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INTRODUCED BY: Consent
PROPOSED BY: Public Works
DATE INTRODUCED.: 11 -16 -89
ORDINANCE NO. 89 -112
AN ORDINANCE OF WHATCOM COUNTY, WASHINGTON, PRO-
VIDING FOR THE ISSUANCE AND SALE OF LOCAL AND
ROAD IMPROVEMENT DISTRICT .NO. 10 BOND ANTICIPA-
TION NOTES OF THE COUNTY IN THE AGGREGATE PRIN-
CIPAL AMOUNT OF $1,095,000, IN ORDER TO PROVIDE
INTERIM FINANCING FOR IMPROVEMENTS WITHIN LOCAL
AND ROAD IMPROVEMENT DISTRICT NO. 10; AND FIXING
THE DATE, INTEREST RATE, MATURITY, FORM, TERMS
AND COVENANTS OF SAID NOTES AND CONFIRMING THE
SALE OF SAID NOTES.
WHEREAS, Whatcom County, Washington (the "County ") has
heretofore, by Ordinance No. 89 -38, formed Local and Road
Improvement District No. 10 ("LRID No. 10 ") for the purpose of
undertaking, within its boundaries, certain road improvements,
curbs, gutters, sidewalks, street lighting, storm drainage,
sanitary sewer systems, domestic water, power and telephone and
landscaping (the "Improvements "); and
WHEREAS, pending the completion of the Improvements and the
issuance of the County's local and road improvement district
bonds, the County proposes to borrow money and issue its local
and road improvement district 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 improvement district bonds; and
WHEREAS, Harper, McLean & Company, Seattle, Washington, has
offered to purchase such local and road improvement bond
Ordinance - 1
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CMW378
anticipation notes of the District in the aggregate principal
amount of $1,095,000 on the terms hereinafter set forth; and
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:
"Assessments" means all assessments levied in Local and
Road Improvement District No. 10. "Assessments" includes any
installments of assessments and any interest or penalties which
may be due thereon.
"Bonds" means the Local and Road Improvement District
No. 10 Bonds in the principal amount of $1,095,000, authorized
pursuant to Section 2 of this ordinance.
"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.
"Guaranty Fund" means the County's road improvement guar-
anty fund, established pursuant to RCW 36.88.22Q -.230 and
Ordinance No. 80 -60.
"Improvements" means the improvements to be constructed
within LRID No. 10.
Ordinance - 2
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CMW378 {
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"LRID No. 1011 I11[means Local and Road Improvement District
No. 10 created purs ant to Ordinance No. 89 -38 of the Council..
"LRID No. 10 Fund" means the Local' and Road Improvement
District No. 10 FurX4, authorized to be created by Section 6 of
Ordinance No. 89 -381
"Notes" means he interest bearing bond anticipation notes
in the aggregate prtncipal amount of not to exceed $1,095,000 to
be issued pursuant kto this ordinance to provide interim-finan-
cing for the purposs set forth herein.
"Note Fund" means the special fund of the County designated
as the Local and Ro d Improvement District No. 10 Bond Anticipa-
tion Note Fund, 11h 89, authorized to be created. by Section 8
j
hereof.
"Note Register'# means the books or records maintained by
the Note Registrar for the purpose of registration of the Notes.
"Note Re istra "" means collectively the fiscal agency of
the State of Washill gton in either Seattle, Washington or New
York, New York, fortl!the purposes of registering and authentica-
ting the Notes, maintaining the Note Register, effecting trans-
fer of ownership odthe Notes, and paying the principal of and
interest on the Notes.
"Treasurer" me
cessor to his /her f
"Underwriter"
Washington.
