HomeMy WebLinkAboutord1983-0881
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WHATCOM COUNTY, WASHINGTON
CONSOLIDATED DRAINAGE IMPROVEMENT DISTRICT NO. 31
$61,329.51
ORDINANCE NO. 83 -88
AN ORDINANCE of the County Council of Whatcom County,
Washington, providing for the issuance of bonds for
Consolidated Drainage Improvement District No. 31,
in the aggregate principal amount of $61,329.51;
creating a bond fund; providing for the disposition
of the proceeds of said bonds; and confirming the
sale of said bonds.
Prepared By:
INTRODUCED: October 6 , 1983
PASSED: October 20 1983
PRESTON, THORGRIMSON, ELLIS & HOLMAN
2000 IBM Building
Seattle, Washington 98101
CMW684 83/10/05
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DATE: October 6, 1983
INTRODUCED BY:
PREPARED BY:
Hansey
DID No. 31
ORDINANCE NO. 83 -88
AN ORDINANCE OF THE COUNTY COUNCIL OF WHATCOM
COUNTY, WASHINGTON, PROVIDING FOR THE ISSUANCE OF
BONDS FOR CONSOLIDATED DRAINAGE IMPROVEMENT
DISTRICT NO. 31, IN THE AGGREGATE PRINCIPAL AMOUNT
OF $61,329.51; CREATING A BOND FUND: PROVIDING FOR
THE DISPOSITION OF THE PROCEEDS OF SAID BONDS; AND
CONFIRMING THE SALE OF SAID BONDS.
WHEREAS, the County Council of Whatcom County, Washington
(the "County ") by Order entered on August 9, 1981, Consolidated
Drainage Improvement District No. 31 of Whatcom County ( "DID
No. 31 ") was duly created, and the undertaking of the Johnson
Creek drainage improvement project was ratified and approved by
Resolution 81 -13, adopted on April 16 , 1981 (the "Project "); and
WHEREAS; said Johnson Creek improvement project has been
completed; and
WHEREAS, the assessment roll for DID No. 31 has been con-
firmed by Resolution No. 83 -21 adopted on May 5, 1983, in the
total amount of $112,922.22; and
WHEREAS, the County Treasurer's office has determined that as
a result of a clerical error, the assessment roll was understated
and that the total dollar amount of assessments was $112,974.40;
and
WHEREAS, following publication and mailing of notice as
required by law, $51,644.89 was received during the thirty (30)
day period permitted by law for the payment of assessments without
penalty or interest; and
1 WHEREAS, it is now necessary for the County to issue and sell
2 bonds, in the aggregate principal amount of $61,329.51 (the
3 "Bonds ") in order to pay for the cost and expense of said improve -
4 ments within DID No. 31;
5 NOW, THEREFORE, BE -IT ORDAINED by the County Council of
6 Whatcom County, Washington, as follows:
y Section 1. Definitions. As used in this ordinance, unless
g otherwise required by context:
g "Bond Fund" means the special fund of the County designated
10 as the "Consolidated Drainage Improvement District No. 31 Bond
11 Fund," and created by Section 2 of this ordinance.
72 "Bond Register" means the books or records maintained by the
13 Bond Registrar containing the name and mailing address of the
14 owner of each Bond or nominee of such owner and the principal
15 amount and number of Bonds held by each owner or nominee.
16 "Bond Registrar" means the fiscal agents of the State of
17 Washington, currently Rainier National Bank, Seattle, Washington,
18 and Chemical Bank, New York, New York, or any fiscal agent(s) of
1g the State that may hereafter, be designated as successor to such
20 banks.
21 "Bonds" mean the $61,329.51 principal amount of improvement
22 bonds of the County to be issued pursuant to and for the purposes
23 provided herein.
24 "Council" means the County Council as the same shall be duly
25 and regularly constituted from time to time.
26 "County" means Whatcom County, Washington.
