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HomeMy WebLinkAboutord1983-007WHATCOM COUNTY, WASHINGTON LIMITED TAX GENERAL OBLIGATIONS BONDS, SERIES 1983 $585,000 ORDINANCE NO. 83 -7 AN ORDINANCE of the County Council of Whatcom County, Washington, authorizing the acquisition, construc- tion and installation of sewerage facilities in the vicinity of the Nor -Bell Nursing Home; providing for the issuance and sale of limited tax levy general obligation bonds of the County in the principal sum of $585,000; providing the date, form, terms and maturities of said bonds; providing for the annual levy of taxes to pay the principal of and interest on said bonds; and providing for the sale thereof. Prepared By: INTRODUCED: January 6, 1983 PASSED: January 20, 1983 PRESTON, THORGRIMSON, ELLIS & HOLMAN 2000 IBM Building Seattle, Washington 98101 ORDINANCE NO. 83 -7 AN ORDINANCE of the County Council of Whatcom County, Washington, authorizing the acquisition, construc- tion and installation of sewerage facilities in the vicinity of the Nor -Bell Nursing Home; providing for the issuance and sale of limited tax levy general obligation bonds of the County in the principal sum of $585,000; providing the date, form, terms and maturities of said bonds; providing for the annual levy of taxes to pay the principal of and interest on said bonds; and providing for the sale thereof. WHEREAS, the Whatcom County Council (the "Council "), passed Resolution No. 82 -59 on November 23, 1982 conditionally author- izing the County Executive to proceed with the project described therein for the construction of sewerage facilities in the vicinity of Nor -Bell Nursing Home; and WHEREAS, in order to provide part of the moneys required for the sewerage facilities described in said resolution, it is deemed necessary and advisable that the County issue and sell its Limited Tax General Obligation Bonds, Series 1983, and that the date, form, terms, maturities and covenants of such bonds be now fixed; NOW THEREFORE, BE IT ORDAINED BY THE COUNTY COUNCIL OF WHATCOM COUNTY, WASHINGTON, AS FOLLOWS: SECTION 1. Definitions. As used in this ordinance, unless a different meaning clearly appears from the context: (a) "County" means the County of Whatcom, Washington, a political subdivision of the State of Washington duly organized and existing under and by virtue of the Constitution and laws of the State. (b) "Project" means the acquisition, construction and installation of the sewerage facilities authorized by this ordinance and more particularly described in Section 2 hereof and shall include all things necessary and incidental thereto and to the financing thereof. (c) "Bonds" means the $585,000 principal amount of Whatcom County, Washington, Limited Tax General Obligation Bonds, Series 1983 issued pursuant to this ordinance for the purpose of paying part of the costs of carrying out the Project. (d) "County Treasurer" means the Whatcom County Treasurer or any successor to the functions of such County Treasurer. SECTION 2. The Project. The following plan for the acqui- sition, construction and installation of capital improvements is hereby specified and adopted, as follows: The County shall acquire, construct, equip and install: (1) a six -inch force main in the public right -of -way along Smith Road and Barrett Road from the intersection of Smith Road and Northwest Drive to Axton Road; (2) a pump station to be located near the intersection of Smith Road and Northwest Road; and (3) improvements to the Ferndale Sewage Treatment Plant. all as more fully described in Exhibit D to Resolution No. 82 -59 of the County and the Wastewater Facilities Plan for the Nor -Bell Nursing Home prepared by Harper -Owes, consulting project engineer, dated December, 1982 and on file with the Clerk of the Council. The County shall acquire, construct, install and equip the various parts of the Project in such order, to such extent and at such time or times as found to be necessary and advisable. The County may make such changes in the facilities or equipment of the Project as may be found necessary or desirable, either prior to or during the course of acquisition and construction of the .Project. The County shall acquire by purchase, lease or condemnation, all property, both real and personal, or any interest therein, or -2- JAR73 82/12/29 any rights -of -way and easements which may be found necessary to acquire, construct and install the Project. The estimated cost of acquiring, constructing, installing and equipping the Project and paying all .costs incidental thereto and to the issuance of the Bonds, is hereby declared to be as nearly as practicable the sum of $1,600,000, of which $585,000 shall be provided from the proceeds of sale of the Bonds and the balance of which shall be paid from grant funds from the Washington Depart- ment of Ecology, payments by the City of Ferndale, Nor -Bell Nursing Home and other public facilities, private connection charges and other cash on hand and available therefor. The County reserves the right in the event, additional funds are unavailable to proceed with only those