Ordinance - 3
ns the Whatcom County Treasurer or any suc
nction as treasurer of the County.
means Harper, McLean & Company, Seattle,
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CMW378
SECTION 2.
providing funds to��
1 k�
meets and a porti'.
therewith, there s
bonds of the County;
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Local and Road Imp';
"Bonds ").
iE
The Bonds shal? 1
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I �
be dated, and bea k
payable at such pl
payment prior to ma''
I'
the Council. The
Note Fund and shallr,;I
with other availab :�
`pi
pay and redeem the
SECTION 3. 11 L;
interim financing ;e
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4j+
the issuance of they
obligations in the,
i
aggregate principal,�4
gations shall be d{
and Road Improveme
1989," shall be date,
Underwriter,. shall!
I
denominations of $5`rj
at the option of thf
Ordinance - 4
horization of Bonds. For the purpose of
)vide permanent financing for the Improve -
of the necessary expenses in connection
1 be issued and sold special assessment
be designated "Whatcom County, Washington
ement District No. 10 Bonds, 19_," (the
be in such denomination(s) and form; shall
interest at such rate or rates; shall be
B or places; and shall have such option of
irity as provided hereafter by ordinance of
oceeds of the Bonds shall be paid-into the
e applied to.the extent necessary, together
funds, including prepaid Assessments, to
thorization of Notes. In order to provide".
r the Improvements and in anticipation of .
3onds, the County shall issue its short term
form of bond anticipation notes in the
tmount of $1,095,000. Said short term.obli
dgnated "Whatcom County, Washington, Local
District No. 10 Bond Anticipation Notes,
i as of the date of issuance thereof to the
)e in fully registered form, shall be in,
000 each, or any integral multiple thereof
registered owner, shall be numbered from 1
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CMW378
upward and shall Iture on January 1, 1991. -The Notes. shall
bear interest on un'aid principal from their date at the.rate•of.
per annum, ;payable on July 1, 1990 and at maturity.
Interest on the Not 's shall be calculated on the basis'of a 360 -
day year with 30 -da', months.
The fiscal ancies of the State of Washington in the
cities of Seattle, ashington and New York, New York, shall act
as registrar for th Notes (collectively, the "Note Registrar ").
Both principal of a did interest on the Notes shall be payable in
lawful money of th '�� United States of America. Interest on the
.i
r,
Notes shall be pai by check drawn on the Note Registrar. and
mailed (on the date, due) to the registered owners. of the Notes
as shown on the bo V s of the Note. Registrar. 'Principal of the
Notes shall be paid!�;upon presentation and surrender of the Notes
t.�
it
by the registered wners at the principal offices of the Note
r.�,
Registrar in the cries of Seattle, Washington or New York, New.
York. kl
�
SECTION 4. Right of Prior Redemption. The Notes are
subject to prepayme "t prior to their scheduled maturity in whole
or in part on OctobIr 1, 1990 or on the first day of each month
thereafter, at a prce of par plus accrued interest to the...date
of redemption.'
Notice of any all for redemption shall be given not more
than 45 nor. less han 30 days prior to the date fixed for
redemption by firt class mail, postage prepaid, to the
registered owner of any Note to be redeemed at the address
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CMW378
appearing on the N'�e Register. The requirements of this,Sec-
tion shall be deem to have been .complied with when notice •is
mailed as herein p pvided, regardless of'whether or not it is
actually received It the owner of. any Note. In.addition, such
redemption notice 'hall also be mailed within the same time
period, postage pro aid, to Harper, McLean & Company, Seattle,
P
Washington, or to i s successor in business, if any, at the main
place of business ! such firm, and to each depository or other
institution then ro ired by regulation to receive notices of
redemption of munic Pal bonds but none of such mailings shall be
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a condition precede t to the call of any Notes for redemption.
Interest on a Note so called for redemption shall cease
on such redemption ate unless the same shall not be redeemed
upon presentation male pursuant to such call.
Portions of ar Note, in installments of $5,000 principal
amount, may be red �emed. If less than all of the principal.
