HomeMy WebLinkAboutLimited Tax General Obligation Bonds - 2018CITY OF RENTON, WASHINGTON
LIMITED TAX GENERAL OBLIGATION BONDS
ORDINANCE NO. 5896
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING THE ISSUANCE OF ONE OR MORE SERIES OF
LIMITED TAX GENERAL OBLIGATION BONDS IN THE AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $15,000,000 TO
FINANCE COSTS RELATED TO PARKS, TRAILS AND
RECREATIONAL FACILITY IMPROVEMENTS AND TO PAY COSTS
OF ISSUING THE BONDS; PROVIDING THE FORM, TERMS AND
COVENANTS OF THE BONDS; PROVIDING FOR THE DISPOSITION
OF THE PROCEEDS OF THE SALE OF THE BONDS; DELEGATING
AUTHORITY TO APPROVE THE METHOD OF SALE AND THE FINAL
TERMS OF THE BONDS; AND PROVIDING FOR OTHER MATTERS
RELATING THERETO.
PASSED NOVEMBER 19, 2018
PACIFICA LAW GROUP LLP
Seattle, Washington
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 5896
TABLE OF CONTENTS*
Page
Section1.
Definitions................................................................................................................2
Section 2.
Authorization of the Projects..................................................................................6
Section 3.
Authorization and Description of Bonds.................................................................7
Section 4.
Registration, Exchange and Payments....................................................................8
Section 5.
Redemption Prior to Maturity and Purchase of Bonds.........................................13
Section 6.
Form of Bonds........................................................................................................17
Section 7.
Execution of Bonds................................................................................................17
Section 8.
Application of Bond Proceeds; Project Fund.........................................................18
Section 9.
Tax Covenants........................................................................................................19
Section 10.
Debt Service Fund and Provision for Tax Levy Payments.....................................21
Section 11.
Defeasance............................................................................................................22
Section12.
Sale of Bonds.........................................................................................................23
Section 13.
Preliminary and Final Official Statements.............................................................26
Section 14.
Undertaking to Provide Ongoing Disclosure.........................................................26
Section 15.
Lost, Stolen or Destroyed Bonds...........................................................................26
Section 16.
Severability; Ratification........................................................................................27
Section 17.
Payments Due on Business Days...........................................................................27
Section 18.
Corrections by City Clerk.......................................................................................27
Section 19.
Effective Date........................................................................................................28
Exhibit A: Form of Bond
* This Table of Contents is provided for convenience only and is not a part of this ordinance.
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 5896
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING THE ISSUANCE OF ONE OR MORE SERIES OF
LIMITED TAX GENERAL OBLIGATION BONDS IN THE AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $15,000,000 TO
FINANCE COSTS RELATED TO PARKS, TRAILS AND
RECREATIONAL FACILITY IMPROVEMENTS AND TO PAY COSTS
OF ISSUING THE BONDS; PROVIDING THE FORM, TERMS AND
COVENANTS OF THE BONDS; PROVIDING FOR THE DISPOSITION
OF THE PROCEEDS OF THE SALE OF THE BONDS; DELEGATING
AUTHORITY TO APPROVE THE METHOD OF SALE AND THE FINAL
TERMS OF THE BONDS; AND PROVIDING FOR OTHER MATTERS
RELATING THERETO.
WHEREAS, the City Council (the "Council") of the City of Renton, Washington (the
"City") has determined it is in the best interest of the City to make certain improvements to
parks, trails and recreational facilities in the City (as further defined herein, the "Projects"); and
WHEREAS, after due consideration the Council has determined that it is in the best
interest of the City to authorize the issuance and sale of limited tax general obligation bonds to
pay a portion of the costs of the Projects; and
WHEREAS, this Council wishes to delegate authority to the Mayor, the Chief
Administrative Officer and the Administrative Services Administrator of the City (as further
described herein, each a "Designated Representative"), for a limited time, to approve the
method of sale and the interest rates, maturity dates, redemption terms and principal
maturities for each series of bonds authorized herein within the parameters set by this
ordinance; and
ORDINANCE NO. 5896
herein;
WHEREAS, the bonds shall be sold by negotiated or competitive public sale as set forth
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON DO
ORDAIN AS FOLLOWS:
Section 1. Definitions. As used in this ordinance, the following words and terms
shall have the following meanings, unless the context or use indicates another or different
meaning or intent. Unless the context indicates otherwise, words importing the singular
number shall include the plural number and vice versa.
Administrative Services Administrator means the City's Administrative Services
Administrator or the successor to such officer.
Beneficial Owner means any person that has or shares the power, directly or indirectly,
to make investment decisions concerning ownership of any Bonds (including persons holding
Bonds through nominees, depositories or other intermediaries).
Bond Counsel means Pacifica Law Group LLP or an attorney at law or a firm of
attorneys, selected by the City, of nationally recognized standing in matters pertaining to the
tax exempt nature of interest on bonds issued by states and their political subdivisions.
Bond Purchase Contract means the contract, if any, for the purchase of any Bonds of a
series sold by negotiated sale to an Underwriter, executed pursuant to Section 12.
Bond Register means the registration books maintained by the Bond Registrar for
purposes of identifying ownership of the Bonds or the nominee of each owner, and such other
information as the Bond Registrar shall determine.
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Bond Registrar means, initially, the fiscal agent of the State, for the purposes of
registering and authenticating the Bonds, maintaining the Bond Register, effecting transfer of
ownership of the Bonds and paying interest on and principal of the Bonds.
Bonds mean the limited tax general obligation bonds authorized to be issued in one or
more series pursuant to this ordinance in the aggregate principal amount of not to exceed
$15, 000,000.
Certificate of Award means the certificate, if any, for the purchase of a series of Bonds
awarding the Bonds to the initial purchaser for such Bonds as set forth in Section 12 of this
ordinance.
Chief Administrative Officer means the Chief Administrative Officer of the City or the
successor to such officer.
City means the City of Renton, a municipal corporation duly organized and existing
under the laws of the State.
City Clerk means the duly appointed and acting City Clerk of the City or the successor to
the duties of that office.
Closing means the date of issuance and delivery of a series of Bonds to the applicable
Underwriter.
Code means the Internal Revenue Code of 1986 as in effect on the date of issuance of
the Tax -Exempt Bonds or (except as otherwise referenced herein) as it may be amended to
apply to obligations issued on the date of issuance of the Tax -Exempt Bonds, together with
applicable proposed, temporary and final regulations promulgated, and applicable official
public guidance published, under the Code.
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Commission means the United States Securities and Exchange Commission.
Continuing Disclosure Certificate means the written undertaking for the benefit of the
owners and Beneficial Owners of the Bonds as required by Section (b)(5) of the Rule.
Council or City Council means the Renton City Council, as the general legislative body of
the City as the same is duly and regularly constituted from time to time.
Debt Service Fund means one or more funds or accounts created pursuant to this
ordinance for the purpose of paying debt service on a series of Bonds.
Designated Representative means each the Mayor, the Chief Administrative Officer and
the Administrative Services Administrator of the City, any successors to the functions of such
offices, and their designees. The signature of one Designated Representative shall be sufficient
to bind the City.
DTC means The Depository Trust Company, New York, New York, a limited purpose
trust company organized under the laws of the State of New York, as depository for the Bonds
pursuant to this ordinance.
Fair Market Value means the price at which a willing buyer would purchase an
investment from a willing seller in a bona fide, arm's-length transaction, except for specified
investments as described in Treasury Regulation §1.148-5(d)(6), including United States
Treasury obligations, certificates of deposit, guaranteed investment contracts, and investments
for yield restricted defeasance escrows. Fair Market Value is generally determined on the date
on which a contract to purchase or sell an investment becomes binding, and, to the extent
required by the applicable regulations under the Code, the term "investment" will include a
hedge.
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Federal Tax Certificate means the certificate executed by a Designated Representative
setting forth the requirements of the Code for maintaining the tax exemption of interest on
any Tax -Exempt Bonds, and attachments thereto.
Government Obligations means those obligations now or hereafter defined as such in
chapter 39.53 RCW constituting direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United States of America, as such
chapter may be hereafter amended or restated.
Letter of Representations means the Blanket Issuer Letter of Representations given by
the City to DTC, as amended from time to time.
Mayor or City Mayor means the elected Mayor of the City or the successor to the
duties of that office.
MSRB means the Municipal Securities Rulemaking Board or any successors to its
functions.
Official Statement means the disclosure documents prepared and delivered in
connection with the issuance of a series of Bonds.
Project Fund means the fund or account created pursuant to Section 8 of this
ordinance.
