HomeMy WebLinkAbout3975ORDINANCE NO. -/?ø
AN ORDINANCE of the City of Kent,
Washington, providing for the issuance and sale
of a limited tax general obligation bond of the
City in the aggregate principal amount of not to
exceed $1,200,000 to finance costs of a
geothermal energy project of the City, and to pay
costs of issuance of the bond; providing the form
and terms of the bond; and delegating authority
to approve the final terms of the bond.
PASSED: October 5, 2010
This document prepared by:
K&L Gates LLP
Seattle, Washington
LTGO Bond, 2O7O
(Taxable Qualified Energy Conservation Bond)
TABLE OF CONTENTS
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1. - Definitions.
2. - Authorization of the Bond
3. - Description of the Bond
4. - Registration, Transfer and Payment of Bond
5. - Prepayment.
6. - Form of the Bond
7. - Execution of the Bond
8. - Application of Bond Proceeds
9. - Tax Covenant; Designation of the Bond as a
Qualified Energy Conservation Bond ......
10. - Bond Fund; Provision for Payment
11. - Sale of the Bond
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12. - Lost, Stolen or Destroyed Bond
13. - Reporting Requirements.
L4. - Events of Default
15. - Remedies for Default ..,......
16. - Right to Enforce Payment....,
L7, - Exercise of Remedies...
18. - Fees and Costs of Enforcement of Remedies........
19. - Severability ....
20. - Effective Date
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crTY oF KENT, WASHTNGTON
ORDINANCE NO.
AN ORDINANCE of the City of Kent,
Washington, providing for the issuance and sale
of a limited tax general obligation bond of the
City in the aggregate principal amount of not to
exceed $1,200,000 to finance costs of a
geothermal energy project of the City, and to pay
costs of issuance of the bond; providing the form
and terms of the bond; and delegating authority
to approve the final terms of the bond.
RECITALS
A, The City is designing, constructing and equipping geothermal
facilities to produce energy for City facilities (the "Project"); and
B, The City is authorized by chapters 354.40 and 39.46 RCW to
borrow money and issue a general obligation bond to finance costs of the
Project; and
C. Section 54D of the Internal Revenue Code (the "Code"),
enacted by the American Recovery and Reinvestment Act of 2009,
authorizes the issuance of a "Qualified Energy Conservation Bond" for
capital expenditures incurred for qualified facilities under Section a5(d) of
the Code, including geothermal energy facilities; and
D. The City has received from the Washington State Department
of Commerce an allocation of authority to issue up to 91,200,000 of
Qualified Energy Conservation Bonds; and
E, The City requested proposals from banks to purchase a limited
tax general obligation bond (the "Bond") to fund a costs of the Project, and
received four proposals; and
F. The proposal of Banc of America Leasing & Capital, LLC (the
"Lender") represents the lowest interest cost for the Bond; and
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LTGO Bond, 2O7O
(Taxable Qualified Energy Conservation Bond)
G. The City now desires to authorize the issuance of the Bond as
a Qualified Energy Conservation Bond and to authorize the sale of the Bond
to the Lender;
NOW, THEREFORE, THE CIry COUNCIL OF THE CITY OF KENT,
WASHINGTON, DO ORDAIN AS FOLLOWS:
SECTION 7, - Definitions, As used in this ordinance, the following
words shall have the following meanings:
Bond means the City of Kent, Washington Limited Tax General
Obligation Bond, 2010 (Taxable Qualified Energy Conservation Bond), if
any, issued pursuant to this ordinance.
Bond Fund means the LTGO Bond Debt Service Fund described in
Section 10 of this ordinance.
Bond Register means the registration books showing the name,
address and tax identification number of the Registered Owner of the
Bond, maintained pursuant to Section 1a9(a) of the Code,
Bond Registrar, initially, means the Finance Director. At any time
following the issuance of the Bond, however, the Finance Director may
determine to appoint a different Bond Registrar, including, but not limited
to the fiscal agency of the State of Washington.
City means the City of Kent, Washìngton, a municipal corporation of
the State of Washington,
Code means the Internal Revenue Code of 1986, as amended, and
shall include all applicable regulations and rulings relating thereto.
Council means the City Council of the City, as the same shall be duly
and regularly constituted from time to time.
Designated City Representative means the Mayor of the City and any
successor to the functions of such office,
Federal Tax Certificate means the certificate regarding the status of
the Bond as a Qualified Energy Conservation Bond under Section 54D of
the Code,
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Finance Director means the Finance Director of the City, or any
successor to the functions of the Finance Director.