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amount of any Note is redeemed, upon surrender of such Note at
the principal office of the Note Registrar, there shall be
issued to the regis pred owner, without charge therefor, for the
then unredeemed bal'I,nce of the principal amount thereof, a new
Note or Notes in y of the denominations authorized by this
ordinance. a'
litli
SECTION 5. demption of the Notes. Both the principal
of and interest onj.1the Notes are payable solely from the pro -
II
ceeds of the sale 1'f the Bonds or refunding bond anticipation
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notes to be issued 11'
the County, or from Assessments or from
Ordinance - 6
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CMW378
f,
the Guaranty Fund County hereby covenants with the
registered owner o each Note that it will issue the'Bonds,
refunding bond antiPipation notes, or use moneys from the Guar-
anty Fund or a comb nation of the.foregoing in an amount suffi-
cient, with any pre 'ayments of Assessments, to pay when due the
;
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principal of and in'erest on the Notes and will thereupon redeem
the Notes. The Nottts are not a general obligation.of the County
and are not payable wotherwise than as stated herein.
SECTION 6. (1aranty Fund. The County maintains a Guar-
anty Fund pursuant o RCW 36.88..220 -.230 and Ordinance No. 80 -60
for the purpose of guaranteeing to the extent of such Fund and
the manner provide in said statute and ordinance., the payment
1. j6
of its road improv�nent district bonds and warrants issued to
pay for any road mprovement within the County. The-County
shall deposit annually in the Guaranty Fund such sums as may be
necessary to establish and maintain a balance therein equal to
at least five perce`t of the outstanding obligations thereunder.,
Money in the Guara ty Fund shall be available to secure the
repayment of the I�fNotes as provided in RCW 36. 88.230 and.
Ordinance No. 80 -60
SECTION 7. dil"ID No. 10 Fund. The County has heretofore,
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by Ordinance No. 81! -38, authorized the creation: of a special
fund designated as the "Local Road Improvement District No. 10
Fund" (the "LRID No..i10 Fund "). The proceeds of the Notes shall.
lip
be paid into the LRTD No. 10 Fund and shall be utilized to.pay
the costs of the a'quisition, construction and installation,of'.
i
Ordinance - 7
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CMW378
the Improvements ithin LRID No. 10, and costs incidental
thereto, and all c is incurred in connection with the issuance
of the Notes.
Note proceedsl on hand in. the LRID No. 10 Fund not
+f
immediately needed Ito pay the costs of the Improvements and the
costs of the issuati a and sale of the Notes shall be deposited
in .or with such in �Iitutions or shall be invested by the County
Treasurer, in consu station with the Public Works Fiscal Manager,
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in such obligation'; as may now or hereafter be permitted to
counties of the Sta a of Washington by law and which will mature
prior to the date which the money so invested is anticipated
to be needed. All merest earned and income or profits derived
by virtue of such investments shall remain in the LRID No. , 10
Fund and be used f ol the purposes for which the Notes are being
�G
issued, except that I; such money may be transferred to the Note
Fund to pay the inerest or principal of the Note as the same.
comes due. Note I oceeds, or income therefrom, not expended
upon completion of 16e Improvements, shall be deposited into the
a
Note Fund to pay tie principal of and interest on the Notes.
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Upon completion of the Improvements and payment of all costs
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related thereto, Noe proceeds, if any, in the LRID No. 10 Fund
shall be disbursed hereinabove provided.
SECTION 8. N�'
IN e Fund. The Treasurer is hereby authorized
and directed.to crey'te a special fund of the County to be known
as the "Local an Road Improvement District No. 10. Bond
Anticipation Note F' d, 1989," (the "Note Fund ") which Note Fund
Ordinance - 8
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CMW378
shall be drawn upon�,k'for the sole purpose of paying the principal
of and interest on he Notes. Money on deposit in the Note Fund
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not immediately nee, ed to pay such interest or principal may be
�
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temporarily deposit1ked in such institutions or invested" in any
obligations which a, te legal investments for.County funds. Any
interest or prof it'C'From the investment of such money shall be
deposited into the ote Fund. The County hereby.covenants that
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it will deposit mori y into the Note Fund from the IRID - No. 10
Fund as provided i �1Section 5 of this ordinance in amounts and
at times sufficient to pay the interest on the Notes as the same
becomes due and pay le.
