HomeMy WebLinkAboutord1980-0621
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to September 4, 1980
Introduced by: Roehl
Proposed by Engineering Division
ORDINANCE N0. 80 -62
AN ORDINANCE of the "Council of Whatcom County,
Washington amending Ordinance No. 80 -59 providing
for the issuance and sale of bonds of Road Improve,j'
ment District No. 4 in the principal sum of
$76,031.43 and declaring an emergency.
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WHEREAS, on August 21,11980, the Council of Whatcom County,
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Washington, (the "County Council ") passed and approved Ordinance
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No. 80 -59 authorizing the issuance and sale of $76,031.43
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aggregate principal of Whatcom County Road Improvement District
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No. 4 Bonds to be dated October 1, 1980 (the "Bonds ") and
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providing for public sale of the Bonds on September 4, 1980; and
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WHEREAS, the maximum interest rate fixed the Bonds is eight
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percent, which is the maximum rate fixed by law for the assessment
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installments which will provide the moneys for payment of the
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Bonds; and
WHEREAS, it has been the advice of financial consultants
that such maximum interest rate has been and remains a major
impediment to the ability of Whatcom County, Washington (the
"county") to market the Bonds; and
WHEREAS, it is deemed necessary and advisable to change the
frequency and dates of the interest payments on the Bonds to
increase their marketability; and
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WHEREAS, there is insufficient time to permanently amend
Ordinance No.
80 -59
prior to the scheduled sale date and
the
County would
incur
substantial additional expense if the
sale
were cancelled
and a
new sale date set; and
WHEREAS,
the County Council will have sufficient
time
between the date of
the sale and the date of delivery of
the
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s if a suitable bid for the Bonds is received and accepted on
2 September 4, 1980, to consider an ordinance to permanently amend
3 Ordinance No. 80 -59;
4 NOW, THEREFORE, BE IT ORDAINED by the Council of Whatcom
5 County, Washington, as follows:
611 SECTION 1. There is hereby found and declared an emergency
7 necessary for the immediate` preservation of the peace, health,
8 safety or support' of the County government. and its existing
9 institutions. This emergency is created by the necessity to
10 amend certain details affecting the marketability of the Bonds
11 prior to the sale thereof and to permit the County Council to
12 give due consideration to permanently amending Ordinance No.
13 80 ®59 authorizing the issuance and sale of the Bonds.
14 SECTION 2. Section 1 of Ordinance No. 8059 passed and
15 approved August 21, 1980, is hereby amended as follows:
16 SECTION 1. For the purpose of paying
.,the cost and
expense of the improvements ordered by resolution of the
17 County adopted June 5, 1978, and constructed, in Road
Improvement Distriet,No..4, the County shall issue and
18 sell bonds of Road Improvement District No. 4 in the
principal amount of $76,031.43 (the "Bonds "). The
19 Bonds shall be dated, October 1,, 1980, shall be in the
denomination of $5,000.00 each except Bond No. 1 which
20, shall be in the denomination of $1,031.43, shall bear
interest at such rate or rates as shall be fixed by the
21 County Council upon the sale thereof, payable on.the
first day of May, '1981 .:;and semiannually thereafter on
22 the first days of November and May of each year, shall.
be numbered from, 1 ;'to 16 inclusive, and ` shall mature
23 November 1, 1991
24 Both principal of and interest on the Bonds shall
be payable in Lawful 'money of the United States of
25 America at the office of the County Treasurer in
Bellingham, Washington or, at the option of the holder,;
26 at either of the fiscal agencies of the State of
Washington in the cities of Seattle, Washington and New
27 York, New York,
28 Bonds shall be 'redeemable at par in advance of
their scheduled maturity in numerical order',, ''on any
29 interest payment ,date` whenever there shall be sufficient
money in the Road Improvement District No 4 Bond Fund'
30 to pay the same, over and above an amount sufficient
for the payment of the interest next accruing on all
31 the unpaid bonds of Road Improvement District No. 4.
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I Notice of such intended redemption shall be given by!
mail to the original purchaser or the account manager'
2 thereof (or to its successor in business) at its main';
office, and by one publication thereof in the official'
3 newspaper of Whatcom County not more than forty (40)
nor less than thirty (30) days prior to such redemption
4 date.
5 SECTION 3. Section 3 of Ordinance. No. 8059 is hereby
6 amended as follows:
7 SECTION 3. Said Bonds shall be in substantially
the following form:
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UNITED STATES OF AMERICA
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NO $
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STATE OF WASHINGTON
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WHATCOM COUNTY
12 ROAD IMPROVEMENT DISTRICT NO 4
13 Laws of Washington 1963, Chapter 4 (RCW 36.88.240)
provides, in part, as follows:
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"Neither the holder nor the owner of any
15 bond or warrant issued under the provisions
of this chapter shall have any claim therefor
16 against the county by which the same is
issued, except for payment from the special
17 assessments made for the improvement for
which said bond or warrant was issued and
18' except as against the improvement guaranty
fund of such county, and the county shall not
19 be liable to any holder or owner of'such bond
or warrant for any loss to the guaranty fund
20 occurring in the lawful-operation thereof by
the county.. The remedy of the holder or
21 owner of a bond, or warrant in case of. non-
payment, shall be confined to the enforcement
22 of any assessments made in such road improve-
ment district and to the guaranty fund."
