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Home My WebLink About071 84 r :{ ~ I' .'j I.' JEFFERSON COUNTY, WASHINGTON RESOLUTION NO. 71-84 A RESOLUTION of the Board of County Commis- sioners of Jefferson County, Washington, employing attorneys to serve as bond counsel in connection with the issuance of County limited tax general obligation bonds and bond anticipation notes for County jail improvements. WHEREAS, the County is making improvements to the County jail and will be required to pay construction costs in connec- tion therewith; and WHEREAS, it is deemed necessary and in the best interests of the County and its inhabitants that the County issue and sell its limited tax general obligation bonds to pay such costs in the amount of approximately $230,000 and pending the issuance of such bonds, to issue $230,000 par value of limited tax general obligation bond anticipation notes; and WHEREAS, it is deemed necessary and advisable that a firm of attorneys who are skilled in such matters be employed as bond counsel to participate with the County Prosecuting Attorney in drafting the resolutions and other documents necessary for the issuance and sale of such bonds and notes, that firm to furnish its legal opinion on the validity of those bonds and notes at the time of their issuance and sale; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS O~ JEFFERSON COUNTY, WASHINGTON, as follows: Section 1. The law firm of Roberts & Shefelman of Seattle, Washington, is employed by the County as bond counsel to par- ticipate with the County Prosecuting Attorney in drafting the resolutions and other documents required by the County in con- nection with the issuance and sale of approximately $230,000 limited tax general obligation bonds (the "Bonds") and $230,000 limited tax general obligation bond anticipation notes (the VOL 10 rAŒ Q'- 3554 "Notes"), to pay part of the cost of making improvements to the County jail, that firm to furnish its legal opinion on the validity of the Bonds and Notes and the tax exemption of the interest thereon at the time of the delivery thereof to the purchasers thereof. Included in the services to be rendered by that law firm is participation in the drafting of all resolu- tions and other documents necessary through the issuance and sale of the Bonds and Notes, and furnishing of an approving legal opinion upon the validity of the Bonds and notes at the time of the delivery thereof to the purchaser, but there shall not be included the drafting or review for accuracy of any financial or economic data in any official statement, offering circular or other sales material relating to the issuance of the Bonds and Notes prepared by the County or its financial advisor or otherwise used in connection with such Bonds and Notes. Section 2. The County shall pay Roberts & Shefelman as compensation for its services to be rendered as aforesaid, the sum of $1,500 for the Notes and for the Bonds $1,500, together with any actual out-of-pocket expenses, such as travel, document production and reproduction, and communications, incurred by it in rendering such services. The payment of the fee is contin- gent on the successful delivery of the Notes and Bonds, respectively. Section 3. The County shall furnish Roberts & Shefelman a complete certified transcript of all proceedings had in connec- tion with the issuance of the Bonds and Notes in order to enable that firm to furnish its approving opinion on the validity thereof at the time of the sale and delivery