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HomeMy WebLinkAboutord1982-085WHATCOM COUNTY, WASHINGTON LIMITED TAX GENERAL OBLIGATIONS BONDS, SERIES 1982 $1,300,000 ORDINANCE 82 -85 AN ORDINANCE of the County Council of Whatcom County, Washington, authorizing the acquisition, construc- tion and installation of an exposition building on the grounds of the Northwest Washington County Fair and the repair and replacement of County roads and drainage facilities; providing for the issuance and sale of limited tax levy general obligation bonds of the County in the principal sum of $1,300,000; 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: i INTRODUCED November 4, 1982 PASSED November 18, 1982 PRESTON, THORGRIMSON, ELLIS & HOLMAN 2000 IBM Building Seattle, Washington 98101 WHATCOM COUNTY, WASHINGTON ORDINANCE No. 82 -85 TABLE OF CONTENTS -i- Page Recitals................... ............................... 1 SECTION 1. Definitions .... ............................... 1 SECTION 2. The Project .... ............................... 2 SECTION 3. Authorization of 1982 Bonds ................... 4 SECTION 4. Description of 1982 Bonds ..................... 4 SECTION 5. Rights of Prior Redemption .................... 5 SECTION 6. Creation of Bond Fund and Provision for Tax LevyPayments .............................. 5 SECTION 7. Defeasance ..... ............................... 6 SECTION 8. Arbitrage Covenant ............................ 7 SECTION 9. Lost or Destroyed Bonds or Coupons ............. 7 SECTION 10. Form of 1982 Bonds and Coupons ................ 7 SECTION 11. Execution of the 1982 Bonds ................... 10 ^SECTION 12. Construction Funds ............................ 11 SECTION 13. Sale of the 1982 Bonds ........................ 11 SECTION 14. Approval of Official Statement ................ 12 SECTION 15. Authorization to Officials and Agents ......... 12 -i- DATE: November 4, 1982 INTRODUCED BY: Van Zanten PROPOSED BY: Bond Council ORDINANCE NO. 82 -85 AN ORDINANCE of the County Council of Whatcom County, Washington, authorizing the acquisition, construc- tion and installation of an exposition building on the grounds of the Northwest Washington County Fair and the repair and replacement of county roads and drainage facilities; providing for the issuance and sale of limited tax levy general obligation bonds of the County in the principal sum of $1,300,000; 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, Whatcom County, Washington (the "County "), leases property in Lynden, Washington, Whatcom County, Washington, as the site for the Northwest Washington County Fair and deems it in the best interests of the residents of the County to acquire, construct and install an exposition building thereon; and WHEREAS, the County. deems it necessary to repair and replace various County roads and provide for the possible replacement of certain storm drainage facilities; and WHEREAS, in order to provide the moneys required therefor, it is deemed necessary and advisable that the County issue and sell its Limited Tax General Obligation Bonds, Series 1982, 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 facilities and equipment 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 $1,300,000 principal amount of Whatcom County, Washington, Limited Tax General Obligation Bonds, Series 1982 issued pursuant to this ordinance for the purpose of paying 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: A. Fairgrounds Building. The County shall acquire, con- struct and install a metal framed exposition building on the site of the Northwest Washington County Fair in the City of Lynden, Whatcom County, Washington. The estimated cost of such building is $400,000. B. Road Improvements. The County shall repair and restore the following roads owned by and located within the County at the following estimated costs: — Slater Road $ 30,000 Lake Whatcom Boulevard 120,000 Drayton Harbor Road 100,000 South Pass Road 70,000 Reese Hill Road 80,000 Lummi Shore Road 350,000 North Nugent Road 110,000 West Shore Road 50,000 Beach Avenue 7,000 Salakanum Road 70,000 Roberts Road 65,000 Britton Road 140,000 Hannegan Road 80,000 -2 JAR54 82/10/29 The County Executive is hereby authorized to substitute one or more capital road improvement projects for the ones specified herein subject to ratification of the County Council through the awarding of construction contracts. C. Storm Drainage. In the event the County becomes obli- gated to repair and replace storm drainage facilities along Cliffside Road, the County hereby authorizes such repair and replacement at an estimated cost of $225,000. 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 and may eliminate any portion thereof from the Project in its discretion. The County may make such changes in the facilities or equip- ment 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 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 entire Project and paying all costs incidental thereto and to the issuance of-the Bonds, is hereby declared to be as nearly practicable the sum of $2,000,000, of which $1,300,000 shall be provided from the proceeds of sale of the Bonds and the balance of which shall be paid from other cash on hand and avail- able therefor. The County reserves the right in the event addi- tional funds are. unavailable to proceed with only those portions of the Project as it deems necessary and advisable. D. Any work authorized by this ordinance for which the cost estimated herein is $50,000.00 off+ more shall be contracted out to private firms through the applicable bid procedures contained in Whatcom County Code Chapter 3.08. -3- JAR54 82/10/29 SECTION 3. Authorization of 1982 Bonds. The County shall