Projects mean the capital improvements authorized in Section 2 of this ordinance.
Record Date means the close of business for the Bond Registrar that is 15 days
preceding any interest and/or principal payment or redemption date.
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Registered Owner means the person named as the registered owner of a Bond in the
Bond Register. For so long as the Bonds are held in book -entry only form, DTC or its nominee
shall be deemed to be the sole Registered Owner.
Rule means the Commission's Rule 15c2-12 under the Securities Exchange Act of 1934,
as the same may be amended from time to time.
Sale Document means the Bond Purchase Contract or Certificate of Award, if any,
executed by a Designated Representative in connection with the sale of a series of Bonds
pursuant to Section 12 of this ordinance, which shall provide for the name, principal and
interest payment dates and amounts, redemption/prepayment rights, and other terms to
describe such Bonds as determined to be necessary by a Designated Representative.
State means the State of Washington.
Taxable Bonds means any Bonds determined to be issued on a taxable basis pursuant
to Section 12.
Tax -Exempt Bonds mean any Bonds determined to be issued on a tax-exempt basis
under the Code pursuant to Section 12.
Underwriter means any underwriter, in the case of a negotiated sale, or initial
purchaser, in the case of a competitive sale, for a series of Bonds selected pursuant to
Section 12.
Section 2. Authorization of the Proiects. The City owns and operates parks, trails
and recreational facilities. The City Council has adopted a Parks, Recreation and Natural Areas
Plan and a Trails and Bicycle Master Plan (the "Park Plans") to provide a framework to guide
the City in establishing priorities, making decisions, funding improvements and operations, and
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ensuring the City's facilities meet current demand and include capacity for future generations.
The Park Plans identify certain capital needs at City parks, trails and recreational facilities,
including, but not limited to, the construction, improvement, development, and equipping of
playgrounds, turf areas, ballfields, sport courts, multi -use and walking trails, parking facilities
and other park, trails and recreational improvements (together, the "Projects") that will serve
the community and City programs. The Projects, as they are to be more fully described in the
plans and specifications prepared by and filed with the City, are hereby approved.
The cost of all necessary appraisals, negotiation, closing, architectural, engineering,
financial, legal and other consulting services, inspection and testing, demolition, administrative
and relocation expenses and other costs incurred in connection with the foregoing capital
improvements shall be deemed a part of the capital costs of such Projects. Such Projects shall
be complete with all necessary equipment and appurtenances.
The City will determine the exact specifications for the Projects, and the components
thereof, as well as the timing, order and manner of completing the components of the
Projects. The City may alter, make substitutions to, and amend the Projects as it determines
are in the best interests of the City and consistent with the general descriptions provided
herein.
Section 3. Authorization and Description of Bonds. For the purpose of paying
and/or reimbursing the City for costs of the Projects and paying costs of issuance, the City is
hereby authorized to issue and sell from time to time one or more series of limited tax general
obligation bonds in an aggregate principal amount not to exceed $15,000,000 (the "Bonds").
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ORDINANCE NO. 5896
The Bonds of each series shall be general obligations of the City and shall be designated
"City of Renton, Washington, Limited Tax General Obligation Bonds, 2019" with additional
series designation or other such designation as determined to be necessary by a Designated
Representative. The Bonds shall be dated as of the date of Closing for such series of Bonds;
shall be fully registered as to both principal and interest; shall be in the denomination of
$5,000 each, or any integral multiple thereof, within a series and maturity; shall be numbered
separately in such manner and with any additional designation as the Bond Registrar deems
necessary for purposes of identification; shall bear interest from their date payable on the
dates and commencing as provided in the applicable Sale Document; and shall mature on the
dates and in the principal amounts set forth in the applicable Sale Document, as approved and
executed by a Designated Representative pursuant to Section 12 of this ordinance.
Section 4. Registration, Exchange and Payments.
(a) Bond Registrar/Bond Register. The City hereby specifies and adopts the system
of registration approved by the Washington State Finance Committee from time to time
through the appointment of state fiscal agencies. The City shall cause the Bond Register to be
maintained by the Bond Registrar. So long as any Bonds remain outstanding, the Bond
Registrar shall make all necessary provisions to permit the exchange or registration or transfer
of Bonds at its designated office. The Bond Registrar may be removed at any time at the
option of the Administrative Services Administrator upon prior notice to the Bond Registrar
and a successor Bond Registrar appointed by the Administrative Services Administrator. No
resignation or removal of the Bond Registrar shall be effective until a successor shall have been
appointed and until the successor Bond Registrar shall have accepted the duties of the Bond
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Registrar hereunder. The Bond Registrar is authorized, on behalf of the City, to authenticate
and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds
and this ordinance and to carry out all of the Bond Registrar's powers and duties under this
ordinance. The Bond Registrar shall be responsible for its representations contained in the
Certificate of Authentication of the Bonds.
(b) Registered Ownership. The City and the Bond Registrar, each in its discretion,
may deem and treat the Registered Owner of each Bond of a series as the absolute owner
thereof for all purposes (except as provided in a Continuing Disclosure Certificate), and neither
the City nor the Bond Registrar shall be affected by any notice to the contrary. Payment of any
such Bond shall be made only as described in Section 4(g), but such Bond may be transferred as
herein provided. All such payments made as described in Section 4(g) shall be valid and shall
satisfy and discharge the liability of the City upon such Bond to the extent of the amount or
amounts so paid.
(c) DTC Acceptance/Letters of Representations. The Bonds of a series initially shall
be held by DTC acting as depository. The City has executed and delivered to DTC a Blanket
Issuer Letter of Representations. Neither the City nor the Bond Registrar shall have any
responsibility or obligation to DTC participants or the persons for whom they act as nominees
(or any successor depository) with respect to the Bonds in respect of the accuracy of any
records maintained by DTC (or any successor depository) or any DTC participant, the payment
by DTC (or any successor depository) or any DTC participant of any amount in respect of the
principal of or interest on Bonds, any notice which is permitted or required to be given to
Registered Owners under this ordinance (except such notices as shall be required to be given
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by the City to the Bond Registrar or to DTC (or any successor depository)), or any consent given
or other action taken by DTC (or any successor depository) as the Registered Owner. For so
long as any Bonds are held by a depository, DTC or its successor depository or its nominee shall
be deemed to be the Registered Owner for all purposes hereunder, and all references herein to
the Registered Owners shall mean DTC (or any successor depository) or its nominee and shall
not mean the owners of any beneficial interest in such Bonds.
(d) Use of Depository.
(1) The Bonds shall be registered initially in the name of "Cede & Co.", as
nominee of DTC, with one Bond of each series maturing on each of the maturity dates for the
Bonds in a denomination corresponding to the total principal therein designated to mature on
such date. Registered ownership of such Bonds, or any portions thereof, may not thereafter be
transferred except (A) to any successor of DTC or its nominee, provided that any such
successor shall be qualified under any applicable laws to provide the service proposed to be
provided by it; (B) to any substitute depository appointed by the Administrative Services
Administrator pursuant to subsection (2) below or such substitute depository's successor; or
(C) to any person as provided in subsection (4) below.
(2) Upon the resignation of DTC or its successor (or any substitute
depository or its successor) from its functions as depository or a determination by the
Administrative Services Administrator to discontinue the system of book entry transfers
through DTC or its successor (or any substitute depository or its successor), the Administrative
Services Administrator may hereafter appoint a substitute depository. Any such substitute
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depository shall be qualified under any applicable laws to provide the services proposed to be
provided by it.
(3) In the case of any transfer pursuant to clause (A) or (B) of subsection (1)
above, the Bond Registrar shall, upon receipt of all outstanding Bonds together with a written
request on behalf of the Administrative Services Administrator, issue a single new Bond for
each maturity of that series then outstanding, registered in the name of such successor or such
substitute depository, or their nominees, as the case may be, all as specified in such written
request of the Administrative Services Administrator.
(4) In the event that (A) DTC or its successor (or substitute depository or its
successor) resigns from its functions as depository, and no substitute depository can be
obtained, or (B) the Administrative Services Administrator determines that it is in the best
interest of the beneficial owners of the Bonds that such owners be able to obtain physical
Bond certificates, the ownership of such Bonds may then be transferred to any person or entity
as herein provided, and shall no longer be held by a depository. The Administrative Services
Administrator shall deliver a written request to the Bond Registrar, together with a supply of
physical Bonds, to issue Bonds as herein provided in any authorized denomination. Upon
receipt by the Bond Registrar of all then outstanding Bonds together with a written request on
behalf of the Administrative Services Administrator to the Bond Registrar, new Bonds of such
series shall be issued in the appropriate denominations and registered in the names of such
persons as are requested in such written request.
