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HomeMy WebLinkAbout057 85 1 " ~ JEFFERSON COUNTY, WASHINGTON RESOLUTION NO. 57-85 A RESOLUTION of the Board of County Commis- sioners of Jefferson County, Washington, authorizing the issuance of limited tax general obligation bonds for the purpose of providing a part of the funds with which to settle a claim filed by Queets-Clearwater School District No. 20; authorizing the issuance of bond anticipation notes pending the issuance of those bonds; creating a note fund; and providing for the sale of such notes to Seattle-First National Bank of Seattle, Washington. WHEREAS, Jefferson County, Washington (the "County"), has determined to settle a claim filed by Queets-Clearwater School District No. 20, the cost of settling such claim being approxi- mately $340,000, and the County does not have available suffi- cient funds for that settlement; and WHEREAS, the Board of County Commissioners deems it to be in the best interest of the County that the County borrow money by the issuance of limited tax general obligation bonds and, pending the issuance of such bonds, to issue short-term obliga- tions in accordance with the provisions of Chapter 39.50 RCW, for the purpose of providing part of the funds with which to settle the claim filed by Queets-Clearwater School District No. 20; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF JEFFERSON COUNTY, WASHINGTON, as follows: Section 1. The County shall borrow money on the credit of the County and issue negotiable limited tax general obligation bonds evidencing such indebtedness in the amount of $340,000 for general County purposes to provide part of the funds with which to settle a claim filed by Queets-Clearwater School District No. 20 and to pay the costs of issuance and sale of the bonds. Such bonds shall be issued at such time, shall be dated, bear such interest, have such terms and conditions, mature and have such . VOL 11 rAGE ,r)'" 273('~ 1-,' (~~Y \- call features as shall be provided hereafter by resolution. Such bonds shall be payable from the regular property tax levy of the County levied without a vote of the electors of the County and from other money legally available for such purpose. Section 2. There is created in the office of the Jefferson County Treasurer a special fund called the Limited Tax General Obligation Bond Anticipation Note Fund, 1985 (the "Note Fund"). Pending the receipt of the proceeds of the issuance and sale of limited tax general obligation bonds authorized by this resolution, the County shall issue and sell its Limited Tax General Obligation Bond Anticipation Notes, 1985 (the "Notes"), in the principal amount of $340,000. The Notes shall be in the denomination of $5,000 each or any integral multiple thereof; shall be numbered separately; shall be dated their date of issuance; shall mature one year following their date of issuance; and shall bear interest at the rate of 6.25% per annum, payable at maturity and, if any Note is not redeemed by its maturity, with full obligation on the part of the County to pay interest at the same rate from and after the maturity date until such Note with interest is paid in full or until suffi- cient money for such payment is on deposit in the Note Fund and the Note has been duly called for redemption. The Notes shall not be subject to redemption prior to their maturity date. The Board of County Commissioners declares and finds that the fixing of the above interest rate is in the best interests of the County. The Notes shall be general obligations of the County. Section 3. The County irrevocably pledges to redeem the Notes on their maturity date from the proceeds of a sufficient amount of the limited tax general obligation bonds authorized herein, from the proceeds of other short-term obligations or from other money legally available for such purpose, and pledges to include in its budget and to levy taxes annually within the - 2 - VOL 11 tAC~ n 2740 Constitutional and statutory tax limitations provided by law without a vote of the electors of the County on all of the property within the County subject to taxation in an amount sufficient, together with such bond and/or short-term obligation proceeds and other money legally available and to be used therefor, to pay the principal of and interest on the Notes and such general obligation bonds as the same shall come due. The full faith, credit, taxing power and resources of the County are pledged irrevocably for the annual levy and collection of those taxes and the prompt payment of that principal and interest. Section 4. The Notes shall be printed or lithographed on good bond paper or may be in typewritten or multicopied form in a form consistent with this resolution and State law. The Notes shall be signed by the Chairman and the Clerk of the Board of County Commissioners and shall have the seal of the County printed or impressed thereon. Section S. The County covenants that it will not take or permit to be taken on its behalf any action which would adversely affect the exemption from federal income taxation of the interest on the Notes and will take or require to be taken such acts as may reasonably be within its ability and as may from time to time be required under applicable law to continue the exemption from federal income taxation of the interest on the Notes. Without limiting the generality of the foregoing, and except to the extent the investment of any Note proceeds is limited to a yield required to comply with federal arbitrage regulations, the County will spend the proceeds of the Notes with due diligence to completion of the purpose specified herein and will not invest or make other use of the proceeds of the Notes or of its other