Fixed Rafe means the per annum rate of interest for the Bond equal
to the seven year U.S, Treasury interest rate swap rate plus 2.50 percent,
as fixed pursuant to the Purchase Contract.
Government Obligations means those obligations now or hereafter
defined as such in chapter 39,53 RCW.
Lender means Banc of America Leasing & Capital, LLC.
Maturity Date means the maturity date for the Bonds approved by
the Designated City Representative pursuant to Section 11 of this
ordinance.
Project means the design, construction and equipping of a
geothermal facilíty to produce energy for City facilities.
Purchase Contract means the contract for the purchase of the Bond
between the Lender and City, executed pursuant to Section 11 of this
ordinance.
RCW means the Revised Code of Washington.
Registered Owner means the person named as the registered owner
of a Bond in the Bond Register,
SECTION 2, - Authorization of the Bond. The City shall issue and
sell to the Lender its limited tax general obligation bond in the principal
amount of not to exceed $1,200,000 (the "Bond") to provide funds to pay
costs of the Project and costs of issuance of the Bond. The Bond shall be
designated "City of Kent, Washington, Limited Tax General Obligation
Bond, 2010 (Taxable Qualified Energy Conservation Bond)," shall be dated
as of the date of its delivery to the Lender, shall be fully registered as to
both principal and interest, shall be issued as a single fully registered bond,
and shall be numbered R-l with any additional designation as the Bond
Registrar deems necessary for purposes of identification.
SECTION 3, - Description of the Bond. The Bond shall bear interest
at the Fixed Rate on unpaid principal from its date or the most recent date
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LTGO Bond, 2O7O
(Taxable Qualified Energy Conservation Bond)
to which interest has been paid. Principal of the Bond shall be payable on
each December 1 in the amounts and in the years set forth in the Purchase
Contract, Interest on unpaid principal shall be calculated as set forth in the
Purchase Contract. Interest payments shall be made semiannually on the
first day of each June and December, beginning on the date set forth in the
Purchase Contract, with the final payment of all outstanding principal,
together with interest thereon/ on the Maturity Date,
SECTION 4. - Registration, Transfer and Payment of Bond. The
City hereby appoints the Finance Director to act as the Bond Registrar.
The duties of the Bond Registrar hereunder shall be limited to
authenticating the Bond and to remitting money to the Lender on the
payment dates as provided therein. The Bond shall not be transferable,
except as follows: to a purchaser who represent that (i) such purchaser
has sufficient knowledge and experience in financial and business matters
to be able to evaluate the risks and merits of the investment, (ii) such
purchaser understands that the Bond will not be registered under the
Securities Act of 1933, (iii) such purchaser is either an "accredited
investor" within the meaning of Regulation D under the Securities Act of
7933, or a qualified institutional buyer within the meaning of Rule 144A,
and (iv) it is the intention of such purchaser to acquire such Bond (A) for
investment for its own account or (B) for resale in a transaction exempt
from registration under the Securities Act of 1933. The Finance Director
may determine at any time that he no longer wishes to act as Bond
Registrar and thereupon appoint a successor Bond Registrar, which may or
may not be the fiscal agency of the State of Washington. The Bond
Registrar is authorized, on behalf of the City, to authenticate and deliver
the Bond and to carry out all of the Bond Registrar's powers and duties
under this ordinance.
Principal of and interest on the Bond shall be payable in lawful
money of the United States of America, Installments of principal of and
interest on the Bond shall be paid by check, wire, or electronic transfer on
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LTGO Bond, 2O7O
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the date due to the Registered Owner; provided, however, the final
installment of principal on the Bond shall be payable only upon
presentation and surrender of the Bond by the Registered Owner at the
principal office of the Bond Registrar.
SECTION 5. - Prepayment. The City reserves the right to prepay
the Bond in advance of its maturity, in whole on any date, upon payment
of a prepayment penalty equal to two percent of the principal amount of
the Bond prepaid plus accrued interest to the date of prepayment, as set
forth in the Purchase Contract.
