HomeMy WebLinkAboutord1998-084WHATCOM COUNTY COUNCIL AGENDA BILL
NO. 1998 - 417
CLEARANCES Date Date Received in Council Office Agenda Date Assigned To
Orig. Dept.: Administrative Servi
11/24/98
11/24/98
Full Council
Division Head:
Dept. Head:
Prosecutor:
Budget:
Executive:
kyoI'm"
Ordinance authorizing issuance of bonds to repay interfand loan and Civic Center
ATTACHMENTS
SUMMARY STATEMENT.-
Related County Contract #: Should the Clerk schedule a hearing? (Y/N Y Requested Date:
Authorize issuance of general obligation bonds for repayment of the interfand loan and improvements for the Civic Center
Building in the amount of $3,335,000.
RECOMMENDED MOTION (for final action):
COUNCIL ACTION TAKEN:
1998 - 417 11/24/98: Introduced
1218/98: Adopted 5-2, Brown, Brenner Opposed - Ord. #98-
084
Related File Numbers:
pisr 132hp �NNOT
K�IST�N FINANCZ
Ordinance or Resolution Number (this item only):
OR0.�9B•o�l
ORDINANCE NO. 98 -084
AUTHORIZING THE ISSUANCE OF LIMITED TAX GENERAL OBLIGATION BONDS
IN THE AMOUNT OF $3,360,000
i
Table Of Contents*
Section1.
Definitions ............................................................................... ..............................2
Section 2.
Authorization of Bonds ........................................................... ..............................4
Section 3.
Registration, Exchange and Payments ................................... ...............................
6
Section 4.
Redemption and Purchase of Bonds ...................................... .............................10
Section5.
Form of Bonds ....................................................................... .............................14
Section6.
Execution of Bonds ................................................................ .............................18
Section 7.
Disposition of Bond Proceeds ................................................. .............................19
Section 8.
Pledge of Taxes and Credit .................................................... .............................19
Section 9.
Bonds Deemed to Be No Longer Outstanding .................... ...............................
20
Section 10.
Tax Covenants and Designation .......................................... ...............................
20
Section 11.
Undertaking to Provide Ongoing Disclosure ......................... .............................22
Section 12.
Lost or Destroyed Bonds ..................................................... ...............................
26
Section13.
Sale of Bonds ....................................................................... ...............................
26
Section 14.
Bond Insurance .................................................................... ...............................
27
Section15.
Severability .......................................................................... ...............................
30
Section 16.
Effective Date ...................................................................... ...............................
31
* This table of contents is not a part of this ordinance; it is included for convenience of the
reader only.
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INTRODUCED BY: CONSENT
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PROPOSED BY: FINANCE
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DATE INTRODUCED: 11/24/98
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ORDINANCE NO. 98 -084
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AN ORDINANCE OF THE COUNTY COUNCIL OF WHATCOM
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COUNTY, WASHINGTON, PROVIDING FOR THE ISSUANCE
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AND SALE OF GENERAL OBLIGATION BONDS OF THE
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COUNTY IN THE AGGREGATE PRINCIPAL AMOUNT OF
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$3,360,000 FOR THE PURPOSE OF REIMBURSING THE
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COSTS OF THE ACQUISITION OF A BUILDING,
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RENOVATIONS AND PARKING IMPROVEMENTS;
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PROVIDING AND AUTHORIZING THE PURCHASE OF
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CERTAIN OBLIGATIONS WITH THE PROCEEDS OF THE
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SALE OF A PORTION OF SUCH BONDS AND FOR THE USE
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AND APPLICATION OF THE MONEYS TO BE DERIVED
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FROM SUCH INVESTMENTS; PROVIDING THE DATE,
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FORM, TERMS AND MATURITIES OF THE BONDS TO BE
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ISSUED AND FOR LIMITED TAX LEVIES TO PAY THE
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PRINCIPAL THEREOF AND INTEREST THEREON;
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AUTHORIZING A PRELIMINARY OFFICIAL STATEMENT
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AND APPROVING THE SALE OF SUCH BONDS.
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25 WHEREAS, the County Council (the "Council ") of Whatcom County, Washington (the
26 "County ") has determined that it is in the best interest of the County to reimburse the costs of the
27 acquisition of a building, planned renovations and parking improvements (the "Project "); and
28 WHEREAS, the County is authorized by RCW Chs.36.67 and 39.46 to incur
29 indebtedness and issue bonds for county purposes; and
30 WHEREAS, it appears to the Council that it is in the best interest of the County that the
31 written offer of Seattle - Northwest Securities Corporation, Seattle, Washington, to underwrite the
32 Bonds be accepted;
33 NOW, THEREFORE, THE WHATCOM COUNTY COUNCIL DOES ORDAIN, as
34 follows:
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Section 1. Definitions. As used in this ordinance, the following words shall have the
following meanings:
"Bond Fund" means the special fund of the County designated as the "1998 General
Obligation Bond Redemption Fund" and maintained in the office of the Treasurer.
"Bond Insurance Policy" means the policy of bond insurance issued with respect to the
Bonds by the Insurer.
"Bond Register" means the registration books for the Bonds, maintained by the Bond
Registrar, for the purpose of complying with the requirements of Section 149 of the Internal
Revenue Code of 1986, as amended, and listing, inter alia, the names and addresses of all
registered owners of Bonds.
"Bond Registrar" means the fiscal agency of the State of Washington in either Seattle,
Washington, or New York, New York, for the purposes of registering and authenticating the
Bonds, maintaining the Bond Register, effecting transfer of ownership of the Bonds and paying
interest on and principal of the Bonds or such other entity as may hereafter be appointed by the
Treasurer to perform the duties of the Bond Registrar.
"Bonds" means the $3,360,000 of Whatcom County, Washington, Limited Tax General
Obligation Bonds, 1998, issued pursuant to this ordinance.
"Code" means the federal Internal Revenue Code of 1986, as amended from time to time,
and the applicable regulations thereunder.
"Commission" means the Securities and Exchange Commission.
"Council" means the duly constituted County Council of Whatcom County as the general
legislative authority of the County.
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1 "County" means Whatcom County, Washington, a political subdivision, duly organized
2 and existing under and by virtue of its Charter and the laws of the State of Washington.
3 "DTC" means The Depository Trust Company, New York, New York, a limited purpose
4 trust company organized under the laws of the State of New York, as depository for the Bonds
5 pursuant to Section 3 hereof.
6 "Government Obligations" means those obligations now or hereafter defined as such in
7 chapter 39.53 RCW.