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Whatcom County, Washington, hereby promises to pay
24 to bearer on the first day of November, 1991, the
principal amount of
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27 in lawful money of the United States' of America,
together with interest thereon from the date hereof
28 until payment of the principal sum has been made or
duly provided for at the rate of % per annum
29 payable May 1, 1981 and semiannually thereafter on the
first days of lgdvember.and May of each year," upon
30 presentation and surrender of the annexed interest
coupons as they severally become due or until such
31 principal amount shall have been paid or duly provided.
for.
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Both principal of and interest on the bonds are
payable in lawful money of the United States of America'
2 at the office of the County Treasurer in Bellingham,
Washington, or, at the option of the holder, at either
3 of the fiscal agencies of the State of Washington in
the cities of Seattle, Washington and New York, New
4 York, solely out of the Road Improvement District No. 4
Fund created by Ordinance No. of the County and
5 from the Whatcom..County Road Improvement Guaranty Fund,
created by Ordinance No. of the County pursuant to
6 Laws of Washington 1967, Chapter 63. Neither the
holder nor the owner of this bond shall have any claim
7 therefor against Whatcom`County except for payment from
the special assessments made for the improvement for
6 which said bond was issued and except as against the
Whatcom County Road Improvement District Guaranty Fund.
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This bond is one of an issue aggregating in all
10 the principal sum of $76,031.43, issued to pay part of
the cost of certain road improvements within Road
11 Improvement District No. 4 created by resolution
adopted June 5, 1978. The bonds of this issue are
12 subject to redemption at par in advance of their
scheduled maturity, in numerical order, on any interest
13 payment date whenever there shall be sufficient money
in said Road Improvement District No. 4 Fund to pay the
14 same, over and above an amount sufficient for the
payment of the interest next accruing on the unpaid
15 bonds of Road Improvement District No 4.
16 In case this bond is called for payment before its
final maturity, each and every interest coupon not
17 accrued at the time of such payment shall be void.
Call for payment of this bond shall be made by the
16 County Treasurer by mailing notice of such call to
or its succes�
19 sor in business, at its main office in if
and by one publication of such call in the official
20 newspaper of Whatcom County, Washington not more than
forty (40) nor less than thirty (30) days prior to said
21 call date, and when such call is made this bond shall
be paid on the date the next interest 'coupon thereof
22 shall become due after such call.
23 It is hereby certified and declared that this bond
and the bonds of this issue are issued pursuant to and
24 in compliance with the Constitution and laws of the
State of Washington and ordinances and resolutions of
25 the County, and that all acts, conditions and things
required to be done precedent to and in the issuance of
26 this bond have happened, been done, and performed.
27 1 IN WITNESS WHEREOF, Whatcom County, Washington has
caused this bond to be signed on behalf of the County
26 with the manual signature of the County Executive, to
be attested by the manual signature cof the County
29 Auditor and ex officio 'Clerk of the .Council, the
official seal of. the County to be imprinted or impressed
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3211
MAM
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1 hereon, and the interest coupons attached hereto to be`
signed with the facsimile signatures of said officials,:'
2 this 1st day of October, 1980,
3 WHATCOM.COUNTY, WASHINGTON
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5 By
County Executive
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ATTEST:
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County Auditor and ex officio
9 Clerk of the Council
10 The interest coupons to be attached,to said bonds
shall be in substantially the following form:
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NO. $
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On the first day of 19 Whatcom
13 County, Washington, will pay to bearer at the office of
the County Treasurer or, at the option of the holder,
14 at either of the fiscal agencies. of the State of
Washington in the cities of Seattle, Washington and New
15 York, New York, the sum shown hereon in lawful money of
the United States of America out of the Road Improvement
16 District No. 4 Fund of the County, said sum being the
interest due that date on bond numbered of
17 Road Improvement District No. 4 of the County. This
coupon is subject to all the terms and conditions
16 contained in the bond to which it is attached.
1911 WHATCOM COUNTY, WASHINGTON
2011
21 By
County Executive
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ATTEST:
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County Auditor and ex officio
25 Clerk of the Council
2611 r
27 SECTION 4. This ordinance shall be effective immediately
26 upon approval of the County Executive and shall expire as of the
sixty -first day following the effective date.
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INTRODUCED this 4th day of September, 1980,
PASSED.this 4th day of September, 1980.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
Chairman
ATTEST* Joan Ogden
&/I At X144d -AL'
Whatcom County Auditor o Deputy
and ex officio Clerk of
the Council
APPROVED this day of September, 1980,
10,Z 7"
Whatco County Kxecutive
4PPRO AS F
secuting Attorney
Published September 11, 1980 -
Effective immediately... upon signature
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