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Home My WebLink About082 85 JEFFERSON COUNTY, WASHINGTON RESOLUTION NO. 82-85 A RESOLUTION of Jefferson County, Washington, relating to contracting indebtedness; amending Resolution No. 69-84; authorizing the issuance of $252,000 par value of limited tax general obligation bond anticipation notes of the County for the purpose of redeeming the County's outstanding Limited Tax General Obligation Bond Anticipation Notes, 1984, issued to provide funds with which to pay the cost of completing construction of the County jail facility; and providing for the sale and delivery of such bond anticipation notes to Seattle-First National Bank of Seattle, Washington. WHEREAS, pursuant to Resolution No. 69-84, the Board of County Commissioners of Jefferson County, Washington (the "County"), authorized the issuance and sale of its limited tax general obligation bonds in the amount of $230,00C for general County purposes to provide the funds to complete construction of the County jail facility and to pay the costs of issuance and sale of the bonds, and, pursuant to such resolution, provided for the issuance and sale of its Limited Tax General Obligation Bond Anticipation Notes, 1984 (the "Outstanding Notes") pending the receipt of the proceeds of such limited tax general obliga- tion bonds; and WHEREAS, the estimated cost of the completion of construc- tion of the County jail facility is now $252,000; and WHEREAS, the Outstanding Notes mature on October 30, 1985, and the County does not have sufficient money to pay and redeem such notes on their maturity date; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF JEFFERSON COUNTY, WASHINGTON, as follows: Section 1, Section 1 of Resolution No. 69-84 is amended to read as follows: Section 1. The County shall borrow money on the credit of the County and issue negotiable limited tax general obligation ',." . 'J'_ 11 r,',': ¡-, - "!'~>"J(' I:~ Iii¡ . ~ :U,__ 3524 bonds evidence such indebtedness in the amount of $252.000 for general County purposes to provide the funds to complete con- struction of the County jail facility and to pay the costs of issuance and sale of the bonds. Such bonds shall be issued at such time or times. shall be dated. bear such interest. have such terms and conditions. mature. have such call features. be issued in such series and be sold as single offering or as part of a combined offering of limited tax general obligation bonds of the County in such manner 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 County Treasurer a special fund designated the Limited Tax General Obligation Jail Completion Bond Anticipation Note Fund. 1985. (the "Note Fund"). Pending the issuance of the limited tax general obligation bonds authorized by this resolution and for the purpose pf paying and redeeming the Outstanding Notes maturing on October 30. 1985. the County shall issue and sell its Limited Tax General Obligation Bond Anticipation Notes. 1985 (Jail Completion) (the "Notes"). in the principal amount of $252.000. Such Notes shall be dated as of the date of their issuance; shall mature on October 30. 1986; shall be in the denomination of $5.000 each or any integral multiple thereof; shall bear interest at the rate of 6.25% per annum. payable at maturity and. if not redeemed on their maturity. shall bear interest at the same rate until fully paid or sufficient money for such payment in full is on deposit in the Note Fund and the Notes have been called for redemption by the County Treasurer's giving written notice of such call to the Purchaser at its main office in Seattle. Washington. at least ten days prior to the - 2 - '.;'Ot 11 r.·. :' Cfè I, ii, U 3525 call date. The Notes shall be payable in lawful money of the United States of America at either fiscal agency of the State of Washington in Seattle, Washington, and New York, New York, and shall be general obligations of the County. The Notes shall be issued without the right or option of the County to redeem the same prior to their maturity date. The Board of County Commis- sioners declares and finds that the fixing of the above interest rate is in the best interest of the County. Section 3. The County irrevocably pledges to redeem the Notes on their maturity from the proceeds of a sufficient amount of the limited tax general obligation bonds authorized herein, the proceeds of additional short-term obligations or other money legally available for such purpose, and pledges to include in its budget and to levy taxes annually, within the Constitutional and statutory limitations provided by law without a vote of the electors of the County, on all property in 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 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 princi- pal and interest. Section 4. The Notes shall be in a form consistent with the provisions of this resolution, shall be printed or typed on good bond paper or lithographed forms, shall be signed by the Chairman of the Board of County Commissioners and attested by the Clerk of that Board, and the County seal shall be impressed thereon, Section 5. The County