8 "Insurer" means MBIA Insurance Corporation, a stock insurance company incorporated
9 under the laws of the State of New York.
10 "Letter of Representation" means a blanket issuer letter of representations from the
11 County to DTC.
12 "MSRB" means the Municipal Securities Rulemaking Board or any successor to its
13 functions.
14 "Net Proceeds," when used with reference to the Bonds, means the principal amount of
15 the Bonds, plus accrued interest and original issue premium, if any, and less original issue
16 discount.
17 "NRMSIR" means a nationally recognized municipal securities information repository.
18 "Private Person" means any natural person engaged in a trade or business or any trust,
19 estate, partnership, association, company or corporation.
20 "Private Person Use" means the use of property in a trade or business by a Private Person
21 if such use is other than as a member of the general public. Private Person Use includes
22 ownership of the property by the Private Person as well as other arrangements that transfer to the
23 Private Person the actual or beneficial use of the property (such as a lease, management or
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incentive payment contract or other special arrangement) in such a manner as to set the Private
Person apart from the general public. Use of property as a member of the general public includes
attendance by the Private Person at municipal meetings or business rental of property to the
Private Person on a day -to -day basis if the rental paid by such Private Person is the same as the
rental paid by any Private Person who desires to rent the property. Use of property by nonprofit
community groups or community recreational groups is not treated as Private Person Use if such
use is incidental to the governmental uses of property, the property is made available for such use
by all such community groups on an equal basis and such community groups are charged only a
de minimis fee to cover custodial expenses.
"Project" means the reimbursement of the costs of acquisition of an office building and
planned renovations and parking improvements to such building.
"Project Fund" means the Civic Center Building Improvement Fund established by the
Treasurer pursuant to Section 7 hereof.
"Registered Owner" means the person in whose name a Bond is registered on the Bond
Register. For so long as the Bonds are held in book -entry only form, DTC shall be deemed to be
the sole Registered Owner.
"Rule" means the Commission's Rule 15c2 -12 under the Securities Exchange Act of
1934, as the same may be amended from time to time.
"SID" means a state information depository for the State of Washington.
"Treasurer" means the Treasurer of the County.
"Underwriter" means Seattle- Northwest Securities Corporation, Seattle, Washington.
Section 2. Authorization of Bonds. The County shall issue and sell the Bonds in the
principal amount of $3,360,000 for the purpose of reimbursing the costs of the acquisition of a
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building, the costs of planned renovations and parking improvements and paying the costs of
issuing the Bonds. The Bonds shall be designated as the "Whatcom County, Washington,
Limited Tax General Obligation Bonds, 1998" (the "Bonds "), shall be dated as of December 1,
1998, shall be fully registered as to both principal and interest, shall be in the denomination of
$5,000 each or any integral multiple thereof, provided further that no Bond shall represent more
than one maturity, shall be numbered separately in such manner and with any additional
designation as the Bond Registrar deems necessary for purposes of identification and control, and
shall bear interest payable on June 1, 1999, and semiannually thereafter on the first days of
December and June. The Bonds shall bear interest at the following rates and mature on
December 1 of the following years in the following principal amounts:
Maturity
(December 1) Principal Amounts Interest Rates
1999
$ 110,000
3.75%
2000
120,000
3.75
2001
125,000
3.75
2002
125,000
3.75
2003
130,000
3.75
2004
135,000
3.75
2005
140,000
3.85
2006
145,000
4.00
2007
155,000
4.00
2008
160,000
4.10
2009
165,000
4.10
2010
170,000
4.20
2011
180,000
4.25
2012
185,000
4.30
2013
200,000
4.35
2014
200,000
4.40
2015
215,000
4.50
2018
700,000
4.70
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Section 3. Registration, Exchange and Payments.
(a) Registrar /Bond Register. The County hereby requests that the Treasurer
adopt the system of registration approved by the Washington State Finance Committee, which
utilizes the fiscal agencies of the State of Washington in Seattle, Washington, and New York,
New York, as registrar, authenticating agent, paying agent and transfer agent (collectively, the
"Bond Registrar "). The Bond Registrar shall keep, or cause to be kept, at its principal corporate
trust office, sufficient records for the registration and transfer of the Bonds (the "Bond
Register "), which shall be open to inspection by the County. The Bond Registrar is authorized,
on behalf of the County, to authenticate and deliver Bonds transferred or exchanged in
accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond
Registrar's powers and duties under this ordinance. The Bond Registrar shall be responsible for
its representations contained in the Certificate of Authentication on the Bonds.
(b) Registered Ownership. The County and the Bond Registrar may deem and
treat the Registered Owner of each Bond as the absolute owner for all purposes, and neither the
County nor the Bond Registrar shall be affected by any notice to the contrary. Payment of any
such Bond shall be made only as described in Section 3(h) hereof, but such registration may be
transferred as herein provided. All such payments made as described in Section 3(h) shall be
valid and shall satisfy the liability of the County upon such Bond to the extent of the amount or
amounts so paid.
(c) DTC Acceptance /Letter of Representations. The Bonds shall initially be
held in fully immobilized form by DTC acting as depository. To induce DTC to accept the
Bonds as eligible for deposit at DTC, the County has heretofore executed and delivered to DTC a
Blanket Issuer Letter of Representations (the "Letter of Representations ").
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Neither the County nor the Bond Registrar will have any responsibility or obligation to
DTC participants or the persons for whom they act as nominees with respect to the Bonds for the
accuracy of any records maintained by DTC or any DTC participant, the payment by DTC or any
DTC participant of any amount in respect of the principal of or interest on Bonds, any notice that
is permitted or required to be given to Registered Owners under this ordinance (except such
notices as shall be required to be given by the County to the Bond Registrar or to DTC), the
selection by DTC or any DTC participant of any person to receive payment in the event of a
partial redemption of the Bonds, or any consent given or other action taken by DTC as the
Registered Owner. For so long as any Bonds are held in fully immobilized form hereunder, DTC
or its successor depository shall be deemed to be the Registered Owner for all purposes, and all
references in this ordinance to the Registered Owners shall mean DTC or its nominee and shall
not mean the owners of any beneficial interest in any Bonds.
(d) Use of Depository.