SECTION 9. venants. The County hereby covenants with
the owners of the Notes as follows:
A. Notes to emain Tax Exempt; Nonarbitra e. The County
covenants that it dill not take or permit to be taken on its
I
behalf any action t.�at would adversely.affect the exemption from•
federal income tax' ion of the interest on the Notes and will
take or require t be taken such acts as may reasonably be
within its ability pi and as may from time to time be required
�r
under applicable l w to continue the exemption from federal
income taxation of the interest on the Notes. Without limiting
the generality of t he foregoing, the County covenants. that. it
will not take any action or fail to take any action with respect
:!
to the investment jf the proceeds of any Notes or other funds
that would result n constituting the Notes "arbitrage bonds"
Ordinance - 9
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CMW378
within the meaning
Internal Revenue Cc
The County rej
listing or proposes
the effect that it
may not be relied L
f such term as used in Section 148 of the
of 1986, as amended (the "Code ").
asents that it has not been notified of any.
listing by the Internal Revenue Service to
s an issuer whose arbitrage certifications
B. Designatilh and Use of Proceeds. The County.further
covenants that it w 11 not take any action or permit any action
to be taken that w "uld cause the Notes. to. constitute "private
activity bonds" un :er Section .141 of the Code. The County
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hereby designates �,'he Notes as "qualified tax - exempt obli-
gations" under Sect °'on 265(b) of the Code. The County-does not
R' •
expect to issue tax xempt.obligations in an aggregate principal
amount in excess of 5,000,000 during the calendar year 1989.
SECTION 10. F of Notes. The Notes shall be in substan-
tially the followin iform:
Ordinance - 10
CMW378
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STATES OF AMERICA
No.
STATE OF WASHINGTON
COM COUNTY,, WASHINGTON
LOCAL AN, ROAD IMPROVEMENT DISTRICT NO. 10
i
B)ND ANTICIPATION NOTE, 1989
r.
SEE REVERSE SIDE FOt MATURITY DATE:' January 1, 1991
CERTAIN ABBREVIATIONS CUSIP NUMBER:
Registered Owner:
Principal Amount:
mat 6 -_ -I-
Whatcom County hi Washington, a political subdivision of the
State of Washingtol'', (hereinafter called the "County "), hereby
acknowledges itself�4to owe and for value received promises to
pay to the Registered Owner identified above, or registered
assigns, but solely! ;from the hereinafter defined Note Fund on
the Maturity Date he Principal Amount specified above. and to
pay interest there p from the date hereof, or the most recent
date to which inter -st has been paid or duly provided for until
payment of this not at the rate of % per annum, payable on
the Maturity Date. 'iBoth principal of and interest on this note.
are payable in law ul money of the United States of America.
Interest shall be c'lculated on the basis of a year of 360 days
and twelve 30 -day nths and shall be paid on July 1, 1990 and
on the Maturity Data. The Principal Amount hereof shall be paid
on the Maturity Da upon presentation and surrender of this
note at the off; � of the fiscal agency of the State of
Washington in eith ` Seattle, Washington or New York, New York
(the "Note Registra s;") .
This note is Fyne of an authorized issue of notes of like
date and tenor, exc pt as to number and amount, in the aggregate
principal amount o $1,095,000. The notes of this issue are
issued under and id I I accordance with the provisions of the .Con-
stitution and applicable statutes of the State of Washington,
the Charter of the "ounty and Ordinance No. (herein called
the "Note Ordinance) of the County for the purpose of providing
interim financing f r the certain improvements within Local and
Road Improvement Ditrict No. 10 ("LRID No. 1011).
Both principal !.:of and interest on this note are payable.
solely from the pro,eeds of Local and Road Improvement District
l�!
