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HomeMy WebLinkAboutCAG2014-0877 - Original - General Obligation Note REQUEST FOR MAYOR'S SIGNATURE KENT Please Fill in All Applicable Boxes Routing Information (ALL REQUESTS MUST FIRST BE ROUTED THROUGH THE LAW DEPARTMENT) Originator: Dan Leahy Phone (Originator): 5266 Date Sent: 12/31/12 Date Required: 1/15/14 Return Signed Document to: Dan Leahy CONTRACT TERMINATION DATE_: d VENDOR NAME: N/A DATE OF COUNCIL APPROV : N/A 7 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, 2013. 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 one- year working capital loans to cover deficits in the Events Center Special Revenue Fund, the Golf Fund, and the Streets Capital Project Fund. All Contracts Must Be Routed Through The Law Department (This area to be completed by the Law Department) Received: "'� Approval of Law Dept.• Law Dept. Comment �r4 r � 4� p.. , Date Forwarded to Mayor: i V (� ok ` Shaded Areas To Be Completed By Administration Staff Received: . w, RECEIVED Recommendations and Comments: f o fGslfL -fl Q Disposition ,• ' € bKe t`i= tihe Mayor WY OF KENT CITY CLERK Date Returned: CITY OF KENT GENERAL OBLIGATION NOTE Interfund Note from the Housing & Community Development Fund to the General Fund One-Day Loan — Effective December 31, 2013 Amount: up to $200,000 Interest Rate: Non-Interest Bearing Maturity Date: January 1, 2014 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, 2014, the outstanding principal sum of up to two hundred thousand dollars ($200,000) 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. OKE, MAYOR APPROVED FO M• HUR `,P ' FITZPATRICK, ACTING CITY ATTORNEY CITY OF KENT GENERAL OBLIGATION NOTE Interfund Note from the Capital Improvement Fund to the Water Fund One-Day Loan - Effective December 31, 2013 Amount: up to $10,000,000 Interest Rate: State Investment Pool rate (net) Maturity Date: January 1, 2014 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, 2014, the outstanding principal sum of up to ten million dollars ($10,000,000) 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 on January 1, 2014 at the State investment pool net rate on the balance of the loan outstanding. The interest shall be computed on the basis of 36S 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. SU E KE, MAYOR RO, E S T RM ARTHUR "PAT" ATRICK, AC ING CITY ATTORNEY CITY OF KENT GENERAL OBLIGATION NOTE Interfund Note from the Environmental Mitigation Fund to the Sewerage Fund One-Day Loan - Effective December 31, 2013 Amount: up to $75,000 Interest Rate: State Investment Pool rate (net) Maturity Date: January 1, 2014 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, 2014, 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, 2014 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 au orizing this loan for a period not to exceed one year. ZE OOKE, MAYOR APP ED O H "PAT F PATRIC , ACffN G CITY ATTORNEY CITY OF KENT GENERAL OBLIGATION NOTE Interfund Note from the Events Center Special Revenue Fund to the General Fund One-Year Loan - Effective December 31, 2013 Amount: up to $2,600,000 Interest Rate: Non-Interest Bearing Maturity Date: December 31, 2014 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 December 31, 2014, the outstanding principal sum of up to two million six hundred thousand dollars ($2,600,000) 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. SU E, MAYOR APP ED OR THUR "PAT" FITZPATRICK, ACTING CITY ATTORNEY CITY OF KENT GENERAL OBLIGATION NOTE Interfund Note from the Streets Capital Project Fund to the Sewerage Fund One-Year Loan - Effective December 31, 2013 Amount: $699,807.68 Interest Rate: State Investment Pool rate (net) Maturity Date: December 31, 2014 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 December 31, 2014, the outstanding principal sum of six hundred ninety nine thousand eight hundred seven dollars and sixty eight cents ($699,807.68) 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, 2013 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 .s au horizing this loan for a period not to exceed one year. SUZE OOKE, MAYOR JA/PPROK TO.F6 R ARTHU "PATk-F�PA R K #&ING CITY ATTORNEY O EY CITY OF KENT GENERAL OBLIGATION NOTE Interfund Note from the Golf Fund to the Water Fund One-Year Loan - Effective December 31, 2013 Amount: up to $1,100,000 Interest Rate: State Investment Pool rate (net) Maturity Date: December 31, 2014 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 December 31, 2014, the outstanding principal sum of one million one hundred thousand dollars ($1,100,000) 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 together with interest due to the date of redemption. Interest will be accrued and paid monthly from December 31, 2013 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 Co , the mayor is authorizing this loan for a period not to exceed one year. ZETT OKE, MAYOR A O O OR ARTHU ' FITZPATRI , ACTING CITY ATTORNEY CITY OF KENT GENERAL OBLIGATION NOTE Interfund Note from the Golf Fund to the Fleet Services Fund One-Year Loan - Effective December 31, 2013 Amount: up to $1,500,000 Interest Rate: State Investment Pool rate (net) Maturity Date: December 31, 2014 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 Fleet Services Fund (the "Fund") on demand, but not later than December 31, 2014, the outstanding principal sum of one million five hundred thousand dollars ($1,500,000) 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 monthly from December 31, 2013 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 a orizing this loan for a period not to exceed one year. UZ C OKE, MAYOR APP VE O ARTHUR AT" FITZPATRICK, ACTING CITY ATTORNEY