HomeMy WebLinkAboutord1990-029TCOM COUNTY COUNCIL AGENDA BILL NO.
00, 15
LM L� 0 E U U g j1 3/27/90 Council /Intro
u IJ 4/10/90 Financi /Council
MAR 2 2 1990
WHATCOM COUNTY
COUNCIL.*-
3/2
SUBJECT.•
Ordinance to issue and sale bond anticipation notes for financing the construction of
the Juvenile /Administrative building for Whatcom County
ATTACHMENTS.
The ordinance proposed
O*44rra,r 89 -99 7
ReSalu#i or,
Public Hearing Needed? Yes No
SUMMARY STATEMENT.-
The ordinance provides for the borrowing of $4,800,000 on an interim basis of three years
to allow for the beginning of construction of the addition to the Courthouse as provided
for in Resolution 89 -99 (copy attached)
RECOMMENDED ACTION.-
Pass
COMMITTEE ACTION (including dates):
COUNCIL ACTION (including dates):
4/10/90 Passed unanimously
Related File Numbers:
Ordinance or Resolution Number: Ord 90-29
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WHATCOM COUNTY, WASHINGTON
LIMITED TAX GENERAL OBLIGATION
BOND ANTICIPATION NOTES, 1990
$4,800,000
ORDINANCE NO. 90 -29
AN ORDINANCE OF WHATCOM COUNTY, WASHINGTON, PRO-
VIDING FOR THE ISSUANCE AND SALE OF LIMITED TAX
GENERAL OBLIGATION BOND ANTICIPATION NOTES OF THE
COUNTY IN THE AGGREGATE PRINCIPAL AMOUNT OF
$4,800,000, IN ORDER TO PROVIDE INTERIM FINANCING
FOR THE CONSTRUCTION OF CERTAIN COUNTY
FACILITIES; AND FIXING THE DATE, INTEREST RATE,
MATURITY, FORM, TERMS AND COVENANTS OF SAID
NOTES; AND CONFIRMING THE SALE OF SAID NOTES.
PASSED April 10, 1990
Prepared by:
PRESTON THORGRIMSON SHIDLER GATES & ELLIS
Seattle, Washington
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TABLE OF CONTENTS*
SECTION
1.
Definitions . . . . . . . . . . . . . . .
. . 2
SECTION
2.
Authorization of Bonds . . . . . . . . . .
. . 3
SECTION
3.
Authorization of Notes . . . . . . . . . .
. . 4
SECTION
4.
Right of Prior Redemption . . . . . . . .
. . 5
SECTION
5.
Redemption of the Notes . . . . . . . . .
. . 6
SECTION
6.
Construction Fund . . . . . . . . . . . .
. . 6
SECTION7.
Note Fund . . . . . . . . . .. . . . . . .
. . 8
SECTION8.
Covenants . . . . . . . . . . . . . . . .
. . 8
SECTION
9.
Form of Notes . . . . . . . . . . . . . .
. . 9
SECTION
10.
Execution and Delivery of Notes . . . . .
. . 13
SECTION
11.
Note Registrar . . . . . . . . . . . . . .
. . 14
SECTION
12.
Agreements Severable . . . . . . . . . . .
. . 14
SECTION
13.
Additional or Supplemental Ordinances . .
. . 15
SECTION
14.
Sale of the Notes . . . . . . . . . . . .
. . 16
SECTION
15.
Defeasance . . . . . . . . . . . . . . . .
. 17
SECTION
16.
Authorization of Temporary Note . . . . .
. . 18
* This Table of Contents and the Cover Page are not a part of
this ordinance and are included only for the convenience of the
reader.
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INTRODUCED BY: Consent
PROPOSED BY: Executive
DATE INTRODUCED: 3/27/90
ORDINANCE NO. 92 -029
AN ORDINANCE OF WHATCOM COUNTY, WASHINGTON, PRO -
VIDING FOR THE_'ISSUANCE AND SALE OF LIMITED TAX
GENERAL OBLIGATION BOND ANTICIPATION NOTES OF THE
COUNTY IN THE AGGREGATE PRINCIPAL AMOUNT OF
$4,800,000, IN ORDER TO PROVIDE INTERIM FINANCING
FOR THE CONSTRUCTION OF CERTAIN COUNTY
FACILITIES; AND FIXING THE DATE, INTEREST RATE,
MATURITY, FORM, TERMS AND COVENANTS OF SAID
NOTES; AND CONFIRMING THE SALE OF SAID NOTES.
WHEREAS, the County Council of Whatcom County, Washington
(the "County ") has determined that the County Courthouse
Building should be expanded to include an addition to house a
juvenile detention facility and additional office space (the
"Project "); and
WHEREAS, pending the completion of the Project and the
issuance of the County's. limited tax general obligation bonds,
the County proposes to borrow money and issue its general obli-
gation bond anticipation notes; and
WHEREAS, Chapter 39.50 RCW authorizes the issuance of
short -term obligations by counties in anticipation of the issu-
ance of such bonds; and
WHEREAS, Harper, McLean & Company, Seattle, Washington, has
offered to purchase such general obligation bond anticipation
notes of the District in the aggregate principal amount of
$41800,000 on the terms hereinafter set forth; and
Ordinance - 1
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WHEREAS, in the judgment of the County Council it is in the
best interests of the County that said notes be sold pursuant to
such offer;
NOW, THEREFORE, BE IT ORDAINED BY THE WHATCOM COUNTY COUN-
CIL:
SECTION 1. Definitions. As used in this ordinance, the
following words shall have the following meanings:
"Bonds" means the Limited Tax General Obligation Bonds in
the principal amount of $4,800,000, authorized pursuant to Sec-
tion 2 of this ordinance.
"Construction Fund" means the Whatcom County Courthous
Expansion Construction Fund.
"Council" means the County Council of Whatcom County as the
same shall be duly and regularly constituted from time to time.
"County" means Whatcom County, a political subdivision duly
organized and existing under the laws of the State of
Washington.
"Notes" means the interest bearing bond anticipation notes
in the aggregate principal amount of not to exceed $4,800,000 to
be issued pursuant to this ordinance to provide interim finan-
cing for the purposes set forth herein.
"Note Fund" means the special fund of the County designated
as the Limited Tax General Obligation Bond Anticipation Note
Fund, 1990, authorized to be created by Section 7 hereof.
"Note Resister" means the books or records maintained by
the Note Registrar for the purpose of registration of the Notes.
Ordinance - 2
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1 "Note Registrar" means collectively the fiscal agency of
2 the State of Washington in either Seattle, Washington or New
3 York, New York, for the purposes of registering and authentica-
4 ting the Notes, maintaining the Note Register, effecting trans -
5 fer of ownership of the Notes, and paying the principal of and
6 interest on the Notes.
7 "Protect" means the addition to the County Courthouse
8 Building, to be used for a County juvenile detention facility
9 and office space for County purposes.
10 "Treasurer" means the Whatcom County Treasurer or any suc-
11 cessor to his /her function as treasurer of the County.
12 "Underwriter" means Harper, McLean & Company, Seattle,
13 Washington.
14 SECTION 2. Authorization of Bonds. For the purpose of
15 providing funds to provide permanent financing for the Project
16 and a portion of the necessary expenses in connection therewith,
17 there shall be issued and sold limited tax general obligation
18 bonds of the County to be designated " Whatcom County, Washington
19 Limited Tax General Obligation Bonds, 19_," (the "Bonds ").
20 The Bonds shall be in such denomination(s) and form; shall
21 be dated, and bear interest at such rate or rates; shall be
22 payable at such place or places; and shall have such option of
23 payment prior to maturity as provided hereafter by ordinance of
24 the Council. The proceeds of the Bonds shall be paid into the
25 Note Fund and shall be applied to the extent necessary, together
26 with other available funds, to pay and redeem the Notes.
Ordinance - 3
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1 SECTION 3. Authorization of Notes. In order to provide
2 interim financing for the Project and in anticipation of the
3 issuance of the Bonds, the County shall issue its short term
4 obligations in the form of bond anticipation notes in the
5 aggregate principal amount of $4,800,000. Said short term obli-
6 gations shall be designated "Whatcom County, Washington, Limited
7 Tax General Obligation Bond Anticipation Notes, 1990," shall be
8 dated as of April 1, 1990, shall be in fully registered form,
9 shall be in denominations of $5,000 each, or any integral mul-
10 tiple thereof at the option of the registered owner, shall be
11 numbered from 1 upward and shall mature on April 1, 1993. The
12 Notes shall bear interest on unpaid principal from their date at
13 the rate of % per annum, payable on October 1, 1990 and
14 each April 1 and October 1 thereafter. Interest on the Notes
15 shall be calculated on the basis of a 360 -day year with 30 -day
16 months.
17 The fiscal agencies of the State of Washington in the
18 cities of Seattle, Washington and New York, New York, shall act
i9 as registrar for the Notes (collectively, the "Note Registrar ").
20 Both principal of and interest on the Notes shall be payable in
21 lawful money of the United States of America. Interest on the
22 Notes shall be paid by check drawn on the Note Registrar and
23 mailed (on the date due) to the registered owners of the Notes
24 as shown on the books of the Note Registrar as of the 15th day
25 of the month preceding the interest payment date. Principal of
26 the Notes shall be paid upon presentation and surrender of the
Ordinance - 4
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1 Notes by the registered owners at the principal offices of the
2 Note Registrar in the cities of Seattle, Washington or New York,
3 New York.
4 SECTION 4. Right of Prior Redemption. The Notes are
5 subject to prepayment prior to their scheduled maturity in whole
6 or in part on April 1, 1992 and on the first day of each month
7 thereafter, at a price of par plus accrued interest to the date
8 of redemption.
9 Notice of any call for redemption shall be given not more
10 than 45 nor less than 30 days prior to the date fixed for
11 redemption by first class mail, postage prepaid, to the
12 registered owner of any Note to be redeemed at the address
13 appearing on the Note Register. The requirements of this Sec -
14 tion shall be deemed to have been complied with when notice is
15 mailed as herein provided, regardless of whether or not it is
16 actually received by the owner of any Note. In addition, such
17 redemption notice shall also be mailed within the same time
18 period, postage prepaid, to Harper, McLean & Company, Seattle,
19 Washington, or to its successor in business, if any, at the main
20 place of business of such firm, and to each depository or other
21 institution then required by regulation to receive notices of
22 redemption of municipal bonds but none of such mailings shall be
23 a condition precedent to the call of any Notes for redemption.
24 Interest on any Note so called for redemption shall cease
25 on such redemption date unless the same shall not be redeemed
26 upon presentation made pursuant to such call.
Ordinance - 5
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Portions of any Note, in installments of $5,000 principa
amount, may be redeemed. If less than all of the principa
amount of any Note is redeemed, upon surrender of such Note a
the principal office of the Note Registrar, there shall b
issued to the registered owner, without charge therefor, for th
then unredeemed balance of the principal amount thereof, a ne
Note or Notes in any of the denominations authorized by thi
ordinance.
SECTION 5. Redemption of the Notes. Both the princi
of and interest on the Notes are payable solely from the p
ceeds of the sale of the Bonds or refunding bond anticipation
notes to be issued by the County or from any funds of the County
legally therefor. The County hereby covenants with the
registered owner of each Note that it will issue the Bonds,
refunding bond anticipation notes or a combination of the fore-
going in an amount sufficient, with any legally available funds,
to pay when due the principal of and interest on the Notes and
will thereupon redeem the Notes. The County hereby covenants
that it will levy taxes upon all taxable property within the
County subject to taxation in amounts within and as a part of
the levy permitted to counties without a vote of the electors
and at times sufficient, with other legally available funds of
the County, to pay and redeem the Notes as the same becomes due
and payable.
SECTION 6. Construction Fund. The Council hereby autho-
rizes the creation of a special fund in the office of the
Ordinance - 6
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1 Treasurer designated as the "Whatcom County Courthouse Expansion
2 Construction Fund" (the "Construction Fund "). The proceeds of
3 the Notes shall be paid into the Construction Fund and shall be
4 utilized to pay the costs of planning, engineering, construction
5 and equipping of the Project, and costs incidental thereto, and
6 all costs incurred in connection with the issuance of the Notes.
7 Note proceeds on hand in the Construction Fund not
8 immediately needed to pay the costs of the Project and the costs
9 of the issuance and sale of the Notes shall be deposited in or
10 with such institutions or shall be invested by the County Treas-
11 urer, in consultation with the Public Works Fiscal Manager, in
12 such obligations as may now or hereafter be permitted to coun-
13 ties of the State of Washington by law and which will mature
14 prior to the date on which the money so invested is anticipated
15 to be needed. All interest earned and income or profits derived
16 by virtue of such investments shall remain in the Construction
17 Fund and be used for the purposes for which the Notes are being
18 issued, except that such money may be transferred to the Note
19 Fund to pay the interest or principal of the Note as the same
20 comes due. Note proceeds, or income therefrom, not expended
21 upon completion of the Project, shall be deposited into the Note
22 Fund to pay the principal of and interest on the Notes. Upon
23 completion of the Project and payment of all costs related
24 thereto, Note proceeds, if any, in the Construction Fund shall
25 be disbursed as hereinabove provided.
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Ordinance - 7
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SECTION 7. Note Fund. The Treasurer is hereby authoriz
and directed to create a special fund of the County to be kno
as the "Limited Tax General Obligation Bond Anticipation Not
Fund, 1990," (the "Note Fund ") which Note Fund shall be draw
upon for the sole purpose of paying the principal of and inter
est on the Notes. Money on deposit in the Note Fund
immediately needed to pay such interest or principal may be tem-
porarily deposited in such institutions or invested in any obli-
gations which are legal investments for County funds. Any
interest or profit from the investment of such money shall be
deposited into the Note Fund. The County hereby covenants that
it will deposit money into the Note Fund from the Construction
Fund as provided in Section 5 of this ordinance in amounts and
at times sufficient to pay the interest on the Notes as the same
becomes due and payable.
SECTION 8. Covenants. The County hereby covenants with
the owners of the Notes as follows:
A. Notes to Remain Tax Exempt; Nonarbitrage. The County
covenants that it will not take or permit to be taken on its
behalf any action that would adversely affect the exemption from
federal income taxation.of the interest on the Notes and will
take or require to be taken such acts as may reasonably be
within its ability and as may from time to time be required
under applicable law to continue the exemption from federal
income taxation of the interest on the Notes. Without limiting
the generality of the foregoing, the County covenants that it
Ordinance - 8
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will not take any action or fail to take any action with respect
to the investment of the proceeds of any Notes or other funds
that would result in constituting the Notes "arbitrage bonds"
within the meaning of such term as used in Section 148 of the
Internal Revenue Code of 1986, as amended (the "Code ").
The County represents that it has not been notified of an
listing or proposed listing by the Internal Revenue Service t
the effect that it is an issuer whose arbitrage certification
may not be relied upon.
B. Designation and Use of Proceeds. The County furthe
covenants that it will not take any action or permit any actio
to be taken that would cause the Notes to constitute "privat
activity bonds" under Section 141 of the Code. The
hereby designates the Notes as "qualified tax - exempt obli-
gations" under Section 265(b) of the Code. The County does not
expect to issue tax - exempt obligations in an aggregate principal
amount in excess of $5,000,000 during the calendar year 1990.
SECTION 9. Form of Notes. The Notes shall be in substan-
tially the following form:
Ordinance - 9
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UNITED STATES OF AMERICA
$ 4,800,000 No.
STATE OF WASHINGTON
WHATCOM COUNTY, WASHINGTON
LIMITED TAX GENERAL OBLIGATION
BOND ANTICIPATION NOTE, 1990
SEE REVERSE SIDE FOR MATURITY DATE:
CERTAIN ABBREVIATIONS CUSIP NUMBER:
Registered Owner:
April 1, 1993
Principal Amount: Four Million, eight hundred thousand. DOLLARS
Whatcom County, Washington, a political subdivision of the
State of Washington (hereinafter called 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 the Principal Amount specified
above and to pay interest thereon from the date hereof, or the
most recent date to which interest has been paid or dull' pro-
vided for until payment of this note, at the rate of 6 31 8% per
annum has been made or duly provided for. Both principal of and
interest on this note are payable in lawful money of the United
States of America. Interest shall be calculated on the basis of
a year of 360 days and twelve 30 -day months and shall be paid on
October 1, 1990 and on each April 1 and October 1 thereafter.
The Principal Amount hereof shall be paid on the Maturity Date
upon presentation and surrender of this note at the office of
the fiscal agency of the State of Washington in either Seattle,
Washington or New York, New York (the "Note Registrar ").
This note is one of an authorized issue of notes of like
date and tenor, except as to number and amount, in the aggregate
principal amount of $4,800,000. The notes of this issue are
issued under and in accordance with the provisions of the Con-
stitution and applicable statutes of the State of Washington,
the Charter of the County and Ordinance No.90 -29 (herein called
the "Note Ordinance ") of the County for the purpose of providing
interim financing for the construction of County facilities.
Both principal of and interest on this note are payable
from the proceeds of limited tax general obligation bonds or
refunding bond anticipation notes to be issued by the County, or
from other legally available funds of the County within and as a
Ordinance - 10
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part of tax levy permitted to counties without a vote of the
electors.
This note is subject to redemption prior to its scheduled
maturity on April 1, 1992 and on the first day of each month
thereafter at a price of par.
The County hereby irrevocably covenants and agrees with the
Registered Owner of this note that it will keep and perform all
the covenants of this note and of the Note Ordinance to be by it
kept and performed. Reference is hereby made to the Note
Ordinance for a complete statement of such covenants and for the
definition of capitalized terms used herein.
Notes are interchangeable for notes of any authorized
denomination of equal aggregate principal amount upon presenta-
tion and surrender to the Note Registrar.
This note shall not be valid or become obligatory for any
purpose or be entitled to any security or benefit under the Note
Ordinance until the Certificate of Authentication hereon shall
have been manually signed by the Note 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 note have happened,
been done and performed and that the issuance of this note and
the notes of this series does not violate any constitutional,
statutory or other limitation upon the amount of indebtedness
that the County may incur.
IN WITNESS WHEREOF, Whatcom County, Washington, has caused
this note to be signed with the manual or facsimile signature of
the County Executive and attested by the manual or facsimile
signature of the Clerk of its County Council, and the seal of
the County to be impressed or a facsi.1r:1- ie thereof to be
imprinted hereon, as of this � day of , 1990.
ATTEST:
Clerk of the County Council
Ordinance - 11
WHATCOM COUNTY, WASHINGTON
By 1/L ' &.-L
County Exec tive
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CERTIFICATE OF AUTHENTICATION
This note is one of the notes described in the within -
mentioned Note Ordinance and is one of the Limited Tax General
Obligation Bond Anticipation Notes, 1990 of Whatcom County,
Washington, dated as of April 1, 1990.
WASHINGTON STATE FISCAL AGENCY
Note Registrar
By
Authorized Officer
The following abbreviations, when used in the inscription
on the face of the within note, shall be construed as though
they were written out in full according to applicable laws or
regulations.
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with
right of survivorship and
not as tenants in common
UNIF GIFT (TRANSFERS) MIN ACT - Custodian
(Cust) (Minor)
under Uniform Gifts (Transfers) to Minors
Act
(State)
Additional abbreviations may also be used though not in
list above. .
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers unto
PLEASE INSERT SOCIAL SECURITY OR TAXPAYER IDENTIFICATION NUMBER
OF TRANSFEREE / /
(Please print or typewrite name and address, including zip code,
of Transferee)
the within note and does hereby irrevocably constitute and
appoint , attorney in fact to
transfer said note on the books kept for registration thereof
with full power of substitution in the premises.
