919 Finance VehicleCity Of Yelm
Ordinance No. 919
AN ORDINANCE FOR THE CITY OF YELM AUTHORIZING THE
ACQUISITION OF PERSONAL PROPERTY AND EXECUTION OF A
FINANCING CONTRACT AND RELATED DOCUMENTATION
RELATING TO THE ACQUISITION OF SAID PERSONAL
PROPERTY.
WHEREAS, the City of Yelm (the "Local Agency") has executed a Notice of Intent to the
Office of State Treasurer, in the form attached hereto as Annex 1 (the "NOI"), in relation to the
acquisition of and the financing of the acquisition of the Property, as defined below, under the provisions
of RCW ch 39.94; and
WHEREAS, it is deemed necessary and advisable by the City Council of the Local Agency that
the Local Agency acquire the equipment and/or personal property identified on Annex 1 attached hereto
("Property"); and
WHEREAS, it is deemed necessary and advisable by the City Council of the Local Agency that
the Local Agency enter into a Local Agency Financing Contract with the Office of the State Treasurer, in
the form attached hereto as Annex 2 (the "Local Agency Financing Contract"), in an amount not to
exceed $24,500, plus related financing costs, in order to acquire the Property and finance the acquisition
of the Property;
WHEREAS, the Local Agency will undertake to acquire the Property on behalf of and as agent
of the Washington Finance Officers Association (the "Corporation") pursuant to the terms of the Local
Agency Financing Contract, and in accordance with all applicable purchasing statutes and regulations
applicable to the Local Agency; and
WHEREAS, the Local Agency desires to appoint the individuals set forth in Annex 3 as the
representatives of the Local Agency in connection with the acquisition of the Property and execution of
the Local Agency Financing Contract (each an "Authorized Agency Representative");
NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Yelm as
follows:
Section 1. The individuals holding the offices or positions set forth in Annex 3 are each hereby
appointed as a representative of the Local Agency in connection with the acquisition of the Property and
execution of the Local Agency Financing Contract and all other related documents. A minimum of one
(1) Authorized Agency Representatives shall be required to execute any one document in order for it to
be considered duly executed on behalf of the Local Agency.
Section 2. The form of the Local Agency Financing Contract attached hereto as Annex 2 is
hereby approved and the Authorized Agency Representatives are hereby authorized and directed to
execute and deliver the Local Agency Financing Contract, in an amount not to exceed $24,500, plus
related financing costs, and in substantially the form attached hereto with such changes as may be
approved by the Authorized Representatives for the acquisition of the Property and financing of the
acquisition of the Property.
Section 3. The Local Agency hereby authorizes the acquisition of the property as agent of the
Corporation in accordance with the terms and provisions of the Local Agency Financing Contract.
Section 4. The Authorized Representatives are hereby authorized to execute and deliver to the
Office of State Treasurer all other documents, agreements and certificates, and to take all other action,
which they deem necessary or appropriate in connection with the financing of the Property, including,
but not limited to, any amendment to the NOI and agreements relating to initial and ongoing disclosure in
connection with the offering of securities related to the financing.
Section 5. This ordinance shall become effective 5 days following passage, approval and
publication as provided by law.
PASSED by the City Council of the City of Yelm, at a regular/special meeting thereof held this
13th day of Apri12010.
APPROVED: -~
~ ~
.~'•,~
l~
~:
Ron Harding, ayor
AUTHENTICATED:
nine Schnepf, City Cler
Published: NVN, April 23, 2010
Effective; Apri128, 2010
Transaction No._ _ Annex 2 to Authorizing Ordinance (Equipment)
LOCAL AGENCY FINANCING CONTRACT, SERIES 2010B
(Equipment)
This Local Agency Financing Contract, Series 2010B (the "Agency Financing Contract") is entered
into by and between the state of Washington (the "State"), acting by and through the State Treasurer (the
"State Treasurer"), and the City of Yelm, a municipality of the State (the "Local Agency").
