RES 2010-05 AMENDING PROVISIONS OF RES 2009-08CITY OF B INBRI GE ISLAND, WASHINGTON
RESOLUTION N. 2010-0
RESOLUTION of the City of Bainbridge Island, 'Washington,
amending provisions.of Resolution Nb. 2009-08; and providing for other natters
properly relating thereto.
ADOPTED: January 1, 20 10
This -document. prepared b:
Foster Pepper PLLC
1111 ThirdAvenue, ,wife 3400
Seattle, ashin o 98101
(206)447-4400
51044731.1
CITY of BAINBRIDGE ISLAND, WASHINGTON
RESOLUTION No. 2010-0
A. RESOLUTION of the City of Bainbridge Island,
Washington, amending provisions of Resolution No. 2009-08; and
providing for other matters properly relating thereto.
BE IT RESOLVED BY THE CITY COUNCIL of THE CITY of BAI&BRIDGE
ISLAND, WASHINGTON, as follows:
Section 1'. Capitalized. terms are defined in Ordinance No. 2009-02 of the Cit y
passed o n March 11, 2009 as amended by Ordinance No. -2009-07 of the City, pass6q` on April
22, 2009 (tie "Bond ordinance". and in Resolution No. 2009-0.
Section 2. Amendments. Deleted language is indicated with stri ethro g .nd new
language is indicated With double underlining.
(a) The Title of Resolution No. 2009-0the cover page and on ge I are
amended to read as follows
A RESOLUTION of the City of Bainbridge
Island, Washington, approving the sale of not to
exceed , 1 90 aggregate principal
amount Sewer Revenue Bond Anticipation Note
(Line of -Credit), 24W- 2 1 , to Cashmere Valley
Bank, fixing the interest rate, maturity date, and
other terms of the Dote; and providing for other
matters properly relating thereto.
(b) Section i of Resolution No. 2009-08 is hereby amended to read as follows;
Vection 1.Feindings and Determinations. The Citi Council
hereby makes the findings and determinations set forth in this 8ection 1
Capitalized terms are- defined in .ordinance No. 2009-2 of the City,
passed on March 11, 2009, as amended by Ordinance No. 2004-07 of the
City, passed on April 22, 2009 (the "Bond Ordinance") and in Sbction 2. of
this resolution.
(a) Pursuant to the Bond Ordinance, the City has 'authorized
the issuance of the Note, as a short -terra obligation issued in ahticipation
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of permanent financing, in an amount not to exceed 1 900 000
for the purpose of carrying out the Plan of Additions set forth therein.
(b) Cashmere Valley Bank has offered to provide interim
financing through the purchase of a short-term bond.n ie*p tion note, as
authorized chapter 39,50 Cw, under the teens and conditions set
forth ' in the forn of a Proposal Fetter, which is on file with the City
Finance ' it ctok.
(c) Based on the foregoing, the City finds that it is ire the -best
interest of the City and its -ratepayers to accept the Proposal Letter a.d to
issue and sell its Not to Exceed 1 901.000 Sewer Revenue
Bond Anticipation Note -(Line of Credit), 2.000.2010, pending permanent
financing.
(c) - Section 2 of Desolation No. 2009.08 is hereby amended to read as follows:
Section 2. Definitions. The definitions provided in the Bond
Ordinance are i
."Interest Payment Date" means each June l and Qe6ember 1,
commencing Juno 1, 200%2010.
"Maturity Date" means December 1, 2011. =}
y .
"Note" means, for purposes of this resolution, the D'-
ewe e en e
Bond Anticipation Dote Line of Credit), X 2 _1,0 of the City in a
prin'cipal amount not to -exceed , 1 900,000, which is uthori cd
by the Bond Legislation.
"Note Debt Service Fund" means that special f nd 6f the City
wi
has not otherwise been provided and all amounts that the City is obligated
to set -aside, into a debt service fund and any reserve fund securing such
Sewer System obligations, and all other payment obligations related
thereto; (c) payment of the principal of and interest on in the -following
order): i that portion of any outstanding revenue obligations allocated.
to tie Sewer System, (ii) that portion of any Sordrrte Obligations
allocated- to the Sewer System, and (iii) all amounts. that the City is
obligated to set aside in the Debt Service Fund or reserve fund for such
bonds; and d for the payment of any and all other am ants allocable to
the Sewer System that the City is obligated to- pay from Net Revenue of
the Waterworks Utility, including Without limitation any Public Works
`gust Fund' Loans.
