title. Attorney
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IN WITNESS WHEREOF, the Participants have duly executed this Repayment
Agreement on the date first written above.
City of Tacoma City of Kent
Department of Public Utilities Water
Division
By: By: // C----
Linda McCrea e e Cook
"Title: Water Superintendent Ti e: or
Approved as to form and legality: Approved as to form aH -lcgaiit�
By: By: l
Bill Fosbre om Brubaker
Title: Attorney Title: Attorney
Covington Water District Lakehaven Utility District
By: By:
Gwenn Maxfield Don L.P.Miller
Title: General Manager Title: President of the Board of
Commissioners
Approved as to form and legality: Approved as to form and legality:
By: By:
Eric Frimodt Steve Pritchett
Title: Attorney Title: Attorney
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SIO903342
IN WITNESS WHEREOF, the Participants have duly executed this Repayment
Agreement on the date first written above.
City of Tacoma City of Kent
Department of Public Utilities Water
Division
By: By:
Linda McCrea Suzette Cooke
Title Water Superintendent Title: Mayor
Approved as to form and legality: Approved as to form and legality:
By: By:
Bill Fosbre Tom Brubaker
Title- Attorney Title: Attorney
Covington Water District Lakehaven Utility District
By: } B
`\Gwenn Maxfield Don L.P Miller
Title. '\,Yeneral Manager Title: President of the Board of
Commissioners
Approved as to form and legality: Approved as to form and legality:
By: By:
Eric Frimodt Steve Pritchett
Title: Attorney Title: Attorney
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51OM342
IN WITNESS WHEREOF, the Participants have duly executed this Repayment
Agreement on the date first written above.
City of Tacoma City of Kent
Department of Public Utilities Water
Division
By: By-
Linda McCrea Suzette Cooke
Title: Water Superintendent Title- Mayor
Approved as to form and legality: Approved as to form and legality:
By: By-
Bill Fosbre Tom Brubaker
Title- Attorney Title: Attorney
Covington Water District Lakehaven Utility District
B B
By: Y:
Gwenn Maxfield Don L.P. Miller
Title: General Manager Title: President of the Board of
Commissioners
Approved as to form and legality: Approved as to form and legality:
By: By:
Eric Frimodt Steve Prit heft
Title: Attorney Title: Attorney
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5LO903343
SCHEDULE A
Principal and Interest Payments
SCHEDULE A-1
510903343
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061U12012 '21W 03 112 09"03
12 UI"_012 '299'03 2"2,99"03 $45,994 06
06012013 21299"03 2"399'9}
12 0 L2013 26Q000 2 00Mb 2299'03 532097(H 805.9A1116
06 U1,201, 2'039'03 039-03
12UL2011 261000 2MM, 2'039'03 5ii39'03 505,'9106
06012015 26"i'03 26',',03
12012011 270,Ua1 2%WA N,-1703 Ill%_1 M 805,444-06
06 W1 201t, 265 04'03 263.04"01
M 12016 215,000 3 000% 26_5 0t'03 510 04,03 WA98A6
060IQUr 260 922 03 16092203
12011,201, 28i10V0 3000% 260�'203 5109'r'03 SolSa4A6
060i Mg 256'1203 2W"22 W
1101 IN]9 290000 3mr5o 2167203 546,-w sal'"4A6
06012019 212 3'2 03 2525v203
12 012019 300,000 3 DOWN 252 372 03 512 3"2 03 804,744.06
06 01 2020 1'872 03 24',S'+2 03
1201N20 ATOM 3.000% 2191103 is,02M 865,744 pb
0601?lY.'i 2203 213,11L03
1201 2V21 '1 15 000 4 JDWA 1. 2.,222 03 5 CC 222201 801,4s4 06
06 01-2022 2%922 01 2%922 03
1201.^.022 330.000 4"% 2x602,03 166,9'I03 603,Sa406
0"1,M3 23032203 230,3=03
U01,202_3 3115,000 4=% 2303220,3 375-12,03 905,64406
06411 2094 72',412 03 223 412 rR
11-01202, 355,000 404114 22.112203 5'W.'2203 SOIA4406
0601,2025 21632203 216�2203
12.012025 PUN 5371% 21631203 SM,v.03 802.6"1A
0601,2016 2063T'69 206,468
I2012026 3N5,000 5371% 2063iN68 541 +b'tg '9777136
0h01202-1 1%046% 19604650
12012127 :00,00D 5311% Pk04650 596. b30 -92,09300
06,01^_028 183,A4 SO 13, 59
12.OIP2wN 4€U00 5371% W'304% 545"W.50 "80.60400
0601 2029 1%193105 1 20 95
1_OI2fL9 425.000 S3-1% 1'429395 59929345 -7358'90
U601 2030 162880 58 162 54U 38
12012030 :40.000 5311% 162,85058 6Cr,88058 165;4116
0v01"2411 1'I u61 38 I<J'W'38
12012(M 'S5,000 5621% 15100,IN 60('061i3S '37,12g26
0607 2012 13h 2-6 fiO 13h 276 60
120174M 170.000 5621% M2-660 60a2'16(41 -r16'55320
0&01 2033 U5,06'25 12�06'25
1201 N33 490000 5421% 125,06'25 615,06-25 '40.1a450
0&01,2U3. III291N91) 11129'M
12ul 2u}4 50SAU0 5b21% 111,29' 811 61629'SO +27,39160
0601 2AW 9-W2'g 9'102'r4
12.012035 52UOO 5421% 6',i02Is 622,16'-q 719>556
0&01 1036 82 34'65 82 W 65
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05012017 6-05043 6'Wit)43