(i) The Bonds shall be registered initially in the name of CEDE &
Co., as nominee of DTC, with a single Bond for each maturity in a denomination equal to the
total principal amount of such maturity. Registered ownership of such immobilized Bonds, or
any portions thereof, may not thereafter be transferred except (A) to any successor of DTC or its
nominee, provided that any such successor shall be qualified under any applicable laws to
provide the service proposed to be provided by it; (B) to any substitute depository appointed by
the County pursuant to subsection (ii) below or such substitute depository's successor; or (C) to
any person as provided in subsection (iv) below.
(ii) Upon the resignation of DTC or its successor (or any substitute
depository or its successor) from its functions as depository or a determination by the County to
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I discontinue the system of book entry transfers through DTC or its successor (or any substitute
2 depository or its successor), the County may appoint a substitute depository. Any such substitute
3 depository shall be qualified under any applicable laws to provide the services proposed to be
4 provided by it.
5 (iii) In the case of any transfer pursuant to clause (A) or (B) of
6 subsection (i) above, the Bond Registrar shall, upon receipt of all outstanding Bonds, together
7 with a written request on behalf of the County, issue a single new Bond for each maturity then
8 outstanding, registered in the name of such successor or substitute depository, or its nominee, all
9 as specified in such written request of the County.
10 (iv) In the event that (A) DTC or its successor (or substitute depository
11 or its successor) resigns from its functions as depository, and no substitute depository can be
12 obtained, or (B) the County determines that it is in the best interest of the beneficial owners of
13 the Bonds that the Bonds be provided in certificated form, the ownership of such Bonds may
14 then be transferred to any person or entity as herein provided, and shall no longer be held in fully
15 immobilized form. The County shall deliver a written request to the Bond Registrar, together
16 with a supply of definitive Bonds in certificated form, to issue Bonds in any authorized
17 denomination. Upon receipt by the Bond Registrar of all then outstanding Bonds, together with a
18 written request on behalf of the County to the Bond Registrar, new Bonds shall be issued in the
19 appropriate denominations and registered in the names of such persons as are provided in such
20 written request.
21 (e) Transfer or Exchange of Registered Ownership; Change in
22 Denominations. The registered ownership of any Bond may be transferred or exchanged, but no
23 transfer of any Bond shall be valid unless it is surrendered to the Bond Registrar with the
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assignment form appearing on such Bond duly executed by the Registered Owner or such
Registered Owner's duly authorized agent in a manner satisfactory to the Bond Registrar. Upon
such surrender, the Bond Registrar shall cancel the surrendered Bond and shall authenticate and
deliver, without charge to the Registered Owner or transferee, a new Bond (or Bonds at the
option of the new Registered Owner) of the same date, maturity and interest rate and for the same
aggregate principal amount in any authorized denomination, naming as Registered Owner the
person or persons listed as the assignee on the assignment form appearing on the surrendered
Bond, in exchange for such surrendered and canceled Bond. Any Bond may be surrendered to
the Bond Registrar and exchanged, without charge, for an equal aggregate principal amount of
Bonds of the same date, maturity and interest rate, in any authorized denomination. The Bond
Registrar shall not be obligated to transfer or exchange any Bond during a period beginning at
the opening of business on the 15th day of the month next preceding any interest payment date
and ending at the close of business on such interest payment date, or, in the case of any proposed
redemption of the Bonds, after the mailing of notice of the call of such Bonds for redemption.
(f) Bond Registrar's Ownership of Bonds. The Bond Registrar may become
the Registered Owner of any Bond with the same rights it would have if it were not the Bond
Registrar, and to the extent permitted by law, may act as depository for and permit any of its
officers or directors to act as member of, or in any other capacity with respect to, any committee
formed to protect the rights of the Registered Owners of the Bonds.
(g) Registration Covenant. The County covenants that, until all Bonds have
been surrendered and canceled, it will maintain a system for recording the ownership of each
Bond that complies with the provisions of Section 149 of the Code.
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(h) Place and Medium of Payment. Both principal of and interest on the
Bonds shall be payable in lawful money of the United States of America. For so long as all
Bonds are in fully immobilized form, payments of principal and interest shall be made as
provided in accordance with the operational arrangements of DTC referred to in the Letter of
Representations. Interest on the Bonds shall be calculated based on a 360 -day year of 12 30 -day
months. In the event that the Bonds are no longer in fully immobilized form, interest on the
Bonds shall be paid by check or draft mailed to the Registered Owners at the addresses for such
Registered Owners appearing on the Bond Register on the 15th day of the month preceding the
interest payment date, and principal of the Bonds shall be payable upon presentation and
surrender of such Bonds by the Registered Owners at the principal office of the Bond Registrar;
provided, however, that if so requested in writing by the Registered Owner of at least $1,000,000
principal amount of Bonds, interest will be paid by wire transfer on the date due to an account
with a bank located within the United States.
Section 4. Redemption and Purchase of Bonds.
(a) Optional Redemption The Bonds maturing on and prior to December 1,
2008 are not subject to optional redemption in advance of their scheduled maturity. The Bonds
maturing on and after December 1, 2009 are subject to redemption at the option of the County on
and after December 1, 2008 on any date in whole or in part (and if in part, with maturities to be
selected by the County) at a price of par plus accrued interest to the date of redemption.
(b) Mandatory Redemption The Bonds maturing in the year 2018 are subject
to mandatory redemption on December 1 of the following years at a price of par plus accrued
interest to the date of redemption:
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Redemption Years
Redemption Amount
2016
$ 220,000
2017
235,000
2018*
245,000
*Final Maturity.
(c) Purchase of Bonds for Retirement The County reserves the right to
purchase any of the Bonds offered to the County at any price deemed reasonable to the County
Treasurer.
(d) Selection of Bonds for Redemption As long as the Bonds are held in book -
entry only form, the selection of Bonds to be redeemed shall be made in accordance with the
operational arrangements in effect at DTC. If the Bonds are no ' longer held in uncertificated
form, the selection of such Bonds to be redeemed shall be made as provided in this
subsection (c). If the County redeems at any one time fewer than all of the Bonds having the
same maturity date, the particular Bonds or portions of Bonds of such maturity to be redeemed
shall be selected by lot (or in such other manner determined by the Bond Registrar) in increments
of $5,000. In the case of a Bond of a denomination greater than $5,000, the County and Bond
Registrar shall treat each Bond as representing such number of separate Bonds each of the
denomination of $5,000 as is obtained by dividing the actual principal amount of such Bond by
$5,000. In the event that only a portion of the principal sum of a Bond is redeemed, upon
surrender of the such Bond at the principal office of the Bond Registrar there shall be issued to
the Registered Owner, without charge therefor, for the then unredeemed balance of the principal
sum thereof, at the option of the Registered Owner, a Bond or Bonds of like maturity and interest
rate in any of the denominations herein authorized.