of such Bonds and Notes. The County also shall cause the purchaser of the Bonds and Notes from the County to furnish to bond counsel before final printing and circulation thereof any proposed official statement, underwriting circular or bond prospectus for review - 2 - VOL 10 rAGE ê ~ 3555 of the accuracy of any statement relative to the services of bond counsel and to the description of the Bonds and Notes and laws relating thereto. Section 4. In the event that the Prosecuting Attorney or Board of County Commissioners shall request Roberts & Shefelman to perform other legal services relating to the issuance and sale of such Bonds and Notes, the County shall compensate that firm at an hourly rate of not to exceed $130 per hour (based on that firmls billing rates for lawyers' time) for such services actually performed, plus its out-of-pocket expenses. Other conditions for the furnishing of such services may be arranged between that firm and the Prosecuting Attorney. If as a part of such other legal services the firm agrees to perform a Hdue diligenceH review of any official statement, offering circular, bond prospectus or other sales material, the furnishing of the firm's legal opinion provided for in Section 1 shall be condi- tioned on its satisfaction of the sufficiency of such statement, circular, prospectus or other material. ADOPTED by the Board of County Commissioners of Jefferson County, Washington, at a regular open public meeting held this -a.. / ) ...2> -day of 77~~ 1984. BOARD OF COUNTY COMMISSIONERS JEFFERSON COUNTY, WASHINGTON /~.,..~.., ...,'/\",1'1 tov, "....t~~' " Ý/, '~,' .' . t /', <.t . ,. .. - " · J'/ , ~,.,., '. (>, '.' q ~:.\ /' :-"...,.. #~\ ,;.,...l, ;':, '.ì,../,.,.".·...., 11",·..".,J·.' ""'.! ',~ .~. , . ". 'Ik' ." ,. . w,... \" --,. ' , .\ ¡ " ., <, - ~,. ". ',.~\~ ,,~' . '. ," - ~ ') . II '. ,':). :1." ,..... -'Ii "" ," ( ...··,~,~..,""i" 'Y.' ..... ~ .. . ~.. " .\ '';> Q "ì ,,' ßd.6LJ Chairman and Commissioner ~ãk41;H)W Commi ner ~.~ ATTEST: Qdd~Ú(1'~ <; . rk of theB-a -d~~ . 0174j - 3 - vot i 0 rAtE to 3556 ~ ~ , 1984 We accept employment as bond counsel in accordance with the provisions of the foregoing resolution. ROBERTS & SHEFELMAN By ~n~ ,TJ, The foregoing contract is approved this ~day of t-l OVeM ~e,(' , 1984. 1- . \St/V~,l Superior Court of the State of Washington in and for Jefferson County 0174j - 4 - VOL 1 0 rAt~ 0 - 3557 · . . I, JERDINE C. BRAGG, Clerk of the Board of County Commissioners of Jefferson County, Washington, certify that the attached copy of Resolution No. 71-84 is a true and correct copy of the original resolution adopted on the ~ day of November ,1984, as that resolution appears on the Minute Book of the County. DATED this 5th day of Novemhpr ' 1984. VOL 10 r~G£ o 3558' " \ ROBERTS & SHEFEJ...MAN A PA!1TNltltSEIP INCLUDING PRÖ1!E9S10NA.L CORPORATIONS J_ GAY RommT 0, Mocø OBOIiiOE M. M.t.CJ!r Ji'ImAN !. Co>tS1.'QÇ1!t, ".II. TxxC1Tr R. CUM"OJID. t',S. I&;o R VOOIL'£EI1", JR, DAVID B. SWE!!U'h'Y WU:t;..1A){ 0, TCN:!<U4' Ro~ B, C./!':><J"1'IItLL (}""", N. A~.L", ...... NooJm A. M"'''''.1!:1>Un HOORD W. Dtl?:3,t1()CX· JON Vi, MAc.!.",,'!> PAm. L. A>tJ;r"". ~TIL T>r:1I."....... V. !3W!tI.OW JUD-¡nt A. SHut.:~·¡j!f WAU'BR T, FRATH"BLY !II' JIA-IC:!:'IAJ:L D. KtfNTZ F.Mu.y C. VRIKZR B:E1"f'N1n" A. MCCONAUOBY·· Jom H, OSTERGAARD HUGH D. SPtT'ZE.R I)c)'!;JOLA8 C. Ross Â,.VJ:iŒ. 2. B.RA1CXBILL DA.B.UYL S. V.