The Bond is further subject to extraordinary mandatory prepayment,
in whole or in part, in an amount equal to the unexpended proceeds of the
sale of the Bond, to preserve the designation of the Bonds under Section
saD(e)(1) of the Code as a Qualified Energy Conservation Bond, at a
prepayment price equal to the principal amount of the Bond prepaid plus
accrued interest to the date of prepayment, plus a prepayment penalty
equal to two percent of the principal amount of the Bond prepaid, but only
to the extent that the City fails to expend all of the proceeds of the Bond
within three years of issuance thereof, as such period may be extended by
the Internal Revenue Service.
The City will notify the Registered Owner at least thirty days in
advance of its intent to prepay.
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LTGO Bond, 2O7O
(Taxahle Qualified Energy Conservation Bond)
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SECTION 6,- Form of the Bond. The Bond shall be in substantially
the following form:
UNITED STATES OF AMERICA
NO. R-1
STATE OF WASHINGTON
CIry OF KENT, WASHINGTON
LIMITED TAX GENERAL OBLIGATION BOND, 2010
(ÏAXABLE QUALIFIED ENERGY CONSERVATION BOND)
INTEREST RATE:
MATURIW DATE:
REGISTERED OWNER: Banc of America Capital & Leasing, LLC
TAX IDENTIFiCATION #: 52-2L85T92
PRINCIPAL AMOUNT:
The City of Kent, Washington (the "City"), hereby acknowledges
itself to owe and for value received promises to pay to the Registered
Owner identified above, or registered assigns, the Principal Amount
indicated above, pursuant to principal payments as set forth below, and topay interest thereon at the Interest Rate set forth a bove from
2010, or the most recent date to which interest has been
paid or duly provided for until payment of this bond. Interest on this bond
is payable on December 1, 20--, and semiannually thereafter on the first
day of each succeeding June and December. Principal payments on this
bond are payable on December 1 as follows:
December 1 Principal Amount Due
Both principal of and interest on this bond are payable in lawful
money of the United States of America. Installments of the principal of
and interest on this bond shall be paid by check, draft or electronic funds
transfer on the date such interest is due to the Registered Owner or
nominee at the address appearing on the Bond Register, Upon final
payment of all installments of principal and interest thereon, this bond
shall be submitted to the Bond Registrar for cancellation and surrender.
This bond is issued pursuant to Ordinance No. of the City (the
"Bond Ordinance"), to provide funds to design, construct and equip a
geothermal facility to produce energy for City facilities. Capitalized terms
appearing on this bond and not otherwise defined herein shall have the
meanings given such terms in the Bond Ordinance.
$
o/o
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The City reserves the right to prepay this bond prior to maturity as
provided in the Bond Ordinance. This bond is also subject to extraordinary
mandatory prepayment prior to maturity as provided in the Bond
Ordinance.
This bond is not transferable, except in whole as follows: to a
purchaser who represent that (i) such purchaser has sufficient knowledge
and experience in financial and business matters to be able to evaluate the
risks and merits of the investment, (ii) such purchaser understands that
the Bond will not be registered under the Securities Act of 1933, (iii) such
purchaser is either an "accredited investor" within the meaning of
Regulation D under the Securities Act of 1933, or a qualified institutional
buyer within the meaning of Rule 144A, and (iv) it is the intention of such
purchaser to acquire such Bond (A) for investment for its own account or(B) for resale in a transaction exempt from registration under the
Securities Act of 1933.
The City hereby irrevocably covenants and agrees with the
Registered Owner of this bond that it will include in its annual budget and
levy taxes annually, within and as a part of the tax levy permitted to the
City without a vote of the electorate¡ upon all the property subject to
taxation in amounts sufficient, together with other money legally avallable
therefor, to pay the principal of and interest on this bond as the same shall
become due. The full faith, credit and resources of the City are hereby
irrevocably pledged for the annual levy and collection of such taxes and the
prompt payment of such principal and interest.
This bond is not a "qualified tax-exempt obligation" for investment
by financial institutions under Section 265(b) of the Code, Interest on this
bond is not excludable from gross income for purposes of federal income
taxation.
It is hereby certified that all acts, conditions and things required by
the Constitution and statutes of the State of Washington to exist, to have
happened, been done and performed precedent to and in the issuance of
this bond exist and have happened, been done and performed and that the
issuance of this bond does not violate any constitutional, statutory or other
limitation upon the amount of bonded indebtedness that the City may
incur.