portions of the Project as it deems necessary and advisable. SECTION 3. Authorization of 1983 Bonds. The County shall issue the Bonds in the aggregate principal amount of $585,000 to provide part of the funds necessary to carry out the Project, and to pay costs incidental thereto and to the issuance of the Bonds. SECTION 4. Description of 1983 Bonds. The Bonds shall be designated "Whatcom County, Washington, Limited Tax General Obligation Bonds, Series 1983," shall Le dated March 1, 1983, shall be in the denomination of $5,000 each and shall bear inter- est from such date until the Bond bearing such interest has been paid or its payment duly provided for, payable September 1, 1983 and semiannually thereafter on the first days of each March and September. The Bonds shall be in coupon form, shall be numbered and mature in order of their number in the following amounts on March 1 of the following years: -3 JAR73 82/12/29 Principal Bond Nos. Maturity Date Amount 1 -4 1985 $20,000 5 -9 1986 25,000 10 -14 1987 25,000 15 -20 1988 30,000 21 -26 1989 30,000 27 -33 1990 35,000 34 -40 1991 35,000 41 -48 1992 40,000 49 -57 1993 45,000 58 -67 1994 50,000 68 -78 1995 55,000 79 -90 1996 60,000 91 -103 1997 65,000 104 -117 1998. 70,000 (Maturity schedule computed at assumed rate of 9.50% per annum.) Both the principal of and interest on the Bonds shall be payable in lawful money of the United States of America at the office of the County Treasurer in Bellingham, Washington, or at the option of the holder at either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington and New York, New York. SECTION 5. Rights of Prior Redemption. The County hereby reserves the right to redeem any or all of the outstanding Bonds in inverse numerical order, at par plus accrued interest to the date of redemption on March 1, 1995, and on any interest payment date thereafter. Notice of any such redemption shall be given by one publica- tion thereof in the official County newspaper not more than 60 nor less than 30 days prior to such redemption date and by mailing a like notice at the same time to the purchaser or account manager of the purchaser of the Bonds at their sale by the County, or to their successors in business, if any, and to Standard & Poor's Corporation and Moody's Investors Service, Inc., of New York, New York, or to their successors, if any, but none of such mailings -4- JAR73 82/12/29 shall be a condition precedent to the call of any Bonds for redemption. Interest on any Bonds so called for redemption shall cease on such redemption date unless the same shall not be redeemed upon presentation made pursuant to such call. SECTION 6. Creation of Bond Fund and Provision for Tax Levy Payments. A special fund of the County known as the "Whatcom County Limited Tax Bond Fund, 1983" (the "Bond Fund ") is hereby authorized and directed to be created in the office of the County Treasurer. The Bond Fund shall be a. trust fund and shall be drawn upon only for the purpose of paying the principal of and interest on the Bonds. The County hereby irrevocably covenants and agrees that commencing with the year 1983 and continuing for as long as any of the Bonds are outstanding, it will include in each County budget and levy an ad valorem tax each year upon all the property within the County subject to taxation that will produce amounts suffi- cient, together with all other funds on hand, available and committed for such purpose, to pay the principal of and interest on the Bonds as the same shall become due and payable. All of such taxes so collected shall be paid into the Bond Fund. None of the moneys in the Bond Fund shall be used for any other purpose than the payment of the principal of and interest on the Bonds. The County hereby irrevocably pledges that the annual tax . provided for herein to be levied for the payment of such principal and interest shall be within and as a part of the tax millage levy permitted to counties without a vote of the people, and that a sufficient portion of each annual levy to be made by the County prior to the full payment of the principal of and interest on the Bonds will be and is hereby irrevocably pledged to be set, aside -5- JAR73 82/12/29 and appropriated for the payment of the principal of and interest on the Bonds as aforesaid. The full faith, credit and resources of the County are hereby irrevocably pledged for the annual levy and collection of said taxes and for the prompt payment of the principal of and interest on the Bonds as the same shall become due. SECTION 7. Defeasance. In the event that money and /or "Government Obligations," as such Obligations are 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 suffi- cient to redeem and retire the Bonds or any of them 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 Bond Fund for the payment of the principal of and interest on the Bonds so provided for and such Bonds and the appurtenant coupons 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 Bonds and /or coupons shall be deemed not to be outstanding hereunder. SECTION 8. Arbitrage Covenant. The County hereby covenants and agrees