27 "DID No. 31" means Consolidated Drainage Improvement District
28 No. 31, a consolidated drainage improvement district duly created
29 by Order of the County Council on August 9, 1981.
30 "DID No. 31 Fund" means the Consolidated Improvement District
31 No. 31 Fund, created by Resolution 81 -13 of the Council for the
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purpose of paying the costs of -the Johnson Creek improvement
project.
"Project" means the Johnson Creek Drainage Improvement
Project consisting of systematic drainage improvements to the John
Creek Drainage Basin undertaken with the area of DID No. 31, and
authorized by Resolution No. 81 -13 of the County Council.
"Treasurer" means the Treasurer of Whatcom County.
Section 2. Creation of Bond Fund. The Treasurer of the
County is hereby authorized and directed to, create a special fund
to be known as the Consolidated Drainage Improvement District
No. 31 Bond Fund (the "Bond Fund "). All money received by the
County in payment of principal of and interest and penalties on
the assessments levied in DID No. 31 and, after full payment of
the principal of and interest on all outstanding warrants prev-
iously issued to provide interim funds for the improvements in DID
No. 31, all money, if any, on hand in the DID No. 31 Fund, shall
be paid into said Bond Fund and used to pay the principal of and
interest on the Bonds as the same become due.
Assessments levied in DID No. 31 pursuant to Resolution No.
83 -16 and received following the expiration of the time for
prepayment of assessments without interest and penalties shall be
paid into the Bond Fund and shall be payable in installments as
provided in RCW 85.08.0A11 outstanding and unpaid installments of
assessments, shall bear interest from the date of expiration of
time for prepayments at the rate of 11.5 % per annum until paid.
The principal of and interest on the Bonds are payable solely
out of the Bond Fund, and the registered owners of the Bonds shall
have no claim for the payment therefor against the County except
to the extent of such fund and the assessments, including interest
and penalties, deposited therein.
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Section 3. Authorization and Issuance of Bonds. In order to
provide the permanent financing for and repayment of interim
financing warrants issued to pay the cost and expense of the
Project, the County shall now issue its Consolidated Drainage
Improvement District No. 31 Bonds in the aggregate principal
amount of $61,329.51.
The Bonds shall be designated the Whatcom County, Washington,
Consolidated Drainage Improvement District No. 31 Bonds, 1983,
shall be dated as of November 1, 1983, shall be in the denomina-
tion of $100 each or any integral multiple thereof up to $500,
except for Bond No. 1, which shall be in the denomination of
$314.56, shall be registered as to both principal and interest,
shall be numbered separately in the manner and with any additional
designation as the Bond Registrar for purposes of identification
and shall bear interest from their date until the Bonds have been
paid or their payment duly provided for, payable semiannually on
each January 1, and July 1, commencing on July 1, 1984.
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 nominees of such owners at the addresses appearing on
the Bond Register on the 15th day of the month preceding each
interest payment date. The principal of the Bonds shall be
payable upon presentation and surrender of the Bonds by the
registered owners or the nominees of such owners at the principal
offices of either of the fiscal agencies of the State of Wash-
ington in Seattle, Washington, or New York, New York, at the
option of such owners. The Bonds shall be obligations only of the
Bond Fund hereinafter created.
The County hereby specifies and adopts the system of regis-
tration for the Bonds approved by the State Finance Committee, and
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the fiscal agencies of the State shall act as authenticating
trustee, transfer agent, registrar and paying agent with respect
to the Bonds.
Section 4. Redemption of Bonds. The County shall redeem a
proportionate amount of the entire issue of Bonds on any interest
payment date whenever there is a sufficient amount of assessments
on hand in the Bond Fund to pay the same plus interest to accrue
thereon and to pay interest accruing on the next semiannual
interest payment date as follows:
Maximum Principal
Year Amount Redeemable
1984 $6,132.95
1985 $3,679.77
1986 $3,679.77
1987 $3,679.77
1988 $3,679.77
1989 $3,679.77
1990 $3,066.48
1991 $3,066.48
1992 $6,132.95
1993 $6,132.95
1994 $6,132.95
1995 $6,132.95
1996 $6,132.95
Bonds to be redeemed shall be selected by the Bond Registrar
in order of number of issue. The decision of the Bond Registrar
in selecting the Bonds for redemption shall be conclusive in the
absence of fraud.
