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HomeMy WebLinkAboutord1980-0691 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 i 21 22 23 24 25 26 27 28 29 30 31 32 JJDATE: September 4, 1980 ORDINANCE NO, INTRODUCED BY: Roehl PROPOSED BY: Bonding Company 80 -69 AN ORDINANCE OF THE COUNCIL OF WHATCOM COUNTY, WASHINGTON AMENDING ORDINANCE NO', 80--59 PROVIDING FOR THE ISSUANCE AND .SALE OF BONDS OF WHATCO?4 COUNTY 'TOAD IMPROV011ENT DISTRICT N0: 4 IN THE PRINCIPAL SUM OF $76,031.43 WHEREAS, on August 21, 1980, the Council of Whatcom County, Washington, (the "County Council ") passed and approved Ordinance I No. 80 -59 authorizing the issuance and sale of $76,031.43 aggregate principal of `'lhatcom County Road Improvement District No, 4 Bonds to be dated October 1, 1980 (the "Bonds ") and providing for public sale of the Bonds on September 4, 1980; and WHEREAS, the maximum interest rate fixed the Bonds is eight, percent, which is the maximum rate fixed by law for the assessment installments which will provide the monies for payment of the 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 SHEREAS, it is deemed necessary and advisable to change the frequency and dates.of the interest payments on the Bonds to increase their marketability, NOW, THEREFORE, BE IT ORDAINED by the Council of Whatcom County, Washington, as follows: SECTION 1, Section 1 of Ordinance No. 80 -59 passed and approved August 21, 1980, is hereby amended as follows: T Roehl PROPOSED BY: Bonding Company 80 -69 AN ORDINANCE OF THE COUNCIL OF WHATCOM COUNTY, WASHINGTON AMENDING ORDINANCE NO', 80--59 PROVIDING FOR THE ISSUANCE AND .SALE OF BONDS OF WHATCO?4 COUNTY 'TOAD IMPROV011ENT DISTRICT N0: 4 IN THE PRINCIPAL SUM OF $76,031.43 WHEREAS, on August 21, 1980, the Council of Whatcom County, Washington, (the "County Council ") passed and approved Ordinance I No. 80 -59 authorizing the issuance and sale of $76,031.43 aggregate principal of `'lhatcom County Road Improvement District No, 4 Bonds to be dated October 1, 1980 (the "Bonds ") and providing for public sale of the Bonds on September 4, 1980; and WHEREAS, the maximum interest rate fixed the Bonds is eight, percent, which is the maximum rate fixed by law for the assessment installments which will provide the monies for payment of the 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 SHEREAS, it is deemed necessary and advisable to change the frequency and dates.of the interest payments on the Bonds to increase their marketability, NOW, THEREFORE, BE IT ORDAINED by the Council of Whatcom County, Washington, as follows: SECTION 1, Section 1 of Ordinance No. 80 -59 passed and approved August 21, 1980, is hereby amended as follows: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 SECTION 1. For the purpose of paying the cost and expense of the improvements ordered by resolution of the County adopted June 5, 1978, and constructed in Whatcom County Road Improvement District No. 4, the County shall issue and sell bonds of Whatcom County Road Improvement District No. 4 in the principal amount of $76,031.43 (the "Bonds "). The Bonds shall be dated October 1, 1980, shall be in the denomination`of.$5,000.00 each except Bond No. 1 which shall be in the denomination of $1,031.43, shall bear interest at such rate or rates as shall be fixed by the County Council upon the sale thereof, payable on the first day of May, 1981 and semiannually thereafter on the first days of November and r.lay of each year, shall be numbered from 1 to 16 inclusive, and shall mature November it 1991. Both 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 State. of Washington in the cities of Seattle, Washington and New York, New York. 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 Whatcom County Road Improvement District No. 4 Bond Fund to pay the same, over and above an amount sufficient for the payment of the interest next accruing on all the unpaid bonds of Whatcom County Road Improvement District No. 4 Bond Fund to pay the same, over and above an amount sufficient for the payment of the.interest next accruing on all the unpaid bonds of Whatcom County Road Improve- ment District No..4. Notice of such intended redemption . shall be given by mail to the original-purchaser or the account manager thereof (or to its successor in business) at its main office, and by one publication thereof in the official newspaper of Whatcom County not more than forty (40) nor less than thirty (30) days prior to such redemption date. SECTION 2. Section 3 of Ordinance No. 80 -59 is hereby amended as follows: SECTION 3, Said Bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. 0 STATE OF WASHINGTON WHATCOM COUNTY ROAD IMPROVEMENT DISTRICT N0, 4 Laws of Washington 1963, Chapter 4 (RCW 36.88.240) provides, in part, as follows. 2 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22, 23 24 25 26 27 28 29 30 31 32 "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 the 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 non - payment, shall be confined to the enforcement of any assessments "made in such road improvement district and to the guaranty fund." Whatcom County, Washington, hereby promises to pay to bearer on the first day of November, 1991, the principal amount of in lawful money of the United States of America, 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 May 1, 1981 and semiannually thereafter on the first days of November and P.say of each year, upon presentation and surrender of the annexed interest coupons as they severally become due or until such principal amount shall have been paid or duly provided for. Both principal of and interest on the bonds are 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 State of Washington in the cities of Seattle, Washington and New York, New York, solely out of the Whatcom.County Road Improvement District No. 4 Fund created by Ordinance No. of the County and from the Whatcom County Road.Improvement Guaranty Fund created by Ordinance No. of the County pursuant