Loading...
HomeMy WebLinkAbout049 91 ~ o(l~. Pu) 5'(Æ;¡'~1 JEFFERSON COUNTY, WASHINGTON RESOLUTION NO. 49-91 A RESOLUTION of the Board of County Commissioners, Jefferson County, Washington, relating to contracting indebtedness; providing for the issuance of a $789,000 par value Limited Tax General Obligation Bond, 1991 (Community Center), Series A, and a $251,000 par value Limited Tax General Obligation Bond, 1991 (Community Center), Series B, of the County for general County purposes to provide funds with which to pay part of the cost of renovating the Port Townsend, Washington, community center; fixing the date, form, maturity, interest rate, terms and covenants of the bonds; establishing a bond redemption fund; and approving the sale and providing for the delivery of the bonds to the United States of America, Department of Agriculture, Farmers Home Administration, WHEREAS, it is deemed necessary and in the best interests of Jefferson County, Washington (the "County") , and its inhabitants that the County assist in the renovation of the communi ty center located in Port Townsend, Washington (the "City"), the cost of which is $1,475,683, that cost to be paid from the proceeds of a grant received from the State of Washington in the amount of approximately $350,000 and approximately $85,683 of other funds and services of the County legally available therefor, leaving a balance of approximately $1,040,000, and the County does not now have available sufficient money to pay that portion of the cost; and WHEREAS, the Board of County Commissioners of the County has determined that it is in the best interests of the County to issue its limited tax general obligation bonds in the amount of $1,040,000 to pay a portion of the cost of renovating the community center located in the City; and WHEREAS, the County heretofore entered into a Loan Agreement with the United States of America, Department of ~ YGL 1,,"" I . , I nr 4G~J Agriculture, Farmers Home Administration, providing for a loan in the amount of $789,000 under the conditions, terms and specifications set forth in that Loan Agreement, such loan to be evidenced by the issuance and sale of limited tax general obligation bonds or a single bond in the principal amount of $789,000; and WHEREAS, the County heretofore entered into a Loan Agreement with the United States of America, Department of Agriculture, Farmers Home Administration, providing for an additional loan in the amount of $251,000 under the terms and specifications set forth in that Loan Agreement, such loan to be evidenced by the issuance and sale of limited tax general obligation bonds or a single bond in the principal amount of $251,000; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF JEFFERSON COUNTY, WASHINGTON, as follows: Section 1, Authorization of Bonds. The County shall borrow money on the credit of the County and issue its negotiable limited tax general obligation bonds evidencing that indebtedness in the aggregate principal amount of $1,040,000 consisting of one bond in the amount of $789,000 and one bond in the amount of $251,000 for general County purposes to provide part of the funds required to pay the cost of renovating the cormnunity center in the City (the "Project") and to pay the cost of issuance and sale of the bonds (the "costs of issuance"). The general indebtedness to be incurred shall be within the limit of up to 3/4 of 1% of the value of the taxable property within the County permitted for general County purposes without a vote of the qualified voters therein. Section 2, Description of Bonds, The bonds shall be called Limited Tax General Obligation Bond, 1991 (Cormnunity -2- . VOL J .-'f 1-! ¡;~>; nn , '. 0, 470 Center), Series A (the "Series A Bond"), and Limited Tax General Obligation Bond, 1991 (Community Center), Series B (the "Series B Bond") (collectively, "the Bonds"). The Series A Bond shall be in the principal amount of $789,000, and the Series B Bond shall be in the denomination of $251,000. The Bonds shall be dated May 30, 1991; and shall bear interest at the rate of 5,875% per annum (computed on the basis of a 365-day year for actual number of days elapsed), Both principal and interest shall be payable in 40 equal semiannual installments payable on November 1, 1991, and semiannually thereafter on each succeeding May 1 and November 1. The Series A Bond shall be payable in installments of $33,793 each, except that the last payment due on May 1, 2011, shall be in an amount equal to the remaining principal and interest due on the Series A Bond, The Series B Bond shall be payable in installments of $10,751 each, except that the last payment due on May 1,2011, shall be in an amount equal to the remaining principal and interest due on the Series B Bond. The life of the capital improvements to be acquired with the proceeds of the Bonds exceeds twenty years, Section 3, Appointment of Bond Registrar, Registration and Transfer of Bonds, The County Treasurer is appointed Bond Registrar for the Bonds. The Bonds shall be issued only in registered form as to both principal and interest and recorded on books or records maintained by the Bond Registrar (the "Bond Register" ) , The Bond Register shall contain the name and mailing address of the owner of the Bond. The Bonds shall be transferable only in whole and only if endorsed in the manner provided thereon and surrendered to the or transferee, Any transfer shall be without cost to the owner The Bond Registrar shall not be obligated to Bond Registrar, -3- , ". YI,,'- ..1.