(d) - Section 3 of Resolution No. 2009-08 i
Section 3. Ratification of Prior Acts. All acts taken consistent With the kthoriftyof
tiResolutionand prior o its effective -date are ratifiedapproved and confirmed. ¢
Section ... Effective 'Date' of Resolution, This. resolution shall 'take effect and be i �.
force .from. and'after its passage. z.
* ADOPTED ;b the City Council.of the City f Bainbridge . la d,Washington,, � signed
th,
by m i open session in authentication f itsadoption. at regular meeting thereof % i 1
day of ,Tamar, 2010..
Bob Scales, Mayor
TEST:
4
Rosalind D. Lassoff, Citi �erk
APPROVED S TO FORM:
_r.
Foster Pepper PLLC, Bo sel
-5-
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CERTIFICATION
I, the undersigned, City Clerk of the City of Bainbridge Island, Washington (the "city" 5
hereby certify as follows-,
1. The attached copy of Resolution No. 2010-0 (the "Resolution"') is a full, true and
correct copy of a Resolution duly adopted at a regular meeting of the City Council of the City
held at the regular meeting place thereof on January 13, 2010, as that Resolution appears on the
minute book of the City; and the Resolution is in full force and effect from and after its date of
adoption; and
2. A quorum ofthe members of the City Council was present throughout the meeting
and a - majority of those members ers present voted in the proper manner for the adoption of the
Resolution.
IN WITNESS WHEREOF, I have hereunto set my hand- this 13'h day of January, 201. o,
CITY OF BAINBRIDGE ISLAND,
WASHINGTON
t
Rosalind I.Lassoff, City CIA
51044731,1
Honorable 0y -ou' A ' t I
City o in ridge 1. l n l
-, I d On; en -Nora -
6 idge W_ 98-11.0-1.8.12
Apr! 1 .1 ,.r
Dear Council-Members-
Thank
oil.l a bers-`'hank y uIor the opp. rti .ity .to, -pr
Islatid'S Winslow W t rater lroat mt =_l hmt.,P-M �h� - �`Pr�o,�e t" .. liruoro V0117 :..
the "Batik") and rs and t4at tho City -eurte tly. has. :- ,reed' for- u j - of - g it l
i
$6.0001000 -a a' art-- the -$14.3 illion Pro jeet: Ae� dire ly,: l ° l l - ias_ r � £t1 -b ld
descriNd,oredit f etlity inwnded .t -address -the dt } currebt tried. Thig offer 4s_ AtIp a '
romp - of -flooll Credit approval by th �1�#. �}ri#i i �t a bo, reeciv6d ou.. Too.� . - rxI
15t2009.
1, Borrower: City -of BaihbvId a l -stand; (the. city,�,
2. ] ription -of the redH. ffit :
- { • •1 y.+{ f � r y'�
"M14"
+' { i ? e. 1 • ' = -' # i
The k-`- `1, � � � . 'pig l��d = �a�' �' � �� r t* T.J I cr u B n.d
An' tiop tlax Note Line of Credit (T �RevOI vI 5 011b.. 196t&'). Tho N&
�s�erri�'��tlr��i,l���i�.-.
'=� k, _ff��. ## �. .� } f.k � �� { ��f{} { }i1 d • { - -fti a= �F{{• ��f: r' +�3•[7;' a�.-- i Y'ti r� y. �•
y.
Int :ds to 'l sue: hmds to fu. Uy 'r l ay. t -.Note At-br--before completion 'of
. .t#h t1`'�tdti1� ��ld�s tfee-Pidjee
aikyti xe-u - to, th-max imam .thou t bf tk .Not .
. A moues: Not i-6 hx06ed$600010-00-+ r
.o isterr-`f"ia1,'lrt t re �. -and
p re s s by- & A. -'at prWa 6. ' ... .
. Pt o : li a r - oA-[6 -• f the coststhe:proj t:
14 00 112111 Avenu o S E, S into 100-* Selfevue, Was h1ngton 980 04 -5997 ; (426) 68849.35 • Toll Prep 1 (886) 2-52-A 66 Pax.(4 ) 688' 7
51044895.1
April 13.9 -2009 -
city
,- 00 -
ty Oflhiii1 it iii
04802,
loa d Torms, -
fnterost...at:
ri erest. Wr<-11 accrue_. at a v ria t : qu to '90% of"t a Prime .at tt 1160-d i �
the.- nt - ealition..o t e W .lf ' rect��Journai. �al ul�ated--man actual � -.-ba�s�- :
b Term
Interest- on the Note wl11 bo- due semi-aura-uallry on taal!y argr eoie: at s.