(e) Registration of Transfer of Ownership or Exchange, Change in Denominations.
The transfer of any Bond may be registered and Bonds may be exchanged, but no transfer of
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any such Bond shall be valid unless it is surrendered to the Bond Registrar with the assignment
form appearing on such Bond duly executed by the Registered Owner or such Registered
Owner's duly authorized agent in a manner satisfactory to the Bond Registrar. Upon such
surrender, the Bond Registrar shall cancel the surrendered Bond and shall authenticate and
deliver, without charge to the Registered Owner or transferee therefor, a new Bond (or Bonds
at the option of the new Registered Owner) of the same date, series, maturity, and interest
rate and for the same aggregate principal amount in any authorized denomination, naming as
Registered Owner the person or persons listed as the assignee on the assignment form
appearing on the surrendered Bond, in exchange for such surrendered and cancelled Bond.
Any Bond may be surrendered to the Bond Registrar and exchanged, without charge, for an
equal aggregate principal amount of Bonds of the same date, series, maturity, and interest
rate, in any authorized denomination. The Bond Registrar shall not be obligated to register the
transfer of or to exchange any Bond during the 15 days preceding any principal payment or
redemption date.
(f) Bond Registrar's Ownership of Bonds. The Bond Registrar may become the
Registered Owner of any Bond with the same rights it would have if it were not the Bond
Registrar, and to the extent permitted by law, may act as depository for and permit any of its
officers or directors to act as a member of, or in any other capacity with respect to, any
committee formed to protect the right of the Registered Owners or beneficial owners of
Bonds.
(g) Place and Medium of Payment. Both principal of and interest on the Bonds shall
be payable in lawful money of the United States of America. Interest on the Bonds shall be
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calculated on the basis of a year of 360 days and twelve 30-day months. For so long as all
Bonds are held by a depository, payments of principal thereof and interest thereon shall be
made as provided in accordance with the operational arrangements of DTC referred to in the
Letter of Representations. In the event that the Bonds are no longer held by a depository,
interest on the Bonds shall be paid by check or draft mailed to the Registered Owners at the
addresses for such Registered Owners appearing on the Bond Register on the Record Date, or
upon the written request of a Registered Owner of more than $1,000,000 of Bonds (received
by the Bond Registrar at least by the Record Date), such payment shall be made by the Bond
Registrar by wire transfer to the account within the United States designated by the Registered
Owner. Principal of the Bonds shall be payable upon presentation and surrender of such Bonds
by the Registered Owners at the designated office of the Bond Registrar.
If any Bond is duly presented for payment and funds have not been provided by the City
on the applicable payment date, then interest will continue to accrue thereafter on the unpaid
principal thereof at the rate stated on the Bond until the Bond is paid.
Section 5. Redemption Prior to Maturity and Purchase of Bonds.
(a) Mandatory Redemption of Term Bonds and Optional Redemption. The Bonds of
each series shall be subject to mandatory redemption to the extent, if any, set forth in the Sale
Document and as approved by a Designated Representative pursuant to Section 12. The Bonds
of each series shall be subject to optional redemption on the dates, at the prices and under the
terms set forth in the Sale Document approved by a Designated Representative pursuant to
Section 12.
(b) Purchase of Bonds. The City reserves the right to purchase any or all of the
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Bonds offered to it at any time at a price deemed reasonable by the Administrative Services
Administrator plus accrued interest to the date of purchase.
(c) Selection of Bonds for Redemption. For as long as the Bonds are held in
book -entry only form, the selection of particular Bonds within a series and maturity to be
redeemed shall be made in accordance with the operational arrangements then in effect at
DTC. If the Bonds are no longer held by a depository, the selection of such Bonds to be
redeemed and the surrender and reissuance thereof, as applicable, shall be made as provided
in the following provisions of this subsection (c). If the City redeems at any one time fewer
than all of the Bonds of a series having the same maturity date, the particular Bonds or
portions of Bonds of such maturity to be redeemed shall be selected by lot (or in such manner
determined by the Bond Registrar) in increments of $5,000. In the case of a Bond of a
denomination greater than $5,000, the City and the Bond Registrar shall treat each Bond as
representing such number of separate Bonds each of the denomination of $5,000 as is
obtained by dividing the actual principal amount of such Bond by $5,000. In the event that
only a portion of the principal sum of a Bond is redeemed, upon surrender of such Bond at the
designated office of the Bond Registrar there shall be issued to the Registered Owner, without
charge therefor, for the then unredeemed balance of the principal sum thereof, at the option
of the Registered Owner, a Bond or Bonds of like series, maturity and interest rate in any of the
denominations herein authorized.
(d) Notice of Redemption.
(1) Official Notice. For so long as the Bonds are held by a depository, notice
of redemption shall be given in accordance with the operational arrangements of DTC as then
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in effect, and neither the City nor the Bond Registrar shall provide any notice of redemption to
any beneficial owners. The notice of redemption may be conditional. Unless waived by any
Registered Owner of Bonds to be redeemed, official notice of any such redemption (which
redemption may be conditioned by the Bond Registrar on the receipt of sufficient funds for
redemption or otherwise) shall be given by the Bond Registrar on behalf of the City by mailing
a copy of an official redemption notice by first class mail at least 20 days and not more than
60 days prior to the date fixed for redemption to the Registered Owner of the Bond or Bonds
to be redeemed at the address shown on the Bond Register or at such other address as is
furnished in writing by such Registered Owner to the Bond Registrar.
All official notices of redemption shall be dated and shall state:
(A) the redemption date,
(B) the redemption price,
(C) if fewer than all outstanding Bonds are to be redeemed, the
identification by series and maturity (and, in the case of partial redemption, the respective
principal amounts) of the Bonds to be redeemed,
(D) any conditions to redemption,
(E) that unless conditional notice of redemption has been given and
such conditions have either been satisfied or waived, on the redemption date the redemption
price shall become due and payable upon each such Bond or portion thereof called for
redemption, and that interest thereon shall cease to accrue from and after said date, and
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(F) the place where such Bonds are to be surrendered for payment of
the redemption price, which place of payment shall be the designated office of the Bond
Registrar.
On or prior to any redemption date, unless such redemption has been rescinded or
revoked, the City shall deposit with the Bond Registrar an amount of money sufficient to pay
the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that
date. The City retains the right to rescind any redemption notice and the related optional
redemption of Bonds by giving notice of rescission to the affected Registered Owners at any
time on or prior to the scheduled redemption date. Any notice of optional redemption that is
so rescinded shall be of no effect, and the Bonds for which the notice of optional redemption
has been rescinded shall remain outstanding.
(2) Effect of Notice; Bonds Due. If notice of redemption has been given and not
rescinded or revoked, or if the conditions set forth in a conditional notice of redemption have
been satisfied or waived, the Bonds of such series or portions of Bonds to be redeemed shall,
on the redemption date, become due and payable at the redemption price therein specified,
and from and after such date such Bonds or portions of Bonds shall cease to bear interest.
Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall
be paid by the Bond Registrar at the redemption price. Installments of interest due on or prior
to the redemption date shall be payable as herein provided for payment of interest. All Bonds
which have been redeemed shall be canceled by the Bond Registrar and shall not be reissued.
(3)
Additional Notice
In addition to the foregoing notice, further notice
shall be given by the City as set out below, but no defect in said further notice nor any failure
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to give all or any portion of such further notice shall in any manner defeat the effectiveness of
a call for redemption if notice thereof is given as above prescribed. Each further notice of
redemption given hereunder shall contain the information required above for an official notice
of redemption plus (A) the CUSIP numbers of all Bonds being redeemed; (B) the date of issue of
the Bonds as originally issued; (C) the rate of interest borne by each Bond being redeemed;
(D) the series and maturity date of each Bond being redeemed; and (E) any other descriptive
information needed to identify accurately the Bonds being redeemed. Each further notice of
redemption may be sent at least 20 days before the redemption date to each party entitled to
receive notice pursuant to Section 14 and the applicable Continuing Disclosure Certificate and
with such additional information as the City shall deem appropriate, but such mailings shall not
be a condition precedent to the redemption of such Bonds.
(4) Amendment of Notice Provisions. The foregoing notice provisions of this
Section 5, including but not limited to the information to be included in redemption notices
and the persons designated to receive notices, may be amended by additions, deletions and
changes in order to maintain compliance with duly promulgated regulations and
recommendations regarding notices of redemption of municipal securities.