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LTGO Bond, 2O7O
(Taxable Qualified Energy Conservation Bond)
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IN WITNESS WHEREOF, the City of Kent, Washington has caused
this bond to be executed by the manual or facsimile signatures of the
Mayor and City Clerk and the seal of the City imprinted, impressed or
otherwise reproduced hereon as of this _ day of 2010
CITY OF KENT, WASHiNGTON
/s/ manual or facsimile
By Mayor
ATTEST:
/s/ manual or facsimile
City Clerk
IsEAL]
The Bond Registrar's Certificate of Authentication on the Bond shall
be in substantially the following form:
CERTIFICATE OF AUTH ENTICATION
This bond is described in the within mentioned Bond Ordinance and
is the Limited Tax General Obligation Bond , 20L0 (Taxable Qualified Energy
Conservation Bond) of the City of Kent, Washington, dated
2070.
FINANCE DIRECTOR,
as Bond Registrar
By
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LTGO Bond, 2O7O
(Taxable Qualified Energy Conservation Bond)
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REGISTRATIO N CE RTI FICATE
This bond is registered in the name of the Registered Owner on the
books of the city, in the office of the city Finance Director (the "Bond
Registrar"), ês to both principal and interest, as noted in the registration
blank below, All payments of principal of and interest on this Bond shall be
made by the City by the Bond Registrar's check, draft or electronic funds
transfer, made payable to the last Registered Owner as shown hereon and
on the registration books of the Bond Registrar at his/her address noted
hereon and on the registration books of the Bond Registrar.
Date of
Registration
Name and Address of
Re istered Owner
Signature of
Registrar
2010 Banc of America Leasing City Finance Director
& Capital, LLC
SECTION 7. - Execution of the Bond. The Bond shall be executed
on behalf of the City with the manual or facsimile signatures of the Mayor
and city clerk of the city and the seal of the city shall be impressed,
imprinted or otherwise reproduced thereon,
Only such Bond as bears thereon a Certificate of Authentication in
the form hereinbefore recited, manually executed by the Bond Registrar,
shall be valid or obligatory for any purpose or entitled to the benefits of
this ordlnance. Such Certificate of Authentication shall be conclusive
evidence that the Bond so authenticated have been duly executed,
authenticated and delivered hereunder and are entitled to the benefits of
this ordinance.
In case either of the officers who shall have executed the Bond shall
cease to be an officer or officers of the City before the Bond so signed shall
have been authenticated or delivered by the Bond Registrar, or issued by
the City, such Bond may nevertheless be authenticated, delivered and
issued and upon such authentication, delivery and issuance, shall be as
binding upon the City as though those who signed the same had continued
to be such officers of the city. The Bond may be signed and attested on
behalf of the City by such persons who at the date of the actual execution
of the Bond, are the proper officers of the City, although at the original
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date of the Bond any such person shall not have been such officer of the
City.
SECTION 8, - Application of Bond Proceeds. The proceeds of sale
of the Bond shall be deposited in the 2010 Project Fund (the "project
Fund") of the city and shall be expended solely to pay the costs of the
Project and the costs of issuing and selling the Bond, as authorized herein,
The Finance Director or his designee may invest money in the Project Fund
in legal investments for City funds, Earnings on such investments shall
accrue to the benefit of the Project Fund. Any part of the proceeds of the
Bond remaining in the Project Fund after all costs of the Project have been
paid (including costs of issuance) shall be applied as set forth in the
Federal Tax Certificate. Proceeds of the Bond remaining in the Project
Fund three years after issuance of the Bond, as such period may be
extended by the Internal Revenue Service, shall be applied to prepay all or
a portion of the Bond pursuant to the extraordinary mandatory prepayment
provision under Section 5 of this ordinance.
SECTION 9. - Tax Covenant' Designation of the Bond as a Qualified
Energy conservation Bond, The city hereby makes an irrevocable
designation under Section 54D(e)(1) of the Code that the Bond be issued
and sold as a Qualified Energy Conservation Bond, The City makes a
further irrevocable designation to have Section 6431(f)(3)(B) of the Code,
apply to the Bonds, with the effect that that the Bonds will be issued and
sold as direct payment tax credit bonds as set forth in the Federal Tax
Certificate.
The City hereby covenants that it will comply with the covenants set
forth in the Federal Tax Certificate. The City will take such additional
actions as are required to qualify such Bond as a Qualified Energy
Conservation Bond, to maintain such qualification and to seek
reimbursement of the applicable federal subsidy in the future on a timely
basis,
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LTGO Bond, 2O7O
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The City has not designated the Bond as a "qualified tax-exempt
obligation" under Section 265(b)(3) of the Code for investment by financial
institutions.