. Prim aloutstanding:under the Mote- wifi. b due in appro i nakt i '. years.
c cutityd�
The City. pledges ft: et revenues of 'the -Sewer Fuad, as part. f-th Wteri rl
UtTlitya t. i t s - -the,'l t ; The -Note vnilt ao--� lli �i 1*40 oil.
MAY- issued7bon4p. with. clim&-ta-the revenues of the--w� t r r s t l.ity:
d Trans f'erability;
The > arik will . h ld this - Iot -with no -intent to. sell ..or transfer. rever; t he f t
=� ina :b -aissi nod..or. ttM rked lil:. holo:'to a qu li cd inve t r. A tty transfer stall
e. Without- cosh to the owner. -or transferee, except. for -gavern M-nUd Ohvir&8
r #p V # ort any sL 6h transfer r ef�chan e•
7. Prepa me t; The City may prepay the- Note, in: whole or in part, at anytime: at par, plus
accruedinterib9t to the date of pr payr ent and redemption. ption. There wilfbo-
no fee from t e Bank for prepayment.
8. Fees: $203,000 fee wift be due at closing. All legal costs incurred by the City
for pur.poses-ofiggultig the Dote Will be the responsibility of the City*
. Additional Terms: The..Note documents will be in the standard forms customarily
required .by. the Bank for -bad quaxifted municipal funding and will include additional
tolls and --conditions not disoioss d above. At the date of closing -the Note, the ffnanicial
condition and credit of the- City and all other fe i re . of this. transaction wilI -be:--as-
represpnted to. the Bank without inatortal adverse change. In the event of :atonal:
adverse: changes in the creditworthiness -of the City, iii luding filtigatiloft itivol ing or+
claim .filed -against- the City., other than as discussed below in tltis at'a rap , 'thi _
cotntniUnent will -t nn natte-upon: notie a by -the -Bank. This comtiaitment is:non-asci nftb-1
by- the City. This cn arnxtment:.superscd s any prior -corn fitments; afters, ora freemen s:
written; or oral concertaii� this -financing and. can only be- modified i waiting.,
51o4499s-i
A ill- , 2009.
City of'BaIAbrxd a fslaud
The. Bank has received copies. of letters- dated. R` ruary 1.9, 2009 ;and Match. 11' (thy
` ter` "). sent t - 1 n:: ehal anor _1za i n Ball d the Bainbridge Ratepayers
Alliance raising concerns. that_ it alleges fora : leis :for a Potentiat, ohatlenge. to th
is ua e o - debt to fifiahee the roj t; The - .Bank- - :has also- .received -A .copy
c o andum of: Band Counsel " Bold C6b6sol. Brno" , dated Febktiaty 25, 2009
anaty hi h . ebroary 19 -Letter.
A - -:_condition of Aosing, the: Bank- will receive on r_ mire, oil s - f -grid CPUOS4.
or other counsel -to t : City, tb the effect- tet t: them: is : o Merit .-t -44y.- f IN; o i4f
I ls ratoed ratby, the-RdihbTi1d 1 err' lfi ce :i . the Utters ass -they r l t - t , t
isguance, sale �and d 1i r -4- hio'NOW to .thy -Ra!As ° i hi - `op:asal lett r end.
it is, unlikely that a court. of .434binpetwit j ris idloo, if pro cr#iy . Fief , m 1 hind
t err rlsc, To -the f st: e t t p �iited bar Ia t it r shall_ x al rrr i 'y 1. h
.. } . har k -the ani ;:arid. it : officers; -Agents ark -`einploy ��; i�o -a r g ix� � � -oil' lai'mS
y. or on behalf of any ere on arisiri = from tiny - f' the potenti 1. -A-aims raised . --the
bruuy.1 -.titter, other than. to the extent., suoh--lai - afe est bll he l to b --ca -by
the negligonpe or V111futmiscondact f'tho Bank, or-fisbffic=5; agents - 6r e- mployeeatrd
0' all reasonable- costs, counsel -fees, or liabilities, -i cue 1n onnectio with.- iy suPh
la�ir procee�ng.