Section 6. Form of Bonds. The Bonds shall be in substantially the form set forth in
Exhibit A, which is incorporated herein by this reference.
Section 7. Execution of Bonds. The Bonds shall be executed on behalf of the City by
the facsimile or manual signature of the Mayor and shall be attested to by the facsimile or
manual signature of the City Clerk, and shall have the seal of the City impressed or a facsimile
thereof imprinted, or otherwise reproduced thereon.
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In the event any officer who shall have signed or whose facsimile signatures appear on
any of the Bonds shall cease to be such officer of the City before said Bonds shall have been
authenticated or delivered by the Bond Registrar or issued by the City, such Bonds may
nevertheless be authenticated, delivered and issued and, upon such authentication, delivery
and issuance, shall be as binding upon the City as though said person had not ceased to be
such officer. Any Bond may be signed and attested on behalf of the City by such persons who,
at the actual date of execution of such Bond shall be the proper officer of the City, although at
the original date of such Bond such persons were not such officers of the City.
Only such Bonds as shall bear thereon a Certificate of Authentication manually
executed by an authorized representative of the Bond Registrar shall be valid or obligatory for
any purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication
shall be conclusive evidence that the Bonds so authenticated have been duly executed,
authenticated and delivered hereunder and are entitled to the benefits of this ordinance.
Section 8. Application of Bond Proceeds; Project Fund. The Administrative Services
Administrator is hereby authorized to create a fund or account (the "Project Fund"), and
subaccounts therein as necessary, for the purposes set forth in this section. A portion of the
proceeds of each series of Bonds, net of any Underwriter's discount and fees, shall be
deposited in the Project Fund in the amounts specified in the closing memorandum prepared
in connection with the issuance of such Bonds. Such proceeds shall be used to pay and/or
reimburse the City for the costs of the Projects and, unless otherwise provided by the City, to
pay costs of issuance of such Bonds.
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The Administrative Services Administrator shall invest money in the Project Fund and
the subaccounts contained therein in such obligations as may now or hereafter be permitted
by law to cities of the State and which will mature prior to the date on which such money shall
be needed, but only to the extent that the same are acquired, valued and disposed of at Fair
Market Value. Upon completion of the Projects, any remaining Bond proceeds (including
interest earnings thereon) may be used for other capital projects of the City or shall be
transferred to the Debt Service Fund for the allocable series of Bonds.
Section 9. Tax Covenants. The City will take all actions necessary to assure the
exclusion of interest on any Tax -Exempt Bonds from the gross income of the owners of such
Tax -Exempt Bonds to the same extent as such interest is permitted to be excluded from gross
income under the Code as in effect on the date of issuance of such Tax -Exempt Bonds,
including but not limited to the following:
(a) Private Activity Bond Limitation. The City will assure that the proceeds of the
Tax -Exempt Bonds are not so used as to cause the Tax -Exempt Bonds to satisfy the private
business tests of Section 141(b) of the Code or the private loan financing test of Section 141(c)
of the Code.
(b) Limitations on Disposition of Projects. The City will not sell or otherwise transfer
or dispose of (i) any personal property components of the Projects other than in the ordinary
course of an established government program under Treasury Regulation 1.141-2(d)(4) or
(ii) any real property components of the Projects, unless it has received an opinion of Bond
Counsel to the effect that such disposition will not adversely affect the treatment of interest on
the Tax -Exempt Bonds as excludable from gross income for federal income tax purposes.
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(c) Federal Guarantee Prohibition. The City will not take any action or permit or
suffer any action to be taken if the result of such action would be to cause any of the Tax -
Exempt Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the Code.
(d) Rebate Requirement. The City will take any and all actions necessary to assure
compliance with Section 148(f) of the Code, relating to the rebate of excess investment
earnings, if any, to the federal government, to the extent that such section is applicable to the
Tax -Exempt Bonds.
(e) No Arbitrage. The City will not take, or permit or suffer to be taken, any action
with respect to the proceeds of the Tax -Exempt Bonds which, if such action had been
reasonably expected to have been taken, or had been deliberately and intentionally taken, on
the date of issuance of the Tax -Exempt Bonds would have caused the Tax -Exempt Bonds to be
"arbitrage bonds" within the meaning of Section 148 of the Code.
(f) Registration Covenant. The City will maintain a system for recording the
ownership of each Tax -Exempt Bond that complies with the provisions of Section 149 of the
Code until all Tax -Exempt Bonds have been surrendered and canceled.
(g) Record Retention. The City will retain its records of all accounting and
monitoring it carries out with respect to the Tax -Exempt Bonds for at least three years after the
Tax -Exempt Bonds mature or are redeemed (whichever is earlier); however, if the Tax -Exempt
Bonds are redeemed and refunded, the City will retain its records of accounting and
monitoring at least three years after the earlier of the maturity or redemption of the
obligations that refunded the Tax -Exempt Bonds.
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(h) Compliance with Federal Tax Certificate. The City will comply with the provisions
of the Federal Tax Certificate with respect to a series of Tax -Exempt Bonds, which are
incorporated herein as if fully set forth herein. The covenants of this Section will survive
payment in full or defeasance of the Tax -Exempt Bonds.
(i) Bank Qualification. Each Designated Representative is hereby authorized to
designate each series of Bonds as "qualified tax-exempt obligations" under Section 265(b)(3) of
the Code for investment by financial institutions if the City does not reasonably expect to issue
more than $10,000,000 of qualified tax-exempt obligations in the calendar year in which such
Bonds are issued.
Section 10. Debt Service Fund and Provision for Tax Levy Payments. The City hereby
authorizes the creation of one or more funds, and accounts held therein, to be used for the
payment of debt service on each series of Bonds, designated as the "Limited Tax General
Obligation Bond Debt Service Fund" or other such designation selected by the City (the "Debt
Service Fund"). No later than the date each payment of principal of or interest on the Bonds
becomes due, the City shall transmit sufficient funds, from the Debt Service Fund or from other
legally available sources, to the Bond Registrar for the payment of such principal or interest.
Money in the Debt Service Fund may be invested in legal investments for City funds, but only
to the extent that the same are acquired, valued and disposed of at Fair Market Value. Any
interest or profit from the investment of such money shall be deposited in the Debt Service
Fund.
The City hereby irrevocably covenants and agrees for as long as any of the Bonds are
outstanding and unpaid that each year it shall include in its budget and levy an ad valorem tax
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upon all the property within the City subject to taxation in an amount that will be sufficient,
together with all other revenues and money of the City legally available for such purposes, to
pay the principal of and interest on the Bonds as the same shall become due.
The City hereby irrevocably pledges that the annual tax provided for herein to be levied
for the payment of such principal and interest shall be within and as a part of the property tax
levy permitted to cities without a vote of the electorate, and that a sufficient portion of each
annual levy to be levied and collected by the City prior to the full payment of the principal of
and interest on the Bonds will be and is hereby irrevocably set aside, pledged and appropriated
for the payment of the principal of and interest on the Bonds. The full faith, credit and
resources of the City are hereby irrevocably pledged for the annual levy and collection of such
taxes and for the prompt payment of the principal of and interest on the Bonds when due.
Section 11. Defeasance. In the event that the City, in order to effect the payment,
retirement or redemption of any Bond, sets aside in the Debt Service Fund or in another
special account, cash or noncallable Government Obligations, or any combination of cash
and/or noncallable Government Obligations, in amounts and maturities which, together with
the known earned income therefrom, are sufficient to redeem or pay and retire such Bond in
accordance with its terms and to pay when due the interest and redemption premium, if any,
thereon, and such cash and/or noncallable Government Obligations are irrevocably set aside
and pledged for such purpose, then no further payments need be made into the Debt Service
Fund for the payment of the principal of and interest on such Bond. The owner of a Bond so
provided for shall cease to be entitled to any lien, benefit or security of this ordinance except
the right to receive payment of principal, premium, if any, and interest from the Debt Service
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Fund or such special account, and such Bond shall be deemed to be not outstanding under this
ordinance. The City shall give written notice of defeasance of any Bonds of a series in
accordance with the applicable Continuing Disclosure Certificate.
Section 12. Sale of Bonds.
(a) Bond Sale. The Council has determined that it would be in the best interest of
the City to delegate to the Designated Representatives, for a limited time, the authority to
determine the method of sale for the Bonds, to designate each series of Bonds as Tax -Exempt
Bonds or Taxable Bonds, and to approve the final interest rates, maturity dates, redemption
terms and principal maturities for each series of Bonds. Bonds issued pursuant to the terms of
this ordinance for the purpose of paying and/or reimbursing the City for costs of the Projects
and paying related costs of issuance may be issued in one or more series from time to time so
long as all Bonds issued under this ordinance comply with the terms provided herein.