If less than all of the principal amount of any Bond is
redeemed, upon surrender of such Bond at the principal office of
the Bond Registrar, there shall be issued to the registered owner,
without charge therefor, a new Bond or Bonds, at the option of the
registered owner, of like maturity and interest rate in any of the
denominations authorized by this ordinance.
Section 5. Notice of Redemption. Notice of any such
intended redemption shall be given not less than ten (10) nor more
than thirty (30) days prior to the date fixed for redemption by
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first class mail, postage prepaid, to the registered owner of any
Bond to be redeemed at the address appearing on the Bond Register.
The requirements of this section shall be deemed to be complied
with when notice is mailed as herein provided, regardless of
whether or not it is actually received by the holder or owner of
any Bond. In addition, the Treasurer shall give notice of such
call by publication in the County's official newspaper once each
week for two consecutive weeks, the first publication of which
notice shall be at least fifteen days prior to the next interest
payment date, stating that Bonds numbered (giving their
number or numbers) will be paid on the date the next interest
shall become due, and interest upon such Bond(s) shall thereupon
cease upon such date. The notice shall state that the interest on
the Bonds so called for redemption shall cease to accrue on the
date fixed for redemption unless such Bond or Bonds so called are
not redeemed upon presentation made pursuant to such call.
The County further reserves the right to purchase any of the
Bonds on the open market at any time at a price not in excess of
par.
Section 6. Disposition of Bond Proceeds. Upon the issuance
and sale of the Bonds, the proceeds thereof shall be deposited in
the DID No. 31 Fund and used to pay all interim financing expenses
and unpaid warrants drawn on such Fund. Upon payment of all costs
and expenses of the Project, any moneys remaining in the DID
No. 31 Fund shall be transferred to the Bond Fund and used to pay
the principal of and interest on the Bonds as the same become due
and payable.
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Section 7. Form of Bonds. The Bonds shall be in substan-
tially the following form:
UNITED STATES OF AMERICA
No. $
STATE OF WASHINGTON
WHATCOM, COUNTY, WASHINGTON
CONSOLIDATED DRAINAGE IMPROVEMENT DISTRICT NO. 31
BOND, 1983
MATURITY DATE:
Rate of Interest:
Principal Amount:
The holder of this bond shall have no claim there-
for against Whatcom County, as issuer hereof, except to
the extent of the funds created and received by assess-
ments against the property within Consolidated Drainage
Improvement District No. 31. The registered owner of
this bond shall be entitled to enforcement of all
assessments for the payment of this bond.
Whatcom County, a political subdivision organized and exist-
ing under and by virtue of the laws and Constitution of the State
of Washington, hereby acknowledges itself to owe and for value
received promises to pay to the registered owner:
or registered assigns as hereinafter provided, on the first day of
the month shown above as specified above, and to pay interest on
such principal amount from the date of this bond (but solely from
the sources hereinafter specified) or from the most recent inter-
est payment date to which interest has been paid, at the rate per
annum specified above, on July 1, 1984, and semiannually there-
after on each succeeding January 1 and July 1, until such princi-
pal is paid, except as the provisions hereinafter set forth with
respect to redemption prior to maturity may become applicable
hereto.