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(e) Notice of Redemption
(i) Official Notice. For so long as the Bonds are held in uncertificated
form, notice of redemption shall be given in accordance with the operational arrangements of
DTC as then in effect, and neither the County nor the Bond Registrar will provide any notice of
redemption to any Beneficial Owners. Thereafter (if the Bonds are no long held in uncertificated
form), notice of redemption shall be given in the manner hereinafter provided. Unless waived by
any owner of Bonds to be redeemed, official notice of any such redemption (which redemption
shall be conditioned by the Bond Registrar on the receipt of sufficient funds for redemption)
shall be given by the Bond Registrar on behalf of the County by mailing a copy of an official
redemption notice by first class mail at least 30 days and not more than 60 days prior to the date
fixed for redemption to the Registered Owner of the Bond or Bonds to be redeemed at the
address shown on the Register or at such other address as is furnished in writing by such
Registered Owner to the Bond Registrar.
All official notices of redemption shall be dated and shall state:
(A) the redemption date,
(B) the redemption price,
(C) if fewer than all outstanding Bonds are to be redeemed, the
identification by series and maturity (and, in the case of partial redemption, the respective
principal amounts) of the Bonds to be redeemed,
(D) that on the redemption date the redemption price will
become due and payable upon each such Bond or portion thereof called for redemption, and that
interest thereon shall cease to accrue from and after said date, and
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(E) the place where such Bonds are to be surrendered for
payment of the redemption price, which place of payment shall be the principal office of the
Bond Registrar.
On or prior to any redemption date, the County shall deposit with the Bond Registrar an
amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds
which are to be redeemed on that date.
(ii) Effect of Notice, Bonds Due. Official notice of redemption having
been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the
redemption date, become due and payable at the redemption price therein specified, and from and
after such date (unless the County shall default in the payment of the redemption price) such
Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for
redemption in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the
redemption price. Installments of interest due on or prior to the redemption date shall be payable
as herein provided for payment of interest. Upon surrender for any partial redemption of any
Bond, there shall be prepared for the Registered Owner a new Bond or Bonds of the same
maturity and series in the amount of the unpaid principal. All Bonds which have been redeemed
shall be canceled and destroyed by the Bond Registrar and shall not be reissued.
(iii) Additional Notice. In addition to the foregoing notice, further
notice shall be given by the County as set out below, but no defect in said further notice nor any
failure to give all or any portion of such further notice shall in any manner defeat the
effectiveness of a call for redemption if notice thereof is given as above prescribed. Each further
notice of redemption given hereunder shall contain the information required above for an official
notice of redemption plus (A) the CUSIP numbers of all Bonds being redeemed; (B) the date of
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issue of the Bonds as originally issued; (C) the rate of interest borne by each Bond being
redeemed; (D) the maturity date of each Bond being redeemed; and (E) any other descriptive
information needed to identify accurately the Bonds being redeemed. Each further notice of
redemption may be sent at least 35 days before the redemption date to the Insurer, each
NRMSIR, the SID, if any, and to the Underwriter or to its business successor, if any, and to such
persons (including securities repositories who customarily at the time receive notices of
redemption in accordance with rules promulgated by the Commission) and with such additional
information as the County shall deem appropriate, but such mailings shall not be a condition
precedent to the redemption of such Bonds.
(iv) Amendment of Notice Provisions. The foregoing notice provisions
of this Section 4, including but not limited to the information to be included in redemption
notices and the persons designated to receive notices, may be amended by additions, deletions
and changes in order to maintain compliance with duly promulgated regulations and
recommendations regarding notices of redemption of municipal securities.
Section 5. Form of Bonds. The Bonds shall be in substantially the following form:
STATEMENT OF INSURANCE
MBIA Insurance Corporation (the "Insurer ") has issued a policy containing the following
provisions, such policy being on file at the principal office of the Fiscal Agency of the State of
Washington in Seattle, Washington, or New York, New York.
The Insurer, in consideration of the payment of the premium and subject to the terms of
the policy, hereby unconditionally and irrevocably guarantees to any owner, as hereinafter
defined, of the following described obligations, the full and complete payment required to be
made by or on behalf of Whatcom County, Washington (the "Issuer ") to the Fiscal Agency of the
State of Washington, or its successor (the "Paying Agent "), of an amount equal to (i) the
principal of (either at the stated maturity or by any advancement of maturity pursuant to a
mandatory sinking fund payment) and interest on, the Obligations (as that term is defined below)
as such payments shall become due but shall not be so paid (except that in the event of any
acceleration of the due date of such principal by reason of mandatory or optional redemption or
acceleration resulting from default or otherwise, other than any advancement of maturity
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pursuant to a mandatory sinking fund payment, the payments guaranteed hereby shall be made in
such amounts and at such times as such payments of principal would have been due had there not
been any such acceleration); and (ii) the reimbursement of any such payment which is
subsequently recovered from any owner pursuant to a final judgment by a court of competent
jurisdiction that such payment constitutes an avoidable preference to such owner within the
meaning of any applicable bankruptcy law. The amounts referred to in clauses (i) and (ii) of the
preceding sentence shall be referred to herein collectively as the "Insured Amounts."
"Obligations" shall mean:
$3,360,000
Whatcom County, Washington
Limited Tax General Obligation Bonds, 1998
Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in
writing by registered or certified mail, or upon receipt of written notice by registered or certified
mail, by the Insurer from the Paying Agent or any owner of an Obligation the payment of an
Insured Amount for which is then due, that such required payment has not been made, the Insurer
on the due date of such payment or within one business day after receipt of notice of such
nonpayment, whichever is later, will make a deposit of funds, in an account with State Street
Bank and Trust Company, N.A., in New York, New York, or its successor, sufficient for the
payment of any such Insured Amounts which are then due. Upon presentment and surrender of
such Obligations or presentment of such other proof of ownership of the Obligations, together
with any appropriate instruments of assignment to evidence the assignment of the Insured
Amounts due on the Obligations as are paid by the Insurer, and appropriate instruments to effect
the appointment of the Insurer as agent for such owners of the Obligations in any legal
proceeding related to payment of Insured Amounts on the Obligations, such instruments being in
a form satisfactory to State Street Bank and Trust Company, N.A., State Street Bank and Trust
Company, N.A. shall disburse to such owners or the Paying Agent payment of the Insured
Amounts due on such Obligations, less any amount held by the Paying Agent for the payment of
such Insured Amounts and legally available therefor. This policy does not insure against loss of
any prepayment premium which may at any time be payable with respect to any Obligation.
As used herein, the term "owner" shall mean the registered owner of any Obligation as
indicated in the books maintained by the Paying Agent, the Issuer, or any designee of the Issuer
for such purpose. The term owner shall not include the Issuer or any party whose agreement
with the Issuer constitutes the underlying security for the Obligations.
Any service of process on the Insurer may be made to the Insurer at its offices located at
113 King Street, Armonk, New York 10504 and such service of process shall be valid and
binding.
This policy is non - cancelable for any reason. The premium on this policy is not
refundable for any reason including the payment prior to maturity of the Obligations.
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MBIA Insurance Corporation
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NO.
INTEREST RATE:
Registered Owner:
Principal Amount:
UNITED STATES OF AMERICA
STATE OF WASHINGTON
WHATCOM COUNTY
LIMITED TAX GENERAL OBLIGATION BOND, 1998
CEDE & Co.
MATURITY DATE:
CUSIP NO.:
WHATCOM COUNTY, WASHINGTON (the "County "), hereby acknowledges itself to
owe and for value received promises to pay to the Registered Owner identified above, or
registered assigns, on the Maturity Date identified above, the Principal Amount indicated above
and to pay interest thereon from December 1, 1998, or the most recent date to which interest has
been paid or duly provided for until payment of this bond at the Interest Rate set forth above,
payable on the first days of each June and December, commencing on June 1, 1999. Both
principal of and interest on this bond are payable in lawful money of the United States of
America. Both principal of and interest on this Bond shall be paid as provided in the operational
arrangements referred to in the Blanket Issuer Letter of Representations (the "Letter of
Representations ") between the State and The Depository Trust Company ( "DTC "). The
principal hereunder shall be paid to the Registered Owner or assigns upon presentation and
surrender of this bond at the principal office of the fiscal agencies of the State of Washington in
either Seattle, Washington or New York, New York (collectively the "Bond Registrar ").
This bond is one of an authorized issue of bonds of like date and tenor, except as to
number, amount, rate of interest and date of maturity in the aggregate principal amount of
$3,360,000, and is issued to finance the capital costs of the County.
The bonds of this issue are issued under and in accordance with the provisions of the
Constitution and applicable statutes of the State of Washington and ordinances duly adopted by
the County Council, including Ordinance No. of the County Council (the "Bond
Ordinance ").
The bonds of this issue maturing on and prior to December 1, 2008 are not callable for
redemption prior to their scheduled maturities. The bonds of this issue maturing on and after
December 1, 2009 are callable for redemption prior to their scheduled maturity at the option of
the County on and after December 1, 2008 on any date at a price of par plus accrued interest to
the date of redemption.
Unless redeemed in accordance with the foregoing optional redemption provisions, the
bonds of this issue maturing in the year 2018 are subject to mandatory redemption on
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December 1 of the following years at a price of par plus accrued interest to the date of
redemption:
Redemption Years Redemption Amount
2016 $ 220,000
2017 235,000
2018* 245,000
*Final Maturity.
The bonds of this issue are not "private activity bonds" as such term is defined in the
Internal Revenue Code of 1986, as amended (the "Code'). The bonds of this issue are qualified
tax- exempt obligations under Section 265(b) of the Code for banks, thrift institutions and other
financial institutions.
The County hereby irrevocably covenants that it will levy taxes annually upon all the
taxable property in the County within and as a part of the tax levy permitted to the County
without a vote of the electors in amounts sufficient, with other monies legally available therefor,
to pay the principal of and interest on the bonds of this issue as the same shall become due. The
full faith, credit and resources of the County are hereby irrevocably pledged for the annual levy
and collection of such taxes and the prompt payment of such principal and interest. The pledge
of tax levies may be discharged prior to maturity of the bonds of this issue by making provision
for the payment thereof on the terms and conditions set forth in the Bond Ordinance.
This bond shall not be valid or become obligatory for any purpose or be entitled to any
security or benefit under the Bond Ordinance until the Certificate of Authentication hereon shall
have been manually signed by the Bond Registrar.
It is hereby certified that all acts, conditions and things required by the Constitution and
statutes of the State of Washington to exist, to have happened, been done and performed
precedent to and in the issuance of this bond have happened, been done and performed and that
the issuance of this bond and the bonds of this issue does not violate any constitutional, statutory
or other limitation upon the amount of bonded indebtedness that the County may incur.
IN WITNESS WHEREOF, Whatcom County, Washington has caused this bond to be
executed by the facsimile signatures of the Chair and Clerk of its County Council as of this 1st
day of December, 1998.
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WHATCOM COUNTY, WASHINGTON
By /s/ facsimile
Chair, County Council
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ATTEST:
/s/ facsimile
Clerk, County Council
The Bond Registrar's Certificate of Authentication on the Bonds shall be in substantially
the following form:
CERTIFICATE OF AUTHENTICATION
Date of Authentication:
This bond is one of the bonds described in the within- mentioned Bond Ordinance and is
one of the Limited Tax General Obligation Bonds, 1998 of Whatcom County, dated December 1,
1998.
WASHINGTON STATE FISCAL
AGENCY as Bond Registrar
C
Authorized Officer
Section 6. Execution of Bonds. The Bonds shall be executed on behalf of the County
with the manual or facsimile signature of the Chair of the Council, attested by the manual or
facsimile signature of the Clerk of the Council, and shall have the seal of the County impressed
or imprinted thereon. In case either or both of the officers who have signed or attested any of the
Bonds cease to be such officer before such Bonds have been actually issued and delivered, such
Bonds shall be valid nevertheless and may be issued by the County with the same effect as
though the persons who had signed or attested such Bonds had not ceased to be such officers, and
any Bond may be signed or attested on behalf of the County by officers who at the date of actual
execution of such Bond are the proper officers, although at the nominal date of execution of such
Bond such officer was not an officer of the County.
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I Only Bonds that bear a Certificate of Authentication in the form set forth in Section 5,
2 manually executed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled
3 to the benefits of this ordinance. Such Certificate of Authentication shall be conclusive evidence
4 that the Bonds so authenticated have been duly executed, authenticated and delivered and are
5 entitled to the benefits of this ordinance.
6 Section 7. Disposition of Bond Proceeds. The accrued interest received with respect
7 to the Bonds shall be deposited into the Bond Fund and used to pay interest on the Bonds coming
8 due on June 1, 1999. The Treasurer has heretofore established a special fund of the County
9 designated as the "Civic Center Building Improvement Fund" (the "Project Fund "). The balance
10 of the proceeds of sale of the Bonds shall be deposited in the Project Fund and shall be expended
11 solely to pay the cost of issuing and selling the Bonds and, together with other available moneys
12 of the County, shall be used to reimburse the County for previously incurred costs and to
13 complete the Project. Money in the Project Fund shall be invested by the Treasurer, pending
14 disbursement, in any legal investment for County funds.
15 Section 8. Pledge of Taxes and Credit. The Treasurer is hereby authorized to
16 establish a special fund of the County to be designated as the 1998 General Obligation Bond
17 Redemption Fund (the "Bond Fund "). On or before each date on which a payment of principal
18 of and interest on the Bonds is due and payable, the Treasurer shall deposit the amount necessary
19 to make such principal and/or interest payment into the Bond Fund and shall remit the same to
20 the Bond Registrar for the purpose of making such payment. The County hereby irrevocably
21 covenants that, unless the principal of and interest on the Bonds are paid from other sources, it
22 will make annual levies of taxes within and as a part of the tax levy permitted to the County
23 without a vote of its electors upon all of the property in the County subject to taxation in amounts
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sufficient to pay such principal and interest as the same shall become due. The full faith, credit
and resources of the County are hereby irrevocably pledged for the annual levy and collection of
such taxes and for the prompt payment of such principal and interest.
Section 9. Bonds Deemed to Be No Longer Outstanding. In the event that money
and/or Government Obligations as now or hereafter amended, maturing at such time or times and
bearing interest to be earned thereon in amounts (together with such money, if necessary)
sufficient to redeem and retire part or all of the Bonds in accordance with their terms, are set
aside in a special account of the County to effect such redemption and retirement, and such
moneys and the principal of and interest on such obligations are irrevocably set aside and
pledged for such purpose, then no further payments need be made into the Bond Fund for the
payment of the principal of and interest on the Bonds so provided for, and such Bonds shall cease
to be entitled to any lien, benefit or security of this ordinance except the right to receive the
moneys so set aside and pledged, and such Bonds shall be deemed not to be outstanding
hereunder.
Within 60 days of any defeasance of Bonds the Bond Registrar shall provide notice of
defeasance of Bonds to registered owners and to each NRMSIR and SID, if any, in accordance
with Section 11.
Section 10. Tax Covenants and Designation.
(a) Arbitrage Covenant. The County hereby covenants that it will not make
any use of the proceeds of sale of the Bonds or any other funds of the County which may be
deemed to be proceeds of such Bonds pursuant to Section 148 of the Code which will cause the
Bonds to be "arbitrage bonds" within the meaning of said section and said Regulations. The
County will comply with the requirements of Section 148 of the Code (or any successor
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I provision thereof applicable to the Bonds) and the applicable Regulations thereunder throughout
2 the term of the Bands.
3 (b) Private Person Use Limitation for Bonds. The County covenants that for
4 as long as the Bonds are outstanding, it will not permit:
5 (i) More than 10% of the Net Proceeds of the Bonds to be used for
6 any Private Person Use; and
7 (ii) More than 10% of the principal or interest payments on the Bonds
8 in a Bond Year to be directly or indirectly: (A) secured by any interest in property used or to be
9 used for any Private Person Use or secured by payments in respect of property used or to be used
10 for any Private Person Use, or (B) derived from payments (whether or not made to the County) in
11 respect of property, or borrowed money, used or to be used for any Private Person Use.
12 The County further covenants that, if:
13 (iii) More than five percent of the Net Proceeds of the Bonds are to be
14 used for any Private Person Use; and
15 (iv) More than five percent of the principal or interest payments on the
16 Bonds in a Bond Year are (under the terms of this ordinance or any underlying arrangement)
17 directly or indirectly: (A) secured by any interest in property used or to be used for any Private
18 Person Use or secured by payments in respect of property used or to be used for any Private
19 Person Use, or. (B) derived from payments (whether or not made to the County) in respect of
20 property, or borrowed money, used or to be used for any Private Person Use, then, (1) any
21 Private Person Use of the projects described in subsection (iii) hereof or Private Person Use
22 payments described in subsection (iv) hereof that is in excess of the five percent limitations
23 described in such subsections (iii) or (iv) will be for a Private Person Use that is related to the
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state or local governmental use of the Project financed or refinanced with Bond proceeds, and
(2) any Private Person Use will not exceed the amount of Net Proceeds of the Bonds used for the
state or local governmental use portion of the projects to which the Private Person Use of such
portion of such Project relates. The County further covenants that it will comply with any
limitations on the use of the projects by other than state and local governmental users that are
necessary, in the opinion of its bond counsel, to preserve the tax exemption of the interest on the
Bonds. The covenants of this section are specified solely to assure the continued exemption from
regular income taxation of the interest on the Bonds.
(c) Bonds Designated "Qualified Tax- Exempt Obligations. " The County
hereby designates the Bonds as "qualified tax- exempt obligations" for purchase by financial
institutions pursuant to Section 265 of the Code. The County does not anticipate that it will issue
more than $10,000,000 in "qualified tax- exempt obligations" during the year 1998.
Section 11. Undertaking to Provide Ongoing Disclosure.
(a) Contract /Undertaking. This section constitutes the County's written
undertaking for the benefit of the owners of the Bonds as required by Section (b)(5) of the Rule.
(b) Financial Statements /Operating Data. The County agrees to provide or
cause to be provided to each NRMSIR and to the SID, if any, in each case as designated by the
Council in accordance with the Rule, the following annual financial information and operating
data for the prior fiscal year (commencing July 31, 1999 for the fiscal year ending December 31,
1998):
1. Annual financial statements showing ending fund balances
prepared in accordance with regulations prescribed by the State Auditor pursuant to
RCW 43.09.200 (or any successor statutes) from time to time and generally of the type included
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in the official statement for the Bonds under the headings "Combining Statement of Revenues,
Expenditures & Changes in Fund Balance — General Fund ";
delinquent;
2. The assessed valuation of taxable property in the County;
3. Property taxes due, property taxes collected and property taxes
4. Property tax levy rates per $1,000 of assessed valuation; and
5. Outstanding general obligation debt of the County.
Such annual information and operating data described above shall be so provided on or
before the expiration of seven months after the end of the County's fiscal year. The County may
adjust such date if the County changes its fiscal year by providing written notice of the change of
fiscal year and the new reporting date to each then existing NRMSIR and the SID, if any. In lieu
of providing such annual financial information and operating data, the County may cross -
reference to other documents provided to the NRMSIR's, the SID or to the Council and, if such
document is a final official statement within the meaning of the Rule, available from the MSRB.