money at any time during the term of the Notes, which if such use had been reasonably expected at the date that the Notes are issued, would have caused such Notes to - 3 - VOL 11 fAf;~ 0 2741 be arbitrage obligations within the meaning of Section l03(c) of the United States Internal Revenue Code of 1954, as amended, and applicable regulations thereunder. The County further covenants 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 6. In the event that money and/or "Government Obligations," as such obligations are defined in Chapter 39.53 RCW, as now or hereafter amended, maturing at such time or times and bearing interest to be earned thereon in amounts (together with such money, if necessary) sufficient to redeem and retire the Notes in accordance with their terms, are set aside in a special fund to effect such redemption and retirement and are pledged irrevocably for such purpose, then no further payments need be made into the Note Fund for the payment of the principal of and interest on the Notes, and the Notes shall cease to be entitled to any lien, benefit or security of this resolution except the right to receive the money so set aside and pledged, and the Notes shall be deemed not to be outstanding hereunder. Anything herein to the contrary notwithstanding, the pledge of the full faith, credit and taxing power of the County to the payment of the Notes shall remain in full force and effect after the establishing and full funding of such special fund. Section 7. Seattle-First National Bank of Seattle, Washington, has submitted an offer to purchase the Notes at a price of par, the County to furnish the printed, typewritten or multicopied Notes and the approving legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle, Washington, at the County's expense. Bond counsel shall not be required to review or express any opinion concerning the completeness or accuracy of any official statement, offering circular or other sales - 4 - . VOL 11 rAG~ o 274~;~ · , , material issued or used in connection with the Notes, and bond counsel's opinion shall so state. The Board of County Commis- sioners, deeming it to be in the best interest of the County that such offer be accepted, accepts the same. The Notes shall be delivered to Seattle-First National Bank of Seattle, Washington, immediately upon their execution upon payment therefor in accordance with such offer. There is created in the office of the County Treasurer a special fund of the District to be known and designated as the Claim Settlement Fund into which fund shall be deposited the principal proceeds received from the sale of the Notes. Pending the expenditure of the Note proceeds for the purpose of the Notes, money in such fund may be invested and the investment earnings retained in such fund and applied to the purpose for which the Notes are issued. ADOPTED by the Board of County Commissioners of Jefferson County, Washington, this /1 day of August, 1985, at a regular open public meeting thereof. BOARD OF COUNTY COMMISSIONERS JEFFERSON COUNTY, WASHINGTON ~ . , L?~ a rman ''''- ~) ,",,~..ø7r /F Commissioner' .' ~~ ATTEST: /J .~<// ( ~' ÞJ.L-44.) ¿iÆ' " Clerkòf ~e o~~ /J ,. APPROVED AS TO FO - 5 - VJL 11 rAC~ o 2743 I, JERDINE C. BRAGG, Clerk of the Board of County Commissioners of Jefferson County, Washington, certify that the attached copy of Resolution No. 57~85is a true and correct copy of the original resolution adopted on the 19th day of August, 1985, as that resolution appears on the Minute Book of the County. DATED 19th day of August, 1985. /l , 'I' '.,~, ,II. /; ,. ','( Clerk of! the ~'/'I,/;;' /:/ ':(';,'" þ .. /',d /', /{ /,/ Board ':<;)~1 j' . ,.' " VOL 11 ~AGt o 2744 f ROBERTS & SHEFELMAN A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS JAMES GAY ROBERT G. MOCH GEORGE M. MACK BRIAN L. COMSTOCK. P.B. TIMOTHY R. CLIFFORD LEE R. VOORHEES. JR. DAVID B. SWEENEY WILLIAM G. TONKIN GARY N. ACKER..'fAN. P.B. ROGER A. MYKLEBUST ROOER W. DuÐROCK* JON W. MACLEOD PAUL L. AHERN, ,JR. JUDITH A. SHULMAN WALTER T. FEATHERLY III'" MICHAEL D. KUNTZ EMILY VRIEZE GLUECK BENNET A. MCCONAUGHY** JONI H. OSTERGAARD HUGH D. SPITZER DOUGLAS C. Ross THOMAS M. WALSH JULIE E. HOFER* J. TAYLOE WASHBUR..~ GREGORY C. SIMON BRADLEY J. BERG WILLIAM H. CHAPMAN GAIL T. VOIOTLANDER* ROD P. KASEOUMA 4100 SEAFIRST FIFTH AVENUE PLAZA 800 FIFTH AVENUE SEATTLE, WASHINGTON 98104-:3J;7/3 (206) 622-1818 OF COUNSEL ROBERT F. BUCK PAUL W. KOVAL* TELECOPIER - (206) 624-2666 RETIRED VICTOR D. LAWRENCE JAMES C. HARPER JAMES P. WETER (1877~1959) F. M. ROBERTS (1880-1973) HAROLD S. SHEFELMAN (1898-1984) August 16, 1985 ANCHORAGE OFFICE SUITE 1500 2550 DENALI STREET ANCHORAGE, ALASKA 99503-2719 (907) 276-1358 TELECOPIER ~ (907) 272~8332 "ALASKA BAR *. ALASKA AND WASBINOTON BABS ALL OTHERS WASHINGTON BAR ONLY Ms. Jerdine C. Bragg Clerk of the Board 209 Quincy Street Port Townsend, WA 98368 Re: $340,000 Limited Tax General Obligation Bond Anticipation Notes Dear Ms. Bragg: Enclosed are an original and three copies of a resolu- tion authorizing the issuance of the above-referenced notes for consideration at the next meeting of the Board of County Commissioners. You will note that the resolution also authorizes the issuance of bonds, a necessary provision before issuing notes. We will prepare the typewritten notes as soon as Mike Brancheau lets us know the denominations. After the resolution is adopted by the Board, please send me a certified copy together with certified excerpts of the minutes of the Board meeting showing its adoption. If you have any questions, please telephone. Sincerely, ROBERTS & SHEFELMAN H~-1:t--L HDS:nl Enclosures cc: Mr. Michael Brancheau Mr. John Raymond Ms. Fran Hansen County Treasurer /~)L 11 (A('~ o 274~Þ