HomeMy WebLinkAboutFI15-007 - Original - City Of Kent - General Obligation Note - 12/31/2014 REQUEST FOR MAYOR'S M"OR'S SIGNATURE- ai'�i`ED
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Routing Information (ALL REQUESTS MUST FIRST BE ROUTED THROUGH THE LAW DEPARTMENT)
Originator: Dan Leahy Phone (Originator): 5266
Date Sent: 1/2/15 Date Required: 1/15/15
Return Signed Document to: Dan Leahy CONTRACT TERMINATION DATE: varied
VENDOR NAME: N/A DATE OF COUNCIL APPROVAL: N/A
Brief Explanation of Document:
Each year, at year end, all cash deficits must be covered in preparation for the annual financial
statements in accordance with Accounting Principles Generally Accepted in the United States.
The attached documents create interfund loans to cover all anticipated cash deficits at
December 31, 2014. We are requesting to cover short-term cash shortages in the Housing &
Community Development Fund, Capital Improvement Fund, and Environmental Mitigation Fund
with one-day loans necessary for financial reporting. We are also requesting approval of a one-
year working capital loan to cover deficits in Golf Fund.
All Contracts Must Be Routed Through The Law Department
(This area to be completed by the Law Department)
Received:
Approval of Law Dept.: r. >
Law Dept. Comments:
Date Forwarded to Mayor:
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Shaded Areas To Be Completed By Administration Staff
Received:
Recommendations and Comments:
Disposition:
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Date Returned: ti ?i's`,.,;. s; th
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CITY OF KENT
GENERAL OBLIGATION NOTE
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Interfund Note from the Housing & Community Development Fund to the General Fund
One-Day Loan - Effective December 31, 2014
Amount: up to $100,000
Interest Rate: Non-Interest Bearing Maturity Date: January 1, 2015
The City of Kent, State of Washington a non-charter code city and municipal
corporation of the State of Washington (the "City"), for value received, promises to pay to
the order of the City of Kent's General Fund (the "Fund") on demand, but not later than
January 1, 2015, the outstanding principal sum of up to one hundred thousand dollars j
($100,000) unless earlier redeemed, in whole or in part, by the City, at its option, without
penalty, premium or notice, at which time the City will pay the principal sum of this note.
Principal on this note will be paid in lawful money of the United States of America at
the offices of the Finance Department at the City of Kent.
This note shall constitute a direct and general obligation of the City and a debt of
the City, and the full faith and credit of the City are irrevocably pledged for the payment
of the principal of this note according to its terms.
No official, officer, agent or employee of the City shall be liable personally on this
note by reason of the issuance of it.
It is certified that all conditions, acts and things required by the Constitution of the
State of Washington, and a policy that has been approved by City Council authorizing the
mayor to approve this loan for a period not to one year, and that the issuance of this note
does not violate any constitutional or statutory limitation or any limitation imposed by any
existing resolution or ordinance previously adopted by the City Council of the City of Kent.
In accordance with policies approved by City Council, the mayor is authorizing this
loan for a period not to exceed one year.
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SUZETFE�COOKE, MAYOR
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APPROVED AS TOFORM:
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TOM BRUBAKER, CITY ATTORNEY
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CITY OF KENT
GENERAL OBLIGATION NOTE
Interfund Note from the Capital Improvement Fund to the Water Fund
One-Day Loan — Effective December 31, 2014
Amount: up to $6,500,000
Interest Rate: State Investment Pool rate (net) Maturity Date: January 1, 2015
The City of Kent, State of Washington a non-charter code city and municipal
corporation of the State of Washington (the "City"), for value received, promises to pay to
the order of the City of Kent`s Water Fund (the "Fund") on demand, but not later than
January 1, 2015, the outstanding principal sum of up to six million five hundred thousand
dollars ($6,500,000) unless earlier redeemed, in whole or in part, by the City, at its
option, without penalty, premium or notice, at which time the City will pay the principal
sum of this note together with interest due to the date of redemption. Interest will be
accrued and paid on January 1, 2015 at the State investment pool net rate on the balance
of the loan outstanding. The interest shall be computed on the basis of 365 days a year.
Both principal and interest on this note will be paid in lawful money of the United
States of America at the offices of the Finance Department at the City of Kent.
This note shall constitute a direct and general obligation of the City and a debt of
the City, and the full faith and credit of the City are irrevocably pledged for the payment
of the principal and interest of this note according to its terms.
