Res 91-048�
RESOLUTION NO. 91-48
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A RESOLUTION of the City 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
$12,500,000, and fixing the interest rates on such
bonds.
WHEREAS, the City Council of Federal Way, Washington (the
"City") by Ordinance No. 91-83 passed January 15, 1991, authorized
the sale and issuance of limited tax general obligation bonds of
the City in the principal amount of $12,500,000 to provide the
money necessary for the acquisition of land for a park 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 SEAFIRST BANK & ASSOCIATES 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. 91-83 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, 1991 (the "Bonds") is
hereby approved. The Council hereby approves and ratifies the
distribution and use of the preliminary official statement in
ORIGlNA�.
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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
City 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 regular
meeting thereof held this 5th day of February, 1991.
City
CITY OF FEDERAL WAY, WASHINGTON
By
Mayor
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OFFICIAL BID FORM
PROPOSAL FOR THE PURCHASE OF $12,500,000
CITY OF FEDERAL WAY, WASHINGTON
LIMITED TAX GENERAL OBLIGATION BONDS, 1991
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Maureen Swaney
City Clerk
City of Federal Way
Federal Way, Washington
February 5, 1991
For $12,500,000 par value Limited Tax General Obligation
Bonds, 1991 of the City of Federal Way, Washington, dated
February 1, 1991 (the "Bonds"), described in the attached official
Notice of Bond Sale, which is hereby made a part of this bid, and
for all but not less than all of the Bonds, with interest payable
semiannually each June 1 and December 1, commencing June 1, 1992,
at the rates per annum on the Bonds maturing on December 1 in the
years and amounts set forth below:
ea
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2OI4
2015
2016
2017
2018
2019
2020
2021
and to pay
$12,500,000)
of delivery.
Reoffering Price
(Please specify for
all maturities)
Amount Rate
$ 145,000
175,000
185,000
195,000
210,000
225,000
240,000
260,000
275,000
300,000
325,000
350,000
375,000
400, 000
430,000
465,000
500,000
535,000
575,000
620,000
665,000
715,000
765,000
825,000
885,000
950,000
910,000
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the sum.of $ �(which is not less than
together with ccrued interest, if any, to the date
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