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HomeMy WebLinkAboutord1985-0591 DATE: July 25, 1985 Introduced By: _ Consent 2 Proposed By: _ Rond Cnun.-,el 3 ORDINANCE NO. 85 -5 9 4 Whatcom County Council 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 AN ORDINANCE of the Council of Whatcom County, Washington ratifying creation of a Road Improvement District No. 6 Fund, authorizing the issuance of bonds of Road Improve- ment District No. 6 in the principal sum of $32,855.71 and providing for the sale thereof. WHEREAS, by Resolution No. 83 -49 of the County Council of Whatcom County, Washington (the "Council "), adopted on October 20, 1983, Whatcom County Road Improvement District No 6 ( "RID No. 6 ") was duly created; and WHEREAS, the improvements provided by Resolution No. 83 -49 to be constructed in RID No. 6 have now been completed; and WHEREAS, by Ordinance No. 85 -10 of the Council, passed on January 17, 1985, the assessment roll of RID No. 6 was confirmed in the total amount of $53,742.00, of which amount $20,886.29 was paid during the thirty day period permitted by law for the payment of assessments without penalty or interest; and WHEREAS, it is now deemed necessary and advisable that the .County issue its Road Improvement District No. 6 bonds in the principal sum of $32,855.71 in order to pay part of the cost and expense of said improvement; NOW, THEREFORE, BE IT ORDAINED by the County Council of Whatcom County, Washington, as follows: Section 1. Authorization of the Bonds. For the purpose of paying part of the cost and expense of the improvements ordered by Resolution No 83 -49 of the County and constructed in RID No. 6, the County shall issue and sell bonds of RID No. 6 in the princi- pal amount of $32,855.71 (the "Bonds "). 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 The Bonds shall be dated as of the date of delivery thereof, shall be in the denomination of $5,000 each, except Bond No. 1 which shall be in the denomination of $2,855.71, shall be fully registered as to both principal and interest, and shall be num- bered. The Bonds shall mature on August 1, 1997, and shall bear interest from the date thereof payable August 1, 1986, and semi- annually thereafter on February 1 and August 1 of each year at such rate as shall hereafter be fixed by the Council upon the sale thereof. The fiscal agencies of the State of Washington in the cities of Seattle, Washington, and New York, New York, shall act as reg- istrar for the Bonds (collectively, the "Bond Registrar "). Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America. Interest on the Bonds shall be paid by check or draft mailed to the registered owners or assigns at the addresses appearing on the records maintained by the Bond Registrar as of the 15th day of the month preceding the interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds to the Bond Registrar by the registered owners at the principal offices of either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington, and New York, New York. The Bonds may be transferred only on the records maintained by the Bond Registrar for that purpose upon the surrender thereof by the registered owner or his duly authorized agent and only if endorsed in the manner provided thereon, and thereupon a new fully registered Bond of like principal amount, maturity and interest rate shall be issued to the transferee in exchange therefor. Such transfer shall be without cost to the owner or transferee. The County may deem the person in whose name each Bond is registered -2- NMN117 85/08/05 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 to be the absolute owner thereof for the purpose of receiving pay- ment of the principal of and interest on such Bond and for any and all other purposes whatsoever. The Bond Registrar shall not be required to issue, register, transfer or exchange any of the Bonds during a period beginning at the opening of business on the twentieth (20th) day next preceding any interest payment date and ending at the close of business on the interest payment date, or, in the case of any proposed redemp- tion of the Bonds, after the mailing of notice of the call of such Bonds for redemption. Section 2. Redemption of Bonds. The Bonds shall be redeem- able in advance of their scheduled maturity at par plus accrued interest, in numerical order, on any interest payment date when- ever there shall be sufficient money in the Whatcom County Road Improvement District No 6 Fund to pay the same, over and, above an amount sufficient for the payment of the interest next accruing on all the outstanding Bonds. Notice of any such intended redemption shall be given by mail to the registered owners of the Bonds