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12 062039 605 000 5.621% 34169 69 639-09 a 64,419 36
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SCHEDULE A-2
510903343
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121120" 532%'03 7571271 157,184 32
a1^014 210-W,03 75,71x71 I9lte132
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&11::015 237147 m -75 71271 1411 4 32
1 '12015 5o1w703 -7511171 462I)A32
6,t:0ln 20M703 -75,712.71 189,33432
11,12016 340,104703 -75,71271 4M33132
64201` 260,,2203 .7371271 1&5.7W+2
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61t;.01$ 256,522.0 73,7127E IBt,00932
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OWPU 9 25217203 7571271 1 If,69132
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6112021 243?20 4571271 ib710932
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124 2022 566,422 in 75112-1 441 209 32
&12023 230,12203 45,7t271 154,6M11
1_'A_'020 5-5,321 03 -7S 111 71 1"409 32
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12112025 MIS12103 757.271 S10f0932
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12,12023 545,3v150 -64,850" S30 447 62
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12/12029 599,293" 61M268 5,8NIDT
N12030 16,"0SE 57,En1d20 105.$7J38
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SCHEDULE A-3
510903343
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124 2W 632 030 43 -2-1 460 65 60SJ69 78
6114A3a t115110 -li,W269 3320.21
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64 2039 34 rMj 6 .12 14819 22%129
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SCHEDULE A-4
510903343
Aug K 2010 $32 pat Ne wod lry 6"tkVu CIONel'9lwkoh lnl Page 4
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12 01:0^ 611 75d 96 A51;5.1 96
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SCHEDULE A-5
51090334.3
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1211M33 LWOX,748 ;14,0c712 -V 4036
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SCHEDULE A-6
510903343
A6glo,�*osasomvrwsd 9c enna Makesrx Page9
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12012015 69826873 69826E-9 1,346,13736
06 01.2016 69826873 698,2"11
12 U1,2016 696-US 73 69626873 1,396,53746
0601,2017 698,YlS73 69S269'3
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SCHEDULE A-10
510903343
SCHEDULE B
Notice Addresses
Tacoma's electronic wiring instructions are as follows.
City of Tacoma Wire Instructions
Financial Institution Bank of America
ABA Routing Number 026009593
Account Number 67650200
Type of Account Checking
Account Name City of Tacoma,WA
Federal Tax ID No 91-6001283
Bank Phone Number (800)426-1411 x 70566
City of Tacoma ACH Instructions-
Financial Institution Bank of America
ABA Routing Number 125000024
Account Number 67650200
Type of Account Checking
Account Name City of Tacoma,WA
Federal Tax ID No 91-6001283
Bank Phone Number (800) 426-1411 x 70566
a
Checks should be mailed to
Tacoma City Treasurer
733 Market Street, Room 23
Tacoma, WA 98402
Attn Second Supply Project
City of Kent
220 4 b Avenue S
Kent, WA 98032
Attn Finance Director
Covington Water District
18631 SE 300th PI
Covington, WA 98042
Attn Business Services
Lakehaven Utility District
31627 1 st Avenue South
Federal Way, WA 98003
Attn General Manager
SCHEDULE B
510903343
i
� �`� REQUEST FOR MAYOR'S SIGNATURE
0 T Please Fill inAll Applicable Boxes i
Reviewedlby Director
i
Originator's Name: Dave Brock Dept/Div. PW Operations Extension: 5658 j
Date Sent: 3/26/13 Date Required: 3/26/13
Return to: Nancy Yoshitake CONTRACT TERMINATION DATE:
VENDOR: Regional Water Supply System DATE OF COUNCIL APPROVAL: 3/19/13
Partnership
ATTACH THE COUNCIL MOTION SHEET FOR THE MAYOR - if applicable
Brief Explanation of Document:
The attached amendment is to the 2010 Tacoma Regional Water Supply Bond
Repayment Agreement for the Tacoma Regional Water Supply System. For additional
information see the attached Council motion sheet.
RECEIVED
MAR 2 6 2013
City of Ken,
Office of the Mayor
All Contracts Must Be Routed Through The Law Department
I
(This area to be completed by the Law Department)
Received: 17
I
Approval of Law Dept.:Law Dept. C VAR 2 G 2013
Comments: �
Date Forwarded to Mayor:
Shaded Areas To Oe Completed By Administration Staff
Received:
V
Recommendations and Comments:
�Y �% d" - aF�P -
Disposition: ..��1�3 ��'7 � � L,�/C, //� �- C+�'�,�1 C'
al
Date Returned: