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2 DATE: July 2, 1981 INTRODUCED BY: Roehl
PROPOSED BY: DID No. 31
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4 RESOLUTION NO. 81 -21
5 A RESOLUTION of the County Council of the Whatcom
County, Washington, confirming the sale of interim
6 warrants of Consolidated Drainage Improvement
District No. 31; and providing the form and terms
7 of said warrants and for the disposition of the
proceeds of their sale;
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WHEREAS, the County Council of Whatcom County, Washington
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(the "County "), by Resolution 81 -13, has authorized and directed
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the Board of Supervisors of Consolidated Drainage Improvement
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District No. 31 ( "DID No. 31 ") to proceed with the construction
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and installation of the Johnson Creek Drainage Improvement
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Project (the "Project "); and
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WHEREAS, the County, by said resolution, has also auth-
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orized the issuance of improvement bonds to pay part of the cost
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of such improvements; and
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WHEREAS, RCW 85.08.320 authorizes the issuance of temporary
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interim warrants to provide financing for such purposes during
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an interim period prior to the issuance of improvement bonds;
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and
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WHEREAS, in order to provide interim financing for a portion
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of such improvements, it is found to be in the best interest of
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DID No. 31 and its inhabitants that the County issue its tem-
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porary warrants in an aggregate amount not to exceed $100,000
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and that said warrants be sold as provided in this resolution;
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and
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WHEREAS, the County Treasurer has received the offer of
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Northwestern Commercial Bank, Bellingham to purchase said
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warrants from time to time; and
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WHEREAS, the Board of Supervisors of DID No. 31 has found
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said offer acceptable;
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9.
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I NOW, THEREFORE, BE IT RESOLVED by the County Council of
2 Whatcom County, as follows:
3 Section 1. Definitions. As used in this resolution the
4 following words shall have the following meanings:
5 A. "Board" means the original Board of Supervisors
6 of DID No. 31 designated by Order of the Council dated August 9,
7 1979, as the same shall be duly and regularly constituted from
8 time to time pursuant to RCW 85.08.610 and 85.08.290 -.300.
9 B. "Bonds" means the assessment bonds of DID No. 31
10 authorized to be issued by Section 4 of Resolution 81 -13.
11 C. "Council" means the general legislative authority
12 of the County as the same shall be duly and regularly constituted
13 from time to time.
14 D. "County" means Whatcom County, a political sub -
15 division of the State of Washington.
16 E. "County Engineer" means the designated engineer
17 of the County duly appointed and acting pursuant to RCW
18 85.08.010.
19 F. "DID No. 31" means the Consolidated Drainage
20 Improvement District No. 31 created under authority of chapter
21 85.08 RCW and pursuant to Order of the Council.
22 G. "Project" means the improvement project ratified
23 and confirmed by Section 2 Resolution 81 -13 and constructed and
24 installed within DID No. 31.
25 H. "Project Fund" means the special fund maintained
26 pursuant to Section 3 of Resolution 81 -13 for the purpose of
27 paying the costs of the Project.
28 I. "Treasurer" means the Treasurer of the County or
29 such other person as shall hereafter be designated by law to
30 perform the functions of Treasurer of the County.
31 J. "Warrants" means the temporary warrants issued
32 1 pursuant to and for the purposes provided in this resolution.
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A
I Section 2. Sale of Warrants. The County Council. hereby
2 approves and accepts the offer of Northwestern Commercial Bank
3 1 to purchase the warrants on the terms described herein.
4 Section 3. Authorization of Warrants. For the purpose of
6 providing interim financing for the Project prior to the issuance
6 of improvement bonds of DID No. 31, temporary warrants shall be
7 issued for approved costs, expenses, fees and charges of carrying
8 out the Project in the total principal amount of not to exceed
g $100,000 (the "Warrants "). Warrants shall be issued only if
10 there is on file in the office of the County Engineer the
17 approval of the Board of Supervisors of DID No. 31 accompanied
12 by invoices for costs and expenses of the improvements to be
13 constructed in DID No. 31 aggregating an amount at least equal
14 to the amount of the Warrant.
