Loading...
Res 03-400RESOLUTION NO. 03-400 A RESOLUTION of the City Council of the City of Federal Way, Washington, accepting a bid for the sale of the City's Limited Tax General Obligation Bonds, 2003; authorizing the date, interest rates, maturity schedule, redemption and other terms of such bonds, all as provided by Ordinance No. 03-451 of the City. WHEREAS, in accordance with Ordinance No. 03-451, passed on October 7, 2003 (the "Bond Ordinance"), the City of Federal Way, Washington (the "City") has authorized issuance of its Limited Tax General Obligation Bonds, 2003, in the aggregate principal amount of not to exceed $15,000,000 (the "Bonds"), all as provided in the Bond Ordinance; and WHEREAS, the Bond Ordinance provides that the Bonds shall be sold by competitive bid and that the City Council (the "Council") of the City shall by resolution accept a bid and establish certain terms of the Bonds on the date of such sale; and WHEREAS, the City has distributed a Preliminary Official Statement dated October 23, 2003, and the Official Notice of Bond Sale with respect to the Bonds and has conducted the sale in accordance therewith; and WHEREAS, the Council wishes to accept the bid for the Bonds that it has received from Morgan Stanley DW Inc. (the "Purchaser") and to establish certain terms of the Bon~ls consistent with such bid, as provided herein; and NOw, THEREFORE, BE IT REsoLVED BY THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON, as follows: Section 1. Acceptance of Bid and Approval of Bond Terms. The bid of the Purchaser for the Bonds, attached as Exhibit A hereto and incorporated herein by this reference, is hereby in all respects accepted and approved, and the Bonds shall be issued and sold to the Purchaser in accordance with the terms of such bid, the Bond Ordinance, the Official Notice of Bond Sale, and this resolution. The Bonds shall mature on December 1 in the years and amounts and bear interest at the rates set forth below. ORIGINAL Maturity Year (December 1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2033 Principal Amount $ 225,000 285,000 285,000 295,000 300,000 310,000 320,000 330,000 340,000 355,000 370,000 385,000 405,000 420.000 440.000 460.000 480.000 505.000 530000 555.000 585.000 615.000 645.000 680.000 4,880,000 Interest Rate 2.25% 2.25 2.25 3.00 3.00 3.00 3.10 3.40 3.60 3.75 3.90 4.00 4.125 4.20 4.25 4.375 4.40 4.50 4.60 4.625 4.70 4.75 4.75 4.75 4.75 Section 2. Redemption Provisions. (a) Optional Redemption. The Bonds maturing in years 2004 through 2013 are not subject to redemption prior to maturity. The Bonds maturing on and after December 1, 2014, are subject to redemption at the option of the City on and 'at any time after December 1, 2013, in whole or in part (within one or more maturities selected by the City and randomly within a maturity in such manner as the Bond Registrar shall determine), at par plus accrued interest, if any, to the date of redemption. (b) Mandatory Redemption. The Bonds maturing on December 1 in 2033 are hereby designated as Term Bonds. If not redeemed pursuant to the optional redemption prOvisions set forth in Section 5 of the Bond Ordinance, the Term Bonds maturing in 2033 shall be redeemed prior to maturity by lot (or paid at maturity), on December 1 of the years and in the principal amounts as set forth below, upon written notice as provided in Section 5(d) of the Bond Ordinance, by payment of the principal amount thereof, together with the interest accrued thereon to the date fixed for redemption. -2- Term Bonds Year Amount 2028 $ 715,000 2029 750,000 2030 790,000 2031 830,000 2032 875,000 2033* 920,000 Maturity* Section 3. Execution and Delivery of the Bonds. The proper officials of the City are hereby authorized and directed to do all things necessary or proper for the printing and execution of the Bonds and their delivery to the Purchaser in accordance with