If not provided as part of the annual financial information discussed above, the County
shall provide the County's audited annual financial statement prepared in accordance with
regulations prescribed by the State Auditor pursuant to RCW 43.09.200 (or any successor
statutes), when and if available, to each then existing NRMSIR and the SID, if any.
(c) Material Events. The County agrees to provide or cause to be provided, in
a timely manner, to the SID, if any, and to each NRMSIR or to the MSRB notice of the
occurrence of any of the following events with respect to the Bonds, if material:
• Principal and interest payment delinquencies;
• Non - payment related defaults;
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• Unscheduled draws on debt service reserves reflecting financial
difficulties;
• Unscheduled draws on credit enhancements reflecting financial
difficulties;
• Substitution of credit or liquidity providers, or their failure to perform;
• Adverse tax opinions or events affecting the tax- exempt status of the
Bonds;
• Modifications to rights of owners;
• Optional, contingent or unscheduled Bond calls other than scheduled
sinking fund redemptions for which notice is given pursuant to
Exchange Act Release 34- 23856;
• Defeasances;
• Release, substitution or sale of property securing the repayment of the
Bonds; and
• Rating changes.
Solely for purposes of disclosure, and not intending to modify this undertaking, the
County advises that there is no property securing repayment of the Bonds, and there is no debt
service reserve fund or account for the Bonds, as the County lacks legal authority for either
measure. If further changes in the law permit such measures, and if the County subsequently
chooses to establish such reserves or provide such property as security for the Bonds, the County
will provide notice of such establishment or provision and undertake to provide notices of
material events relating thereto, should such events occur.
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(d) Notification Upon Failure to Provide Financial Data. The County agrees
to provide or cause to be provided, in a timely manner, to each NRMSIR or to the MSRB and to
the SID, if any, notice of its failure to provide the annual financial information described in
subsection (b) above on or prior to the date set forth in subsection (b) above.
(e) TerminationlModifzcation. The County's obligations to provide annual
financial information and notices of material events shall terminate upon the defeasance, prior
redemption or payment in full of all of the Bonds. This section, or any provision hereof, shall be
null and void if the County (1) obtains an opinion of nationally recognized bond counsel to the
effect that those portions of the Rule which require this section, or any such provision, are
invalid, have been repealed retroactively or otherwise do not apply to the Bonds; and (2) notifies
each then existing NRMSIR and the SID, if any, of such opinion and the cancellation of this
section. Notwithstanding any other provision of this ordinance, the County may amend this
Section 11 and any provision of this Section 11 may be waived with an approving opinion of
nationally recognized bond counsel.
In the event of any amendment of or waiver of a provision of this Section 11, the County
shall describe such amendment in the next annual report, and shall include, as applicable, a
narrative explanation of the reason for the amendment or waiver and its impact on the type (or in
the case of a change of accounting principles, on the presentation) of financial information or
operating data being presented by the County. In addition, if the amendment relates to the
accounting principles to be followed in preparing financial statements, (I) notice of such change
shall be given in the same manner as for a material event under Subsection (c), and (II) the
annual report for the year in which the change is made should present a comparison (in narrative
form and also, if practical, in quantitative form) between the financial statements as prepared on
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I the basis of the new accounting principles and those prepared on the basis of the former
2 accounting principles.
3 (f) Bond Owner's Remedies Under This Section. A Bond owner's right to
4 enforce the provisions of this section shall be limited to a right to obtain specific enforcement of
5 the County's obligations hereunder, and any failure by the County to comply with the provisions
6 of this undertaking shall not be an event of default with respect to the Bonds under this
7 ordinance.
8 Section 12. Lost or Destroyed Bonds. If any Bonds are lost, stolen or destroyed, the
9 Bond Registrar may authenticate and deliver a new Bond or Bonds of like amount, maturity and
10 tenor to the Registered Owner upon the owner paying the expenses and charges of the Bond
11 Registrar and the County in connection with preparation and authentication of the replacement
12 Bond or Bonds and upon his or her filing with the Bond Registrar and the County evidence
13 satisfactory to both that such Bond or Bonds were actually lost, stolen or destroyed and of his or
14 her ownership, and upon furnishing the County and the Bond Registrar with indemnity
15 satisfactory to both.
16 Section 13. Sale of Bonds. The Bonds shall be sold by negotiated sale to
17 Seattle - Northwest Securities Corporation, Seattle, Washington (the "Underwriter'), under the
18 terms and conditions thereof as provided in its purchase offer and in this ordinance.
19 The County Executive is hereby authorized to review and approve on behalf of the
20 County the preliminary and final Official Statements relative to the Bonds with such additions
21 and changes as may be deemed necessary or advisable to him. The Preliminary Official
22 Statement for the Bonds, is hereby deemed final for purposes of the Rule. The proper County
23 officials are hereby authorized and directed to do everything necessary for the prompt execution
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and delivery of the Bonds to said purchaser and for the proper application and use of the
proceeds of sale thereof.
Section 14. Bond Insurance.
(a) Acceptance of Insurance. In accordance with the offer of
Seattle- Northwest Securities Corporation to purchase the Bonds, the Council hereby approves the
commitment of the Insurer to provide a bond insurance policy guaranteeing the payment when
due of principal of and interest on the Bonds (the "Bond Insurance Policy "). The Council further
authorizes and directs all proper officers, agents, attorneys and employees of the County to
cooperate with the Insurer in preparing such additional agreements, certificates, and other
documentation on behalf of the County as shall be necessary or advisable in providing for the
Bond Insurance Policy.
(b) Payments Under the Bond Insurance Policy. In the event that, on the
payment date of the Bonds, the County or the Bond Registrar determines that there will not be
sufficient money available in the Bond Fund to pay all principal of and interest on the Bonds due
on such payment date, the County or the Bond Registrar shall immediately notify the Insurer or
its designee on the same day by telephone or telegraph, confirmed in writing by registered or
certified mail, of the amount of the deficiency. If the deficiency is made up in whole or in part,
the Bond Registrar shall so notify the Insurer or its designee.