Ordinance - 12
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DATED:
SIGNATURE GUARANTEED:
NOTE: The signature on this
Assignment must correspond with
the name of the Registered Owner
as it appears upon the face of the
within note in every particular,
without alteration or enlargement
or any change whatever.
SECTION 10. Execution and Delivery of Notes. The Notes
shall be executed on behalf of the County by the manual or
facsimile signature of the County Executive and-attested by the
manual or facsimile signature of the Clerk of the County Coun-
cil. The official seal of the County shall be impressed or a
facsimile thereof imprinted on each Note. In case any officer
whose signature shall appear on any Note shall cease to be an
officer before the delivery of such Note, such signature shall
nevertheless be valid and sufficient for all purposes, and such
Note may be authenticated and delivered the same as if such
officer had remained in office until such delivery.
Only such Notes as shall bear thereon a Certificate of
Authentication in the form hereinbefore recited, manually
executed by the Note Registrar, shall be valid or obligatory for
any purpose or entitled to the benefits of this ordinance. Such
Certificate of Authentication shall be conclusive evidence that
the Notes so authenticated have been duly executed, authenti-
cated and delivered hereunder and are entitled to the benefits
of this ordinance.
Ordinance - 13
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1 SECTION 11. Note Registrar. The County hereby specifies
2 and adopts the system of registration for the Notes approved by
3 the Washington State Finance Committee. The Note Registrar
4 shall keep, or cause to be kept, at its principal corporate
5 trust office sufficient books for the registration and transfer
6 of the Notes which shall at all times be open to inspection by
7 the County. The Note Registrar is authorized, on behalf of the
8 County, to authenticate and deliver the Notes transferred or
9 exchanged in accordance with the provisions of such Notes and
10 this ordinance and to carry out all of the Note Registrar's
11 powers and duties under this ordinance.
12 The Note Registrar shall be responsible for its representa-
13 tions contained in the Certificate of Authentication on the
14 Notes.
15 The Note Registrar may become the owner of Notes with the
16 same rights it would have if it were not the Note Registrar, and
17 to the extent permitted by law, may act as depositary for and
18 permit any of its officers or directors to act as a member of,
19 or in any other capacity with respect to, any committee formed
20 to protect the rights of Note owners.
21 Upon the passage of this ordinance the proper officials of
22 the County shall do all things necessary for the prompt execu-
23 tion and delivery of the Notes to the Underwriter, hereinafter
24 appointed.
25 SECTION 12. Agreements Severable. If any one or more of
26 the covenants or agreements provided in this ordinance to be
Ordinance - 14
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1 performed on the part of the County shall be declared by and
2 court of competent jurisdiction to be contrary to law, then such
3 covenant or covenants, agreement or agreements, shall be null
4 and void and shall be deemed severable from the remaining
5 covenants and agreements in this ordinance and shall in no way
6 affect the validity of the other provisions of this ordinance or
7 of the Notes.
8 SECTION 13. Additional or Supplemental Ordinances.
9 A. The County Council from time to time and at any time
10 may adopt an ordinance or ordinances additional hereto, which
11 ordinance or ordinances thereafter shall become a part of this
12 ordinance, for any one or more or all of the following pur-
13 poses:
14 1. To add to the covenants and agreements of the
15 County in this ordinance other covenants and agreements there -
16 after to be observed, which shall not adversely affect the
17 interests of the owners of any Notes, or to surrender any right
18 or power herein reserved to or conferred upon the County.
19 2. To make such provisions for the purpose of curing
20 any ambiguities or of curing, correcting, or supplementing any
21 defective provision contained in this ordinance or any sup -
22 plemental ordinance in regard to matters or questions arising
23 under such ordinances as the Council may deem necessary or
24 desirable and not inconsistent with such ordinances and which
25 shall not adversely affect the interest of the owners of any
26 Notes.
Ordinance - 15
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1 Any such additional ordinances of the County may be adopted
2 without the consent of the owners of any of the Notes at any
3 time outstanding, notwithstanding any of the provisions of sub -
4 section B of this section.