Ordinance - 11 �'
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CMW378
No. 10 bonds or re
by the County, or
in IRID No. 10 to
improvements therei
This note is ;
maturity on October
thereafter at a pri
The County her
registered owner of
the covenants of th
kept and perf ormec
Ordinance for a com
definition of capit
ending bond anticipation notes to be..'.issued....
rom assessments and interest thereon. levied
pay the total costs and expenses 'of. the
or from the Guaranty Fund of the County.
abject to redemption prior to its scheduled
1, 1990 and on the first day of each month
of par.
by irrevocably covenants and agrees with the
this note that it will keep and perform all
s note and of the Note Ordinance to be by it
Reference is hereby made to the Note
lete statement of such covenants. and for the
lized terms used herein.
Notes are in��'rchangeable for notes of any authorized
denomination of e 1 aggregate principal amount upon' presenta-
tion and surrender 'o the Note Registrar.
This note sha' not be valid or become obligatory for any
purpose or be entitked to any security or benefit under the Note
Ordinance until th ;Certificate of Authentication hereon shall
have been manually signed by the Note Registrar:
It is hereby c
required by the C
Washington to exist
precedent to and i
been done and perf(
the notes of this
statutory or other
that the County may
IN WITNESS WHE
this note to be sigi
the County Executi`
signature of the C:
the County to be
imprinted hereon, a
tified that all acts, conditions and.things
stitution and statutes of the State of
to have happened, been done and performed
the issuance of this note have happened,
ied and that the issuance of this note and
ries does not violate any constitutional,•
imitation upon the amount of indebtedness
ncur.
30F, Whatcom County, Washington, has caused
& with the manual or facsimile signature of
and attested by the manual or facsimile
rk of its County Council, and the seal of
impressed or a facsimile thereof to be
of this day of December, 1989.
WHATCOM COUNTY, WASHINGTON
By All Ac
County E cutiv
ATTEST:
Clerk of the Countyllrouncil
Ordinance - 12
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CMW378
CATE OF AUTHENTICATION
This note is Z "one of the notes described in the -within -
mentioned Note Ordnance and is one of the Local and Road
Improvement Distri t No. 10 Bond. Anticipation Notes; 1989 of
Whatcom County, Was''ington, dated as of December , 1989.
' WASHINGTON STATE FISCAL AGENCY
Note Registrar
By
Authorized Officer
The following bbreviations, when used in the inscription
on the face of the!;within note, shall be construed as though
they were written dut in full according to applicable laws or
regulations.
TEN COM - as t '!hants in common
TEN ENT - as t 'ants by the entireties
JT TEN - as j' nt tenants with
righ "of survivorship and
not ?s tenants in common
UNIF GIFT (TRA SFERS) MIN ACT - Custodian
(Gust) (Minor)
unde l!Uniform Gifts (Transfers) to Minors
Act 1 I
(state)
Additional abb eviations may also be used though not in
list above.
ASSIGNMENT
FOR VALUE RECE VED, the undersigned hereby sells, assigns
and transfers unto
PLEASE INSERT SOCIA� SECURITY OR TAXPAYER IDENTIFICATION NUMBER
OF TRANSFEREE
i
(Please print or tyi#.Pwrite name and address, including zip code,
of Transferee)
the within note and does hereby irrevocably constitute and
appoint ;; attorney in fact to
k
Ordinance - 13
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CMW378
transfer said note ',;on the books kept for registration thereof
with full power of Jubstitution in the premises.
DATED:
SIGNATURE GU TEED:
i
.i
NOTE: The signature on this Assignment
must correspond with the name of
the registered owner as it- appears
j upon the face of the .within note
in every particular, without
alteration or enlargement or any
l change whatever.