SECTION 70. - Bond Fund' Provision for Payment The City has
heretofore established a fund to be used for the payment of debt service
on the Bond, designated as the "LTGO Bond Debt Service Fund" (the "Bond
Fund"). No later than the date each payment of principal of or interest on
the Bond matures or becomes due and payable, the City shall transmit
sufficient funds, from the Bond Fund or from other legally available sources
to the Bond Registrar for the payment of such principal and interest.
Money in the Bond Fund not needed to pay the interest or principal next
coming due may temporarily be deposited in legal investments for City
funds.
The City hereby irrevocably covenants and agrees for as long as the
Bond is outstanding and unpaid that each year it will include in its budget
and levy an ad valorem tax upon all the property within the City subject to
taxation in an amount that will be sufficient, together with all other
revenues and money of the city legally available for such purposes, to pay
the principal of and interest on the Bond as the same shall become due.
The City hereby irrevocably pledges that the annual tax provided for
herein to be levied for the payment of such principal and interest shall be
within and as a part of the tax levy permitted to cities without a vote of the
electorate, and that a sufficient portion of each annual levy to be levied
and collected by the City prior to the full payment of the principal of and
interest on the Bond will be and is hereby irrevocably set aside, pledged
and appropriated for the payment of the principal of and interest on the
Bond. The full faith, credit and resources of the City are hereby irrevocably
pledged for the annual levy and collection of said taxes and for the prompt
payment of the principal of and interest on the Bond as the same shall
become due.
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SECTION 77. - Sale of the Bond. Due to the need to expeditiously
set the Fixed Rate under the Purchase contract, the council has
determined that it would be in the best interest of the City to delegate to
the Designated City Representative for a limited time the authority to
determine whether to proceed with the issuance of the Bond, and to
approve the final Fixed Rate, Maturity Date, principal amount, payment
dates, and annual principal payment amounts on the Bond. The
Designated City Representative is authorized to approve the final Fixed
Rate, Maturity Date, principal amount, payment dates, and annual principal
payment amounts on the Bond so long as (i) the principal amount of the
Bond does not exceed $1,200,000; (ii) the Fixed Rate for the Bond does
not exceed 6.50o/o; and (iii) the Maturity Date of the Bond is not later than
December L,2024.
The Bond shall be sold to the Lender pursuant to the terms of the
Purchase contract. The Designated city Representative is hereby
authorized to execute the Purchase Contract, with such terms as are
approved by the Designated City Representative pursuant to this section
and consistent with this ordinance.
In determining whether or not to proceed with determining the final
Fixed Rate, Maturity Date, principal amount, payment dates, and annual
principal payment amounts, the Designated City Representative, in
consultation with City staff, shall take into account those factors that, in
her judgment, will result in the lowest net interest cost on the Bond to its
Maturity Date, including, but not limited to current financial market
conditions and current interest rates for obligations comparable in tenor
and quality to the Bond, Subject to the terms and conditions set forth in
this Section 11, the Designated City Representative is hereby authorized to
execute the final form of the Purchase Contract, upon the Designated City
Representative's approval of the final Fixed Rate, Maturity Date, principal
amount, payment dates, and annual principal payment amounts set forth
therein. Following the execution of the Purchase Contract, the Designated
City Representative shall provide a report to the Council, describing the
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LTGO Bond, 2O7O
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final terms of the Bond approved pursuant to the authority delegated in
this section,
The authority granted to the Designated City Representative by this
section 11 shall expire 720 days after the date of approval of this
ordinance. If a Purchase Contract for the Bond has not been executed
within 120 days after the date of final approval of this ordinance, the
authorization for the issuance of the Bond shall be rescinded, and the Bond
shall not be issued nor their sale approved unless the Bond shall have been
re-authorized by ordinance of the Council. The ordinance re-authorizing
the issuance and sale of the Bond may be in the form of a new ordinance
repealing this ordinance in whole or in part or may be in the form of an
amendatory ordinance approving a purchase contract or establishing terms
and conditions for the authority delegated under this ordinance.
Upon the passage and approval of this ordinance, the proper officials
of the City, including the Designated City Representative, are authorized to
undertake all actions necessary for the prompt execution and delivery of
the Bond to the Lender and further to execute all closing certificates and
documents required to effect the closing and delivery of the Bond in
accordance with the terms of the Purchase Contract.