with the owner and holder of each of the Bonds for as long as any of the same remains outstanding that it will not make use of the proceeds of sale of the Bonds or any other funds of the County which may be deemed to be proceeds of the Bonds pursuant to Section 103 of the Internal Revenue Code and the applicable regulations thereunder which, if such use had been reasonably expected on the date of delivery of the Bonds to the initial purchasers thereof, would have caused the Bonds to be "arbitrage -6- JAR73 82/12/29 bonds" within the meaning of said section and said regulations. The County will comply with the requirements of subsection (c) of Section 103 of the Internal Revenue Code and the applicable regulations thereunder throughout the term of the Bonds. SECTION 9. Lost or Destroyed Bonds or Coupons. In case any of the Bonds or any of the coupons thereof shall be lost, stolen or destroyed, the County may execute and deliver a new bond or bonds and a coupon or coupons of like amount, date, number and tenor to the owner thereof upon the owner's paying the expenses and charges of the County in connection therewith and upon his filing with the County Treasurer evidence satisfactory to said Treasurer that such bond or bonds or coupon or coupons were actually lost, stolen or destroyed and of his ownership thereof, and upon furnishing the County with indemnity satisfactory to the County Treasurer. SECTION 10. Form of the Bonds and Coupons. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON WHATCOM COUNTY LIMITED TAX GENERAL OBLIGATION BOND, SERIES 1983 Whatcom County, Washington, a political subdivision organized and existing under and by virtue of the laws and Constitution of the State of Washington (the "County "), hereby acknowledges itself to owe and for value received promises to pay to bearer the principal sum of FIVE THOUSAND DOLLARS ON THE FIRST DAY OF March, 19 , unless redeemed prior thereto as herein provided, with interest thereon from the date hereof at the rate of % per annum until such principal sum is paid or payment has been duly provided for, payable September 1, 1983 and semiannually thereafter on the first days of each March and September. Payment of the interest due on or before the maturity of this bond shall be made only upon presenta- -7- JAR73 82/12/29 tion and surrender of the coupons representing such interest as the same respectively becomes due. Both principal of and interest on this bond are payable in lawful money of the United States of America at the office of the Whatcom County Treasurer in Bellingham, Washington, or at the option of the holder, at either of the fiscal agencies of the State of Wash- ington in the cities of Seattle, Washington and New York, New York. The County has reserved the right to redeem any or all of the outstanding bonds of this series in inverse numerical order on March 1, 1995, and on any interest payment date thereafter, at par plus accrued interest to the date of redemption. Interest on any bond so called for redemption shall cease on such redemption date unless the same shall not be redeemed upon presentation made pursuant to such call. Notice of any such intended redemption shall be given by one publication thereof in the official news- paper of the County, such publication to be not more than 60 nor less than 30 days prior to said redemption date, and by mailing a like notice at the same time to If or the successor in business thereof, if any, and to Standard & Poor's Corporation and to Moody's Investors Service, Inc., or to their successors, if any, but none of such mailings shall be a condition precedent to the call of any bonds for redemption. This bond is one of a series of 117 limited tax general obligation bonds of the County of like denomi- nation, date and tenor, except as to number, rate of interest and date of maturity in the aggregate principal amount of $585,000. This series of bonds is authorized by Ordinance No. of the County (the "Bond Ordinance ") for the purpose of providing money to pay part of the cost of acquiring, constructing and instal- . ling sewerage facilities in the County, all in confor- mity with the laws and Constitution of the State of Washington and ordinances and the Home Rule Charter of Whatcom County. The County hereby covenants and agrees with the owner and holder of this bond that it will include in its annual budget and levy taxes annually within and as a part of the tax levy permitted to counties without a vote of the electorate, amounts sufficient, together with all other moneys on hand, available and committed for such purpose, to pay the principal of and interest on the bonds of this series as the same shall become due. The full faith, credit and resources of the County are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest. The County further covenants and agrees that it will keep and perform all of the covenants of this bond and the Bond Ordinance. -8- JAR73 82/12/29 It is hereby certified and declared that this bond and the bonds of this issue are issued pursuant to and in strict compliance with the Constitution and laws of the State