In addition, if the Bond Registrar has notice that any Bondholder has been required to
disgorge payments of principal or interest on the Bonds to a trustee in bankruptcy or creditors or
others pursuant to a final judgment by a court of competent jurisdiction that such payment
constitutes an avoidable preference to such Bondholder within the meaning of any applicable
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bankruptcy laws, then the Bond Registrar shall notify the Insurer or its designee of such fact by
telephone or telegraphic notice, confirmed in writing by registered or certified mail.
The Bond Registrar is hereby irrevocably designated, appointed, directed and authorized
to act as attorney -in -fact for Bondholders as follows:
(1) If and to the extent there is a deficiency in amounts required to pay
interest on the Bonds, the Bond Registrar shall (a) execute and deliver to State Street Bank and
Trust Company, N.A., or its successors under the Bond Insurance Policy (the "Insurance Paying
Agent "), in form satisfactory to the Insurance Paying Agent, an instrument appointing the Insurer
as agent for such Bondholders in any legal proceeding related to the payment of such interest and
an assignment to the Insurer of the claims for interest to which such deficiency relates and which
are paid by the Insurer, (b) receive as designee of the respective Bondholders (and not as Bond
Registrar) in accordance with the tenor of the Bond Insurance Policy payment from the Insurance
Paying Agent with respect to the claims for interest so assigned, and (c) disburse the same to
such respective Bondholders; and
(2) If and to the extent of a deficiency in amounts required to pay
principal of any Bonds, the Bond Registrar shall (a) execute and deliver to the Insurance Paying
Agent in form satisfactory to the Insurance Paying Agent an instrument appointing the Insurer as
agent for such Bondholder in any legal proceeding relating to the payment of such principal and
an assignment to the Insurer of any of the Bonds surrendered to the Insurance Paying Agent of so
much of the principal amount thereof as has not previously been paid or for which moneys are
not held by the Bond Registrar and available for such payment (but such assignment shall be
delivered only if payment from the Insurance Paying Agent is received), (b) receive as designee
of the respective Bondholders (and not as Bond Registrar) in accordance with the tenor of the
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I Bond Insurance Policy payment therefor from the Insurance Paying Agent, and (c) disburse the
2 same to such Bondholders.
3 Payments with respect to claims for interest on and principal of Bonds disbursed by the
4 Bond Registrar from proceeds of the Bond Insurance Policy shall not be considered to discharge
5 the obligation of the County with respect to such interest, and the Insurer shall become the owner
6 of such unpaid interest and claims for the interest in accordance with the tenor of the assignment
7 made to it under the provisions of this subsection or otherwise.
8 Irrespective of whether any such assignment is executed and delivered, the County and
9 the Bond Registrar:
10 (1) Recognize that to the extent the Insurer makes payments directly or
11 indirectly (as by paying through the Bond Registrar), on account of principal of or interest on the
12 Bonds, the Insurer will be subrogated to the rights of such Bondholders to receive the amount of
13 such principal and interest for the County, with interest thereon as provided and solely from the
14 sources stated in this ordinance and the Bonds; and
15 (2) Will accordingly pay to the Insurer the amount of such principal
16 and interest (including principal and interest recovered under subparagraph (ii) of the first
17 paragraph of the Bond Insurance Policy), with interest thereon as provided in this ordinance and
18 the Bonds, but only from the sources and in the manner provided herein for the payment of
19 principal of and interest on the Bonds to holders, and will otherwise treat the Insurer as the owner
20 of such rights to the amount of such principal and interest.
21 (c) Rights of Insurer. In connection with the issuance of additional general
22 obligation bonds, the County shall deliver to the Insurer a copy of the disclosure document, if
23 any, circulated with respect to such additional bonds.
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Copies of any amendments made to the documents executed in connection with the
issuance of the Bonds which are consented to by the Insurer shall be sent to Standard & Poor's
Ratings Services, a Division of The McGraw Hill Companies, Inc.
The Insurer shall receive notice of the resignation or removal of the Bond Registrar and
the appointment of a successor, other than the designated state fiscal agent.
The Insurer shall receive copies of all notices required to be delivered to Bondholders
and, on an annual basis (or as soon as available from the office of the State Auditor) copies of the
County's audited financial statements, and annual budget.
Any notice that is required to be given to a holder of Bonds or to the Bond Registrar
pursuant to this ordinance shall also be provided to the Insurer. All notices required to be given
to the Insurer under this ordinance shall be in writing and shall be sent by registered or certified
mail addressed to MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504
Attention: Surveillance.
The provisions of this section shall be in effect only so long as the Bond Insurance Policy
is in full force and effect.
Section 15. Severability. If any one or more of the covenants or agreements provided
in this ordinance to be performed on the part of the County shall be declared by any court of
competent jurisdiction to be contrary to law, then such covenant or covenants, agreement or
agreements, shall be null and void and shall be deemed separable from the remaining covenants
and agreements of this ordinance and shall in no way affect the validity of the other provisions of
this ordinance or of the Bonds.
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Section 16. Effective Date. This ordinance shall become effective immediately upon
its adoption.
ADOPTED this 8`h day of December, 1998.
• ����7�
Clerk of the County Council
COUNTY COUNCIL OF
WHATCOM COUNTY, WASHINGTON
Robert A. Imhof,
";7;r(,-j
I
Marlene Dawson, Vice Chair
and
Kathy,Mtter, Councilmember
Connie Hoag, F,411cilmember
DECLINED TO SIGN
Tom Brown, Councilmember
DECLINED TO SIGN
Barbara Brenner, Councilmember
APPROVED DENIED
Pete Kremen
County Executive
Dated as o£ 11 DECEMSER '1998
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CERTIFICATE
I, the undersigned, Clerk of the County Council of Whatcom County, Washington, (the
"County ") and keeper of the records of the County Council ("Council'), DO HEREBY
CERTIFY:
1. That the attached ordinance is a true and correct copy of Ordinance No. 98 -084 of
the Council (herein called the "Ordinance'), duly adopted at a regular meeting thereof held on
the 8 h day of December, 1998.
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 regular meeting was given;
that a legal quorum was present throughout the meeting and a legally sufficient number of
members of the Council voted in the proper manner for the adoption of the Ordinance; that all
other requirements and proceedings incident to the proper adoption of the Ordinance have been
duly fulfilled, carried out and otherwise observed; and that I am authorized to execute this
certificate.
IN WITNESS WHEREOF, I have hereunto set my hand this 8 h day of December, 1998.
Clerk, County Cobeil
P: \CMMCMW3QU 98/12/08