15 The Warrants shall be issued from time to time upon approval
16 by resolution of the County Council in such principal amounts
17 for each issue and at such interest rates as determined by the
78 County Council.
19 Section 4. Description of Warrants. The Warrants shall be
20 designated "Consolidated Drainage Improvement District No. 31
21 Warrants" and shall be issued from time to time hereafter in
22 payment of costs approved by the Board and presented to the
23 County Council. Each Warrant shall be dated on the date of
24 delivery thereof. The Warrants shall be registered as to both
25 principal and interest as of the day of issuance and delivery to
26 the purchaser thereof. The Warrants issued prior to September 1,
27 1981 shall bear interest at an initial rate of 8% per annum
28 prior to issuance and thereafter shall bear interest at such
29 rate per annum as shall be determined by the County Council
30 pursuant to the offer of Northwestern Commercial Bank and
31 endorsed under the heading "Interest Rate Redesignation" appear -
32 ing on the Warrants. Interest shall be payable from the date of
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registration until called to be paid in cash or to be exchanged
for bond, shall be payable at redemption, and shall be computed
on the basis of a 365 -day year. Warrant No. 1 shall be in the
denomination of $ 11,511.33 and shall bear interest at an initial
rate of 8% per annum.
Both principal of and interest on the Warrants shall be
payable in lawful money of the United States of America at the
office of the County Treasurer, and shall be obligations only of
the Project Fund.
Section 5. Redemption. The County hereby reserves the
right to pay at any time without penalty part of the Warrants
outstanding in order of their number, at par plus accrued inter-
est to the date of redemption and, if less than the entire
principal amount of any Warrant is prepaid, the amount and date
of each partial prepayment of such Warrant shall be endorsed
thereon.
If the County Council shall not approve any interest rate
duly proposed in accordance with the offer of Northwestern
Commercial Bank, the County shall pay and redeem the Warrants
then outstanding within fifteen (15) days after the date when
such proposed rate would have become effective.
Notice of such intended prepayment shall be given in writing
to the original purchaser of the Warrant or Warrants to be
redeemed, Northwestern Commercial Bank, at least three business
days in advance of the scheduled time of such intended redemp-
tion. Interest on any Warrant so prepaid or redeemed shall
cease on such redemption date unless the Warrant is not paid or
redeemed upon presentation made pursuant to such call.
Section 6. Application of Proceeds. All proceeds of sale
of the Warrants shall be paid into the Project Fund.
Section 7. Form of Warrants. The Warrants shall be in
substantially the following form:
M•
'M
Y �
1,
I ..UNITED STATES OF AMERICA
2 NO. $
3 STATE OF WASHINGTON
4 CONSOLIDATED IMPROVEMENT DISTRICT NO. 31,
5 WHATCOM COUNTY
6 TEMPORARY WARRANT
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Whatcom County, Washington (the "County "), a political
8 subdivision of the State of Washington, acknowledges itself
to owe and for value received promises to pay to North-
9 western Commercial Bank, Bellingham, Washington, the princi-
pal amount of
10
DOLLARS
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together with interest thereon from the date of issuance at
12 the rate of 8.0% per annum or such other rate as shall be
endorsed hereon under the heading "Interest Rate Redesigna-
13 tion" until such principal sum is paid or payment has been
duly provided for, payable on the date of redemption.
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Both principal of and interest on this warrant are
15 payable in lawful money of the United States of America at
the office of the Treasurer of Whatcom County in Bellingham,
16 Washington, solely out of the proceeds of Consolidated
Drainage Improvement District No. 31 Bonds to be issued by
17 the County, or from unpaid assessments and interest thereon
levied in Consolidated Drainage Improvement District No. 31
18 to pay the total cost and expenses of the Project therein.
This warrant together with other outstanding warrants
19 issued pursuant to Resolution 81 -13, is a claim and lien
against the Project Fund prior and superior to any right,
20 lien or claim of any surety upon any bond or bonds given to
secure the performance of the contract or to secure the
21 payment of persons who have performed work thereon, fur-
nished materials therefor or provisions and supplies for
22 the carrying on of the work within the Johnson Creek
Improvement Project with Consolidated Improvement District
23 No. 31. Reference is made to Resolution 81 -13 of the
County for definitions of defined terms used herein.
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The County has reserved the right to prepay, without
25 penalty, at any time and from time to time, in part, any or
all of the warrants of this issue outstanding, in numerical
26 order at par plus accrued interest to the date of redemp-
tion and, if less than the entire amount of this warrant is
27 prepaid, the amount and date of each partial prepayment
shall be endorsed hereon. If the County Council shall not
28 approve any interest rate duly proposed in accordance with
the offer of Northwestern Commercial Bank, the County shall
29 prepay and redeem the warrants then outstanding within
fifteen (15) days after the date when such proposed rate
30 would have become effective. Written notice of such
intended redemption shall be given to the original purchaser
31 of this warrant at least three business days in advance of
such redemption.