issue the Bonds in the aggregate principal amount of $1,300,000 to provide 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 1982 Bonds. The Bonds shall be designated "Whatcom County, Washington, Limited Tax General Obligation Bonds, Series 1982," shall be dated December 1, 1982, 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 December 1, 1983 and semiannually thereafter on the first days of each June and December. The Bonds shall be in coupon form, shall be numbered and mature in order of their number in the following amounts on December 1 of the following years: (Maturity schedule computed at assumed rate of 9.65% 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 -4- JAR54 82/10/29 Principal Bond Nos. Maturity Date Amount 1 -5 1984 $25,000 6 -11 1985 30,000 12 -17 1986 30,000 18 -24 1987 35,000 25 -32 1988 40,000 33 -40 1989 40,000 41 -49 1990 45,000 50 -59 1991 50,000 60 -70 1992 55,000 71 -82 1993 60,000 83 -95 1994 65,000 96 -110 -1995 75,000 111 -126 1996 80,000 127 -144 1997 90,000 145 -163 1998 95,000 164 -184 1999 105,000 185 -207 2000 115,000 208 -232 2001 125,000 233 -260 2002 140,000 (Maturity schedule computed at assumed rate of 9.65% 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 -4- JAR54 82/10/29 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 December 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 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 foi Tax Levy Payments. A special fund of the County known as the "Whatcom County Limited Tax Bond Fund,-1982" (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 -5- JAR54 82/10/29 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 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 -6- JAR54 82/10/29 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 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: -7- JAR54 82/10/29 UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON WHATCOM COUNTY LIMITED TAX GENERAL OBLIGATION BOND, SERIES 1982 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 December, 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 December 1, 1983 and semi- annually thereafter on the first days of each June and December. Payment of the interest due on or before the maturity of this bond shall be made only upon presenta- 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 December 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 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. -8- JAR54 82/10/29 This bond is one of a series of 260 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 $1,300,000. This series of bonds is author- ized by Ordinance No. of the County (the "Bond Ordinance ") for the purpose of providing money to pay the cost of acquiring, constructing and installing a building on the grounds of the Northwest County Fair and various road and storm drainage facilities of the County, all in conformity 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. 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 signa- tures hereto of said officials, as of this 1st day of December, 1982. WHATCOM COUNTY, WASHINGTON By /s/ facsimile or manual signature County Executive -9- JAR54 82/10/29 ATTEST: /s/ facsimile or manual signature Clerk of the Council The interest coupons attached to the Bonds shall be in substantially the following form: M Al On 11 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 1982, dated Decem- ber 1, 1982 and numbered WHATCOM COUNTY, WASHINGTON By /s/ facsimile signature County Executive ATTEST: /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. -10- JAR54 82/10/29 SECTION 12. Construction Funds. There are hereby authorized and directed to be created in the office of the County Treasurer two special funds of the County to be known as the "1982 Fair Construction Fund" and the "1982 Road Construction Fund" (together the "Construction Funds "). At the time of delivery of the Bonds, there shall be paid into the 1982 Fair Construction Fund from the proceeds of the Bonds the sum of $300,000 to be used for the purpose of paying the costs of that portion of the Project authorized in Section 2.A hereof including costs necessary and incidental thereto. The remainder of the proceeds, with the exception of accrued interest, if any, to the date of delivery which shall be deposited in the Bond Fund, shall be paid into the Road Construction Fund. Moneys on deposit in the Road Construction Fund shall be used for the purpose of paying for those Project costs authorized by Section 2.B and 2.0 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 Funds after all of such costs have been paid or reimbursed may be used to pay costs of other legally authorized improvements to County road or sewer facilities or shall be deposited in the Bond Fund. Moneys in the Construction Funds may be invested as permitted by law. All interest earned and profits derived.from such investments shall be retained in and become a part of the respective Construction Funds. SECTION 13. Sale of the Bonds. The Bonds shall be sold at public sale on the 8th day of December, 1982 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 -11- JAR54 82/10/29 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 authorizied 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 everyting necessary for the execution and delivery of the Bonds, and for the proper use and application of the proceeds of the sale thereof. PASSED this 18th day of November , 1982. A TTE ST,:- ;- Cler ',o - ke Ouncil WHATCOM COUNTY COUNCIL WHATCOM COUNTY, WASHINGTON �, Wi liam P. Roehl, Chairman ('!�) Ap d ( ) Vetoed John,116uws, Executive November 19, 1982 Date Published November 14, 1982 and November 30., 1982 Effective date: November 29, 1982 -12-