RECITALS
WHEREAS, certain State agencies (as defined in Appendix I hereto, "State Agencies") are authorized
to acquire real and personal property used or needed by such State Agencies through Agency Financing
Contracts entered into pursuant to Chapter 356, Laws of Washington, 1989, codified as Chapter 39.94 of
the Revised Code of Washington (the "RCW"), as supplemented and amended (the "Act"); and
WHEREAS, Chapter 291, Laws of Washington, 1998 supplemented and amended the Act to authorize
the State to enter into Agency Financing Contracts on behalf of certain local agencies (as described
therein, "Local Agencies"), including the Local Agency, to finance the acquisition of real and personal
property by such Local Agencies; and
WHEREAS, the State Treasurer has established a consolidated program providing for the execution
and delivery of certificates of participation in such Agency Financing Contracts, or in Master Financing
Contracts with respect thereto, in series from time to time in order to provide financing or refinancing for
the costs of acquisition of real and personal property by State Agencies and Local Agencies; and
WHEREAS, simultaneously with the execution and delivery hereof, the State is entering into a Master
Financing Contract, Series 2010B, dated as of the Dated Date (the "Master Financing Contract") with the
Washington Finance Officers Association, a nonprofit corporation duly organized and existing under and
by virtue of the laws of the state of Washington (the "Corporation"), to provide financing for the costs of
acquisition of certain items of personal property by certain State Agencies and Local Agencies, including
the Local Agency, under the terms set forth therein; and
WHEREAS, the State Treasurer and the Local Agency have determined that it is necessary and
desirable to enter into this Agency Financing Contract to provide financing or refinancing for the costs of
acquisition of certain items of personal property, described in Exhibit B hereto (the "Property"), by the
Local Agency; and
WHEREAS, the State Finance Committee has authorized the execution and delivery of this Agency
Financing Contract pursuant to Resolution No. 987 adopted on October 7, 2003; and
WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been
performed precedent to and in connection with the execution and delivery of this Agency Financing
Contract do exist, have happened and have been performed in regular and due time, form and manner as
required by law, and the Parties hereto are now duly authorized to execute, deliver and perform their
respective obligations under this Agency Financing Contract;
NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein and
for other valuable consideration, the Parties hereto mutually agree as follows:
Section 1.1 Defined Terms. Capitalized terms used but not otherwise defined in this Agency
Financing Contract shall have the respective meanings given such terms in Appendix I hereto.
Section 1.2 Notice of Intent; Personal Property Certificate; Certificate Designating Authorized Local
Agenc~,Representative. The Local Agency has delivered a Notice of Intent to the State Treasurer in the
form of Exhibit A attached hereto and incorporated herein by this reference. In order to evidence its
acceptance of the Property financed and acquired pursuant hereto, the Local Agency has executed and
delivered herewith, or will execute and deliver within 60 days from the Dated Date to the State
Treasurer, a Personal Property Certificate in the form of Exhibit B attached hereto and incorporated
herein by this reference. The Local Agency has delivered a Certificate Designating Authorized Agency
Representatives to the State Treasurer in the form of Exhibit C attached hereto and incorporated herein
by this reference. Said Certificate is currently in force and has not been amended, withdrawn or
superseded, and the signatures shown thereon are true and correct originals of the signatures of the
persons who hold the titles shown opposite their names. The signature of any one of the individuals
shown on said Certificate is sufficient to bind the Local Agency under this Agency Financing Contract
with respect to any of the undertakings contemplated herein. The terms and provisions set forth in
Appendix II hereto are incorporated herein and made a part hereof by this reference.
Section 1.3 Installment Sale and Purchase of ProRerty. The State hereby agrees to sell, assign and
convey, and does hereby sell, assign and convey to the Local Agency, and the Local Agency hereby
agrees to purchase, acquire and assume, and does hereby purchase, acquire and assume, from the State,
all of the State's right, title and interest in and to the Property and all proceeds and profits thereof and
therefrom, subject to the security interest created pursuant to Section 2.5 of Appendix II hereof, and the
Local Agency agrees to pay in consideration thereof the Purchase Price therefor and interest thereon and
the Additional Costs in accordance with Section 1.4 hereof, and all other amounts required to be paid by
the Local Agency hereunder, all in accordance with the provisions of this Agency Financing Contract.
Section 1.4 Agency Installment Pa, mY ents. In consideration of the sale of the Property and the
covenants and agreements of the State in this Agency Financing Contract, the Local Agency hereby
promises to pay to the State the following amounts at the following times: (a) On each Agency
Installment Payment Date, the Agency Installment Payment set forth in Exhibit D hereto, consisting of a
Principal Component and/or an Interest Component as set forth in such Exhibit; and (b) All Additional
Costs incurred by the State in connection with the sale of the Property to the Local Agency, the execution
and delivery of the Certificates, and the observance and performance of the Series 2010B Agreements,
within thirty (30) days following receipt of an invoice from the State with respect thereto which includes
(i) a brief description of each such Additional Cost, (ii) the party to whom payment is due, (iii) the
amount thereof, and (iv) such additional information as the Local Agency may reasonably request.
Section 1.5 Term. The term of this Local Agency Financing Contract shall commence on the Dated
Date and shall terminate on the date on which all amounts due hereunder shall have been paid or the
payment thereof duly provided for pursuant to Section 4.3 of Appendix II hereof.
STATE OF WASHINGTON City of Yelm
OFFICE OF THE STATE TREASURER as Local Agency
.~
By By ~~
G ~~,
Designated Treasurer Representative Authorized Agency
By
Authorized Agency Representative