=CU01t..V WU..J..IA."t S. Vl!tL'lHT1UN TBOXAS M. V1J-..!..B2 Ross C. BAJ<1tR JULIE E.HC:fñ:g· ,.'1. TAYL01t \VA.BHBURN' O:R~OOR'Y C. SlMON tòONA-J-D E. HAÇKER. JR. 4100 SEAFIRST FIFTH AVENUE PLAZA t10() Pl.E"TH AVEN~J.E SRAT"rLZ. WASHINGTON 98104<U78 0.. COUNSEL ROBER'r F, Bue" PAUL W. KoVAL" (206) '822Ml€,}13 TELECOP!ER M (20G} 624--2eøð RETIRED VICTOR D. LAWR3NCK JAMES C. HARPER JAXES P. WRTER (1877-1838) F. M. RO:BXRTS (1&80-1913) HAROLD S. SHEP'!tLHA1'ì Uege-Uað41 ........1t4 BAR ·......LA".... AJfD WASHINGTON BAJl:tI ÀJ,.t. o-TB&U WASØDfO'TON BAn ONLY ANCHORAGE O..P1CE SU!TE 1&00 2~ðO DENALI STREET ANCHon..AO.E,· ALASKA 99~o3-a719 (1';07) 276-1308 TEL1tCOP'IER - (907, 272-8339 Re: Jefferson County, Washington. $230.000 ~Limited Tax General ObI! tiOD Bond lei tien ea, 1984fl , T J/.. the law certify ROBERT H. CAMPBELL, make this certification on behalf of firm of Roberts & Shefelman. Seattle. nqton, and as follows: 1. I am a member of the law firm of Roberts & Shefelman of Seattle. Washington. bond counsel for Jefferson County. Washington (the ·County·). and I have read the October 30. 1984, Certification of B. G. Brown concer ng the County's 3230,000 par value IfLi:mJ.ted Tax General igat10n Bond Anticipation Notes. 1984.- dated. delivered id for on October 30. 1984 (the IINotes"), 2. I have conducted an investigation regarding the issuance of the Notes which has included a review of the tran- script of proceedings d by the County relati to the issuance of the Notes and have familiarized myself th the facts con- tained in the Certification of own. investigation included questions regarding: ð. The commencement and completion dates of the acquisition a construe on of Improvements. as that term is defi in . Brown!s October 30, 1984. certification. and the Countyls ans to proceed with due diligence wi work on or acquisi- tion of the Improvements; b, The amount and timing of expenditures of proceeds of the Notes and any investIDent or reinvest- ment earnings ther rom rece the term of VOL 1· 0 rAG: n ~ 3559 "'It¡ the Notes upon the Improvements or upon administra- tive expenses of the i sue lng t period; c. The funds reasonably expected date of Mr. Brown!s certification to the pa:rment princi 1 or inte¿est and the tlm1 of ltures; as of the ut:?11zed for (,n Notes d. The existence of the Notes O.t !~otes followl investment of those nonexistence of proceeds as oceeds of the a 1?(~rli,)d for e. The County's plans for the sale or disposi- tion of the Improvements; and f. The amount needed for the purpose of the Notes and the amount Notes. 3. It 1s my unqualified opinion, which is given in good fa1th and which I believe is reasonable. that Notes are not étxbitrage igatlons. Dated October 30, 1984. ROBERTS & SH~FE.L~AN /-" L~<~" ~. i.'~\ ~ j Nt, " ~ . Ey ~ ~µu,'" ~" .-" '~ N, ffi . ~ob, or. " r ~~n..npl II ",d. 'C;......._ >ii, ,,,.. ""-' ',..." ...,A. .'1<' ~ ,,.,' v 0178j - 2 - . VOL 1 0 rAG~ (1'- 3560 ,,!--,..~ \?". ÊIGN~URE ID~...WTJl_Lÿ~IQ.~~~P ~-º_::1:!_lTl.J3JrJION CERTIFICATE We, B. G. BROWN and certify that we are r of County Commissioners ·County·), have been and July 20, 1981 Te-ff'erRon t..i'.¿~_ ,,~J.-; -..... JERDI~\TE¡ C. ~RAGG. j oln~ly and s~veral1y '"He,;'''! ('ha""'m~r: C" ^-F 40,,,,,, Board ..... Y' ''';:.-:1f \..,.,,, .....1.,;;...,,_ a;.,i. "'", V.i... z..,.¿¿"IW - , - }rX\Yá~~ County. (the ::! +- ¡;¡ 1 ': ~ in ,,", ¡:~ T"" 1" ')? l' 9 8 L (;".,_ (;.1-".._ ...:......,:.-'>,1,.