(b) Negotiated Bond Sale. If a Designated Representative determines that the
Bonds of a series are to be sold by negotiated public sale, a Designated Representative shall
solicit proposals from one or more qualified underwriting firms and shall select the
Underwriter that submits the proposal that is in the best interest of the City. The Bonds of
such series shall be sold to such Underwriter pursuant to the terms of a Bond Purchase
Contract.
(c) Competitive Sale. If a Designated Representative determines that the Bonds of a
series are to be sold at a competitive public sale, a Designated Representative shall with
respect to such series of Bonds: (1) establish the date of the public sale; (2) establish the
criteria by which the successful bidder will be determined; (3) request that a good faith deposit
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accompany each bid; (4) cause notice of the public sale to be given; and (5) provide for such
other matters pertaining to the public sale as he or she deems necessary or desirable. The
Bonds of such series shall be sold to such Underwriter pursuant to the terms of a Certificate of
Award.
(d) Sale Parameters. Subject to the terms and conditions set forth in this Section
12, each Designated Representative is hereby authorized to approve the method of sale for
each series of Bonds, to designate each series of Bonds as Tax -Exempt Bonds or Taxable Bonds,
and to determine the final interest rates, aggregate principal amount, principal maturities, and
redemption rights for each series of Bonds in the manner provided hereafter so long as:
(1) the aggregate principal (face) amount of all Bonds issued under the
authority granted in this ordinance does not exceed $15,000,000,
(2) the final maturity date for the Bonds of each series is no later than
December 1, 2040,
(3) the aggregate purchase price for the Bonds of each series shall not be
less than 98% of the aggregate stated principal amount of the Bonds of each series,
(4) the true interest cost for the Tax -Exempt Bonds (in the aggregate for
such series) does not exceed 5.00%,
(5) the true interest cost for the Taxable Bonds (in the aggregate for such
series) does not exceed 5.50%, and
(6) the Bonds of each series otherwise conform to all other terms of this
ordinance.
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Subject to the terms and conditions set forth in this section, each Designated
Representative is hereby authorized to select the Underwriter and to execute the appropriate
Sale Document on behalf of the City for each series of Bonds. The signature of one Designated
Representative shall be sufficient to bind the City.
Following the execution of the Sale Document, a Designated Representative shall
provide a report to the Council describing the terms of the Bonds sold pursuant to such Sale
Document and approved pursuant to the authority delegated in this section. The authority
granted to the Designated Representatives by this Section 12 shall expire one year after the
effective date of this ordinance. If a Sale Document for the Bonds has not been executed
within one year after the effective date of this ordinance, the authorization for the issuance of
the Bonds shall be rescinded, and the Bonds shall not be issued nor their sale approved unless
such Bonds are re -authorized by ordinance of the Council. The ordinance re -authorizing the
issuance and sale of such Bonds may be in the form of a new ordinance repealing this
ordinance in whole or in part or may be in the form of an amendatory ordinance approving a
Sale Document or establishing terms and conditions for the authority delegated under this
Section 12.
(e) Delivery of Bonds; Documentation. Upon the passage and approval of this
ordinance and execution of the Sale Document, the proper officials of the City, including the
Designated Representatives and the City Clerk, are authorized and directed to undertake all
action necessary for the prompt execution and delivery of the Bonds of a series to the
Underwriter and further to execute all closing certificates and documents required to effect
the closing and delivery of the Bonds of a series in accordance with the terms of the Sale
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Document. Such documents may include, but are not limited to, documents related to a
municipal bond insurance policy delivered by an insurer to insure the payment when due of
the principal of and interest on all or a portion of the Bonds as provided therein, if such
insurance is determined by a Designated Representative to be in the best interest of the City.
Section 13. Preliminary and Final Official Statements. Each Designated
Representative is hereby authorized to deem final the preliminary Official Statement relating
to a series of Bonds for the purposes of the Rule. Each Designated Representative is further
authorized to approve for purposes of the Rule, on behalf of the City, the final Official
Statement relating to the issuance and sale of a series of Bonds and the distribution of the final
Official Statement in accordance with the Rule with such changes, if any, as may be deemed by
him or her to be appropriate.
Section 14. Undertaking to Provide Ongoing Disclosure. The City covenants to
execute and deliver at the time of Closing of a series of Bonds a Continuing Disclosure
Certificate. Each Designated Representative is hereby authorized to execute and deliver a
Continuing Disclosure Certificate upon the issuance, delivery and sale of a series of Bonds with
such terms and provisions as such officer shall deem appropriate and in the best interests of
the City.
Section 15. Lost, Stolen or Destroyed Bonds. In case any Bonds are lost, stolen or
destroyed, the Bond Registrar may authenticate and deliver a new Bond or Bonds of like series,
amount, date and tenor to the Registered Owner thereof if the Registered Owner pays the
expenses and charges of the Bond Registrar and the City in connection therewith and files with
the Bond Registrar and the City evidence satisfactory to both that such Bond or Bonds were
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actually lost, stolen or destroyed and of his or her ownership thereof, and furnishes the City
and the Bond Registrar with indemnity satisfactory to both.
Section 16. Severability; Ratification. If any one or more of the covenants or
agreements provided in this ordinance to be performed on the part of the City shall be
declared by any court of competent jurisdiction to be contrary to law, then such covenant or
covenants, agreement or agreements, shall be null and void and shall be deemed separable
from the remaining covenants and agreements of this ordinance and shall in no way affect the
validity of the other provisions of this ordinance or of the Bonds. All acts taken pursuant to the
authority granted in this ordinance but prior to its effective date are hereby ratified and
confirmed.
Section 17. Payments Due on Business Days. If an interest and/or principal payment
date for the Bonds is not a business day, then payment shall be made on the next business day
and no interest shall accrue for the intervening period.
Section 18. Corrections by Clerk. Upon approval of the City Attorney and Bond
Counsel, the City Clerk is hereby authorized to make necessary corrections to this ordinance,
including but not limited to the correction of clerical errors; references to other local, state or
federal laws, codes, rules, or regulations; ordinance numbering and section/subsection
numbering; and other similar necessary corrections.
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Section 19. Effective Date. This ordinance shall be effective upon its passage,
approval, and thirty (30) days after publication.
PASSED by the City Council this 19th day of November, 2018.
/b
Jason A. eth, CM ity Clerk
APPROVED BY THE MAYOR this 19th day of Novemb 018.
Denis Law, Mayor
Approved as to form: ,�*�` y\,OFR'i %' �
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Date of Publication: 11/23/2018 (Summary) ' ///�4rED SE?-\.%,�`��\
10018 00012 hj082d42n2
061
ORDINANCE NO. 5896
Exhibit A
Form of Bond
[DTC LANGUAGE]
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF RENTON
LIMITED TAX GENERAL OBLIGATION BOND, 20_[(Taxable)]
INTEREST RATE: % MATURITY DATE: CUSIP NO.:
REGISTERED OWNER:
PRINCIPAL AMOUNT:
The City of Renton, Washington (the "City"), hereby acknowledges itself to owe and for
value received promises to pay to the Registered Owner identified above, or registered assigns,
on the Maturity Date identified above, the Principal Amount indicated above and to pay
interest thereon from , 20_, or the most recent date to which interest has been
paid or duly provided for until payment of this bond at the Interest Rate set forth above,
payable on 1, 20_, and semiannually thereafter on the first days of each
succeeding and . Both principal of and interest on this bond are
payable in lawful money of the United States of America. The fiscal agent of the State of
Washington has been appointed by the City as the authenticating agent, paying agent and
registrar for the bonds of this issue (the "Bond Registrar"). For so long as the bonds of this
issue are held in fully immobilized form, payments of principal and interest thereon shall be
made as provided in accordance with the operational arrangements of The Depository Trust
Company ("DTC') referred to in the Blanket Issuer Letter of Representations (the "Letter of
Representations") from the City to DTC.
The bonds of this issue are issued under and in accordance with the provisions of the
Constitution and applicable statutes of the State of Washington and Ordinance No. duly
passed by the City Council on , 2018 (the "Bond Ordinance"). Capitalized terms
used in this bond have the meanings given such terms in the Bond Ordinance.
This bond shall not be valid or become obligatory for any purpose or be entitled to any
security or benefit under the Bond Ordinance until the Certificate of Authentication hereon
shall have been manually signed by or on behalf of the Bond Registrar or its duly designated
agent.