to be redeemed at the addresses appearing on the records maintained by the Bond Registrar not more than sixty (60) nor less than thirty (30) days prior to such redemption date. Interest on the Bonds so called for redemption shall cease on the date fixed for such re- demption unless such Bond or Bonds are not redeemed upon presen- tation made pursuant to such call. Section 3. Road Improvement District No. 6 Fund. There has heretofore been created by the County Treasurer a Whatcom County Road Improvement District No. 6 Fund, the creation of which Fund is hereby ratified, approved and confirmed. The County has levied assessments in the total amount of $53,742.00, of which amount $20,886.29 was paid into such Fund prior to the adoption of this ordinance. Not less than $32,855.71 remains payable into said -3- NMN117 85/08/05 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Fund in ten (10) equal annual installments together with interest and penalties thereon in accordance with Ordinance No 85 -10 of the County passed on January 17, 1985. Both principal of and interest on the Bonds are payable solely out of the Whatcom County Road Improvement District No. 6 Fund and Whatcom County Road Improve- ment Guaranty Fund created by Ordinance No. 80 -60 of the County passed on August 7, 1980, as amended by Ordinance No. 80 -87 of the County passed on October 9, 1980. Section 4. Form of Bonds. Said Bonds shall be in substan- tially the following form: UNITED STATES OF AMERICA (No. 1) No. $2,855.71 $5,000.00 STATE OF WASHINGTON WHATCOM COUNTY ROAD IMPROVEMENT DISTRICT NO. 6 BOND, 1985 Laws of Washington 1963, Chapter 4 (RCW 36.88.240) provides, in part, as follows: "The owner of any bond or warrant issued under the provisions of this chapter shall not have any claim therefor against the county by which the same is issued, except for payment from the special assessments made for improvement for which said bond or warrant was issued and except as against the improvement guaranty fund of such county, and the county shall not be liable to any owner of such bond or warrant for any loss to the guaranty fund occurring in the lawful operation thereof by.the county. The remedy of the owner of a bond, or warrant in case of nonpayment, shall be confined to the enforcement of any assessments made in such road im- provement district and to the guaranty fund." Foreclosure actions brought to collect delinquent special assessments are subject to the homestead exemption set forth in Chapter 6.12 of the Revised Code of Washington. Whatcom County, Washington (the "County "), for value received, hereby promises to pay solely out of the sources referred to herein to -4- NMN117 85/08/05 1 or registered assigns on August 1, 1997, the principal amount of 2 DOLLARS 3 unless redeemed prior thereto as provided herein, together with 4 interest thereon from the date hereof until payment of the princi- 5 pal sum has been made or duly provided for at the rate of 6 per annum payable August 1, 1986, and semi - annually thereafter on 7 February 1 and August 1 of each year. Both principal of and 8 interest on this bond are payable in lawful money of the United 9 States of America. Interest on this bond is payable by check or 10 draft mailed to the registered owner hereof at the address appear - 11 ing on the records -maintained by the Bond Registrar as of the 15th 12 day of the month preceding the interest payment date. Principal 13 shall be paid to the registered owner hereof upon presentation and 14 surrender of this bond at the principal offices of either of the 15 fiscal agencies of the State of Washington in Seattle, Washington, 16 and New York, New York (collectively, the "Bond Registrar "). 17 Reference is hereby made to additional provisions of this 18 bond set forth on the reverse side hereof and such additional 19 provisions shall for all purposes have the same effect as if set 20 forth in this space. 21 This Bond shall not be valid or become obligatory for any 22 purpose or be entitled to any security or benefit under the Bond 23 Ordinance (as hereinafter defined) until the Certificate of 24 Authentication hereon shall have been manually signed by the Bond 25 Registrar. 26 Both principal of and interest on this bond are payable 27 solely out of the Road Improvement District No. 6 Fund created by 28 Ordinance No. 85- of the County (the "Bond Ordinance ") and 29 from the Whatcom County Road Improvement Guaranty Fund created by 30 Ordinance No. 80 -60 of the County pursuant to Laws of Washington 31 1967, Chapter 63. The registered owner of this bond shall have no 32 claim thereof against the County except for payment from the 33 special assessments made for the improvement for which this bond 34 was issued and except as against the Whatcom County Road Improve - 35 ment Guaranty Fund. This bond is not a general obligation of the 36 County. 