10. ' Acceptance: "phis a rnit of is -riot Mdin � mils a .cop r of this letter,i . i tie. r .fi e
.-City and. r"give y. pxio t elesc of l u ne orr A it ' ; at it h : Im -
.� +}•
-offer -will expire wit out notice. 14-a crc ept nce, the NO' to laas. -trot closed.y..1 y 1-5,
X009 tht co t�nlent Wil ' } lr v+iitho t riotI
ail agre-ements or oral commitments. to loan woney, extend credit, or to fort t* 6 -so
., enforcing- repayment -of -a -debt ai -not enforceable ender Washington law.
if this commitment is aeteptable to the City, please sign and r turn the enclosed copy. Than
you .for the opportunity to work with your.
Sincerely,
l oft Olsen
Director -Municipal: Services
5«44995,
r Apra! 1;--qO'
it ,ofBuinbrid - Is] and
PO&4
1 n l -aud-A0dqtcd this -clay Qf , 20:x.9
Citrof Bainbridge Island
13• ----- -
a
i ty' Tax Id 6 ritlfi cittib n Nu mb er.: 1:..
51044895.1
Solt Mdndpy, 4prll gip; Pili.
TO* KpA ei
MAN -
The' -NPO f(om� h�lere. 41100, 'Parik to the': !y Qf-Baft id O.lsland-dated- Apell 1 � � �W-tbri lr s::id. tll firs_ p gr pli : :c or tI t ti -r. I t[ e
#lnax ed t ap royal. #the: R9h%.-aM1dpated-to occur pHI i �'. T#i� fin l+credit=approvalma�s: ompWed and1he cot�'ti-n-g.�na�r:is:h 46y.:
ROOMS;
Director. Mirriidi1°.Service`s. .
n'shmerto.-1 Iel lay Barik
866=252.2266
NOTICE This cle tronio-.rnaiI message And any. ft !as transmitted-with:-itwe-1ntend W " PAjol O tdr_-tli =fud1A &a] or-entjcy,
to Wh i,eb it'.is,add ssdd'. 'The-tadl 9�4 , together. with -.an a- t cbn� 6r t boy of#�iri cOn lde0l al and/or 0 i r d..'in rmation: Anylun �1thoriz d rear.ie ,-tjse}piWhig,t�evir� ,-�o��+wgi ,is iosi�r a:� ist�iViitior-fk'std fly .pMhibited. Ify u hav .:r"ecel t� ��°..'irxes -age
i a - erro rj. pl onsip.irt mediatdy-adirise thesender by r ply. email and: d&16 -al I i9,
file;/ CA o umeht and ett1ng8\ nke1L oea1 Settingffemporary ltiternetfil auta t..., 4/21/2009
51044895.1
-dff
c omae
May.1 1'2069
BainbridgeYty Council Members
City f l ainbridgc: island
280 -Madison Avenue North
Bainbridge ls.larld; WA 9811011:1.2
Re: Cashmere. Valley 1 k April .1 , 200. CommitrAefit Letter Extension
Dear Council -Members.-
This
Members.
This .letter wi li confirm the po itx ri of Gish ere ' alley Baric : tk "BaW with respect -w bur
proposal to providc aux intetim funding . soluOon dor the City- of.ain mage._ l lanif s W i slow
Waste Water Treatment Plant Project. (the "P d' a =s t-. ` rth in our. letter. -to t. e } it dated
April 13, 2009.
As indicated in h. - o e a# re entionod lefty, an event- of a° maternal Adverse. chop e
in the creditworWness of the City,, imfuding.101g4tlork -invr l ng or Blains filed against- the. elty's
may result -in termination of the Bankj,s -commitment-suet -fo' rte -,m said letter. 'The Mattk has been
provided with :a copy of -the Comptaint.filed in KitsV Countyr Superior Court C'ausie ..09-2-
01023 -
- -
1023- , against° the City �y the Plaintiff gr ttp-known as thelWnbtidge Rotepayors Alliance, a
now -profit corporation. -This wifteonfirm that. the Bank has formed -,Tin opini"r: -tht thi : peiiding
litigation does represent a. material adverse. change and -that in order to. move 'for mrd with the
conx'tment consistent with the rernailr i teTxxs- of the Dara "s April 13t 2009 l tt i to- the Clty.
orte of the f llowitig- "lust fist occur:
1 _ ne pa es to: the a ommention - fifigadwstipulate that City Resolution
No. 2009-09, -approving.. the sale not to exoecd ,00 ; 00 aggregate
principal at'ount- of Sewer Rocatte Boma AAd pation Notes..(litre of
credit) to CashmereValley Bards i a property pus4. executed, and valid
Ret lufion of the City for the -uses and purpoe . tared therein and thzit-any
'Rinds paid out by: the ;an .pumdut- to the afbr mentioned Re solus o -n
and/or any substl gently adopted resolutions and/or 'Ordinances illi
furtherance th mot, together with -all other docu e nts related t - the Bond
issuance collectively create amid and enfbw* bl obligation ofthe City:
or
. The. Kitmp County Superior Coup or another court of competent.
jurisdiction ent ins. an order deed b ► the, Bw& to hate the same lcgax
effect as the aforementioned stipulation.
