Res 90-042
RESOLUTION NO.
90-42
A RESOLUTION of the Ci ty Council of Federal Way,
Washington, approving an official statement and
confirming acceptance of a proposal for the purchase
of bonds of the City in the principal amount of
$1,710,000, and fixing the interest rates on such
bonds.
WHEREAS,
the éi ty Council of Federal Way, Washington (the
"City") by Ordinance No. 90-75 passed October 9, 1990, authorized
the sale and issuance of limited tax general obligation bonds of
the City in the principal amount of $1,710,000 to provide the money
necessary for the acquisition, renovation and equipping of a new
city hall and other capital improvements within the City; and
WHEREAS,
an official statement has been prepared for the
public sale of the bonds to be issued, notice of such sale has been
duly published and given as required by law and proposals have been
received pursuant to such notice; and
WHEREAS,
the proposal
of
Piper Jaffray & Hopwood, Inc.
to
purchase the bonds is the best proposal received, and it is in the
best interest of the City that the bonds be sold to such firm on
the terms set forth in their proposal and as provided in Ordinance
No. 90-75 and this resolution;
NOW, THEREFORE, the City Council of Federal Way, Washington,
hereby resolves as follows:
Section 1.
The official statement prepared for the sale of
the Limited Tax General Obligation Bonds, 1990 (the "Bonds")
is
hereby approved.
The Council hereby approves and ratifies the
distribution and use of the preliminary official statement in
COpy
connection with the offering and sale of the Bonds.
The Council
represents and warrants to the purchaser (s)
that such official
statement is deemed final by the City as of the date thereof, and
that the preliminary official statement was deemed final by the
ci ty as of the. date thereof,
except for the omission of the
offering price, interest rates, and related information.
Section 2.
The bid to purchase the Bonds as set forth in the
form of proposal attached hereto as Exhibit A is hereby accepted.
The Bonds shall bear interest at the rates set forth in such
proposal.
Section
3.
The
City
officials,
their
agents
and
representatives are hereby authorized and directed to do everything
necessary for the prompt issuance and delivery of the Bonds and
for the proper use and application of the proceeds of such sale.
Section 4.
This resolution shall be in full force and effect
immediately upon its adoption.
ADOPTED by the City Council of Federal Way at a special
meeting thereof held this 23rd day of October, 1990.
CITY OF FEDERAL WAY, WASHINGTON
By
Øvt/1 j ßø
Mayor
ÀTTEST:
/
...----------...,
-2-
CLERK'S CERTIFICATE
I,
the unders igned ,
the duly chosen,
qualified and acting
Clerk of the City of Federal Way, Washington (the "City"), and
keeper of the records of the City Council of Federal Way
(the
"Council"), DO HEREBY CERTIFY:
1.
That the attached resolution is a true and correct copy
of
Resolution
No.
90-42
of
the
Council
(herein
called
the
"Resolution"),
as finally adopted at a special meeting of the
Council held on the 23rd day of October, 1990, and duly recorded
in the offices of the City.
2.
That said meeting was a special meeting duly convened and
held in all respects in accordance with law, and, to the extent
required by law, due and proper notice of such meeting was given;
that a quorum was present throughout the meeting and a legally
sufficient number of the members of the Council voted in the proper
manner
for
the
adoption
of
the
Resolution;
that
all
other
requirements and proceedings incident to the proper adoption of the
Resolution have been duly fulfilled,
carried out and otherwise
observed; and that I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand an affixed the
official seal of the City this 23rd
day of October, 1990~
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