37 It -is hereby certified and declared that this bond and the 38 bonds of this issue are issued pursuant to and in compliance with 39 the Constitution and laws of the State of Washington and ordinan- 40 ces of the County, and that all acts, conditions and things 41 required to be done precedent to and in the issuance of this bond 42 have happened, been done, and performed. 43 IN WITNESS WHEREOF, Whatcom County, Washington, has caused 44 this bond to be signed on behalf of the County with the facsimile 45 signatures of the County Executive and the Chairman of the County 46 Council to be attested by the facsimile signature of the Clerk of 47 the Council and the official seal of the County to be imprinted or 48 impressed hereon as of this day of 1 1985. 49 WHATCOM COUNTY, WASHINGTON 50 By 51 County Executive -5- NMN117 85/08/05 By Chairman of the County Council ATTEST: Clerk of the Council Certificate of Authentication 7 Date of Authentication: 8 This bond is one of the bonds described in the within- refer- 9 enced Bond Ordinance and is one of the Road Improvement District 10 No. 6 Bonds of Whatcom County, Washington, dated 11 1985. 12 13 14 15 WASHINGTON STATE FISCAL AGENCY Bond Registrar By Authorized Officer 16 ADDITIONAL BOND PROVISIONS 17 This bond is one of an issue in the aggregate principal 18 amount of $32,855.71, issued pursuant to Ordinance No. 85 - of 19 the County ( the "Bond Ordinance ") to pay a part of the cost _ of 20 certain road improvements within Road Improvement District No. 6 21 created by Resolution No. 83 -49, adopted on October 20, 1983. The 22 bonds of this issue are subject to redemption in advance of their 23 scheduled maturity at par plus accrued interest, in numerical 24 order, on any interest payment date whenever there shall be 25 sufficient money in the Whatcom County Road Improvement District 26 No. 6 Fund to pay the same, over and above an amount sufficient 27 for the payment of the interest next accruing on the unpaid bonds 28 of Road Improvement District No. 6. 29 In the event this bond is called for payment prior to its 30 maturity, a notice of such redemption shall be mailed to the 31 registered owner of this bond at the address appearing on the 32 records maintained by the Bond Registrar not more than sixty (60) 33 nor less than thirty (30) days prior to such redemption date. 34 Interest on the bonds so called for redemption shall cease on the 35 date fixed for such redemption unless such bond or bonds are not 36 redeemed upon presentation made pursuant to such call. 37 This bond is transferable only on the records maintained by 38 the Bond Registrar for that purpose upon the surrender of this 39 bond by the registered owner hereof or his duly authorized agent 40 and only if endorsed in the manner provided hereon, and thereupon 41 a new fully registered bond of like principal amount, maturity and 42 interest rate shall be issued to the transferee in exchange 43 therefor. The County may deem the person in whose name this bond 44 is registered to be the absolute owner hereof for the purpose of -6- NMN117 85/08/05 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 receiving payment of the principal of and interest on this bond and for any and all other purposes whatsoever. The Bond Registrar is not required to issue, register, transfer or exchange any of the bonds during a period beginning at the opening of business on the twentieth (20th) day next preceding any interest payment date and ending at the close of business on the interest payment date, or, in the case of any proposed redemp- tion of the bonds, after the mailing of notice of the call of such bonds for redemption. FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto T (name and address of assignee) the within bond and all rights thereunder and does hereby irrevoc- ably constitute and appoint , or its successor, Agent to transfer such bond on the records kept for the registration thereof, with full power of substitution in the premises. Dated: (Social Security or other tax iden- tification number of transferee) SIGNATURE GUARANTEED: (Signature of Registered Owner) NOTICE: The signature on this assignment must correspond with the name as it appears on the face of the within bond in every particular, without alteration or enlargement or any change whatever. Section 5. Execution of the Bonds. The Bonds shall be signed on behalf of the County by the manual or facsimile signa- tures of the County Executive and the Chairman of the County Council and the manual or facsimile signature