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I DATE 344182 bran 7anten
INTRODUCED BY
2 PROPOSED BY Finance
3 ORDINANCE NO. 82 -16
4 AN ORDINANCE AMENDING ORDINANCE NO. 79 -30
ESTABLISHING PROCEDURES FOR THE SALE OR
5' REFUNDING OF BONDS
6 WHEREAS, Whatcom County Council did adopt Ordinance No. 79 -30
7 on August 16, 1979 which established procedures for the sale or
8 refunding of bonds as required by the Whatcom County Charter 9.20,
9 and,
10 WHEREAS, Whatcom County Council needs to amend Ordinance
11 No. 79 -30 to reflect changes in the Revised Code of Washington
12 36.76.040 and make consistent.with requirements of the Whatcom
13 County Charter 2.30.
14 NOW, THEREFORE, BE IT ORDAINED that Ordinance No. 79 -30
15 (Whatcom County Code 3.16) be amended as follows:
16 (W.C.C. 3.16.020) Section 1. (1) Contents of Bonds.
17 The bonds shall bear the date of issue, shall be made
18 payable to bearer and bear interest at a rate net
19 emeeed }ng- eight- peveent- per-yeap; determined by the
20 county legislative authority, payable semi- anually,
21 with coupons attached for each interest payment.
22 Except as otherwise provided in Revised Code of Wash-
23 ington 39.44.100, the bonds and each coupon shall be
24 signed by the County Executive and shall be attested
25 by the Clerk of the County Council and the seal of
26 the County Council shall be affixed to each bond, but
27 not to the coupon. Each bond shall be printed, en-
28 graved, or lithographed on good bond paper.
.29 (W.C.C. 3.16.080) Section 2. (3) Bonds payable solely
out of operating revenues.
30
Revenue Bonds.issued pursuant to this Ordinance shall
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be solely payable out of the operating revenues of the
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ORDINANCE - 1.
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County. Such bonds shall be authorized by Ordinance of
the County Council which Ordinance shall create a special
fund or funds into which the county may be bound and
obligated to set aside and pay such part or parts, or
all of, a fixed proportion of, or fixed amounts of gross
revenue received by the county from monies for services
or activities as stated in the Ordinance, for the pur-
pose of paying the principal of and interest on such
bonds as the same shall become due, and if deemed neces-
sary to maintain adequate services therefor. Such fund
or funds shall be drawn upon solely for the purpose of
paying the principal and interest upon the bonds issued.
Any balance remaining in such fund or funds after all
bonds have been redeemed and all interest paid shall
be paid into the operating revenue fund from which the
bond redemption payments were made.
(W.C.C. 3.16.100) Section 2. (4). Remedy of bond holder.
Resolution used twice here, changed to Ordinance.
(W.C.C. 3.16.120) Section 2. (6). Covenants enforceable.
Resolution changed to Ordinance.
W.C.C. 3.16.130) Section 3 Funding and Refunding Revenue Bonds
Resolution changed to Ordinance (in first line)
ADOPTED this 18th day of March 1982.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
ATTEST:
Clerk of the Coundhl
APPROVED AS TO FORM:
Bruce L. Disend, Civil Deputy
Prosecuting Attorney
William P. Roehl, Chair
APPROVED ( ) VETOED
(ZZ' ",/ -
John ouws, County Executive
Date
(Published 3 /16/82 and 3/26/82
[ORDINANCE - 2.