The principal amount of this bond is payable in lawful money
of the United States of America to the registered owner hereof, at
the principal offices of either of the fiscal agencies of the
State of Washington in Seattle, Washington, or New York, New York,
at the option of such owners, as provided in Ordinance No. of
the County passed on 1983 (the "Bond Ordinance "),
solely out of the special fund of the County known as the "Consol-
idated Drainage Improvement District No. 31 Bond Fund" (herein-
after the "Bond Fund ") created by the Bond Ordinance. Payment of
each installment of interest shall be made to the registered owner
hereof as shown on the registration books of the Bond Registrar on
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the 15th day of the calendar month preceding the interest payment
date. Such interest shall be paid by check or draft of the Bond
Registrar mailed to such registered owner at his or her address as
it appears on such registration books or at such other address as
may be furnished in writing by such registered owner to the Bond
Registrar.
This bond is one of an issue of $65,314.51 principal amount
improvement bonds of the County of like interest rate, maturity
date and tenor except as to amount and number and is issued
pursuant to duly adopted, passed and approved resolutions and
ordinances of the County Council for the purpose of constructing
drainage improvements within DID No. 31, all in conformity, with
the laws of the State of Washington.
Reference is made to the further provisions of this bond set
forth on the reverse side hereof, and such provisions shall for
all purposes have the same effect as if set forth on the face
hereof. Reference also is made to the Bond Ordinance as more
fully describing the covenants with and rights of registered
owners of the bonds or registered assigns, and the meanings of
capitalized terms appearing in the bonds which are defined in the
Bond Ordinance.
It is hereby certified, recited and declared that the bonds
of this issue are issued pursuant to and in strict compliance with
the Constitution and laws of the State of Washington and the
ordinances and resolutions 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.
This bond shall not be valid or become obligatory for any
purpose until the Certificate of Authentication hereon shall have
been signed by the Bond Registrar.
IN WITNESS WHEREOF, the County has caused this bond to be
signed in facsimile by the County Executive, attested by the
signature in facsimile of the Clerk of the Council, and a
facsimile of the County seal reproduced or impressed hereon, all
as of the 1st day of November, 1983.
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24 ATTEST:
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/s/ facsimile
Clerk of the Council
WHATCOM COUNTY, WASHINGTON
By /s/ facsimile
County Executive
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds described in the within men-
tioned Ordinance No. of the County Council of Whatcom County,
Washington, and is one of the Consolidated Drainage Improvement
District No. 31 Bonds, 1983, of the County.
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WASHINGTON STATE FISCAL AGENCY
as Bond Registrar
By
Authorized Officer
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned registered owner do(es)
sell, assign and transfer unto:
(name, address and social security or other identifying number of
assignee) the within mentioned bond and irrevocably constitute(s)
and appoint(s) to transfer the same on the
registry books of the Bond Registrar with full power of substitu-
tion.
Dated:
E.I.N.: Registered Owner
(NOTE: The signature above must correspond with the name of
the Registered Owner as it appears on the front of this bond in
every particular, without alteration or enlargement or any change
whatsoever.)
Signature Guarantee:
The additional provisions to be printed on the reverse side
of the Bonds shall be in substantially the following form:
ADDITIONAL BOND PROVISIONS
This bond is one of an issue aggregating the principal sum of
$61,329.51 authorized to be issued by Ordinance of the
County (the "Bond Ordinance ") to pay part of the cost of improve-
ments to the Johnson Creek watershed as constructed within Con-
solidated Drainage Improvement District.No. 31 pursuant to Resolu-
tion No. 81 -13 of the County.
Both principal of and interest on this bond and the bonds of
this issue are payable solely from the principal of and interest
on assessments levied in Consolidated Drainage Improvement
District No. 31 for the costs and expenses of the drainage
improvements therein.
The principal of and interest on this bond shall be payable
from a separate fund of the County known as the "Consolidated
Drainage Improvement District No. 31 Bond Fund" into which the
County has covenanted to deposit installment payments of assess-
ments and interest thereon levied in Consolidated Drainage
Improvement District No. 31. The Consolidated Drainage Improve-
ment District No. 31 Bond Fund is pledged solely for the payment
of the principal of and interest on the bonds of this issue.
