HomeMy WebLinkAbout741RESOLUTION NO.
A RESOLUTION of the City Council of
the City of Kent, Washington authorizing
the Mayor to sign an escrow agreement re-
lating to $1,000,000 U. S. Treasury Obli-
gations, pledged to Advance Refunding of
Water Revenue Bonds, 1970, of the City of
Kent.
WHEREAS, by Ordinance 1822, passed and approved
March 5, 1973, the City Council has authorized its Water
Revenue Refunding Bonds, 1973, to be used to purchase 6-3/4%
United States Treasury bond due August 15, 19'84, to be used
to refund and pay the outstanding Water Revenue Bonds, 1970,
and
WHEREAS, it would be in the best interests of the
City of Kent to have said Water Revenue Bonds, 1973, deposited
in escrow with an independent financial institution with the
proceeds thereof being used to refund and pay the outstanding
Water Revenue Bonds, 1970, and
WHEREAS, the City's Financial Consultant has advised
that such an escrow arrangement is both practical and desirable,
and
WHEREAS, the City's Bond counsel and legal counsel have
reviewed a proposed agreement entitled "Escrow Agreement between
the City of Kent, King County, Washington, and Pacific National
Bank of Washington, Seattle, Washington, relating to: $1,000,000
U. S. Treasury Obligations, pledged to advance refunding of Water
Revenue Bonds, 1970, of the City of Kent", which Agreement is at-
tached hereto and incorporated herein by reference as if fully
set forth herein, and have found said Agreement to be legally en-
forceable and acceptable, NOW, THEREFORE
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THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON,
DO HEREBY RESOLVE
That the Mayor be and she hereby is authorized to
enter into the escrow agreement between the City of Kent and the
Pacific National Bank of Washington relating to $1,000,000 U. s.
Treasury Obligations, pledged to advance refunding of Water
Revenue Bonds, 1970, of the City of Kent.
PASSED at a regular meeting of the Kent City Council
day of April, 1973. th i sc::2'--'.___-
ATTEST:
I hereby certify that this is a true copy of Resolution
No. :ZS9( , passed by the City Council of the City of Kent,
Washington, the ~ day of April, 1973.
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