Loading...
RES4162CITY OF RENTON, WASHINGTON RESOLUTION NO. 4162 A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, AUTHORIZING THE REDEMPTION OF THE CITY'S LIMITED TAX GENERAL OBLIGATION BONDS, 2002 AND THE TRANSFER OF INTER-FUND LOANS; AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATED THERETO. WHEREAS, the City has outstanding its Limited Tax General Obligation Bonds, 2002, issued on July 1, 2002, pursuant to Ordinance No. 4977 (the "2002 Bond Ordinance"), which remain outstanding as follows: Maturity Dates Principal Interest (December 1) Amounts Rates 2012 $ 200,000 4.10% 2013 190,000 4.20 2014 200,000 4.35 2015 205,000 4.45 2016 210,000 4.55 2017 220,000 4.65 2018 230,000 4.75 2019 245,000 4.85 2020 260,000 5.00 2022* 555,000 5.00 * Term Bond. (the "2002 Bonds"); and WHEREAS, the 2002 Bond Ordinance provides that the City may call the 2002 Bonds maturing on and after December 1, 2013 (the "Refunded Bonds") for redemption on and after December 1, 2012, in whole or in part on any date at the price of par plus accrued interest, if any, to the date of redemption; and WHEREAS, after due consideration it appears that all of the Refunded Bonds may be refunded with available funds ofthe City at a savings to the City and its taxpayers; and 1 RESOLUTION NO. 41.62 WHEREAS, the BARS manual at Part 3, Chapter 4, section A, provides guidelines for loans between City funds; and WHEREAS, Resolution No. 3811 of the City granted authority for temporary loans between City funds; and WHEREAS, pursuant to Resolution No. 4070, the City's General Fund (Fund 000) has previously made an inter-fund loan to the Golf Fund (404) (the "Fund 404 Inter-fund Loan"); and WHEREAS, pursuant to Resolution No. 4096, the City's General Fund (Fund 000) has previously made an inter-fund loan to the Capital Fund (317) (the "Fund 317 Inter-fund Loan"); and WHEREAS, the City now desires to transfer the Fund 404 Inter-fund Loans from the City's General Fund (Fund 000) to the Insurance Fund (Fund 502) in exchange for cash in order to provide sufficient funds to refund the Refunded Bonds on the date of redemption; and WHEREAS, the City now desires to transfer the Fund 317 Inter-fund Loan from the City's General Fund (Fund 000) to the Insurance Fund (Fund 502) in exchange for cash in order to provide sufficient funds to refund the Refunded Bonds on the date of redemption; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DOES RESOLVE AS FOLLOWS: SECTION I. The above recitals are found to be true and correct in all respects. SECTION II. Transfer of Fund 404 Inter-Fund Loan: The Inter-fund Loans authorized by Resolution No. 4070 are hereby authorized to be transferred from the General Fund (Fund 000) to the Insurance Fund (Fund 502). Proceeds from the transfer shall be deposited in the 2 RESOLUTION NO. 4162 General Fund (Fund 000) and used, together with other available funds ofthe City, to retire the Refunded Bonds as authorized in Section IV hereof. SECTION III. Transfer of Fund 317 Inter-Fund Loan: The Inter-fund Loans authorized by Resolution No. 4096 are hereby authorized to be transferred from the General Fund (Fund 000) to the Insurance Fund (Fund 502). Proceeds from the transfer shall be deposited in the General Fund (Fund 000) and used, together with other available funds ofthe City, to retire the Refunded Bonds as authorized in Section IV hereof. SECTION IV. Plan of Early Redemption: For the purpose of realizing a debt service savings and benefiting the taxpayers of the City, the City Council hereby authorizes the refunding ofthe Refunded Bonds identified in the recitals to this resolution. Available funds of the City in the amount necessary to retire the Refunded Bonds, in whole, shall be used on or before December 1, 2012 (the "Call Date") for the payment of interest on and the redemption price of the Refunded Bonds on such date. The City hereby irrevocably sets aside sufficient funds out ofthe General Fund (Fund 000) to make the payments described herein. The City hereby irrevocably calls the Refunded Bonds for redemption on the Call Date in accordance with the provisions of the 2002 Bond Ordinance authorizing the redemption and retirement of the Refunded Bonds prior to their fixed maturities. The City's Administrative Services Administrator is hereby authorized and directed to provide for the giving of notice of the redemption of the Refunded Bonds in accordance with the applicable provisions ofthe 2002 Bond Ordinance. A form of notice is attached hereto as Exhibit A. The costs of such notice shall be an expense of the City. 3 RESOLUTION NO.4162 SECTION V. General Authorization: The Mayor, the Chief Administrative Officer and the Administrative Services Administrator of the City, or designee, are authorized to take any actions and to execute documents as in their judgment may be necessary or desirable in order to carry out the terms of, and complete the transactions contemplated by, this resolution. SECTION VI. Ratification: All acts taken pursuant to the authority granted in this resolution but prior to its effective date are hereby ratified and confirmed. SECTION VII. Effective Date of Resolution: This resolution shall be effective upon its passage and approval. PASSED BY THE CITY COUNCIL this 15th day of October , 2012. Bonnie I. Walton, City Clerk APPROVED BY THE MAYOR this 15th day of October , 2012. Denis Law, Mayor Approved as to form: * RES.:1575:9/27/12scr Lawrence J. Warren, City Attorney U'j 4 RESOLUTION NO. 4162 ExhibitA NOTICE OF REDEMPTION* City of Renton, Washington Limited Tax General Obligation Bonds, 2002 NOTICE IS HEREBY GIVEN that the City of Renton, Washington (the "City") has called for redemption on December 1, 2012, its outstanding Limited Tax General Obligation Bonds, 2002 (the "Bonds"). The Bonds to be refunded will be redeemed at a price of one hundred percent (100%) of their principal amount, plus interest accrued to December 1, 2012. The redemption price ofthe Bonds is payable on presentation and surrender of the Bonds at the office of: The Bank of New York Mellon Wells Fargo Bank National Worldwide Series Processing Association 2001 Bryan Street, 9* Floor -or- Corporate Trust Department Dallas, Texas 75021 14th Floor - M/S 257 Interest on the Bonds to be refunded or portions thereof which are redeemed shall cease to accrue on December 1, 2012. The following Bonds are being redeemed: 999 Third Avenue Seattle, Washington 98104 Maturity Dates (December 1) Principal Amounts Interest Rates Numbers CUSfP 2013 2014 2015 2016 2017 2018 2019 2020 $ 190,000 200,000 205,000 210,000 220,000 230,000 245,000 260,000 4.20% 4.35 4.45 4.55 4.65 4.75 4.85 5.00 5.00 760133QA9 760133QB7 760133QC5 760133QD3 760133QE1 760133QF8 760133QG6 760133QH4 760133QK7 2022: 555,000 "Term Bond By Order of the City of Renton, Washington RESOLUTION NO. 4162 The Bank of New York Mellon, as Paying Agent Dated: . Withholding of 28% of gross redemption proceeds of any payment made within theUnited States may be required by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act") unless the Paying Agent has the correct taxpayer identification number (socialsecurity or employer identification number) or exemption certificate ofthe payee. Please furnisha properly completed Form W-9 or exemption certificate or equivalent when presenting yourBonds.