1400 112th Avenue SE, Suite 100- Wevue. Wdsha on 9M--M?•-(42-51688-3935 • Toll Free 1 (866) 252.2265- • Fix (42$) 6M39-37
51044895.1
PMUant to the Vis, the Bank.-reneWsAll other tennsin the Bgmk's April -13, 2009 letter -to the
City- ftt-ke not-ificonsistent with the -terms -set forth hereincorporates, said th'
V 0
lett eo,,r-asif.'fifflys.etforth htrein. in,--additi6a, the Bank. hereby -exten& the conunitm'ent: from the
initial ex
I�Ar - p
If this extension: of the cornmitment ig gottptablo to'tide City', -Filey sign A -copy of .this -letter and
retUM it
to. Me. Jh
We appreciate the: opponunit y to provide muni0i.pal ffindiny, for -the -City on this
project.
'Y10
Ron Ol.seii.
Director Munko'"Wal Sem,OW§
cc, Steve.-Gaidos
Alice -Ostdick
Acknowledged and accepted this Ar' day of .,,20 09,
by -and on behalf of
the'Borrower,-Ihe City of "iibIsland.; WasWVon,,
Y 4/
1UP
51044995.1
Uainbrt , i r.: ounoi[ MembtrsSeptember 14, 2009
Re: Casbinero VAHOy Bok AP11%f 3i -, . aaO May 1'5..-2009 Wait".thierxt Low. ft-wigion
This. Wter.Wi1f' oa>kfi u 'th -.p ition t` �ley����#�3n��'} it���C� � �r pro ib' .
6D. provide- art -laterim Mirdingjutto" --for-:0, City of, 00110 Wand' .'OI r- Vasx. ..,:00
' re info xt _Phm -Pr , -.1 Glx -. tTroje t' rx° out l , ti : -.-City .r t ► x ;I
extended'ire ottr feft r'#o the- ItyA06d t4
` hls-Mter will con . tfiat.tlie- 3�arkk-her �y e�ct �� -.tlx � ��t�t �t � t.t` r Y: its t�� 1. r� ' .- ley I:. #.
2009' l tt r _ ptdifi or 1 . t r O r. X , i ' ' x ii �z> :t x�x ti crti r; t
Crtli -iivthe April- fl; '160 0, IOUr, aid. a tai066 toms - tied :004-ifib
ns a m mod i Rod i :: t ic. MV -Si ..20.09,
if tltis east Usiou Of 'the,-ommitmont is - eteceptabto to, the ftyr -please. sign a copy of this l otter and Mtum. it
to nle: We -app oiat -411e OPPOT(unity to provide munioi al fun 'h1 :f'ortho'Cit -on. ds-Pr0"od.
Ron 018011 -
ireotor Municioal Sarvjaes
oo: Mi aick.
ell-arles Dr zlt nerniall
Acknowledged and accepted this�day. of 2009, by and oa behalf of tlxe.
J3oarrowear,-the. City-of.BMhbridge- Is land, W ashitiWn
B:
Print'Iame Otc.. SA -
14 0 0 112 th'Avoriva 8 E! 8 alto 100 * aibllmnfe; Waal iA t6h 98094'.6007 • (426)-688 € 36 • To 11 Ree 1 (806).252-2268 • rox (426)'a 94037'
51044995.1
P. L. L, C.
ATT 4 l N E:Y 3 AT LAW
December 3, 2009
IE -MAIL ONLY
Alice M.. stdlel
Foster Pepper,. PLLC.
1111 Third Avenue, Suite 3400
Seattle, WA 98101
Re, Winslow Waste Water Treatment Plant Project
Bainbridge Ratepayers Alliance ,v. -City -of .Bainbridge -
I itsap County S peri r Coutt Cause No. 09-2.0 1023-6
Dear Alice:
Thank you for providingme with a copy of your a -mail. to Jeri of cashmere galley B. tik
(the "Bank"). Ron and I have had an opportunity to di u - your proposal and Ron has
authorized me to offer the City of Bainbridge Island (the "City,) the follovviiig possible solutions
for the benefit of the City:
1. The City may pursue and obtain from the Bainbridge Ratepayers Alliance
formai written waiver of -any objection -t . a spe4fic borrowing amount.