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It is hereby certified and declared that this warrant
is issued pursuant to and in strict compliance with the
Constitution and laws of the State of Washington and reso-
lutions of the County Council and Board of Supervisors of
Consolidated Drainage Improvement District No. 31 and that
all acts, conditions and things required to have happened,
been done and performed precedent to and in the issuance
hereof have happened, been done and performed.
IN WITNESS WHEREOF, Whatcom County, Washington, has
caused this warrant to be executed in its name by the
County Executive and CountyAl-e a surer and the corporate seal
of the County to be impressed hereon this day of
, 19
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
By
T
r TE7 S
ll:�.
County Executive
County Treasurer
The Warrants shall have endorsed thereon the following
redesignation and partial payment certificates:
PROVISION FOR REDESIGNATION OF INTEREST RATE
Signature
Resolution Signature Effective Date of Regis -
of County of County Redesignated of Redesignated tered
Council Treasurer Interest Rate Interest Rate Holder
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I PROVISION FOR PARTIAL PAYMENT
2
Signature of
3 Date of Amount Signature County
Payment Paid of Holder Treasurer
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9 Section 8. Execution of Warrants. The Warrants shall be
10 signed on behalf of the County by the County Executive and
11 County Treasurer and impressed with the seal of the County.
12 Section 9. Authorization of Certain Actions. The Warrants
13 shall be issued, from time to time, upon approval by resolution
14 of the County Council, in such principal amounts as are deter -
15 mined by the County Council to be required (together with funds
16 on hand in the Project Fund) to provide funds to pay the costs
17 of the Project which are not paid from anticipated grants,
18 revenue bond proceeds or other moneys.
79 The appropriate County officials are hereby authorized and
20 directed to do everything necessary for the issuance and sale of
21 the Warrants and the application of the proceeds of the sale
22 thereof.
23 Section 10. Effective Date. This resolution shall take
24 effect from and after its adoption as required by law.
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WHATCOM COUNTY COUNCIL
26 WHATCOM COUNTY, WASHINGTON
27 J U. 1 JL
28 Shirley *anZaniten
Chairperson and Council Member
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ATTEST:
an
- '-%glen, County Auditor
officio Clerk of the
,Lap t",o_ -8-
Deputy
- �,
COUNTY CLERK'S CERTIFICATE
2
3 I, the undersigned, the duly chosen, qualified and
4 acting County Clerk of the Whatcom County, Washington, and keeper
5 of the records of the County Council of the County (herein
6 called the "County Council "), DO HEREBY CERTIFY:
7 1. That the attached Resolution 81 -21 (herein
8 called the "Resolution ") is a true and correct copy of a
9 resolution of the County, as finally adopted at a meeting of
10 the Council held on the 2nd day of July 1981, and
11 duly recorded in my office.
12 2. That said meeting was duly convened and held
13 in all respects in accordance with law, and, to the extent
14 required by law, due and proper notice of such meeting was
15 given; that a quorum was present throughout the meeting and a
16 legally sufficient number of members of the Council voted in
17 the proper manner for the adoption of the Resolution; that
18 all other requirements and proceedings incident to the proper
19 adoption of the Resolution have been duly fulfilled, carried
20 out and otherwise observed; and that I am authorized to
21 execute this certificate.
22 IN WITNESS WHEREOF, I have hereunto set my hand and
23 affixed the official seal of the County this 7th day of
24 July , 1981.
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26
CAROL EBERG ON, unty Clerk
27 [SEAL]
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�I
�, nAte JUL 1 6 1981
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00
WHATCOM COUNTY, WASHINGTON
REVENUE WARRANTS
NOT TO EXCEED
$100,000.00
RESOLUTION 81 -21
A RESOLUTION of the County Council of the Whatcom
County, Washington, confirming the sale of interim
warrants of Consolidated Drainage Improvement
District No. 31; and providing the form and terms
of said warrants and for the disposition of the
proceeds of their sale;
ADOPTED: Julv 2. 1981
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w
Section 1.
Section 2.
Section 3.
Section 4.
Section 5.
Section 6.
Section 7.
Section 8.
Section 9.
Section 10.
6
WHATCOM COUNTY, WASHINGTON
RESOLUTION 81 -21
TABLE OF CONTENTS
Page
Definitions ...........................
2
Sale of Warrants ......................
3
Authorization of Warrants .............
3
Description of Warrants ...............
3
Redemption ............................
4
Application of Proceeds ...............
4
Form of Warrants .......................
4
Execution of Warrants .................
7
Authorization of Certain Actions ......
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Effective Date ........................
7
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