SECTION 72, - Lost Stolen or Destroyed Bond. In case the Bond
shall be lost, stolen or destroyed, the Bond Registrar may execute and
deliver a new Bond of like date, number and tenor to the Registered Owner
thereof upon the Registered owner's paying the expenses and charges of
the City and the Bond Registrar in connection therewith and upon his/her
filing with the City evidence satisfactory to the City that the Bond was
actually lost, stolen or destroyed and of his/her ownership thereof, and
upon furnishing the city and/or the Bond Registrar with indemnity
satisfactory to the City and the Bond Registrar,
SECTION 73. - Reporting Requirements, The City has kept, and so
long as the Bond is outstanding, shall keep, its books and records in
accordance with generally accepted accounting principles and practices
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consistently applied, and in accordance with legal requirements, and shall
deliver to Lender (i) annual audited financial statements (including (1) a
balance sheet, (2) statement of revenues, expenses and changes in fund
balances for budget and actual, (3) statement of cash flows, and (4)
footnotes, schedules and attachments to the financial statements) within
210 days after its fiscal year end, (ii) such other financial statements and
information as Lender may reasonably request, and (iii) its annual budget
for the following fiscal year when approved but not later than 30 days prior
to its current fiscal year end. Credit information relating to the City may
be disseminated among Lender and any of its affiliates and any of their
respective successors and assigns,
SECTION 74, - Events of Default. Each of the following events is
hereby declared an "Event of Default" under this ordinance.
A. Payment of the principal of the Bond shall not be made
when the same shall become due and payable, either at maturity or
otherwise;
B, Payment of any installment of interest on the Bond
shall not be made when the same becomes due and payable;
C. An order or decree shall be entered by a court of
competent jurisdiction with the consent or acquiescence of the City
appointing a receiver or receivers for the City and its finance, or if an
order or decree having been entered without the consent of
acquiescence of the City, shall not be vacated or discharged or
stayed on appeal within sixty (60) days after entry;
D. The City shall have made any materially false or
misleading statement or omitted to state material information with
respect to the sale of the Bond; and
E. The City shall default in the due and punctual
performance of any other of the representations, covenants,
conditions/ agreements and other provisions contained in the Bond
or in this ordinance on its part to be performed, if such default shall
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continue for sixty (60) days after written notice specifying such
default and requiring the same to be remedied shall have been give
to the City by the Registered Owner of the Bond,
SECTION 75. - Remedies for Default, Upon the occurrence and
continuance of any Event of Default, as provided in Section 14 hereof, then
and in every case the Registered Owner of the Bond, including, without
limitation, a trustee or trustees therefor; may proceed against the City in
equity or at law, in any court of competent jurisdiction, either for the
appointment of a receiver or for the specific performance of any covenant
or agreement contained herein or for the enforcement of any proper, legal
or equitable remedy as such Registered Owner may deem most effectual to
protect and to enforce the rights aforesaid, or thereby to enjoin any act or
thing which may be unlawful or in violation of any right of the Registered
Owner of the Bond, or to require the City to act as if it were the trustee of
an expressed trust, or any combination of such remedies. The Registered
Owner of the Bond shall also be entitled to all of the privileges, rights and
remedies provided or permitted at law or in equity or by any statutes.
Commencing 30 days following an Event of Default and for the duration of
the Event of Default, the interest rate on the Bond shall bear interest at the
Fixed Rate, plus 5olo per annum or the maximum amount permitted by law,
whichever is less, from such date,
SECTION 76. - Right to Enforce Payment, Nothing in this
ordinance affects or impairs the right of the Registered Owner of the Bond
issued hereunder to enforce the payment of the principal, redemption
premium and interest on the Bond or the obligation of the City to pay the
principal, redemption premium and interest on the Bond to the Registered
Owner thereof at the time and the place expressed in the Bond.
SECTION 77, - Exercise of Remedies. The failure of the Registered
Owner of the Bond to proceed in any manner herein provided shall not
relieve the City, the City Council, or any of its officers, agents or
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employees of any liability for failure to perform or carry out any duty,
obligation or other commitment. Each right or privilege of any such owner
is in addition and is cumulative to any other right or privilege, and the
exercise of any right or privilege by or on behalf of any of them shall not
be deemed a waiver of any other right or privilege thereof,
SECTION 78, - Fees and Costs of Enforcement of Remedies. The
City shall also be responsible for the reasonable fees and costs, including
attorney's fees, of the Registered Owner of the Bond including, without
limitation, a trustee or trustees therefore, and any receiver incurred in the
enforcement of the Registered Owner's remedies in an Event of Default by
the City.