covenants that it will spend the principal proceeds of the Notes with due diligence to completion - 3 - V~ 1:A J. ~~. ~ ,'0.. v' 3526 of the purposes specified in this resolution and will make no use of the proceeds of the Notes or other funds of the County at any time during the term of the Notes which will cause the Notes to be arbitrage obligations within the meaning of Section 103(c) of the United States Internal Revenue Code of 1954, as amended, and the applicable regulations promulgated thereunder. Section 6. There has been created in the office of the County Treasurer a special fund designated the Limited Tax General Obligation Jail Completion Bond Anticipation Note Fund, 1984, into which fund shall be deposited a sufficient amount of the principal proceeds received from the sale and delivery of the Notes to pay and redeem the Outstanding Notes on October 30, 1985. Any balance remaining of the principal proceeds of the Notes after such redemption shall be deposited in the County's Jail Completion Fund, 1984, and used to pay the costs of issu- ing, selling and delivering the Notes. Section 7. In the event the County shall issue advance refunding bonds pursuant to the laws of the State of Washington or have money available from any other lawful source to pay the principal of and interest on the Notes or such portion thereof included in the refunding plan as the same become due and payable and to refund the then outstanding Notes and to pay the costs of refunding, and shall have irrevocably set aside in a special fund for and pledged to such payment and refunding, money and/or direct obligations of the United States of America or other legal investments sufficient in amount, together with known earned income from the investments thereof, to make such payments and to accomplish the refunding as scheduled (herein- after called the "trust account"), and shall make irrevocable provision for redemption of the Notes, then in that case all right and interest of the owner of the Notes to be so retired or refunded (hereafter called the udefeased Notes") in the - 4 - VOL A 4 3527 covenants of this resolution and, except as hereinafter pro- vided, in the funds and accounts obligated to the payment of such Notes shall thereafter cease and become void. Such owner shall thereafter have the right to receive payment of the principal of and interest on the defeased Notes from the trust account and, in the event the funds in the trust account are not available for such payment, shall have the right to receive payment of the principal of and interest on the defeased Notes from the funds and accounts obligated to the payment of such Notes. Anything herein to the contrary notwithstanding, the pledge of the full faith, credit, taxing power and resources of the County to the payment of the Notes shall remain in full force and effect after the establishing and full funding of such trust account. Subject to the rights of the owner of the Notes, the County may then apply any money in any other fund or account established for the payment or redemption of the defeased Notes to any lawful purposes as it shall determine,. Section 8. Seattle-First National Bank of Seattle, Washington (the "Purchaser"), has submitted an offer to purchase the Notes at a price of $99.50 per each $100 par value. The Board of County Commissioners, being of the opinion that it is in the best interest of the County that such offer be accepted, accepts the same. The County will furnish the printed or typed unqualified approving legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle, Washington, at the County's expense. Bond counsel shall not be required to review or express any opinion concerning the completeness or accuracy of any official statement, offering circular or other sales material issued or used in connection with the Notes and bond counsel's opinion shall so state. Without unreasonable delay the County will cause the definitive Notes to be prepared and executed after the sale of the Notes and immediately upon their - 5 - Val 11 3528 ~ . execution, the Notes shall be delivered to the purchaser upon payment therefor in accordance with its offer. ADOPTED by the Board of County Commissioners of Jefferson County, Washington, at a regular open public meeting thereof thi s '2-.1 day of October, 1985. BOARD OF COUNTY COMMISSIONERS OF JEFFERSON COUNTY, WASHIGNTON ',,- '~ "C) -~f."~'~ ~. ''';" ,) ')1 ~..' "..""~.. .j ð, ,\:$<.,... ~~" . ':""'I ~. ,".~ ~,J~ " " " :"...' \ ~ ~. ; . . ;. ~" , , ,'( t ¡ .' .~~-'O"~ /:~ ;; ~... ,/ ',1.;./ ,~,. 4'1> . ',.;, f" 1 . ~,. -ø ,'" " _,~,..".;Æ "" . ~L~~ Chairman / . " -C·'~ omm ss oner ,h:\ . , .,.. \ ,~ f.. \. ' ',,1'4 f: * , " , -. 0-:; n ':"~ ~. ~ Comm ss ner ATTEST: Approved as to form: 0303j - 6 - VOL 11 (' 3529' , r " ~ County Comm ssioners of Jeffer County, Washington, certify that the attached copy of Resolution No. ~is a true and correct copy of the original resolution adopted on the=1~~ay of October, 1985, as that resolution appears on the Minute Book of the County. ZfL DATED this 17 day of October, 1985. , Clerk of the Board of I , 0303j ir· '¡ "Þf_ 1..- J. 3530