The lank wants ane to review any such waiver, so the Bank its com.fortable
that -the acttual language provides the .Bank the security it needs to know it
will not -b a partic':IpAnt in the existing or any- p tentiail future lawsuit
concerning. the finding; or
. The Bank will provide ars a teiisi n of the Sepforiiber 14,0' e t .n.s n
for a► period of six months, the consideratiofi for which will be - . payme.nt
of $5,000 from the City to the- Bank to reimburse. the Bank for -a, p rtl o - f
its out-of-pocket f -pocket xpense incurred in this matter to date. Should the-lban
ultimately closed, this payment will be -credited as a pre -payment of the
normal and customary chanes of the 'Banc assoolated with providing the
financing to -the City. of Binbri Island.
Established 1902
Member of the fntemmional lawyers Network with independent member low firms worldwide
Rive rfront Canter • I Fifth 51reat Suile 200 • P. 0. Box 1606 • Wena tchae,WA 98807 • 509.662.1954 - Fox, 509'.6 63,1553 • Web: www.omwlaw-com
51044895. t
l.i - m;.stdl_ek
[bx ; 2009.
Page
Plew let us -know which option the - City would prefdr to. pursue.
I lookforward: to. hearing from you.
Very fly youm,
OGDEN MURPHY WALLACE, RL.LiC:
CH E D..ZIMMESRIVIA.
CDZ lrc
: - :un Olsen via. -mail. only)
( D WO13 135;DO ;110 4]5.0200901)
to44995A
airibrid a City Council i i!mber December 15,-2009
dry ofBainbridte Island
286 Madison Avenue. forth
Bainbridge island, :98110,1 -1
lie; cashmere blIty. gahk Apri113,2009: h ay 1 , 2009; artd ept mi r 14,. '009
Commitment Letter,E tension
Dear Coil" 61.meoh rs:
nis letter -will confirm -the position-ol'Cashmere Valley Bank (the:"Bank") with respeccto-our.propos l'to pr Y1d0
ars internfUndin aCP
"1' s lutioh t`or the City of.BMndnidge ltla.r d's VM1�ii� qW :W64l: 1� tet Trdxlmeri l laht �l'i� j .(.tie
rOj ct" .as set #`orth tJi our tetterto elle City -datedApril- 13, 2009i: and as extended Inoue- let
i. T;§ t tbe:C1kty:dqttd
1a ► Is #X009 mdSeptember 14, 2009.
"his letter will confirTnIhat upon payment by the City to the. -Bank of -the -sum f- 5,000,.the OaAk. hereby_ extends.
the commitrnont as set forth- in the Bank's SgXcmber 14, WW'letter from Dece0ber 16,,2.009- tQ lunc- 16;.20.1.x, '.1'he
r 5 - n
erhoining't Mzind dition� as t 'forth-�t—the-.April l3,1440-1 i','a -thO m tqf- anj c ri i#ion -a mod ified
itt the ay 15-, 2W9 letter and the Sept mber 14, 2009 letter, shat I continue to be condiiion & ofth . Ban 's=
cornmitment.-
In the event this transaction .closes.. the: funds- idie_'nd fted in the preceding parA"h.- shaill c edlted-by tire- Bank:as a
pre;payMgnt.of fees.
If this extension of the commitment is -acceptable to the City, p.l�e sign &-,copy of this letter and -rete it to. me wr.ith-
a check in the amount of. 5;000 made payable to the -Tank.
We appreciate the opportunity, to pxo ide nit nicipal funding for the, City on this Project.
pit 14P qm� vim, I M�,
Fon Olsen
Dir ctor Municipal SerNiices
lD:lrc
cc, Alice; stidICA
Charles D. Zimmerman
Acknowledged and accepted -this 5—,"dayof 417
. 200, by and on. dialf of the
Borrower. City of Bomb I a lslaad, . 'viri on.
fay:
(Print Name)
(Title) e, V 06 j
1400 1121h Avenue SE. Suite 100 - Bellevue. Washington 98NA-6 97 i (4 +5) 88 9 .' Toll FMQ f (88%25 429S i Fs x (425)08 +3937