the terms of the Bond Ordinance, the Official Notice of Bond Sale and this resolution. Section 4. Ratification of Past Acts and Authorization of Future Acts. All actions and proceedings heretofore taken by the officers, agents, attorneys and employees of the City in connection with the issuance of the Bonds are hereby ratified, approved and confirmed. The Council further authorizes and directs all proper officers, agents, attorneys and employees of the City to carry out or cause to be carried out all actions necessary in connection with issuance of the Bonds consistent with the Bond Ordinance and this resolution and to perform such other acts as they shall consider necessary or advisable in connection with the printing, execution, and delivery of the Bonds. Section 5. adoption. Effective Date. This resolution shall take effect immediately upon its RESOLVED by the City Council of the City of Federal Way, Washington, at a regular meeting thereof this 4th day of November, 2003. CITY OF FEDERAL WAY, WASHINGTON Mayor City Clerk -3- APPROVED AS TO FORM: s15ecial ~ttomey to the City Preston Gates & Ellis LLP FILED WITH THE CITY CLERK: 11/06/0:! PASSED BY THE CITY COUNCIL: 11/04/03 EFFECTIVE DATE: RESOLUTION NO.: 03-600 K:\18282\00020~CF~Z. CF_R21Q8 -4- EXHIBIT A BID OF MORGAN STANLEY PARITY Bid Form Page 1 of 2 Upc0mngca-er~*~ ][ Overview ]Result Excel Morgan Stanley -San Francisco, CA's Bid Federal Way $15,000,000 Limited Tax General Obligation Bonds, 2003 For the aggregate principal amount of $15,000,000.00, we will pay you $14,700,000.00, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % Bond Insurance 12/01/2004 225M 2.2500 MBIA 12/01/2005 285M 2.2500 MBIA 12/01/2006 285M 2.2500 MBIA 12/01/2007 295M 3.0000 MBIA 12/01/2008 300M 3.0000 MBIA 12/01/2009 310M 3.0000 MBIA 12/01/2010 320M 3.1000 MBIA 12/01/2011 330M 3.4000 MBIA 12/01/2012 340M 3.6000 MBIA 12/01/2013 355M 3.7500 MBIA 12/01/2014 370M 3.9000 MBIA 12/01/2015 385M 4.0000 MBIA 12/01/2016 405M 4.1250 MBIA 12/01/2017 420M 4.2000 MBIA 12/01/2018 440M 4.2500 MBIA 12/01/2019 460M 4.3750 MBIA 12/01/2020 480M 4.4000 MBIA 12/01/2021 505M 4.5000 MBIA 12/01/2022 530M 4.6000 MBIA 12/01/2023 555M 4.6250 MBIA 12/01/2024 585M 4.7000 MBIA 12/01/2025 615M 4.7500 MBIA 12/01/2026 645M 4.7500 MBIA 12/01/2027 680M 4.7500 MBIA 12/01/2028 12/01/2029 !.2/0!/2030 12/01/2031 12/01/2032 !2/0!/2033 4,880M 4.7500 MBIA Total Interest Cost: $12,867,746.31 Discount: $300,000.00 Net Interest Cost: $13,167,746.31 https://www~newissueh~me~i~dea~~c~m/Parity/asp/main~asp?frame=c~ntent&page=parityBi.~~ 11/4/2003 PARITY Bid Form Page 2 of 2 · TIC: 4.676005 Total Insurance Premium: $79,900.00 Time Last Bid Received On:11/04/2003 8:59:32 PST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Morgan Stanley, San Francisco, CA Contact: MICHAEL COCHRANE Title: SVP MANAGER Telephone:415-693-6393 Fax: 415-788-3520 Issuer Name: City of Federal Way Company Name: Accepted By: Accepted By: Date: Date: © 1981-2002 i-Deal LLC, All dghts reserved, Trademalrks https://www.newissueh~me.i~dea~.c~rn/Parity/asp/main.asp?frame=c~ntent&page=parityBi... 11/4/2003 CERTIFICATE OF CITY CLERK I DO HEREBY CERTIFY that I am 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; and I HEREBY CERTIFY: 1. That the attached resolution is a true and correct copy of Resolution No.03-qO~of the City Council (the "Resolution"), as adopted at a regular meeting of the City Council held on the 4th day of November, 2003 and duly recorded in my office. 2. That said meeting was 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 members of the City Council voted in the proper manner for the passage of the Resolution; that all other requirements and proceedings incident to the proper passage of the Resolution have been duly fulfilled, carded out and otherwise observed, and that I am authorized to execute this certificate. / DATED November ¢, 2003. City Clerk