ORD 96-40 CONTRACTING INDEBTEDNESSCITY OF BAINBRIDGE ISLAND, WASHINGTON
ORDINANCE NO. 96 -
AN ORDINANCE Of the City of Bainbridge Island,
Washington, relating to contracting indebtedness;
amending subsection (b) of section 23 of Ordinance No.
95-53 by qualifying the type of financial information to
be provided under the' undertaking of Section 23.
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON, DO
ORDAIN as follows:
Section 1. Amendment of Ordinance No. 95-53. Subsection (b)
of Section 23 of Ordinance No. 95-53 is amended to read as follows:
(b) Type of Annual Financial Information Undertaken to be
Provided. The annual financial information that the City
undertakes to provide in Section 23(a):
(i) Shall consist of (1) authorized, issued
and outstanding balance of limited tax general
obligation bonds; (2) authorized issued and
outstanding balance of waterworks utility bonds;
(3) debt service coverage for waterworks utility
debt; (4) assessed valuation for the fiscal year;
(5) regular property tax levy rate and regular
property tax levy rate limit for the fiscal year;
and (6) Annual Financial Statements for the City;
(ii) Shall be prepared (except as noted in
the financial statements) in accordance with
applicable generally accepted accounting principles
promulgated by the Government Accounting Standards
Board ("GASB"), as such principles may be changed
from time to time by GASB or its successor;
(iii) Shall not be audited, except, however,
that if and when audited financial statements are
otherwise prepared and available to the City they
will be provided from the Director of Finance and
Administrative Services of the City;
(iv) Shall be provided to each NRMSIR and
the SID, not later than the last day of the ninth
month after the end of each fiscal year of the City
(currently, a fiscal year ending December 31, as
such fiscal year may be changed as required or
permitted by State law, commencing with the City's
fiscal year ending December 31, 1996; and
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(v) May be provided in a single or multiple
documents, and may be incorporated by reference to
other documents that have been filed with each
NRMSIR and the SID, or, if the document
incorporated by reference is a "final official
statement" with respect to other obligations of the
City, that has been filed with the MSRB.
Section 2. Effective Date of Ordinance. This Ordinance shall
take effect and be enforced five days from and after its passage,
approval and publication as required by law.
PASSED by the City Council this 19th day of September, 1996.
APPROVED by the Mayor this 20th day of September, 1996.
ATTEST:
Susan Kasper, City Clerk
APPROVED AS TO FORM:
Janet West, Mayor
George M. Mack, Bond Counsel
FILED WITH CITY CLERK: September 12, 1~996
PASSED BY THE CITY COUNCIL: September 19, 1996
PUBLISHED: September 25, 1996
EFFECTIVE DATE: September 30,
ORDINANCE NO.: 96-40
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NOTICE OF AMENDMENT OF UNDERTAKING
RE:
The City of Bainbridge Island, Washington, Limited Tax General
Obligation Refunding Bonds, 1995, dated December 1, 1995
The City of Bainbridge Island, Washington, by Ordinance No.
96-40 , has amended its undertaking to provide continuing
disclosure respecting its Limited Tax General Obligation Refunding
Bonds, 1995, by amending Section 23(b)(ii) to read as follows:
(ii) Shall be prepared (exceDt as noted in the financial
statements) in accordance with applicable generally
accepted accounting principles promulgated by the
Government Accounting Standards Board ("GASB"), as such
principles may be changed from time to time by GASB or
its successor...
The amendment is made to make the undertaking consistent with
the undertaking disclosed in the preliminary and final official
statements respecting those bonds. The effect of the amendment is
that the City will disclose in the financial statements the extent
to which it departs from the then current principles promulgated by
GASB or its successor.
Dated this 23rd day of September, 1996.
11'
Ralph W. Eells, Director of
Finance and Administrative Services
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