SECTION 79, - Severability. If any one or more of the covenants
or agreements provided in this ordinance to be performed on the part of
the City shall be declared by any court of competent jurisdiction to be
contrary to law, then such covenant or covenants, agreement or
agreements, shall be null and void and shall be deemed separable from the
remaining covenants and agreements of this ordinance and shall in no way
affect the validity of the other provisions of this ordinance or of the Bond.
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LTGO Bond, 2O7O
(Taxable Qualified Energy Conservation Bond)
9t27t10
SECTION 20. - Effective Date. This ordinance shall take effect and
be in force thirty (30) days from and after its passage as provided by law.
SU E COOKE, MAYO
þzr'*-¡,C.cunU' D*.rtATTE
BRENDA JACOBER,CLERK
APPROVED AS RM:
K&GATES
Special Cou sel and Bond Counsel
PASSED:5th day of October, 20L0.
APPROVED:ry day of October, 2010.
day of October, 20L0.PUBLISHED:r
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LTGO Bond, 2O7O
(Taxable Qualified Energy Conservation Bond)
9t27t10
CERTIFICATION
I, the undersigned, City Clerk of the City of Kent, Washington (the
"City"), hereby certify as follows:
1, The attached copy of Ordinance No,3rrs (the
"Ordinance") is a full, true and correct copy of an ordinance duly passed ata regular meeting of the City Council of the City held at the regular
meeting place thereof on October 5, 20L0, as that ordinance appears on
the minute book of the City; and the Ordinance will be in full force and
effect five days after publication in the City's official newspaper; and
2. A quorum of the members of the City Council was present
throughout the meeting and a majority of those members present voted in
the proper manner for the passage of the Ordinance,
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of
October, 2010.
CITY OF KENT, WASHINGTON
Brenda Jacober,Clerk
P:\21266_SC\21266 12R ælæl1Ù
STATE OF WASHINGTON, COUNTY OF KrNc ÌAFFIDAVIT OF PUBLICATIONPUBLIC NOTICELinda M Mills, being first duly sworn on oath that she is the LegalAdvertising Representative of theI(ent Reportera weekly newspaper, which newspaper is a legal newspaper ofgeneral circulation and is now and has been for more than six monthsprior to the date of publication hereinafter referred to, published inthe English language continuously as a weekly nowspaper in KingCounty, Washington. The Kent Reporter has been approved asa Legal Newspaper by order of the Superior Court of the State ofWashington for King County.The notice in the exact form annexed was published in regularissues of the Kent Reporter (and not in supplement form) which wasregularly distributed to its subscribers during the below stated period.The annexed notice, a:Public Noticewas published on October 8, 2010.CITYOF KENTNOTICE OF ORDINANCESPASSED BYTHE CITYCOUNCILThe following is a summary ofordinances passed by the KentCity Council on October 5,2010:ORDINANCE NO. 3975AN ORDiNANCE of theCity Council of the City ofKent, Washingfon, p r o v i d i n gfor the issuance and sale of alimited tax general obligationbond of the City in the aggre-gate principal amount of not toexceed $1,200,000 to financecosts of a geothermal energyproject of the City, and to paycosts of issuance of the bond;providing the form and termsof the bond; and delegating au-thority to approve the finalterms ofthe bond.Effective Date: November4,2010Each ordinance will take etrect30 days from the date of passage,unless subjected to referendumor vetoed by the Mayor, or unlessotherwise noted. A copy of thecomplete text of any ordinancewill be mailed upon request tothe City Clerk.Brenda Jacobeç CMC,-r\\\\rr ' City Clerk-s\'-, frAl crr Published in the Kent Reporters-,nÀl Ki\:;,: i-> Ocrobcr 8, 20 I 0. #42t2s7.-- \t -roì. ,.' Fì'|r,. tr= 3 .=;5'--' -a,Jt,-",.; Jr,-15ù- or¡*, ti.1,.7 >-;\ 7ZI 1" .<, zi7, .^''0. 'tç; ') ^\-.: A'oul ï :,', 1,,? ;l-?..i s''trr,. (-Or rruÈ9t'.t.t'- t...11ì¡ti.\r\.,\...\The fullthe sumln09otaryamountof the fee charged for said foregoing publication is$8e,2010.P. O. Number:WashingtonState of Washington, Residing