of Washington and ordinances and the Home Rule Charter of the County, that all acts, conditions and things required to be done precedent to and in the issuance of this bond and the bonds of this series have happened, been done and performed and that this bond and the bonds of this series do not exceed any Constitu- tional, statutory or Charter limitations. IN WITNESS WHEREOF,.Whatcom County, Washington, has caused this bond to be signed with the facsimile or manual signature of the County Executive, to be attested by the facsimile or manual signature of the Clerk of the Council (at least one of which signatures shall be manual), the official seal of the County to be impressed or a facsimile thereof to be imprinted hereon, and the interest coupons attached hereto to be signed with the facsimile signatures hereto of said officials, as of this 1st day of March, 1983. WHATCOM COUNTY, WASHINGTON By /s/ facsimile or manual signature County Executive ATTEST: /s/ facsimile or manual signature Clerk of the Council The interest coupons attached to the Bonds shall be in substantially the following form: No. On 19 , unless the bond to which this coupon is appurtenant shall have been duly called for prior redemption and the redemption price shall have been paid or duly provided for, Whatcom County, Washington, will pay to bearer at the office of the County Treasurer in Bellingham, Washington, or, at the option of the holder at either of the fiscal agencies of the State of Washington in Seattle, Wash- ington and New York, New York, the amount shown hereon in lawful money of the United States of America, said amount being the interest due that date on its Limited Tax General Obligation Bond, Series 1983, dated March 1, 1983 and numbered ATTEST: WHATCOM COUNTY, WASHINGTON By /s/ facsimile signature County Executive -9- JAR73 82/12/29 /s/ facsimile signature Clerk of the Council SECTION 11. Execution of the Bonds. The Bonds shall be signed on behalf of the County by the facsimile or manual signa- ture of the County Executive, shall be attested by the facsimile or manual signature of the Clerk of the Council (one of such signatures shall be manual) and shall have the official County seal impressed or a facsimile thereof imprinted thereon. The interest coupons attached thereto shall be executed with the facsimile signatures of said officials. The attestation by the Clerk of the Council on the Whatcom County, Washington, Limited Tax General Obligation Bonds, Series 198"a, dated as of March .. 1, 1983 is hereby ratified. SECTION 12. Construction Fund. There is hereby authorized and directed to be created in the office of the County Treasurer a special fund of the County to be known as the "1983 Sewer Con- struction Fund" (the "Construction Fund "). At the time of delivery of the Bonds, the proceeds of the Bonds, with the excep- tion of accrued interest, if any, to the date of delivery which shall be deposited in the Bond Fund, shall be paid into the Construction Fund to be used for the purpose of paying the costs of the Project authorized in Section 2 hereof including costs necessary and incidental thereto, for the purpose of reimbursing any fund or funds of the County for advances, if any, made to pay such costs and for the costs of issuance of the Bonds. Money remaining in the Construction Fund after all of such costs have been paid or reimbursed may be used to pay costs of other legally authorized improvements to County sewerage facilities or shall be deposited in the Bond Fund. Moneys in the Construction Fund may be invested as permitted by law. All interest earned and profits -10- JAR73 82/12/29 derived from such investments shall be retained in and become a part of the Construction Fund. SECTION 13. Sale of the Bonds. The Bonds shall be sold at public sale on the 17th day of February, 1983 in accordance with the notice of sale attached hereto as Exhibit A. The Clerk of the County Council is hereby authorized and directed to publish such notice in accordance with the provision of RCW Chapter 39.44. Any publication of said notice which may have occurred prior to the final passage of this Ordinance are hereby approved, ratified and confirmed. SECTION 14. Approval of Official Statement. The County Executive is hereby authorized to review, and approve on behalf of the County, the Official Statement to be prepared relative to the Bonds with such corrections and additions as he deems proper and appropriate. SECTION 15. Authorization to Officials and Agents. The appropriate County officials, agents and representatives are hereby authorized and directed to do everything necessary for the execution and delivery of the Bonds, and for the proper use and application of the proceeds of the sale thereof. Introduced th_ 6th day of Jan. 1983. PASSED this 20th day of January , 1983. WHATCOM COUNTY COUNCIL WHATCOM COUNTY, WASHINGTON ATTEST: Clerk of the Council WILLIAM P. ROEHL, Chairman -11- JAR73 82/12/29 Signed by the Whatcom County Executive this 21st day of January , 1983• County xecutive Published: 1/18/83 and 1/27/83 Effective date: January 31, 1983 -12- JAR73 82/12/29