SECTION 11. EXecution and Delivery of Notes. The Notes
shall be executed n behalf of the County by the manual or
facsimile signature�of the County Executive and attested by the.
manual or facsimil gsignature of the Clerk of the County Coun-
cil. The official eal of the County shall be impressed or a
facsimile thereof i printed on each Note. In case any officer
whose signature sha 1 appear on any Note shall cease to. be an.
officer before the elivery of such Note, such signature shall
fl
nevertheless be valid and sufficient for all purposes, and such
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Note may be authe icated and delivered the same as if such
officer had remaine ';'in office until such deliverv.
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
1,
Certificate of Authentication shall be conclusive evidence that
Ordinance - 14
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CMW378'
the Notes so auth ticated have been duly executed, authenti-
cated and del ivere hereunder and are entitled to the benefits
of this ordinance.
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SECTION 12. ote Registrar.. The County hereby specifies
and adopts the syst "m of registration for the Notes approved by
K�
the Washington Stale Finance Committee. The Note Registrar
shall keep, or ca `e to be kept, at its principal corporate
trust office suffic e nt books for the registration and transfer
of the Notes which "Phall at all times be open to inspection by
the County. The Ne Registrar.is authorized, on behalf of the
County, to authent,,'cate and deliver the Notes transferred or
exchanged in accor pnce with the provisions of such Notes and
this ordinance andl'to carry out all of the Note Registrar's
�ip
powers and duties uder this ordinance.
The Note Regis,'rar shall be responsible for its representa-
tions contained i the Certificate of Authentication on the.
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Notes. The Note Reg'jstrar may become the owner of Notes with the
same rights it woul ,r" have if it were not•the Note Registrar, and
to the extent permitted by law, may act as depositary for and
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permit any of its ficers or directors to act as a member. of,
or in any other ca city with respect to, any committee formed
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to protect the righ RP of Note owners.
r,
Upon the passa p of this ordinance the proper officials of
fr,
the County shall do,.', all things necessary for the prompt execu-
tion and delivery I� the Notes to the Underwriter, hereinafter
appointed. ,
Ordinance - 15
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SECTION 13. &reements Severable. If any one or more of
the covenants or a reements provided in this ordinance to be
performed on the prt of the County shall be declared. by any
court of competent urisdiction to.be.contrary to law, then such
covenant or covenants, agreement or agreements, shall be null
and void and shale be deemed severable from the remaining
covenants and agree !ents in this ordinance and shall in, no way
i
affect the validity of the other provisions of this ordinance or
of the Notes.
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SECTION 14. A ditional or-Suipplemental Ordinances.
A. The Count Council from time to time and at any time
may adopt an ordin`nce or ordinances additional hereto, which
ordinance or ordina ces thereafter shall become a part of this
ordinance, for an 1 one or more or all of the following pur
poses:
1. To aid to the covenants and agreements of the.i
County in this ordinance other covenants and agreements there
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after to be obser eI d, which shall not adversely affect the
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interests of the ow Hers of any Notes, or to surrender any right
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or power herein res ved to or conferred upon the County.
2. To mil a such provisions for the purpose of curing
any ambiguities or �f curing, correcting, or supplementing any
defective provision contained in this ordinance or any sup-
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plemental ordinanceTin regard to matters or questions arising
under such ordinan "es as the Council may deem necessary or
desirable and not consistent with such ordinances and which
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shall not adversel':.; affect the interest of the owners of any
Notes. 1°
Any such addit-onal ordinances of the'County may be-adopted
without the consen `ilof the owners of any of the Notes' at any
time outstanding, n twithstanding any of the provisions of sub-
section B of this so ection.
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B. With the 4.1 bnsent of the owners of not less than 65% in
aggregate principal amount of the Notes at the time outstanding,
the Council may adc t amendatory ordinances for the purpose of
adding any provisions to or changing in any manner or elimina-
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ting any of the provisions of this ordinance or of any sup -
plemental ordinance1;
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SECTION 15 . " le of the Notes. The sale-of the Notes to
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Harper, McLean &�,! Company, Seattle, Washington (the
"Underwriter "), in 'he principal amount specified in their pro-
posal dated Novemb ( 16, 1989 and upon the terms, conditions,
covenants and priCE ;as set forth in said proposal and in this
ordinance, is hereb approved, ratified and confirmed.