5 B. With the consent of the owners of not less than 65% in
6 aggregate principal amount of the Notes at the time outstanding,
7 the Council may adopt amendatory ordinances for the purpose of
8 adding any provisions to or changing in any manner or elimina-
9 ting any of the provisions of this ordinance or of any sup -
10 plemental ordinance; provided, however, that no such amendatory
11 ordinance shall:
12 1. Extend the fixed maturity of any of the Notes, or
13 reduce the rate of interest thereon, or extend the time of pay -
14 ments of interest from their due date, or reduce the amount of
15 the principal thereof, without the consent of the owner of each
16 Note so affected; or
17 2. Reduce the aforesaid percentage of Noteowners
18 required to approve any such supplemental ordinance, without the
19 consent of the owners of all of the Notes then outstanding.
20 It shall not be necessary for the consent of Noteowners
21 under this subsection B to approve the particular form of any
22 such proposed amendatory ordinance, but it shall be sufficient
23 if such consent shall approve the substance thereof.
24 SECTION 14. Sale of the Notes. The sale of the Notes to
25 Harper, McLean & Company, Seattle, Washington (the
26 "Underwriter "), in the principal amount specified in their pro -
Ordinance - 16
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CMW535
posal presented to the Council on this date and upon the terms,
conditions, covenants and price as set forth in said proposal
and in this ordinance, is hereby approved, ratified and
confirmed.
The County officials, their agents and representatives are
hereby authorized and directed to do everything necessary for
the acquisition, construction and installation of the Improve-
ments provided for herein, and for the proper issuance, execu-
tion and delivery of the Notes to the purchaser thereof, and for
the proper use and application of the funds derived from such
sale.
SECTION 15. Defeasance. In the event that money and /or
"Government Obligations," as such term is now or may hereafter
be defined in Ch. 39.53 RCW, maturing at such time or times and
bearing interest to be earned thereon in amounts sufficient to
redeem and retire the Notes in accordance with their terms are
set aside in a special account to effect such redemption or
retirement and such money 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 Note
Fund for the payment of the principal of and interest on the
Notes so provided for and such Notes shall cease to be entitled
to any lien, benefit or security of this ordinance except the
right to receive the funds so set aside and pledged, and such
Notes shall be deemed not to be outstanding hereunder.
Ordinance - 17
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CMW535
SECTION 16. Authorization of Temporary Note. Until the
definitive Notes are prepared, the County may, if deemed neces-
sary by the County Council, utilize a temporary Note which shall
be typewritten, and which shall be delivered to the Underwriter
of the Notes in lieu of definitive Notes, but subject to the
same provisions, limitations and conditions as the definitive
Notes. The temporary Note shall be dated as of the date of
issuance thereof, shall be in the denomination of the original
principal amount of Notes to be delivered to the Underwrit
pursuant to Section 14 hereof, shall be substantially of the
tenor of such definitive Notes, but with such omissions, inser-
tions and variations as may be appropriate to temporary Notes,
and shall be signed by the County Executive and Clerk of the
County Council.
Upon surrender to the County of the temporary Note, the
County, without charge to the owner, shall execute and deliver
to the owner of the temporary Note, in exchange therefor,
definitive Notes of the same maturities, interest rates, redemp-
tion provisions and aggregate principal amount as the temporary
Note, if any, surrendered. Until so exchanged, the temporary
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CMW535
Note shall be in all respects entitled to the same benefit and
security as definitive Notes executed and issued pursuant to
this ordinance.
APPROVED this 10th day of April , 1990.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY%XtiTASHINGTON
ATTEST:
am,e,�
Ramona Reeves
Clerk of the Council
APPROVED AS TO FORM:
Randall J. Watts
Deputy Prosecuting Attorney
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;,rrairman � O
( ✓) Approved ( ) Vetoed
� -a 0 6, 2� L
Shirley Van Zante
County Executive
Date 4 t-&; L 10 lcta 0