-, t':!r \ ìU.. /. W1< ':j:..J&,. transfer the Bonds during the fifteen days preceding any principal and interest payment or redemption date, Section 4, Payment of Bonds, Installments of principal and interest on the Bonds shall be payable in lawful money of the United States of America and shall be paid by checks or drafts mailed on the installment payment date to the registered owner at the address appearing on the Bond Register, except that the last installments due on May 1, 2011, shall be paid on presentation and surrender of the Bonds at the office of the Bond Registrar in Port Townsend, Washington, On surrender of the Bonds at their maturity, the Bond Registrar shall cancel the Bonds and, within thirty days, destroy the Bonds and furnish the County a Certificate of Destruction, Section 5, Optional Redemption, The County reserves the right and option to prepay on any installment payment date on thirty days' written notice to the registered owner all or a portion of the principal amount of the Series A Bond and the Series B Bond at par. Upon any partial prepayment of either Bond, the amount of the semiannual installment of principal and interest on that Bond shall remain unchanged but shall be recalculated to reflect the reduction in the principal amount remaining unpaid and the resulting increase in the portion of each installment payment credited to the principal of that Bond. The final installment payment date shall be adjusted to reflect the prepayment and increased amount applied to principal from each semiannual installment payment, Section 6, Failure to Pay Installments, If any installment of principal and interest is not paid when due, the County shall be obligated to pay interest on that installment at the same rate provided in the Bond until that installment is paid in full, -4- ".." 1 '7 ;~ r ê nOr- Ã v '-4.":. ':t. . ...JIII Section 7, Pledge of Taxes. For as long as any portion of the Bonds is unpaid, the County irrevocably pledges to include in its budget and levy taxes annually within the constitutional and statutory tax limitations provided by law without a vote of the electors of the County on all of the taxable property within the County in an amount sufficient, together with other money legally available and to be used therefor, to pay when due the installments of principal and interest on the Bonds, and the full faith, credi t and resources of the County are pledged irrevocably for the annual levy and collection of those taxes and the prompt payment of those installments of principal and interest. Section 8. Form and Execution of Bonds, The Bonds shall be typewritten on good bond paper in a form consistent with the provisions of this resolution and state law, shall be signed by the Chairman and Clerk of the Board of County Commissioners, and the seal of the County shall be impressed thereon. Only a Bond bearing a Certificate of Authentication in the following form, manually signed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this resolution: CERTIFICATE OF AUTHENTICATION This bond is the fully registered Jefferson County, Washington, Limited Tax General Obligation Bond, 1991 (Community Center) (Series A) (Series B), described in the Bond Resolution. Jefferson County Treasurer, Bond Registrar The authorized signing of the Certificate of Authentication shall be conclusive evidence that the Bond so authenticated has been duly executed, authenticated and delivered and is entitled to the benefits of this resolution. -5- , VG!- A ..'~ n(, 1, "'.~ r~,.¡ ; r t- .'. . '- 4fA~""" IÌU Section 9, Bond Registrar. The Bond Registrar shall keep, or cause to be kept, at his/her office, sufficient books for the registration of the Bonds which shall be open to inspection by the County at all times. The Bond Registrar is authorized, on behalf of the County, to serve as the County's paying agent for the Bonds and to carry out all of the Bond Registrar's powers and duties under this resolution and County Resolution No. establishing a system of registration for the County's bond and obligations, The Bond Registrar shall be responsible for its representations contained in the Bond Registrar's Certificate of Authentication on the Bonds, Section 10. Preservation of Tax Exemption for Interest on Bond. The County covenants that it will take all actions necessary to prevent interest on the Bonds from being included in gross income for federal income tax purposes, and it will neither take any action nor make or permit any use of proceeds of the Bonds or other funds of the County treated as proceeds of the Bonds at any time during the term of the Bonds which will cause interest on the Bonds to be included in gross income for federal income tax purposes. The County certifies that it has not been notified of any listing or proposed listing by the Internal Revenue Service to the effect that it is a bond issuer whose arbitrage certifications may not be relied upon. Section 11. Small Governmental Issuer Arbitrage Rebate Exemption and Designation of Bonds as "Qualified Tax-Exempt Obligations." The County finds and declares that (a) it is a duly organized and existing governmental unit of the State of Washington and has general taxing power; (b) the Bonds are not "private activity bonds" within the meaning of Section 141 of the United States Internal Revenue Code of 1986, as amended (the -6- . Y '1' ".' ~.t")'(."