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HomeMy WebLinkAboutord1983-077Date August 18, 1983 Introduced by Hansey Proposed by Bonding Counsel ORDINANCE NO. 83 -77 AN ORDINANCE of the Council of Whatcom County, Washington, ((eteat4mg)) ratifying creation of a Road Improvement District No. 5 Fund, fixing interest rate on assessments and providing for the issuance of bonds of Road Improvement District No. 5 in the principal sum of $187,183.55 and for the sale thereof to Harper, McLean & Company. WHEREAS, by Resolution No. 81 -58 of the County Council of Whatcom County, Washington (the "Council ") , adopted December 3, 1981, Road Improvement District No. 5 of Whatcom County (the "County ") was duly created; and WHEREAS, the formation of Road Improvement District No. 5 pursuant to Resolution No. 81 -58 was confirmed, ratified and approved by Ordinance No. 83 -25, passed on April 21, 1983; and WHEREAS, the improvements provided by said resolution and ordinance to be constructed in Road Improvement District No. 5 have been completed; and WHEREAS, by Ordinance No. 83 -29 of the Council, passed on April 21, 1983, the assessment roll for Road Improvement District No. 5 was confirmed in the total amount of $191,000, of which $3,816.45 was paid during the thirty day period permitted by law for the payment of assessments without penalty or interest and provision was made for setting interest rate on assessments paid subsequently; and WHEREAS, it is now deemed necessary that the County issue Road Improvement District No. 5 bonds in the principal sum of $187,183.55 in order to pay part of the cost and expense of said improvement; NOW, THEREFORE, BE IT ORDAINED by the 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.. 81 -58 of the County and constructed in Road Improvement District No. 5, the County shall issue and sell bonds of Road Improvement District No. 5 in the principal amount of $187,183.55 (the "Bonds "). The Bonds shall be dated September 22, 1983, shall be in the denomination of $5,000 each, except Bond No. 1 which shall be in the denomination of $2,183.55, shall be fully registered as to both principal and interest, shall be numbered from 1 to 38, inclusive, shall mature September 22, 1995, and bear interest payable on September 22, 1984, and annually on September 22nd of each year thereafter as follows: Bond Nos. Interest Rate 1 -4 10.25% 5 -23 10.60 24 -31 10.75 32 -38 11.00 The fiscal agencies of the State of Washington in the cities of Seattle, Washington, and New York, New York, shall act as registrar 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 date 15 days prior to 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 5WMD /034 -2- fully registered. Bond of like principal amount, maturity and interest rate shall be issued to the tranferee 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 to be the absolute owner thereof for the purpose of receiving payment 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 redemption of the Bonds, after the mailing of notice of the call of such Bonds for redemption. Bonds shall be redeemable at par in advance of their scheduled maturity, in numerical order, on any interest payment date whenever there shall be sufficient money in the Road Improvement District No. 5 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 redemption unless such Bond or Bonds are not redeemed upon presentation made pursuant to such call. SECTION 2. Road Improvement District No. 5 Fund. There has heretofore been created by the County Treasurer a Road Improvement District No. 5 Fund, the creation of which Fund is hereby ratified, approved and confirmed. The County has levied assessments in the total amount of $191,000, of which amount 5WMD /034 -3- $3,816.45 was paid into such Fund prior to -the adoption of this ordinance. Not less than $187,183.55 remains payable into said Fund in ten (10) equal annual installments together with interest and penalties thereon in accordance with Ordinance No. 83 -29 of the County passed on April 21, 1983. Both principal of and interest on the Bonds are payable solely out of the Road Improvement District No. 5 Fund and the Whatcom County Road Improvement Guaranty Fund created by Ordinance No. 80 -60 of the County, passed on August 7, 1980. SECTION 3. Form of Bonds. Said Bonds shall be in substantially the following form: (No. 1) NO. UNITED STATES OF AMERICA STATE OF WASHINGTON WHATCOM COUNTY ROAD IMPROVEMENT DISTRICT NO. 5 BOND ($2,183.55) $5,000 Laws of Washington 1963, Chapter 4 (RCW 36.88.240) provides, in part, as follows: "Neither the holder nor the owner of any bond or warrant issued under the provisions of this chapter shall 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 holder or 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 holder or owner of a bond, or warrant in case of nonpayment, shall be confined to the enforcement of any assessments made in such road improvement district and to the guaranty fund." Whatcom County, Washington (the "County "), for value received, hereby promises to pay solely out of the sources referred to herein to or registered assigns, on September 22, 1995, the principal amount of DOLLARS 5WMD /034 -4- unless redeemed prior thereto as provided herein, together with interest thereon from the date hereof until payment of the principal sum has been made or duly provided for at the rate of % per annum payable September 22, 1984, and annually thereafter on September 22nd of each year. Both principal of and interest on this bond are payable in lawful money of the United. States of America. Interest on this bond is payable by check or draft mailed to the registered owner hereof at the address appearing on the records maintained by the Bond Registrar as of the date 15 days prior to the interest payment date. Principal shall be paid to the registered owner hereof upon presentation and surrender of this bond at the principal offices of either of the fiscal agencies of the State of Washington in Seattle, Washington, and New York, New York (collectively, the "Bond Registrar "). Reference is hereby made to additional provisions of this bond set forth on the reverse side hereof and such additional provisions shall for all purposes have the same effect as if set forth in this space. This bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance (as hereinafter defined) until the Certificate of Authentication hereon shall have been manually signed by the Bond Registrar. Both principal of and interest on the bonds are payable solely out of the Road Improvement District No. 5 Fund created by Ordinance No. of the County (the "Bond Ordinance ") and from the Whatcom County Road Improvement Guaranty Fund created by Ordinance No. 80 -60 of the County pursuant to Laws of Washington 1967, Chapter 63. The registered owner of this bond shall have no claim therefor against the County except for payment from the special assessments made for the improvement for which said bond was issued and except as against the Whatcom County Road Improvement District Guaranty Fund. The bonds are not a general obligation of the County. It is hereby certified and declared that this bond and the bonds of this issue are issued pursuant to and in compliance with the Constitution and laws of the State of Washington and ordinances of the County, and that all acts, conditions and things required to be done precedent to and in the issuance of this bond have happened, been done, and performed. IN WITNESS WHEREOF, Whatcom County, Washington, has caused this bond to be signed on behalf of the County with the facsimile signature of the County Executive, to be attested by the facsimile signature of the Clerk of the Council, and the official seal of the County to be imprinted or impressed hereon as of this 22nd day of September, 1983. WHATCOM COUNTY, WASHINGTON By County Executive ATTEST: Clerk of the Council 5WMD /034 -5- ADDITIONAL BOND PROVISIONS This bond is one of an issue in the aggregate principal amount of $187,183.55, issued to pay a part of the cost of certain road improvements within Road Improvement District No. 5 created by Resolution No. 81 -58, adopted December 3, 1981. The bonds of this issue are subject to redemption at par in advance of their scheduled maturity, in numerical order, on any interest payment date whenever there shall be sufficient money in the Road Improvement District No. 5 Fund to pay the same, over and above an amount sufficient for the payment of the interest next accruing on the unpaid bonds of Road Improvement District No. 5. In the event this bond is called for payment prior to its maturity, a notice of such redemption shall be mailed to the registered owner of this bond at the address appearing on the records maintained by the Bond Registar 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 redemption unless such bond or bonds are not redeemed upon presentation made pursuant to such call. This bond is transferable only on the records maintained by the Bond Registrar for that purpose upon the surrender of this bond by the registered owner hereof or his duly authorized agent and only if endorsed in the manner provided hereon, and thereupon a new fully registered bond of like principal amount, maturity and interest rate shall be issued to the transferee in exchange therefor. The County may deem the person in whose name this bond is registered to be the absolute owner hereof for the purpose of receiving payment of the principal of and interest on the 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 redemption of the bonds, after the mailing of notice of the call of such bonds for redemption. Certificate of Authentication Date of Authentication: This bond is one of the bonds described in the within - referenced Bond Ordinance and is one of the Road Improvement District No. 5 Bonds of Whatcom County, Washington, dated September 22, 1983. Bond Registrar By Authorized Officer Assignment FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name and address of assignee) 5WMD /034 -6- the within bond .and all rights thereunder and does hereby irrevocably constitute and appoint 1. 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 identification number of assignee) In the presence of: (Witness) (Signature of Registered Owner) NOTICE: The signature to this assignment must correspond with the name as it appears on the face of the within bond in every particular. SIGNATURE GUARANTEE: SECTION 4. Execution of the Bonds. The Bonds shall be signed on behalf of the County by the manual or facsimile signature of the County Executive 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 purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication shall be conclusive evidence that the Bonds so authenticated have been duly executed, authenticated and 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 5WMD /034 -7- 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 5. Bond Registrar.. 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 representations 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 other capacity with respect to, any committee formed to protect the rights of Bond owners. SECTION 6. 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 therewith, 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's furnishing the County with indemnity satisfactory to the County Treasurer. 5WMD /034 -8- SECTION 7. Sale of the Bonds. The Bonds shall be sold to Harper, McLean & Company at the price, not less than par, and pursuant to the terms and conditions set forth in their offer to purchase the Bonds, dated September 1, 1983. Upon the sale of said Bonds the appropriate County officials are hereby authorized to do everything necessary for the prompt printing, issuance and delivery of the Bonds and the proper application of the proceeds thereof. [NEW SECTION.] SECTION 8. Interest on Assessments. Interest on all deferred assessments or installments thereof shall be charged at the rate of 11.25% per annum and shall be payable annually with each assessment installment or upon prepayment, provided that the amount of interest paid upon prepayment shall be calculated to the next succeeding assessment installment payment date. PASSED this 1st day of September, 1983. ATTEST: P, /� dl, Clerk of the Coun 1 APPROVED AS TO FORM: Civil Deputy Prosecuting Attorney WHATCOM COUNTY COUNCIL WHATLOM COUNTY--k W&SHIN rson (}� APPROVED ( j VETOED Coun,Vy Executive Date September 2, 1983 Published on August 24, 1983 and September 7, 1983 This ordinance will become effective on September 11, 1983 5WMD /034 -9-