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This bond is transferable by the registered holder hereof or
his attorney duly authorized in writing at the offices of the bond
registrar upon surrender of this bond, accompanied by a duly
executed instrument of transfer in the form attached hereto and
with guaranty of signature satisfactory to the Bond Registrar,
subject to such reasonable regulations as the Bond Registrar may
prescribe, and upon payment of any tax, fee or other governmental
charge incident to such transfer. Upon any such transfer, there
shall be issued in the name of the transferee a new fully regis-
tered bond or bonds of authorized denominations of the same
aggregate principal amount as this bond. The person in whose name
this bond is registered shall be deemed the owner hereof for all
purposes, and the Bond Registrar shall not be affected by any
notice to the contrary.
The County has reserved the right to redeem the bonds of this
issue on any interest payment date at a price of par plus accrued
interest to the date of redemption. The County shall redeem the
bonds of this issue on any interest payment date plus accrued
interest to the date of redemption whenever there is a sufficient
amount of assessments on hand in the Bond Fund to pay the same
plus interest to accrue thereon and. to pay interest accruing on
the next semiannual interest payment date as follows:
Year
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Bonds to be redeemed
order of their number
and County Treasurer
be conclusive in the
Maximum Principal
Amount Redeemable
$6,132.95
$3,679.77
$3,679.77
$3,679.77
$3,679.77
$3,679.77
$3,066.48
$3,066.48
$6,132.95
$6,132.95
$6,132.95
$6,132.95
$6,132.95
shall be selected by the Bond Registrar in
of issue. The decision of the Bond Registrar
in selecting the bonds for redemption shall
absence of fraud.
Notice of any intended redemption shall be given not less
than ten (10) nor more than thirty (30) days prior to the redemp-
tion date by first class mail, postage prepaid, to the registered
owner of any bond to be redeemed at the address appearing on the
Bond Register. The requirements of the Bond Ordinance shall be
deemed to be complied with when notice is mailed as herein pro-
vided, regardless of whether or not it is actually received by the
holder or owner of any bond. In addition, the Treasurer shall
give notice of such call by publication in the County's official
newspaper once each week for two consecutive weeks, the first
publication of which notice shall be at least fifteen days prior
to the next interest payment date, stating that bonds numbered
(giving their indentifying number or numbers) will be
paid on the date the next interest shall become due, and interest
upon such bond(s) shall thereupon cease upon such date. Interest
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K�AI
on all of such Bonds so called for redemption shall cease to
accrue on the date fixed for redemption unless such bond or bonds
so called for redemption are not redeemed upon presentation made
pursuant to such call.
Section 8. Execution of Bonds. The Bonds shall be signed by
the facsimile signature of the County Executive and attested by
the facsimile signature of the Clerk of the Council.
Only such Bonds as shall bear thereon a Certificate of
Authentication in the form heretofore 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 any 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 Bonds shall be the proper officers of
the County although at the original date of such Bond any such
person shall not have been an officer of the County.
Section 9. Bond Registrar. The Bond Registrar shall keep,
or cause to be kept, at its principal corporate trust office,
sufficient books for the registration and transfer of the Bonds
which shall at all times be open to inspection by the County. The
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Bond Registrar is authorized, on behalf of the County, to authen-
ticate 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 Registrar's 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 Regis-
trar, and to the extent permitted by law, may act as depository
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 Bondowners.
Section 10. Arbitrage Covenant. The County covenants and
agrees that throughout the term of the Bonds no part of the
proceeds of such bonds or any other money or obligations held in
the Bond Fund of the County shall at any time be used for any
purpose, nor shall the County take any other action, which would
cause any of the Bonds to be (1). an "abitrage bond" under Section
103(c) of the federal Internal Revenue Code of 1954, as amended,
and the applicable regulations thereunder or (2) an "industrial
development bond" under Section 103(b) of the Internal Revenue
Code of 1954, as amended, and the applicable regulations there-
under.