of the Clerk of the Council.and shall have the official corporate seal of the County impressed or imprinted thereon. Only such Bonds as shall bear thereon a Certificate of Authentication in the form hereinbefore recited, manually executed by the Bond Registrar, shall be valid or obligatory for any pur- pose or entitled to the benefits of this ordinance. Such Certifi- cate of Authentication shall be conclusive evidence that the bonds so authenticated have been duly executed, authenticated and -7- NMN117 85/08/05 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 delivered hereunder and are entitled to the benefits of this ordinance. In case either of the officers who shall have executed the Bonds shall cease to be such officer or officers of the County before the Bonds so signed shall have been authenticated or delivered by the Bond Registrar, or issued by the County, such Bonds may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be as binding upon the County as though those who signed the same had continued to be such officers of the County. Any Bond may also be signed and attested on behalf of the County by such persons as at the actual date of execution of such Bond shall be the proper officers of the County although at the original date of such Bond any such person shall not have been such officer. Section 6. Bond Registrar.. The County hereby specifies and adopts the system of registration for the Bonds approved by the Washington State Finance Committee. 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 which shall at all times 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 representa- tions contained in the Certificate of Authentication on the Bonds. The Bond Registrar may become the owner of Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depositary for and permit any of its officers or directors to act as a member of, or in any -8- NMN117 85/08/05 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 other capacity with respect to, any committee formed to protect the rights of Bondowners. Section 7. Lost or Destroyed Bonds. In case any Bond shall be lost, stolen or destroyed, the County may execute and may deliver a new Bond or Bonds of like amount, date, maturity and interest rate to the registered owner thereof upon the owner's paying the expenses and charges of the County in connection there- with, upon the owner's filing with the County Treasurer evidence satisfactory to said Treasurer that such Bond was actually lost, stolen or destroyed, and upon such owner furnishing the County with indemnity satisfactory to the County Treasurer. Section 8. Sale of Bonds. The Bonds shall be sold at public sale. Notice of Bond Sale shall be published prior to such sale at least once in the official newspaper of the County. Sealed bids for the purchase of the Bonds shall be received by the County Council in the Office of the County Treasurer in the County Courthouse in Bellingham, Washington, until one o'clock on Auclust 24, 1985. Said bids will be publicly opened, read and considered and acted upon by the County Council at its regular meeting at 7 :30 p.m. on the same day. PASSED this 8th day of August 1985. ATTEST: Carol Eberg on Clerk of the Council Approved as to form: WHATCOM COUNTY COUNCIL WHATCOM COUNTY, WASHINGTON By 74�e _ -clV Council Chairperson ( ) Approved ( ) Vetoed {d R. 11. "Bob Muenscher Executive Pro -Te Date August%Z, T985 Civil Deputy Prosecuting Attorney Published on July 31 and August 14, 1985 This ordinance will become -9- NMN117 85/08/05 effective on August jj , 1985 1 CERTIFICATE 2 I, the undersigned, Clerk of the County Council of Whatcom 3 County, Washington, and keeper of the records of the County 4 Council (herein called the "Council "), DO HEREBY CERTIFY: 5 1. That the attached Ordinance No. 85 -56 (herein called 6 the "Ordinance ") is a true and correct copy of an ordinance of the 7 Council, duly passed at a regular meeting thereof held on the 8th 8 day of Au ust 1985. 9 2. That said meeting was duly convened and held in all 10 respects in accordance with law, and to the extent required by 11 law, due and proper notice of such meeting was given; that a legal 12 quorum was present throughout the meeting and a legally sufficient 13 number of members of the Council voted in the proper manner for 14 the passage of said Ordinance; that all other requirements and 15 proceedings incident to the proper passage of said Ordinance have 16 been duly fulfilled, carried out and otherwise observed; and that 17 I am authorized to execute this certificate. 18 IN WITNESS WHEREOF, I have hereunto set my hand this 12ti1 day 19 of August , 1985. 20 21 CAROL EBERGSON Clerk of the Council NMN117 85/08/05 _ aii