\~. , '.. ~ ~ tj' . . r, ", ' ',. 41-"" ,,: . Lit "Code"); (c) at least 95% of the net proceeds of the Bonds will be used for local governmental activities of the County (or of a governmental unit the jurisdiction of which is entirely within the jurisdiction of the County); (d) the aggregate face amount of all tax-exempt obligations (other than private activity bonds) issued by the County and all entities subordinate to the County (including any entity which the County controls, which derives its authority to issue tax-exempt obligations from the County or which issues tax-exempt obligations on behalf of the County) during the calendar year in which the Bonds are issued is not reasonably expected to exceed $5,000,000; and (e) the amount of tax-exempt obligations, including the Bonds, designated by the County as "qualified tax-exempt obligations" for the purposes of Section 265(b) (3) of the Code during the calendar year in which the Bonds are issued does not exceed $10,000,000. The County therefore certifies that the Bonds are eligible for the arbitrage rebate exemption under Section 148(f)(4)(D) of the Code and designates the Bonds as "qualified tax-exempt obligations" for the purposes of Section 265(b)(3) of the Code. Section 12, Bonds Negotiable, The Bonds shall be negotiable instruments to the extent provided by RCW 62A,8-102 and 62A,8-105. Section 13. Bond Fund; Deposit of Bond Proceeds. There is created and established in the office of the County Treasurer a special fund designated as the Limited Tax General Obligation Bond Fund, 1991 (Community Center) (the "Bond Fund"). Accrued interest on the Bonds, if any, received from the sale and delivery of the Bonds shall be paid into the Bond Fund. There previously has been created and established in the office of the County Treasurer a special fund designated as the Port Townsend -7- lVDL 1 '7 '. ' .. r. ',:,P :, - I r;: ': 4.",."... ..-.:. Community Center Construction Fund (the "Construction Fund"). The principal proceeds received from the sale and delivery of the Bonds shall be paid into the Construction Fund and used for the purposes specified in Section 1 of this resolution. Until needed to pay the costs of the Project and costs of issuance, the County may invest principal proceeds temporarily in any legal investment, and the investment earnings may be retained in the Construction Fund and spent for the purposes of that fund, All taxes collected for and allocated to the payment of the principal of and interest on the Bonds shall be deposited in the Bond Fund. Section 14, Loan Resolutions. The County covenants and agrees with the United States of America, Department of Agriculture, Farmers Home Administration, as the owner of the Bonds, to abide by the conditions of the loan resolutions executed and dated August 14, 1989, and April 24, 1989, with respect to each Bond for so long as that agency is the owner of that Bond. Section 15. Approval of Bond Purchase Offers. The United States of America, Department of Agriculture, Farmers Home Administration, has offered to purchase the Bonds at a price of par, The Board of County Commissioners finds that acceptance of such of f er is in the County I s best interest and therefore accepts the same, The Bonds will be typewritten and delivered to the purchaser in accordance with its offer, with the approving legal opinion of Foster Pepper & Shefelman, municipal bond counsel of Seattle, Washington, at the expense of the County. Bond counsel shall not be required to review and shall express no opinion concerning the completeness or accuracy of any official statement, offering circular or other sales material issued or -8- : VOL 1 ..': n"~ í ¡ ,';;:¡ ~t ¡, 4\"G used in connection with the Bonds, and bond counsel's opinion shall so state, The proper County officials are authorized and directed to do everything necessary for the prompt delivery of the Bonds to the purchaser and for the proper application and use of the proceeds of the sale thereof. ADOPTED by the Board of County Commissioners of Jefferson County, Washington, this 20th day of May, 1991, at a regular open public meeting thereof. .." ,', ,~...,'.... ' /' .. \'~ ~*~ ~",;:~'" " : . - '.~ Ð . (; \ t /. J, ~:' '..': '. ;' \ ":, , I ~I \-l, . -.' ,';/¡ " ,'( " ,. .J'. 4:' . ~. l " ' \...- . . .. / . "~-.. '" ~ " ' ,.,.." ') ,/. . ), ,-;,/ """'-"'-'~"'" '. BOARD OF COUNTY COMMISSIONERS JEFFERSON COUNTY, WASHINGTON ATTEST: ~~Li. ~~Oard APPROVED AS TO FORM: ~L "00 Prosecuting Attorney (~~.:.~ ) MLC-940" -9- , \ (~t , VUi. 1"7 'Ar: rt,n".- r" ", ", 4f"1I",.., . Ii