Summary of Ordinance No. 736 passed November 13, 2007

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ILWACO, WASHINGTON, AUTHORIZING THE ISSUANCE OF A WATER AND SEWER REVENUE BOND OF THE CITY IN THE PRINCIPAL AMOUNT OF $370,000 TO PROVIDE FINANCING FOR THE CONSTRUCTION OF CERTAIN SEWER CAPITAL IMPROVEMENTS; PROVIDING THE FORM AND TERMS OF SUCH BOND AND CONDITIONS UNDER WHICH FUTURE PARITY BONDS SHALL BE ISSUED; AND PROVIDING FOR THE SALE OF THE BOND.

Section 1 (Definitions) defines certain capitalized terms used in the ordinance.

Section 2 (Compliance with Parity Conditions) confirms that the City is in compliance with the covenants of its prior water and sewer revenue bond ordinances.

Section 3 (Authorization of Bond) authorizes the City's Water and Sewer Revenue Bond, 2008" in the aggregate amount of $370,000 (the "Bond") to provide funds for sewer capital improvements, and provides details regarding payments of principal and interest.

Section 4 (Registration and Payments) adopts a system of registration for the Bond and describes the arrangements for paying principal of and interest on the Bond.

Section 5 (Prepayment) provides details regarding prepayment of the Bond prior to its scheduled maturity.

Section 6 (Form of Bond) describes the form of the Bond.

Section 7 (Execution and Authentication of the Bond) authorizes procedures for execution and authentication of the Bond.

Section 8 (Sale of Bond) establishes the conditions for the sale of the Bond.

Section 9 (Application of Bond Proceeds) authorizes the application of the Bond proceeds for the payment of the sewer capital improvements.

Section 10 (Priority of Payments from Maintenance Fund) establishes the priority of applications of the revenues of the City's water and sewer system.

Section 11 (Bond Fund) establishes the covenants of the City to make the required deposits into the City's Bond Fund.

Section 12 (Reserve Account) establishes the covenants of the City to make the required deposits into the Reserve Account.

Section 13 (Tax Covenants; Special Designation) establishes the covenants to assure the tax exemption of the Bonds.

Section 14 (Sufficiency of Revenues) establishes that amounts to be deposited in the Bond Fund are sufficient.

Section 15 (General Covenants) establishes the operating covenants for the City's water and sewer system.

Section 16 (Future Parity Bonds) establishes the conditions under which the City may issue parity water and sewer revenue bonds in the future.

Section 17 (Event of Bond Being Lost, Stolen or Destroyed) makes provision in case the Bond is lost, stolen or destroyed.

Section 18 (Severability) provides that other covenants and agreements in the ordinance are not affected if one is made invalid.

Section 19 (Effective Date) provides that the ordinance shall become effective immediately upon adoption.

The full text of Ordinance No. 736 will be mailed without cost to any party requesting it from:

Melissa Busby, City Treasurer, City of Ilwaco, P.O. Box 548, Ilwaco, WA 98624. Phone: (360) 642-3145.

Published November 21, 2007

Legal No. 380

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