Any moneys on deposit in the Bond Fund and not paid out for
principal and interest on the Bonds within thirteen months from
date of deposit (twelve months, if moneys are derived from invest-
ment earnings), if invested, shall be invested at a yield which
will not exceed the yield on the Bonds.
Section 11. Temporary Bond. Without unreasonable delay, the
County shall cause definitive registered Bonds to be prepared and
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executed after the award of the Bonds to the purchaser. If
definitive registered Bonds are not ready for delivery within ten
(10) days after the sale of the Bonds, the County may issue a
temporary bond or bonds, with appropriate omissions, changes, and
additions. Any temporary bond or bonds issued hereunder shall be
entitled and subject to the same benefits and provisions of this
ordinance with respect to the payment, security and obligation
thereof as the definitive Bonds authorized herein. Such temporary
bond or bonds shall be exchangeable without cost to the holder
thereof for definitive Bonds when the latter are ready for
delivery.
Section 12. Lost, Destroyed or Improperly Cancelled Bonds.
If any Bond is lost, destroyed (whether by mutililation, damage,
in whole or in part, or otherwise) or improperly cancelled, the
Bond Registrar may authenticate a new Bond of like date and
denomination and bearing a number not contemporaneously outstand-
ing, provided that (a) in the case of any mutilated Bond, such
mutilated Bond shall first be surrendered to the Bond Registrar,
and (b) in the case of any Bond lost or destroyed in whole, there
shall be first furnished to the Bond Registrar evidence of such
loss or destruction, together with indemnity, satisfactory to it.
In the event any lost, destroyed or improperly cancelled Bond
shall have matured or is about to mature, or has been called for
redemption, instead of issuing a duplicate Bond the Bond Registrar
may, in its discretion, pay the same without surrender thereof if
there shall be first furnished to the Bond Registrar evidence of
such loss, destruction or cancellation, together with indemnity,
satisfactory to it. Upon the issuance of any substitute Bond, the
Bond Registrar may require the payment of a sum sufficient to pay
expenses and charges of reissuance and cover any tax or other
governmental charge that may be imposed in relations thereto.
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Every substitute Bond issued pursuant to the provisions of
this Section 12 by virtue of the fact that any Bond is lost,
destroyed or improperly cancelled shall constitute an additional
contractual obligation of the County, whether or not the lost,
destroyed or improperly cancelled Bond shall be at any time
enforceable, and shall be entitled to all the benefits of this
ordinance equally and proportionately with any and all other Bonds
duly issued hereunder.
Section 13. Sale of Bonds. The Bonds shall be sold to
Harold Walton, Bellingham, Washington, in accordance with the
provisions of this ordinance and the Purchase Contract for the
Bonds previously presented to the Council. The Purchase Contract,
previously approved and executed on behalf of the County, is
hereby ratified and confirmed.
The appropriate County officials shall do everything neces-
sary for the prompt printing and delivery of the Bonds to the
purchaser thereof, and shall apply the proceeds thereof to the
payment of the cost and expenses of the improvements in DID
No. 31, including the expenses of the issuance of the Bonds to the
extent permitted by law.
The Preliminary Official Statement dated September 20, 1983,
in the form now on file in the office of the DID No. 31 is hereby
approved, and its distribution in connection with the issuance of
the Bonds is hereby ratified and confirmed.
Section 14. 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.
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Section 15. Supplemental Ordinances.
A. The County from time to time and at any time may pass an
ordinance or ordinances supplemental hereto, which ordinance or
ordinances thereafter shall become a part of this ordinance, for
any one or more or all of the following purposes:
(1) To add to the covenants and agreements of the
County in this ordinance contained, other covenants and
agreements thereafter to be observed, or to surrender any
right or power herein reserved to or conferred upon the DID
No. 31.
(2) To make such provisions for the purpose of curing
any ambiguity or of curing, correcting or supplementing any
defective provision contained in this or in regard to matters
or questions arising under this ordinance as the Commission
may deem necessary or desirable and not inconsistent with
this ordinance and which shall not adversely affect the
interests of the registered owners of the Bonds.