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ORDINANCE NO. 5896
This bond is one of an authorized issue of bonds of like series, date, tenor, rate of
interest and date of maturity, except as to number and amount in the aggregate principal
amount of $ and is issued pursuant to the Bond Ordinance to provide a portion of
the funds necessary to pay the costs of certain park, trails and recreational facility
improvements and to pay costs of issuance.
The bonds of this issue are subject to redemption prior to their stated maturities as
provided in the [Bond Purchase Contract/Certificate of Award].
The City has irrevocably covenanted with the owner of this bond that it shall include in
its annual budget and levy taxes annually, within and a part of the tax levy permitted to the
City without a vote of the electorate, upon all the taxable property in the City in amounts
sufficient, together with other money legally available therefor, to pay the principal of and
interest on this bond when due. The full faith, credit and resources of the City are irrevocably
pledged for the annual levy and collection of such taxes and the prompt payment of such
principal and interest.
The pledge of tax levies for payment of principal of and interest on the bonds may be
discharged prior to maturity of the bonds by making provision for the payment thereof on the
terms and conditions set forth in the Bond Ordinance.
It is hereby certified that all acts, conditions and things required by the Constitution and
statutes of the State of Washington to exist and to have happened, been done and performed
precedent to and in the issuance of this bond exist and have happened, been done and
performed and that the issuance of this bond and the bonds of this issue does not violate any
constitutional, statutory or other limitation upon the amount of bonded indebtedness that the
City may incur.
IN WITNESS WHEREOF, the City of Renton, Washington, has caused this bond to be
executed by the manual or facsimile signatures of the Mayor and the City Clerk and the seal of
the City to be imprinted, impressed or otherwise reproduced hereon as of this day of
, 20_
[SEAL]
ATTEST:
/s/ manual or facsimile
City Clerk
CITY OF RENTON, WASHINGTON
By /s/ manual or facsimile
Mayor
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ORDINANCE NO. 5896
The Bond Registrar's Certificate of Authentication on the Bonds shall be in substantially the
following form:
CERTIFICATE OF AUTHENTICATION
Date of Authentication:
This bond is one of the bonds described in the within -mentioned Bond Ordinance and is
one of the Limited Tax General Obligation Bonds, 20_, of the City of Renton, Washington,
dated , 2018.
WASHINGTON STATE FISCAL AGENT, as
Bond Registrar
a
A-3
10018 00012 hj082d42n2
CERTIFICATEREGARDINGORDINANCEI,JASONASETH,CityClerkoftheCityofRenton,Washington(the“City”),doherebycertify:1.ThattheattachedOrdinanceNo.5896(the“Ordinance”)isatrueandcorrectcopyofanordinanceoftheCityCouncil,asfinallyadoptedataregularmeetingoftheCityCouncilheldonNovember19,2018,anddulyrecordedinmyoffice,andthatsuchOrdinancehasnotbeenamendedorsuperseded.2.Thatthemeetingwasdulyconvenedandheldinallrespectsinaccordancewithlaw,andtotheextentrequiredbylaw,dueandpropernoticeofthemeetingwasgiven;thatalegalquorumwaspresentthroughoutthemeetingandalegallysufficientnumberofmembersoftheCityCouncilvotedinthepropermannerfortheadoptionoftheOrdinance;thatallotherrequirementsandproceedingsincidenttotheproperpassageoftheOrdinancehavebeendulyfulfilled,carriedoutandotherwiseobserved;andthatIamauthorizedtoexecutethiscertificate.Datedthis9thdayofApril,2019.jasonA.Set,CMC,CityClerkCityofRenton,Washington1001800013ic26bn27kw
CERTIFICATEREGARDINGMINUTESOFCITYCOUNCILMEETINGI,JASONA.SETH,CityClerkoftheCityofRenton,Washington,doherebycertifythattheattachedisafull,trueandcorrectcopyoftheminutesoftheNovember19,2018regularmeetingoftheCityCouncil,whichreflectthepassageandadoptionofOrdinanceNo.5896.Datedthis9thdayofApril,2019.1,/sonA.S5th,CMC,CityClerkCityofkenton,Washington1001800013ic26bn27kw
Rentöfl0MINUTESCityCouncilRegularMeeting7:00PM-Monday,November19,2018CouncilChambers,7thFloor,CityHall—10555.GradyWayCALLTOORDERANDPLEDGEOFALLEGIANCEMayorLawcalledthemeetingoftheRentonCityCounciltoorderat7:00PMandledthePledgeofAllegiance.ROLLCALLCouncilmembersPresent:EdPrince,CouncilPresidentRandyCormanRyanMclrvinRuthPerezArmondoPavoneDonPerssonCarolAnnWitschiADMINISTRATIVESTAFFPRESENTDenisLaw,MayorCherylBeyer,SeniorAssistantCityAttorneyMeganGregor,DeputyCityClerkJanHawn,AdministrativeServicesAdministratorChipVincent,Community&EconomicDevelopmentAdministratorEllenBradley-Mak,HumanResourcesandRiskManagementAdministratorGreggZimmerman,PublicWorksAdministratorKellyBeymer,CommunityServicesAdministratorCailInHunsaker,ParksandTrailsDirectorKimGilman,HumanResourcesLaborManagerCommanderDaveLeibman,PoliceDepartmentNovember19,2018REGULARCOUNCILMEETINGMINUTES
PROCLAMATIONa)SmallBusinessSaturday:AproclamationbyMayorLawwasreaddeclaringNovember24,2018tobeSmallBusinessSaturdayintheCityofRenton,encouragingallcitizenstosupportsmallbusinessesandmerchantsonSmallBusinessSaturdayandthroughouttheyear.PresidentoftheRentonDowntownPartnership,ionGlenn,acceptedtheproclamationwiththanks.MOVEDBYPRINCE,SECONDEDBYPAVONE,COUNCILCONCURINTHEPROCLAMATION.CARRIED.ADMINISTRATIVEREPORTAdministrativeServicesDepartmentAdministratorJanHawnreviewedawrittenadministrativereportsummarizingtheCity’srecentprogresstowardsgoalsandworkprogramsadoptedaspartofitsbusinessplanfor2018andbeyond.Itemsnotedwere:•InclementWeatherResponseReminder:ThePublicWorksDepartmentwouldliketoremindresidentstohelpuspreventlocalresidentialstreetfloodingbymonitoringcatchbasinsnearyourhomeandkeepingthemclearofleavesandotherdebris.Streetsweepersaredispatcheddailytocleanupdebrisalongmajorarterials.Also,snowisnotfaraway.Pleaserememberthatduringsnowandiceevents,thedepartmentsandersandsnowplowsaredispatchedtokeepmajorarterialsdrivable.Visitourwebsitetoviewoursnowroutemaps.Itisimperativethatmotoristsdonotparkorabandontheirvehicleswithinanyportionofthetrafficlanes.Abandonedvehiclesimpairsnowandiceremovalandimpactresponseofemergencyvehicles.•AnefforttorenametheEastsideRailCorridorisunderway,andtheCityofRentoninviteseveryonetomakesuggestionsthroughapublicsurveythatwillbeavailablethroughthecity’ssocialmediasitesandtheparksandtrailsdivisionwebpage.ThesurveywillbeopenuntilNovember25thandyourresponseswillhelpguidethedecisionprocess.Formoreinformation,contactCailInHunsaker,ParksandTrailsDirector,atchunsaker@rentonwa.govor425-430-6606.•Preventativestreetmaintenancewillcontinuetoimpacttrafficandresultinoccasionalstreetclosures.AUDIENCECOMMENTS•HowardMcOmber,Renton,thankedCouncilforitssupportandhelpregardingRentonEcumenicalAssociationofChurches(REACH),andrequestedthatCouncilspreadthewordforhelpingthenon-profit,andtosharetheREACHwebsitewithothers:reachrenton.org•REACHExecutiveDirectorRev.BiancaDavisLovelace,Renton,updatedCouncilonREACHachievementssinceMayof2018,andthankedeveryonefortheirsupportandemphasizedthatREACHisstillinneedofhelpdedicatedtothehomelessnesscrisis.•KarenWimberly,Renton,informedCouncilregardingwhattheRentonMealCoalitionhasbeenabletoprovidetothehomelesspopulationinRentonoverthepastyearandthankedtheCityforitspartnership.•LeeWimberly,Renton,sharedpositivestoriesregardinghisinteractionswithpeopleinRentonwhoarepartofthehomelesscommunityandthankedREACHandtheRentonMealCoalitionforthepositiveimpactthattheyhaveonthecommunity.November19,2018REGULARCOUNCILMEETINGMINUTES