No official, officer, agent or employee of the City shall be liable personally on this
note by reason of the issuance of it.
It is certified that all conditions, acts and things required by the Constitution of the
State of Washington, and a policy that has been approved by City Council authorizing the
mayor to approve this loan for a period not to one year, and that the issuance of this note
does not violate any constitutional or statutory limitation or any limitation imposed by any
existing resolution or ordinance previously adopted by the City Council of the City of Kent.
In accordance with policies approved by City Council, the mayor is authorizing this
loan for a period not to exceed one year. f;> J
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i ETT COOKS, MAYOR
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APPROVED AS TO FORM:
TO BRUBAKE , CITY ATTORNEY �.
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CITY OF KENT
GENERAL OBLIGATION (VOTE
Interfund Note from the Environmental Mitigation Fund to the Sewerage Fund
One-Day Loan — Effective December 31, 2014
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Amount: up to $75,000
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Interest Rate: State Investment Pool rate (net) Maturity Date: January 1, 2015
The City of Kent, State of Washington a non-charter code city and municipal
corporation of the State of Washington (the "City"), for value received, promises to pay to
the order of the City of Kent`s Sewerage Fund (the "Fund") on demand, but not later than
January 1, 2015, the outstanding principal sum of up to seventy five thousand dollars
($75,000) unless earlier redeemed, in whole or in part, by the City, at its option, without
penalty, premium or notice, at which time the City will pay the principal sum of this note
together with interest due to the date of redemption. Interest will be accrued and paid on
January 1, 2015 at the State investment pool net rate on the balance of the loan
outstanding. The interest shall be computed on the basis of 365 days a year.
Both principal and interest on this note will be paid in lawful money of the United
States of America at the offices of the Finance Department at the City of Kent.
This note shall constitute a direct and general obligation of the City and a debt of
the City, and the full faith and credit of the City are irrevocably pledged for the payment
of the principal of this note according to its terms.
No official, officer, agent or employee of the City shall be liable personally on this
note by reason of the issuance of it.
It is certified that all conditions, acts and things required by the Constitution of the
State of Washington, and a policy that has been approved by City Council authorizing the
mayor to approve this loan for a period not to one year, and that the issuance of this note
does not violate any constitutional or statutory limitation or any limitation imposed by any
existing resolution or ordinance previously adopted by the City Council of the City of Kent.
In accordance with policies approved by City Council, the mayor is authorizing this
loan for a period not to exceed one year.
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SUZETT COOKE, MAYOR
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APPROVED AS TO FORM:
TOMBAKER, CITY ATTORNEY
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CITY OF KENT
GENERAL OBLIGATION NOTE
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Interfund Note from the Golf Fund to the Insurance Fund
One-Year Loan - Effective December 31, 2014
Amount: up to $3,000,000
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Interest Rate: State Investment Pool rate (net) Maturity Date: December 31, 2015
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The City of Kent, State of Washington a non-charter code city and municipal
corporation of the State of Washington (the "City"), for value received, promises to pay to
the order of the City of Kent's Insurance Fund (the "Fund") on demand, but not later than
December 31, 2015, the outstanding principal sum of three million dollars ($3,000,000)
unless earlier redeemed, in whole or in part, by the City, at its option, without penalty,
premium or notice, at which time the City will pay the principal sum of this note together
with interest due to the date of redemption. Interest will be accrued and paid monthly
from December 31, 2014 at the State investment pool net rate per month on the balance
of the loan outstanding. The interest shall be computed on the basis of 365 days a year.
Both principal and interest on this note will be paid in lawful money of the United
States of America at the offices of the Finance Department at the City of Kent.
This note shall constitute a direct and general obligation of the City and a debt of
the City, and the full faith and credit of the City are irrevocably pledged for the payment
of the principal and interest of this note according to its terms.
No official, officer, agent or employee of the City shall be liable personally on this
note by reason of the issuance of it.
It is certified that all conditions, acts and things required by the Constitution of the
State of Washington, and a policy that has been approved by City Council authorizing the
mayor to approve this loan for a period not to one year, and that the issuance of this note
does not violate any constitutional or statutory limitation or any limitation imposed by any
existing resolution or ordinance previously adopted by the City Council of the City of Kent.
In accordance with policies approved by City Council, the mayor is authorizing this
loan for a period not to exceed one year.
SU4,TTE OOKE, MAYOR
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APPROVED AS TO FORM:
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TOM BRUBAKER, CITY ATTORNEY