CITY OF LONG BEACH, WASHINGTON ORDINANCE NO. 922 AN ORDINANCE OF THE CITY OF LONG BEACH, WASHINGTON, AMENDING ORDINANCE NO. 883 TO EXTEND THE TERM OF THE CITY’S WATER AND SEWER REVENUE BOND ANTICIPATION NOTE, 2012. WHEREAS, the City Council of the City of Long Beach, Washington (the “City”) passed Ordinance No. 883, establishing a nonrevolving line of credit in the aggregate principal amount of not to exceed $300,000 to provide interim financing for extraordinary legal costs arising out of certain litigation relating to the construction of the City’s water treatment plant; and WHEREAS, the City issued its Water and Sewer Revenue Bond Anticipation Note, 2012 (the “Note”) to Bank of the Pacific of Long Beach, Washington (the “Bank”) to evidence the line of credit; and WHEREAS, it is in the best interest of the City to extend the term of the Note; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LONG BEACH, WASHINGTON, DO ORDAIN as follows: Section 1. Extension of Term. The maturity of the Note shall be extended from September 1, 2015 to September 1, 2018. All other provisions of Ordinance No. 883 shall remain unchanged. Section 2. Expenses. The City agrees to pay the Bank a renewal fee of $1,500 as specified in the Bank’s Amendment Letter, which is attached hereto as Exhibit A. Section 3. General Authorization. The City Administrator, Treasurer, City Clerk and other appropriate officers of the City are authorized to take any actions and to execute documents as in their judgment may be necessary or desirable in order to carry out the terms of, and complete the transactions contemplated by, this ordinance. All acts taken pursuant to the authority of this ordinance but prior to its effective date are hereby ratified. Section 4. Prior Acts. All acts taken pursuant to the authority of this ordinance but prior to its effective date are hereby ratified and confirmed. Section 5. Effective Date. This ordinance shall be effective five days from and after its passage, approval and publication as required by law. PASSED by the Council of the City of Long Beach, Washington, and approved by its Mayor at a regular meeting thereof held this 17th day of August, 2015. CITY OF LONG BEACH, WASHINGTON EXHIBIT A — BANK AMENDMENT LETTER Bank of the Pacific, Monday, August 03, 2015. City of Long Beach David Glasson P.O. Box 310 Long Beach, WA 98631 RE: Water and Sewer Revenue Bond Anticipation Note, 2012. The above Bond Anticipation Note, 2012 matures on September 1, 2015. This letter will serve as an Amendment letter to extend the maturity date. This offering is to extend the maturity date to September 1, 2018. This private Bond issue is approved based on the following conditions: Loan Amount: $300,000. Revenue Anticipation Note. Interest Rate: 3.15% fixed rate for a three year term, non revolving line of credit for the payment of extraordinary expenses. A half of one percent loan fee can be advance from the loan or paid in cash. Payment Terms: Quarterly interest payments on outstanding principal balance. Due in full on or before September 1, 2018. Maturity: September 1, 2018. Collateral: Revenue Anticipation Note. Issue by the City of Long Beach Bonding Attorney; Foster Pepper PLLC. The Bond will have the full faith, credit and taxing power of the City pledge, also to include cash and revenues, with promise to repay by issue of a long term amortizing revenue obligation bond. The Revenue Anticipation Note will be issued tax exempt to provide funds to pay for extraordinary expense. Expenses: City will be obligated to pay fees charged by Bond Attorney, Foster Pepper to issue Revenue Anticipation Note. Records: Borrower agrees to provide bank with financial or other information that the Bank may reasonably request form time to time necessary to ascertain the financial condition of the City of Long Beach. This will include providing State Audited, Annual Reports, Annual Budget and Water-Sewer Utility CPA prepared financial statements, within a reasonable amount of time, not to exceed 120 days from the filing dates. Other Conditions: Amended Bond Anticipation Note; Resolution by the City Officials; No Prepayment Penalties; Draft Ordinance for long term General Revenue Obligation Bond. To further proceed with this Amendment request, please sign the acceptance and return to my attention. This Amendment commitment will expire by August 10, 2015. If you should have any questions please do not hesitate to contact me, 360-642-1090. Sincerely, Laura C. Smith Vice President Long Beach Branch. Borrower hereby agrees to the conditions set forth herein and further acknowledges that this loan agreement does not create a commitment by Lender to disburse any funds pursuant hereto. ACCEPTED AND AGREED TO THIS 3RD DAY OF AUGUST, 2015. City of Long Beach, By: David Glasson, City Administrator. By: Helen Bell, City Treasurer. CERTIFICATE: I, the undersigned, City Clerk of the City of Long Beach, Washington, (the “City”) and keeper of the records of the City Council (the “Council”), hereby certifies as follows: 1. The attached copy of Ordinance No. 922 of the Council (the “Ordinance”), is a full, true and correct copy of an ordinance duly passed at a regular meeting of the Council held at the regular meeting place thereof on August 17, 2015, as that ordinance appears on the minute book of the City; and the Ordinance will be in full force and effect five days after publication in the City’s official newspaper. 2. A quorum of the members of the Council was present through the meeting and a majority of those members present voted in the proper manner for the passage of the Ordinance. IN WITNESS WHEREOF, I have hereunto set my hand this day of August, 2015. CITY OF LONG BEACH, WASHINGTON, City Clerk Received for publication Aug. 18, 2015. Published Sept. 23, 2015 Legal No. 264-15

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