CONSENTAGENDAItemslistedontheConsentAgendawereadoptedwithonemotion,followingthelisting.a)ApprovalofCouncilMeetingminutesofNovember5,2018.CouncilConcur.b)AB-2266MayorLawreappointedthefollowingindividualstotheRentonMunicipalArtsCommissionfortermsexpiringon12/31/2021:EvelynReingoldandMaryClymer.CouncilConcur.c)AB-2267AdministrativeServicesDepartmentrecommendedapprovalofthe2018Year-EndBudgetAdjustmentordinance,whichamendsthe2017/2018BiennialBudgetappropriationsintheamountof$6,001,300withthetotalamendedbudgettobe$652,459,174forthebiennium.RefertoFinanceCommittee.d)AB-2215Community&EconomicDevelopmentDepartmentrecommendedapprovalofa100-percentwaiverofeligibledevelopmentandmitigationfeesasprovidedinRentonMunicipalCode(RMC)4-1-210.B.4forthe28HundredTownhomesproject,estimatedat$234,151.RefertoFinanceCommittee.e)AB-2265TransportationSystemsDivisionrecommendedapprovalofPreferredAirsideAlternative#5totheRentonAirportMasterPlanUpdate,andauthorizationforstafftobrieftheFederalAviationAdministrationandbegindraftingtheAirportLayoutPlandesignusingtheselectedalternative.RefertoTransportation(Aviation)Committee.1)AB-2264UtilitySystemsDivisionsubmittedCAG-16-061,SW7thSt(PowellAveSWtoLindAveSW)StormSystemImprovementProjectPhase2,contractorRodarteConstruction,Inc.,andrequestedacceptanceoftheprojectandreleaseofretainagebondafter60days,oncetherequiredreleaseshavebeenobtained.CouncilConcur.MOVEDBYPRINCE,SECONDEDBYPERSSON,COUNCILCONCURTOAPPROVETHECONSENTAGENDA,ASPRESENTED.CARRIED.UNFINISHEDBUSINESSa)CommitteeonCommitteesChairPerssonpresentedareportrecommendingthefollowingcouncilcommitteeassignmentsfor2019:FINANCEUTILITIES(1st&3rdMondays,4:00pm)(4thMonday,5:30pm)ArmondoPavone,ChairRuthPerez,ChairEdPrince,ViceChairCarolAnnWitschi,ViceChairCarolAnnWitschi,MemberRyanMclrvin,MemberPUBLICSAFETYPLANNING&DEVELOPMENT(2ndMonday,5:30pm)(2nd&4thMondays,4:30pm)RandyCorman,ChairEdPrince,ChairArmondoPavone,ViceChairRuthPerez,ViceChairEdPrince,MemberArmondoPavone,MemberNovember19,2018REGULARCOUNCILMEETINGMINUTES
COMMUNITYSERVICESTRANSPORTATIONfistMonday,5:30pm)fist&3rdMondays,5:00pm)CarolAnnWitschi,ChairRyanMclrvin,ChairRyanMclrvin,ViceChairRandyCorman,ViceChairRandyCorman,MemberRuthPerez,MemberMOVEDBYPERSSON,SECONDEDBYWITSCHI,COUNCILCONCURWITHTHECOMMIHEERECOMMENDATION.CARRIED.b)FinanceCommitteeChairPerssonpresentedareportconcurringinthestaffrecommendationtoapprovethefollowingpayments:1.AccountsPayable—totalpaymentof$7,692,993.88forvouchersi0088,369750-36975i,369765-370073;payrollbenefitwithholdingvouchers5925-5934,369752-369764;andtwowiretransfers.2.Payroll—totalpaymentof$i,474,095.66forpayrollvoucherswhichincludes692directdepositsand9checks(Octoberi6-3i,20i8payperiod).3.KidderMathews—totalpaymentof$4i,903.32forvouchers5752-5775.MOVEDBYPERSSON,SECONDEDBYCORMAN,COUNCILCONCURINTHECOMMIHEERECOMMENDATION.CARRIED.c)FinanceCommitteeChairPerssonpresentedareportconcurringinthestaffrecommendationtoapprovethereclassificationsof24employees,inrecognitionofhigherlevelsofdutiesandresponsibility,aslistedbelow:•IntheASDDepartment,reclassifytheFinancialServicesManagerpositiontogradem33;reclassifytheServiceDeskSupervisorpositionto“ClientTechnologyServices&SupportSupervisor”atgradea30;reclassifytheTaxAuditorpositionto“Tax&LicensingProgramManager”atgradem27;reclassifytheSeniorSystemsAnalystpositiontogradea29;reclassifytheSystemsAnalystpositiontogradea26;andreclassifytheBusinessSystemsAnalystpositionto“SeniorBusinessSystemsAnalyst”atgradea27.•IntheHRRMDepartment,reclassifytheSeniorHumanResourcesAnalystpositiontogradem25;andreclassifytheHumanResourcesAnalystandRiskManagementAnalystpositionstogradem23.•IntheCEDDepartment,reclassifytheProperty&TechnicalServicesManagerpositiontogradem33.•InthePoliceDepartment,reclassifytheCommanderpositiontogradem38;andreclassifytheDeputyChiefpositiontogradem46.Inaddition,increasetheCommanderandDeputyChiefphysicalfitnesspremiumto3%.MOVEDBYPERSSON,SECONDEDBYPEREZ,COUNCILCONCURINTHECOMMIHEERECOMMENDATION.CARRIED.d)UtilitiesCommitteeChairWitschipresentedareportconcurringinthestaffrecommendationtoexecutetheCommunityServicesAgreement2666EHSwithPublicHealthSeattleandKingCountytoaccept$66,iii.12innon-matchinggrantfundsin2018forLocalHazardousWasteManagementProgramprojects.MOVEDBYWITSCHI,SECONDEDBYCORMAN,COUNCILCONCURINTHECOMMIHEERECOMMENDATION.CARRIED.November19,2018REGULARCOUNCILMEETINGMINUTES
e)Planning&DevelopmentCommitteeChairMclrvinpresentedareportconcurringinthestaffrecommendationtoadoptaresolutiontoadoptCapitalFacilitiesPlansfortheRenton,KentandlssaquahSchoolDistrictsandtoincorporatethefollowingrequestedfeeamountsforeachDistrictintotheRenton2019/2020FeeSchedule:RentonChangeSingle-Family$7,772$6,877($895)Multi-Family$1,570$2,455$885Kent2018ChangeSingle-Family$5,235$5,397$162Multi-Family$2,267$2,279$12IssaquahChangeSingle-Family$8,762$15,276$6,514Multi-Family$3,461$4,399$938Additionally,thePlanning&DevelopmentCommitteerecommendedconcurrenceinthestaffrecommendationtoadoptaresolutionextendingthesunsetdateforAccessoryDwellingUnits(ADU5)feereductions/waiverstoDecember31,2020.Finally,theCommitteerecommendedthatresolutionsregardingthesemattersbepresentedforadoption.MOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILCONCURINTHECOMMITTEERECOMMENDATION.CARRIED.Followingthereadingofthecommitteereport,CouncilmemberMclrvinnoticedanerrorinthereportandmadeamotiontocorrectthelistingoftheyearstobe2018/2019(seechangesabove).Therefore,itwasMOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILCONCURINTHECOMMITTEEREPORTCORRECTION.CARRIED.f)Planning&DevelopmentCommitteeChairMclrvinpresentedareportrecommendingconcurrenceinthestaffrecommendationto:1.ApprovetheMulti-FamilyHousingPropertyTaxExemptionAgreementthataddressesthetermsandconditionsfortheMerrillGardensatRentonAdditiontoreceiveapartialpropertytaxexemptionuponcompletion;and2.AuthorizetheMayortoexecutesaidagreementinsubstantiallythesameform.MOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILCONCURINTHECOMMITTEERECOMMENDATION.CARRIED.g)Planning&DevelopmentCommitteeChairMclrvinpresentedareportconcurringinthestaffandPlanningCommissionrecommendationtoadoptthe2018TitleIVDocketGroup13.ThePlanningandDevelopmentCommitteefurtherrecommendedthatordinancesfortheitemslistedbelowbepreparedandpresentedforfirstreadingwhentheyarecomplete.GroupC•#D-149:MobileFoodVendors•#D-150:TownhouseReview•#D-151:ParkingStandards•#D-152:ServiceandSocialOrganizationsNovember19,2018REGULARCOUNCILMEETINGMINUTES