The County of 'cials, their agents and representatives are
hereby authorized pd directed to do everything necessary for
the acquisition, c 'struction and installation of the Improve-
ments provided for erein, and.for the proper issuance, execu-
tion and delivery o,,; the Notes to the purchaser thereof, and for
the proper use and .'application of the funds derived from such
sale.
SECTION 16. I feasance. In the event that money and /or
"Government Obligat ons," as such term is now or may hereafter
be defined in Ch. 3 .53 RCW, maturing at such time or times and.
bearing interest to be earned thereon in amounts sufficient -to .
redeem and retire a Notes in accordance with their terms are
set aside in a sp oial account to effect such redemption or
retirement and such1 money and the principal of and interest on
such obligations ar irrevocably set aside and pledged for such
purpose, then no f 'rther payments need be made into the Note
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Fund for the paymei t of the principal of and interest on the
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Notes so provided f 'ir and such Notes shall cease to be entitled
to any lien, benef 't or security of this 'ordinance except the
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right to receive
Notes shall be de
e funds
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set aside and pledged, and such
d not to
be
outstanding hereunder.
SECTION 17. izthorization of Temporary Note. Until the
definitive Notes ar., prepared, the County may, if deemed neces-
sary by the County ouncil, utilize a temporary Note which shall
be typewritten, and Vhich shall be delivered to the Underwriter
of the Notes in lieu of definitive Notes, but subject. to the
same provisions, li itations 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
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principal amount o q Notes to be delivered to the Underwriter
pursuant to Sectio j 15 hereof, shall be substantially of the
tenor of such defin 'tive Notes, but with such omissions, inser-
tions and variation as may be appropriate to temporary Notes,
and shall be signe� by the Chairman and Clerk of the County
Council.
Upon surrenderl;to the County of the temporary, Note, the
County, without cha'ge to the owner, shall execute and deliver
to the owner of he temporary Note, in exchange therefor,
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definitive Notes of he same maturities, interest rates, redemp-
tion provisions and ';aggregate principal amount as the temporary
Note, if any, surr ,dered. Until so exchanged, the temporary
Note shall be in al+ respects entitled to the same benefit and
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security as definitive Notes executed and issued pursuant to
this ordinance.
APPROVED this ,th day of December, 1989.
!' WHAT.COM. COUNTY�,,�COUNCIL
f' WHATCOM COUi� r TASHINGTON
ATTEST:
( -1 Approv4d ( ) .Vetoed
Ramona'Reeves j
Clerk of the Counci j
APPROVED AS TO FORM
ILVC...,..
Shirley Van Zanten
2��JA p County Executive
Deputy Pro cutin torne Date
P Y g Y
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CLERK'S CERTIFICATE
I, the undersigned, duly chosen, qualified and acting Clerk
of the County Council of Whatcom County, Washington, and keeper
of the records of the County Council (hereinafter called the
"Council "), DO HEREBY CERTIFY:
1. That the !attached ordinance numbered herein
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called the "Ordin nce ") is a true and correct copy. of an
ordinance of the C linty, as finally passed at a meeting of the
Council held on the1,7th day of December,. 1989, and duly recorded
in my office.
2. That sai��J"! meeting was duly convened and held in all
respects in accorda ce with law, and to the extent required by
law, due and prope.; notice of such meeting was given; that a
legal quorum was n esent throughout the meeting and a legally
sufficient number o; members of the Council voted in the proper
manner for the pass ge of the Ordinance; that all other require -.
ments and proceedings incident to the proper passage of the
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Ordinance have beeh''duly fulfilled, carried out -and otherwise
observed, and that am authorized to execute this certificate.
IN WITNESS WHE EOF, I have hereunto set my hand and affixed
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the official seal of the County this iY d y of December, 1989.
Clerk of the County Council, Whatcom
County, Washington
[SEAL]
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