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JEFFERSON COUNTY, WASHINGTON
RESOLUTION NO.
47-91
A RESOLUTION of the Board of County Commissioners of
Jefferson County, Washington, adopting a system of
registration of bonds and obligations of the County.
WHEREAS, Section 149(a) of the Internal Revenue Code of
1986,
a s amended,
requires municipal bonds and obligations
offered to the public having a maturity of more than one year
to be in registered form as a condition of the exclusion from
gross income for federal income tax purposes of the interest on
those bonds and obligations; and
WHEREAS, RCW 39,46.030 authorizes counties to establish a
system
of
registering the ownership of their bonds
or
obligations as to principal and interest, or principal only;
NOW, THEREFORE,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
JEFFERSON COUNTY7 WASHINGTON, as follows:
The following words shall have
Section 1.
Definitions.
the following meanings when used in this resolution:
a.
"Bond" or "bonds" shall have the meaning defined
in RCW 39.46.020(1), as the same may be amended from time to
time.
b.
"County" shall mean Jefferson County, Washington.
"Fiscal Agencies" shall mean the duly appointed
c.
fiscal agencies of the State of Washington serving as such at
any given time.
d.
"Obligation"
or
"obligations"
shall have the
meaning defined in RCW 39,46,020(3), as the same from time to
time may be amended.
e.
"Registrar" shall mean the person,
persons or
entity designated by the County to register ownership of bonds
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or obligations under this resolution or under a resolution of
the
County
authorizing
the
issuance
of
such bonds
or
obligations.
Section 2.
Findings.
The Board of County Commissioner's
of the County finds that it is in the' County's best interest to
establish a system of registering the ownership of the County's
bonds and obligations in the manner permitted by law.
Section 3.
Adoption of Registration System,
The County
adopts the following system of registering the ownership of its
bonds and obligations.
a.
Reqistration
Requirement.
All
bonds
and
obligations offered to the public, having a maturity of more
than one year, on which the interest is intended to be excluded
from gross income for federal income tax purposes, shall be
registered as to both principal and interest as provided in
this resolution.
b.
Method of Reqistration.
The registration of all
County bonds and obligations required to be registered shall be
carried out either by
1) a book entry system of recording the
ownership of the bond or obligation on the books of
the Registrar, whether or not a physical instrument
is issued; or
2) recording the ownership of the bond or
obI igation and requiring as a condition of the
transfer of ownership of any bond or obligation the
surrender of the old bond or obligation and either
the reissuance of the old bond or obligation or the
issuance of a new bond or obligation to the new owner.
No transfer of any bond or obligation subject to registration
requirements shall be effective until the name of the new owner
and the new owner's mailing address, together with such other
information deemed appropriate by the Registrar, are recorded
on the books of the Registrar.
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c,
Denominations.
Except
as
may
be
provided
otherwise by the
resolution
authorizing
their
issuance,
registered bonds or obligations may be issued and reissued in
any denomination up to the outstanding principal amount of the
bonds
or
obligations
of which they are a part.
Such
denominations may represent all or a part of a maturity or
several maturities and on reissuance may be in smaller amounts
than the individual denominations for which they are reissued,
d,
Appointment
of
Reqistrar,
Unless
otherwise
provided
in the
resolution authorizing the
issuance
of
registered
bonds
or
obligations,
the
County
Treasurer
(hereinafter referred to as the "Treasurer"), shall be the
Registrar
for
all
registered
interest-bearing warrants,
installment
contracts,
interest-bearing
leases
and
other
registered bonds or obligations not usually subject to trading
without a fixed maturity date or maturing one year or less
after issuance and the Fiscal Agencies shall be the Registrar
for all other County bonds and obligations without a fixed
maturity date or maturing more than one year after issuance,
e.
Duties of Reqistrar.
The Registrar shall serve
as
the
County's
authenticating trustee,
transfer
agent,
registrar and paying agent for all
registered bonds
and
obligations for which he/she, or it serves as Registrar and
shall comply fully with all applicable federal and state laws
and regulations respecting the carrying out of those duties,
The rights, duties, responsibilities and compensation
of
the Registrar
shall be prescribed in each resolution
authorizing the issuance of the bonds or obligations, which
rights,
duties,
responsibilities and compensation shall be
embodied in a contract
executed by the County and the
Registrar, except that (i) when the Fiscal Agencies serve as
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Registrar, the County adopts by reference the contract between
the State Finance Committee of the State of Washington and the
Fiscal Agencies in lieu of executing a separate contract and
prescribing by resolution the rights, duties, obligations and
compensation of the Registrar,
and (i i) when the Treasurer
serves as Registrar, a separate contract shall not be required.
In all cases when the Registrar is not the Fiscal
Agencies and the bonds or obligations are assignable,
the
resolution authorizing the issuance of the registered bonds or
obligations shall specify the terms and conditions of
1)
making payments of principal and interest;
2) printing any physical instruments, including
the use of identifying numbers or other designation;
3)
4)
specifying record and payment dates;
determining denominations;
5) establishing the manner of communicating
with the owners of the bonds or obligations;
6) establishing the methods of receipting for
the physical instruments for payment of principal,
the destruction of such instruments and the
certification of such destruction;
7) registering or releasing security interests,
if any; and
8) such other matters pertaining to the
registration of the bonds or obligations authorized
by such resolution as the County may deem to be
necessary or appropriate,
Section 4.
Statement
of Transfer Restrictions.
Any
physical instrument issued or executed by the County subject to
registration under this resolution shall state on its face that
the principal of and interest on the bonds or obligations shall
be paid only to the owner thereof registered as such on the
books of the Registrar as of the record date defined in the
instrument and to no other person, and that such instrument,
either principal or interest, may not be assigned except on the
books of the Registrar.
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ADOPTED by the Board of County Commissioners of Jefferson
County, Washington, at a regular open public meeting thereof
this ~~ day of May, 1991.
BOARD OF COUNTY COMMISSIONERS
JEFFERSON COUNTY, WASHINGTON
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Chairman
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ATTEST:
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APPROVED AS TO FORM:
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Prosecuting Attorney(Þ-vpu~ )
MLC-1762"
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