GroupD•#D-153:AdministrativeCodeInterpretations•#D-154:Multi-FamilyIncentives,TaxExemptions,andWaivedFeesMOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILCONCURINTHECOMMITTEERECOMMENDATION.CARRIED.h)Planning&DevelopmentCommitteeChairMclrvinpresentedareportconcurringinthestaffandPlanningCommissionrecommendationtoamendtheComprehensivePlanwithitsassociatedmapandtextamendments.ThePlanningandDevelopmentCommitteefurtherrecommendedthatordinancesforthefollowingitemsbepreparedandpresentedforfirstreadingwhentheyarecomplete:•ComprehensivePlanLandUseMapAmendmentandrezonefromResidentialHighDensitywithR-14zoningtoCommercialMixedUsewithCenterVillagezoningtosupporttheRentonHousingAuthority’seffortstocreateaffordablehousingopportunitiesintheSunsetArea.•ComprehensivePlanLandUseMapAmendmenttocorrectlyidentifytheareaswheretheCommercialNeighborhoodzoneimplementstheResidentialHighDensityLandUsedesignation.•TextAmendmenttoamendtheCapitalFacilitiesElement,asrequestedbytheRentonRegionalFireAuthority(RFA),toreferencetheRFA’sStandardsofCoverdocument.MOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILCONCURINTHECOMMITTEERECOMMENDATION.CARRIED.I)Planning&DevelopmentCommitteeChairMclrvinpresentedareportconcurringinthestaffandPlanningCommissionrecommendationtoadoptarevisiontoRMC4-5-060inordertoeliminateanexemptionforwirelesscommunicationfacilitieslocatedintheright-of-way.TheCommitteefurtherrecommendedthattheordinancebepreparedandpresentedforfirstreading.MOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILCONCURINTHECOMMITTEERECOMMENDATION.CARRIED.j)CommunityServicesCommitteeChairPerezpresentedareportconcurringinthestaffrecommendationtoapprovetheLaketoSoundTrailInterlocalAgreementbetweenKingCountyandtheCityofRenton.MOVEDBYPEREZ,SECONDEDBYWITSCHI,COUNCILCONCURINTHECOMMITTEERECOMMENDATION.CARRIED.LEGISLATIONResolutions:a)ResolutionNo.4358:AresolutionwasreadauthorizingtheMayorandCityClerktoenterintoaninterlocalagreementwithKingCountyregardingdesign,construction,operationandmaintenanceoftheLaketoSoundTrail,SegmentA,withinRentonCitylimits.MOVEDBYPEREZ,SECONDEDBYCORMAN,COUNCILADOPTTHERESOLUTIONASREAD.CARRIED.November19,2018REGULARCOUNCILMEETINGMINUTES
b)ResolutionNo.4359:AresolutionwasreadextendingthesunsetdatetoDecember31,2020forreduceddevelopmentfees,includingtransportationandparksimpactfees,utilitysystemdevelopmentcharges(alsoknownasutilityhook-upfees),andlandusereviewandbuildingfees,forAccessoryDwellingUnits.MOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILADOPTTHERESOLUTIONASREAD.CARRIED.c)ResolutionNo.4360:AresolutionwasreadadoptingbyreferencethecurrentCapitalFacilitiesPlansforKent,Issaquah,andRentonSchoolDistricts.MOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILADOPTTHERESOLUTIONASREAD.CARRIED.d)ResolutionNo.4361:AresolutionwasreadamendingtheCityofRentonFeeSchedulefortheyears2019and2020.MOVEDBYPERSSON,SECONDEDBYPEREZ,COUNCILADOPTTHERESOLUTIONASREAD.CARRIED.Ordinanceforfirstreading:e)OrdinanceNo.5900:AnordinancewasreadamendingSubsection4-5-060.E.2oftheRentonMunicipalCode,eliminatingtheexemptionfrompermitsforwirelessfacilitiesintheright-of-way,andprovidingforseverabilityandestablishinganeffectivedate.MOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILREFERTHEORDINANCEFORSECONDANDFINALREADINGATTHENEXTCOUNCILMEETING.CARRIED.Ordinanceforfirstreadingandadvancementtosecondandfinalreading:f)OrdinanceNo.5899:AnordinancewasreadamendingSubsections4-2-060.C,4-2-0$0.A.6,4-2-080.A.13,4-2-080.A.16,4-2-080.A.18,4-2-080.A.73,4-2-110.A,4-2-120.A,4-2-120.B,4-9-200.B,andsections4-4-150,4-4-160,4-11-010,4-11-040,4-11-060,4-11-130,and4-11-190oftheRentonMunicipalCode,byamendingtownhouseregulations,includingaddingresidentialmixedusedevelopmentstandardsandaddingandamendingdefinitions,andprovidingforseverabilityandestablishinganeffectivedate.MOVEDBYMCIRVIN,SECONDEDBYCORMAN,COUNCILADVANCETHEORDINANCEFORSECONDANDFINALREADING.CARRIED.Followingasecondandfinalreading,itwasMOVEDBYMCIRVIN,SECONDEDBYPAVONE,COUNCILADOPTTHEORDINANCEASREAD.ROLLCALL:ALLAYES.CARRIED.Ordinancesforsecondandfinalreading:g)OrdinanceNo.5895:AnordinancewasreadaddinganewChapter2-11,RentonSeniorCitizensAdvisoryBoard,totheRentonMunicipalCodeandprovidingforseverabilityandestablishinganeffectivedate.MOVEDBYPERSSON,SECONDEDBYPAVONE,COUNCILADOPTTHEORDINANCEASREAD.ROLLCALL:ALLAYES.CARRIED.November19,2018REGULARCOUNCILMEETINGMINUTES
h)OrdinanceNo.5896:AnordinancewasreadauthorizingtheissuanceofoneormoreseriesofLimitedTaxGeneralObligationBondsintheaggregateprincipalamountofnottoexceed$15,000,000tofinancecostsrelatedtoparks,trailsandrecreationalfacilityimprovementsandtopaycostsofissuingthebonds;providingtheform,termsandcovenantsofthebonds;providingforthedispositionoftheproceedsofthesaleofthebonds;delegatingauthoritytoapprovethemethodofsaleandthefinaltermsofthebonds;andprovidingforothermattersrelatingthereto.MOVEDBYPRINCE,SECONDEDBYMC1RVIN,COUNCILADOPTTHEORDINANCEASREAD.ROLLCALL:ALLAYES.CARRIED.I)OrdinanceNo.5897:Anordinancewasreadestablishingthepropertytaxlevyfortheyear2019forgeneralCityoperationalpurposesintheamountof$21,300,000.MOVEDBYPRINCE,SECONDEDBYCORMAN,COUNCILADOPTTHEORDINANCEASREAD.ROLLCALL:ALLAYES.CARRIED.j)OrdinanceNo.5898:AnordinancewasreadadoptingtheBiennialBudgetfortheyears2019/2020,intheamountsof$264,802,071and$260,252,613,respectively.MOVEDBYPRINCE,SECONDEDBYMCIRVIN,COUNCILADOPTTHEORDINANCEASREAD.ROLLCALL:ALLAYES.CARRIED.NEWBUSINESS________________PleaseseetheattachedCouncilCommitteeMeetingCalendar.ADJOURNMENT________MOVEDBYPERSSON,SECONDEDBYPRINCE,COUNCILADJOURN.CARRIED.TIME:7:53P.M.iasory.Seth,CCityClerk/MeganGregor,CMC,RecorderMonday,November19,2018November19,2018REGULARCOUNCILMEETINGMINUTES
CouncilCommitteeMeetingCalendarNovember19,2018November22&23,2018Thursday&FridayNOMEETINGSTHANKSGIVINGHOLIDAYNovember26,2018MondayNOMEETINGSCOUNCILHOLIDAYDecember3,2018Monday3:30PMFinanceCommittee,ChairPersson,CouncilConferenceRoom1.28HundredTownhomesFeeWaiverRequest2.2018Year-EndBudgetAmendment3.EmergingIssuesinFinance4:30PMTransportationCommittee,ChairCorman-CouncilConferenceRoom1.RentonMunicipalAirportMasterPlanPreferredAirsideAlternative*2.RainierFlightServicesLeaseProposalBriefing3.EmergingIssuesinTransportationCANCELLEDCommunityServicesCommittee,ChairPerez5:30PMCommitteeoftheWhole,ChairPrince-ConferencingCenter1.RiverDaysRecap/2019Planning*2.SECOUpdateRev111818*pleasenotechangesmadetocommitteeagendas