to Laws of Washington 1967, Chapter 63. Neither the holder nor the owner of this bond shall have any claim therefor against'Whatcom 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. This Bond is one of an issue aggregating in all the principal sum of $76,031.43, issued to pay part of the cost of certain road improvements within Whatcom County Road Improvement District No. 4 created by resoltuion adopted June 5, 1978. The bonds of this issue are subject to redemption at par in advance of their scheduled maturity, in numerical order, on any interst I there shall "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 the 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 non - payment, shall be confined to the enforcement of any assessments "made in such road improvement district and to the guaranty fund." Whatcom County, Washington, hereby promises to pay to bearer on the first day of November, 1991, the principal amount of in lawful money of the United States of America, 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 May 1, 1981 and semiannually thereafter on the first days of November and P.say of each year, upon presentation and surrender of the annexed interest coupons as they severally become due or until such principal amount shall have been paid or duly provided for. Both principal of and interest on the bonds are 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 State of Washington in the cities of Seattle, Washington and New York, New York, solely out of the Whatcom.County Road Improvement District No. 4 Fund created by Ordinance No. of the County and from the Whatcom County Road.Improvement Guaranty Fund created by Ordinance No. of the County pursuant to Laws of Washington 1967, Chapter 63. Neither the holder nor the owner of this bond shall have any claim therefor against'Whatcom 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. This Bond is one of an issue aggregating in all the principal sum of $76,031.43, issued to pay part of the cost of certain road improvements within Whatcom County Road Improvement District No. 4 created by resoltuion adopted June 5, 1978. The bonds of this issue are subject to redemption at par in advance of their scheduled maturity, in numerical order, on any interst payment date whenever there shall be sufficient money in said Whatcom County Road Improvement District No. 4 3 - 1 2 3 4 5. 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 I Fund to pay the same, over and above an amount sufficient for the payment of the interest next accruing on the unpaid bonds of Whatcom County Road Improvement District No. 4. In case this bond is called for payment before its final maturity, each and every interest coupon not accrued at the time of such payment shall be void. Call for payment of this bond shall be made by the County Treasurer by mailing notice of such call to , or its successor in business, at its main office in , and by one publication of such call in the official newspaper of Whatcom County, Washington not more than forty (40) nor less than thirty (30) days prior to said call date, and when such call is made this bond shall be paid on the date the next interest coupon thereof shall become due after such call. 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 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. IN WITNESS WHEREOF, Whatcom County, Washington has caused this bond to be signed on behalf of the County with the manual signature of the County Executive, to be attested by the manual signature of the County Auditor and ex- officio Clerk of the Council, the official seal of the County to be imprinted or impressed hereon, and the interest coupons attached hereto to be signed with the facsimile signatures of said officials this lst day of October, 1980, WHATCOM COUNTY, WASHINGTON By: County Executive ATTEST: County Auditor & Ex- Officio Clerk of the Countil The interest coupons to, shall be in substantially the No. be attached to said bonds following form: On the first day of 19 Whatcom County,'Washington, will pay to bearer at the office of the County Treasurer or, at the-option of the holder, at either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington and New York, New York,,the sum shown hereon in lawful money of the United States of America out of the Whatcom County Road Improvement District No 4 Fund of the County, said sum being the interest due that date on bond numbered of Whatcom County Road Improvement 4 1 2 3 4 5 6 7 8 9 10 11 I 12 13 14 15 16 17 18 19� 20 21 22 23 24 25 26 27 28 29 30 31 32 Il' District No. 4 of the County. This coupon is subject to all the terms and conditions contained in the bond to which it is attached. WHATCOM COUNTY, WASHINGTON By: County Executive ATTEST: CountyAudito"r & Ex- officio Clerk of the Council PASSED this day of September, 1980. WHATCOM COUNTY COUNCIL WHATM -4 COUNTY, WASHINGTON Chairpers n Attest: Joan Ogden County Auditor & Ex- officio Clerk of the Council By: 06(1/1 � 1 ie � lieu ty F- Appx-o ' as o (k4 approved ) vetoed John L073 , Exec'it ive Date:����� Ci.Vil De] luty Prosecuting Attorney Published on September 11 and September 25, 1980 This Ordinance will•be effective on September 29, 1980 R 3 -. , 1980. wm 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 District No. 4 of the County. This coupon is subject to all the terms and conditions contained in the bond to which it is attached. WHATCOM COUNTY, WASHINGTON By: (ATTEST: ounty Executive County Auditor & Ex- officio Clerk of the Council PASSED this day of September, 1980. WHATCOM COUNTY COUNCIL WHATCOP/,4J' COUNTY, WASHINGTON L Chairpers n Attest: Joan Ogden County Auditor & Ex- officio Clerk of the Council By: 0-6'/tit "i iit� D e � Applied as lol<o 18 Z 4;7-Za'4 l Ci it DeMity Prosecuting 19 ublished on September 11 20 (�4 approved ) vetoed John Lo`in , Executive Date: ���X� torney and September 25, 1980 21 This Ordinance will'be effective on September 29, 1980 19800 22 23 24 25 26 27 28 29 30 31 32 ;�� � a °" ��:. ,: �.