Any such supplemental ordinance of the Council may be passed
without the consent of the registered owners of any of the Bonds
at the time outstanding, notwithstanding any of the provisions of
subsection B of this section.
B. With the consent of the registered owners of not less
than 65% in aggregate principal amount of the Bonds at the time
outstanding, the Council of the County may pass an ordinance or
ordinances supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the
provisions of this ordinance or of any supplemental ordinance;
provided, however, that no such supplemental ordinance shall
(1) Extend the fixed maturity of any of the Bonds, or
reduce the rate of interest thereon, or extend the time of
payments of interest from their due date, or reduce the
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amount of the principal thereof, without the consent of the
registered owner of each Bond so affected; or
(2) Reduce the aforesaid percentage of registered
owners of Bonds required to approve any such supplemental
ordinance without the consent of the registered owners of all
of the Bonds then outstanding.
It shall not be necessary for the consent of the Bondowners
under this subsection B to approve the particular form of any
proposed supplemental ordinance, but it shall be sufficient if
such consent shall approve the substance thereof.
C. Upon the passage of any supplemental ordinance pursuant
to the provisions of this section, this ordinance shall be deemed
to be modified and amended in accordance therewith, and the
respective rights, duties and obligations of the County under this
ordinance and all registered owners of Bonds outstanding hereunder
shall thereafter be determined, exercised and enforced thereunder,
subject in all respects to such modification and amendments, and
all the terms and conditions of any such supplemental ordinance
shall be deemed to be part of the terms and conditions of this
ordinance for any and all purposes.
D. Bonds executed and delivered after the execution of any
supplemental ordinance passed pursuant to the provisions of this
section may bear a notation as to any matter provided for in such
supplemental ordinance, and if such supplemental ordinance shall
so provide, new Bonds so modified as to conform, in the opinion of
the Council, to any modification of this ordinance contained in
any such supplemental ordinance may be prepared by the County and
delivered without cost to the registered owners of the Bonds then
outstanding, upon surrender for cancellation of such Bonds in
equal aggregate principal amounts.
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Section 16. Severability. If any one or more of the provi-
sions of this ordinance shall be declared by any court of compe-
tent jurisdiction to be contrary to law, then such provision shall
be null and void and shall be deemed severable from the remaining
provisions of this ordinance and shall in no way affect the
validity of the other provisions of this ordinance.
Section 17. Effective Date. This ordinance shall become
effective from and after its passage, approval and publication in
the manner required by law.
INTRODUCED this 6th day of October , 1983.
ADOPTED this 20th and of October , 1983.
WHATCOM COUNTY COUNCIL
WHATCOM AUNTY, WASHINGTCIN
By
ATTEST:
Clerk.' of the C nci 1
Craig W.( 0+614, Chairperson
X) APPROVED VOTED
John uws, County Executive
.. i
October 21, 1923
Date
Published on October 12, 1933 and October 26, 1983
This ordinance shall become effective on October 31, 1983
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CERTIFICATE
I, the undersigned, Clerk of the Council of Whatcom County,
Washington (herein called the "County "), DO HEREBY CERTIFY:
1. That the attached Ordinance numbered 9 3 -e�( (herein
called the "Ordinance ") is a true and correct copy of an ordinance
of the County as passed at a meeting of the County Council of the
County held on the day of 1983, and duly
recorded in my office.
2. That said meeting was duly convened and held in all
respects in accordance' with law, and to the extent required by
law, due and proper notice of such meeting was given; that a legal
quorum was present throughout the meeting and a legally sufficient
number of members of the County Council voted in the proper manner
for the passage of the Ordinance; that all other requirements and
proceedings incident to the proper passage of the Ordinance have
been duly fulfilled, carried out and otherwise observed, and that
I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the County this o��y�'` day of October, 1983.
Clerk of the CoVf1cil
[COUNTY SEAL]
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