ORD 2009-07 WASTEWATER TREATMANT PLANTExecution Version
CITY OF AINBR.IDGE ISLAND, WASHINGTON
O INANCE NO, ~Oa9-07
Passed April 22, 2Qa~
This document prepared by:
Foster Pepper PLLC
1111 Third Avenue, Suite 3400
Seattle, l~ashington 98101
(206) 447-4400
50979957,4
Execution Version
CITY OF BAINBRIDGE ISLAND, WASHINGTON
®R.DINA ~.NCE 1 \ Oe 2oD9~o
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON,
DO ORDAIN AS FOLLOWS:
Section 1. Recitals and ~'indin s. The following recitals and findings describe the
background and set the context far this amendatory ordinance. Capitalized terms not otherv~rise
defined herein have the meanings given in Section 2 of Ordinance Noa 2o09-OZ the "Bond
Ordinance"},
50979957.E
Execution Version
alternatively, to be secured by a pledge of revenues fram the Sewer System only, This
amendatory ordinance also authorizes the preparation of a contingent lean agreement fram the
general fund to provide credit enhancement to either form of revenue borrowing. No borrowing
may be undertaken except pursuant to approval of the specific terms by the City Council in a
Bond Sale Resolution.
Section 2. o Effect on Limited Tax General t]bli ation efundin Bonds 2009.
All provisions of the Bond Grdinance not amended by this ordinance are hereby ratif ed and
confirmed and remain in full force and effect and nothing in this amendatory ordinance in any
way affects the provisions of the Bond Qrdinance as it relates to the City's outstanding Limited
Tax General ~Jbligation Refunding Bands, 2009, dated April 1, 2009.
Section 4. Amendments. Deleted language is indicated with strikethrough and new
language is indicated with double underlining.
~a} Subsection ~ 1 } of Section 1 of ~]rdinance o. 2009-02 is hereby amended to read as
follows
fib} Section 3 of Grdinance No. 2009-02 is hereby amended to read as (allows:
50979957.4 3
Execution Version
Alternative) one or more series of Bonds issued for the u ose of
rovidin funds far the Pro'ect or to refund bonds reviausl issued for
utili u Dees ma be issued as Revenue bli ations secured b a led e
of either as a roved b the Ci council in a Bond Sale Resolution Net
Revenues of the Waterworks Utili ar Sewer S stem Revenues on a basis
as set forth in Section ll of ®rdinance No. 2009-02 as amended b
Section 3 d of ordinance No. 2009-07.
The Bonds are more specifically described as follows:
5099957.4
Execution Version
~c~ Section t U of Ordinance No. 200-02 is hereby amended to read as follows
~d} Section 11 of Ordinance No. 2009-42 is hereby amended to read as follows:
The Project Bonds m~a be Subordinate Bonds or Revenue
C~bli ations includin Sewer S stem Obli ations . If the Pro'ect Bonds
are Subordinate_ons~ the lien of the Project Bonds on Net Revenues
of the waterworks Utility is subordinate to payment of ®peratin and
Maintenance Expenses of the waterworks System and to payment of
54979957.4
Execution Version
principal of and interest on any Revenue Obligations of the City to which
such revenues are pledged, and the City reserves the right to issue
Revenue Obligations in the future on a lien superior to the lien with regard
to the Subordinate Obligations,
50979457.4
Execu~~an Versian
obli ated to a from Net Revenue of the Waterworks Utili includin
without limitation an Pu lic works Trust Fund Loans.
i6Sewer S stem Qbli ations" means Revenue Qbli ations a able
solel from and secured b a led e of the Sewer S stem Revenues,
Sewer S stem Llbli ations are not eneral obli ations of the Ci and do
not include an ortion of an obli anon secured b a eneral obli ation
led e.
fie} Section 17 of ardinance No. 2009-02 is hereby amended to read as follows:
Section Contin ent Laan Author~zatron. Furthermore, if the City Council
determines it to be in the best interests of the City and its ratepayers, it may authorize, in a Bond
Sale Resolution, a contingent loan arrangement by which the City will agree to provide interfund
loans, repayable in accordance with the terms set forth in that Bond Sale Resolution, when and as
50979957.4 7
xeeution Version
necessary to provide credit enhancement to any series of Bonds issued as revenue bonds payable
from the Net Revenues of the waterworks Utility or from the Sewer Revenues, and to which the
City may pledge Its full faith and credit as set farth in Section I D of the Bond Ordinance, as
amended by this ordinance.
Section 6, Effective Date of ordinance. This ordinance shall take effect and be in
force from and after its passage and five days following its publication as required by law,
PASSED by the City Council and APPROVED by the Mayor of the City of Bainbridge
Island, washin ton, at a regular open public meeting thereof, this 22~~ day of April, 2409.
g
ATTEST:
~~~~
Mayor
-Zo~aluinc~C.~ • t.a.~~ c~'
City Clerk
r
APPROVED AS TO FD .
Foster Pepper PLLC, Bond ounsel
50979957.4
Execution Version
CETIFICATI®N
I, the undersigned, City Clerk of the City of Bainbridge Island, Washington the "City"},
hereby certify as follows:
1. The attached copy of Ordinance No. 209-07 the "Ordinance"} is a full, true and correct
copy of an ordinance duly passed at a regular meeting of the City Council of the City held at
the regular meeting place thereof on April 2~, ~~09, as that ardinance appears on the minute
baok of the City; and the Ordinance will be in full force and effect fve days after publication
in the City's official newspaper.
Z. 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 22~`~ day of April, 2D~9.
CITY OF BAINBRIDGE ISLAND, WASHINGTON
I +n
City Clerk
50979957.4