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Establishment of a revolving line of credit evidenced not to exceed $4,500,000 principal amount limited tax general obligation Note, in order to provide part of the funds to design and construct the City’s fiber optic network
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DocuSign Envelope ID: E6EDEA4E-9B16-4790-BC21-4037872B42E8 <br /> CITY OF ANACORTES,WASHINGTON <br /> ORDINANCE NO. 3082 <br /> AN ORDINANCE of the City of Anacortes, Washington, relating to <br /> contracting indebtedness;providing for the establishment of a revolving line of credit <br /> evidenced by the issuance, sale and delivery of a not to exceed $4,500,000 principal <br /> amount limited tax general obligation Note, in order to provide part of the funds <br /> necessary to design and construct extensions to and betterments of the City's fiber <br /> optic network for the purpose of supporting City services and other municipal and <br /> public purposes,and to pay the costs of issuance and sale of the Note; fixing or setting <br /> parameters with respect to certain terms and covenants of the Note; appointing the <br /> City's designated representative to approve the terms of the sale and delivery of the <br /> Note to SaviBank; and providing for other related matters. <br /> NOW THEREFORE,the City Council of the City of Anacortes,Washington(the"City"),do <br /> ordain as follows: <br /> Section 1. Recitals and Findings. The City Council makes the findings and <br /> determinations set forth below. Capitalized terms that are not defined have the meanings given in <br /> Section 2 of this ordinance. <br /> 1.1 Municipal Fiber Network Services. The City currently owns and operates a high <br /> capacity telecommunications fiber network that serves the City's utility operations, public safety <br /> operations and other City and public agency services, and desires to extend and improve that system <br /> in order to enhance other utility operations, and public safety operations. The extension and <br /> improvement of the City's existing fiber network creates excess capacity that may be used to provide <br /> access to ultra high capacity internet and other telecommunications services; capacity for <br /> accommodating expanding technologies and demand; and intergovernmental coordination and <br /> services, including educational and health institutions. <br /> 1.2 Description of Fiber Network Services. Pursuant to chapter 13.56 of the Anacortes <br /> Municipal Code and applicable state law,the City previously established its Municipal Fiber Network <br /> Services to maintain and operate its high capacity telecommunications fiber network in a manner that <br /> is intended to satisfy the City's ongoing need for a cost-effective fiber telecommunications system to <br /> support City services;to ensure cost-effective telecommunications services continue to be available to <br /> public agencies and the City; to operate, manage, and maintain telecommunications facilities owned <br /> by the City in the right-of-way up to the point of delivery to public agencies and the City; to manage <br /> and regulate competing demands for the use of the public right-of-way by minimizing the installation <br /> of duplicative communications lines and facilities on,over or under the public right-of-way;to provide <br /> for the operation, management and maintenance of the City's metropolitan area network; to offer <br /> affordable,reliable, and locally-managed high-speed broadband service to every business and resident <br /> within the City; and to own and operate the telecommunications facilities. <br /> 1.3 Fiber Network Services Business Plan. City Council Resolution 2013 directed staff to <br /> develop a Business Plan for a City-owned and operated fiber network. City staff presented that <br /> Business Plan to City Council on November 16, 2020. The City is now in need of funds to pay for the <br />
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