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Home My WebLink About040 86 i7(,I' y'/¡,C ~ ... '\v....··, '.1 ,. :'1:'~J+- f>/1tv " il..L-Cro\..::rv" fY"'t.... , Tit L ../ RESOLUTION NO. 40-86 WHEREAS, the Board of County Commissioners established a Jefferson County Road Improvement Guaranty Fund by Resolution No. 39-83, on the 3rd day of May, 1983, and prescribed rules and reg- ulations for the maintenance and operation of said fund; and WHEREAS, in accordance with the above noted Resolution No. 39-83, it is necessary to deposit into the said Guaranty Fund an amount equal to at least five percent of the outstanding obli- gations guaranteed by the Guaranty Fund; and WHEREAS, it is also necessary to determine the County fund from which the initial sum of money is to be taken for deposit into the Guaranty Fund; now, therefore, BE IT RESOLVED, that the County Treasurer is hereby authorized and directed to withdraw the sum of $6,540.00 from the County Road Fund, to be deposited into the Jefferson County Road Improvement Guaranty Fund to guarantee payment of the principal of and interest on road improvement district bonds and warrants. Said amount being equal to five percent of the beginning bond obligation. BE IT FURTHER RESOLVED, that whenever all the outstanding bonds or warrants payable primarily out of any road improvement district fund have been paid, the total sum of $6,540.00 shall be transferred back into the County Road Fund, this Z 7 day of May, 1986. JEFFERSON COUNTY BOARD OF COUNTY COMMISSIONERS ~~A L~ L-J n-L. Pitts, Chairman ,~ B .Ç-;::--B1::own, Member /¿',), ,VOL .~ '2~ 'r r'" 1 ' r~.),: n ~929 ~j .A. JEFFERSON COUNTY, WASHINGTON RESOLUTION NO. 39-83 A RESOLUTION of the Board of County Commission- ers, Jefferson County, Washington, establishing a Jefferson County Road Improvement Guaranty Fund, and prescribing rules and regulations for the maintenance and operation of such fund. WHEREAS, the Board of County Commissioners desires to establish a fund to guarantee payment of the principal of and interest on road improvement district bonds, and to improve the interest rate the county receives on such bonds; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF JEFFERSON COUNTY, WASHINGTON, as follows: Section 1. In accordance with RCW 36.88.220-.230, there is hereby created in the treasury of Jefferson County a fund for the purpose of guaranteeing, to the extent of the fund, the pay- ment of road improvement district bonds and warrants issued to pay for any road improvement ordered in road improvement dis- tricts in the county, when the money in the fund has been pledged to guarantee the payment of the principal of and inter- est on the bonds and warrants. This fund shall be designated the "Jefferson County Road Improvement Guaranty Fund," and is sometimes refered to herein as the "Guaranty Fund." Section 2. The Board of County Commissioners shall deposit into the Guaranty Fund, annually and at such other times as they shall determine, such sums as may be necessary to establish and maintain a balance therein equal to at least five percent of the outstanding obligations guaranteed by the Guaranty Fund, and the Board of County Commissioners shall provide for such sums in its annual budget. Section 3. The money held in the Guaranty Fund may be invested in obligations of the United States or of the State of Washington. The treasurer is hereby authorized and directed to pay into the Guaranty Fund all interest received from bank deposits or government securities of that fund, as well as any surplus remaining in any local improvement or road improvement fund guaranteed under the laws of the State of Washington after the payment of all outstanding bonds or warrants payable primar- ily out of the Guaranty Fund. Section 4. Whenever any interest coupon, bond~ or warrant guaranteed under the provisions of the laws of the State of Washington in pursuance of which this reolution is passed shall be in default, the treasurer shall be and is hereby authorized and directed, upon the presentation and delivery of such defaulted coupon, bond, or warrant, to purchase the same by executing, duly issuing, and delivering to the person or persons presenting the same, in the order of their presentation, and the treasurer shall honor and pay, a warrant on the Guaranty Fund in such amount as may be necessary to pay in full any such coupon, bond, or warrant with any interest to be held for the benefit of the Road Improvement Guaranty Fund. Section 5. Warrants drawing interest at a rate not to exceed eight percent per annum shall be issued, as other war- rants are issued by the county, against the Road Improvement Guaranty Fund to meet any liability accruing against it. At the time of making its annual budget and tax levy, the county shall provide for the levying of a sum sufficient, with the other resources of the fund, to pay warrants so issued during the preceding fiscal year. Such warrants shall at no time exceed five percent of the oustanding obligations guaranteed by the Guaranty Fund. Section 6. Neither the owner nor the holder of any bond, interest coupon, or warrant issued against a road improvement fund after the passage of this resolution shall have any claim therefor against the county except for payment from the special assessments made for the improvement for which such bond or warrant was issued, and except as against the Road Improvement - 2 - ,f . " Guaranty Fund created by this ordinance. The County shall not be liable to any holder or owner of such bond, interest coupon, 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 nonpayment shall be confined to the enforcement of the assessment and to the Guaranty Fund. Section 7. This resolution constitutes the rules and regulations for the maintenance and operation of the Guaranty Fund. Money of the Guaranty Fund may also be used for and in such manner as is or may be hereafter authorized by RCW 36.88.220-.230. Section 8. The Board of County Commissioners reserves the right to dissolve the Guaranty Fund and to transfer the money in that fund to any other County fund, whenever all the outstanding bonds or warrants payable primarily out of any road improvement district fund have been paid. Section 9. If any provision of this resolution, or its application to any person or circumstance is held invalid by a court of competent jurisdiction, the remainder of the resolu- tion, or the application of the provision to other persons or circumstances, shall not be affected. Section 10. This resolution shall be in full force and effect after its passage and publication as requiref by law. 3 ;~~- DATED at Port Townsend, Washington, this--' day of " , ¡ I ì ;' / , 1983. ill (II I I ... I / ~ JEFFERSON COUNTY BOARD OF COMMISSIONERS /-J / I~Jj , '/ -'I / / , J (,/',' ',/ I / />. ý/!¡.? (LJ , / ( , ~'/ ,v {t,.. , Lc.. ~. . 0" meara, haTrman " ,.7, '7 ,~ ~4::h ".,J"c ~--/ / ,-¡L</Vl..t. / B.G. Brown, ember c=-J;~~ John L. Pitts, Mem er ~/ SEAL: - 3 - Publication Dates: r " Ii- ..... " I, /) / ._ . I " />, Commissioners of / :I, _"~- 1 / / (j , ' (/, :;) , ," Clerk of the Board of (' /', ,)/. f , ,'- ~,/', ,~~."7", Jefferson County, Washington, certify County that the attached copy of Resolution No.~-83 is a true and correct copy of the original resolution adopted "-f./, J , ---, on /.' /v... f ..5 , / ,/ ( / /1') 1983, as that resolution appears on the Minute Book of the County. DATED this 0046j /""J / . /,;;.- .,0 day of (; , -' / II ¿,/ / / /' .r, '¡ " --....... / - r?,"";--:,~/··/ >- C~~~ of the , 1983. /' , .y:? 1/ >',~I/l ( ./";¿....r ,"':J~"I Boird! ,;,Y,