-" __~'v:'.Ji¡~~,. _,~,J. , res i \t(~l:f Ð " We further cert! that we have executed $230.000 par value of -Llm1 Tax Genera ~ tiOD Bond icipatioD Notes, 1984,- of the County. The notes are 30, 1984; mature October 30, 1935; rate of 7.875\ per anm.un. paY,3bJ.e at .matt1r~. s ]. to 5., inclu- sive. are in the denomlna ion . not0s numbers 6 to 8e inclusive. are .000 each and notes numbers 9 to 15, inclusive. Rre n tion of $25,000 each. We further certify that we have signed the aforesaid notes as Chairman and Clerk. res tively, Board of County Commissioners of COU::1ty. We further certi that of any nature is now pending. o¿. to our knowl " restraining or enjoining the issuance notes or the levy and collection of taxe~ to incipal interest. or in any Ittanner questloning.c: the not<'H5 thelt~\md¡~r r that neither the corporate axis or boundaries the County nor the title of present fieer to r respective offices 1s being contested, - no author ty or pr ings for the . issuance of such notes have been repeal . r or rescinded. SIGNED this 30th day of October, 198~. 1ldd~ B. G. BRO¥~N. Chairman of the Board Commissioners "î / / ¿. '/'i:¿r ~¿n4U.J( /, h ',''':'''\! r i'''' r ,,~,.., , ..... f' .' f' h ":::,,c.,.;.. _..J::. _. £;):'.1\ \:¡. ~"'f. 0.. t¿~e ""'.! ~ (' ., 4 ' 1 ..t;,ryara '...ommJ.ss on~rs 0173j VOl 1 0 rAG~ m - 3561 'k>o !.. :' .,.- ¡/' I CERTIFY that I am !~L11J{~~~~~ (, ' ç' ..--ï~ ,--:'~ / of the ~ jJ ~~f) r :J f i:-bd,-..fð 'Y" and that I am peLsonallY acq~a with B. G. . .--r- I-ltt!,:;~ EN - / ~ e ;rS-v..£ e K- BRo~m and JERDI~~ . BRAGG, and that I know that they are now and were at the time of signing the $230,000 par value ~Limited Tax General Obllqa- tioD Bond Anticipation Notes, l? ,~ da October 30, 1984. of Clark County, Washington (the ~County·). and S:tgn..~ture Identification and No-Litigation Certificate to which this certificate is attached, the duly acting Chairman and Clerk, respectively, of the Board of County ssioners of the County. I do further identi the signatur.es of B. G. BROWN and J!RDINE C. BRAGG as Chairman and Clerk. respectively, of the Board of County Commissioners on the above-described notes and the certificate attached as being in all res s genuine. "f'c,::ç; -A (' ,.) rr ~/./- .DATED at;J::..//Er"'-'O- .,-D(Á¡v 'I.{. Washington. thls 30th day of. October, 1984. ÝÌ /1~ ~~,~ ~7 / v ~ 0173; VOL 10 tAŒ o - 3562 OFFICIAL STATE~ÆNT CERTIFICATE I. FR~~CES F. }ßNSEN. Treasurer. of Jefferson County, Washington (the' ·Co'1.'!.nt}~"). certify that to the best of my knowl- edge and belief, and after reason,3.ble lnvestigatlon, at the tlme, of the acceptance the purchase proposal for and at the time of delivery of the County's "Limited Tax General Obligation Bond Anticipation Notes, 1984" (the "Notes"), (a) neither the Offi- cial Statement relating to the Notes nor any information fur- nished by the County supplementary thereto contains any untrue statement of a material fact or omits to state any materlal fact ~ecessary to make the statements therein. in light of the cir- cumstances under which they were !!:I.ade, not nÜsleadlng in any .aterlal respect; (b) since the date of that Official Statement ånd any such suppl~mentary information no event occurred which should have been set forth in an amendment or supplement to that Official Statement which has not been set forth in such supple- mentary information; and (c) there has been no material adverse change in the operation or financial affairs of the County since the date of that Official Statement. DATED this 30th day of October, 1984. q vJ ,"// ---1/\ , ,-/ u v¿ ¿j;1--i !--{'JL-;J../~-/· / y/(;t~ Frances F. Hansen J ferson County Treasurer 0175:] VOLfO fAŒ P 3563 " CERTI?ICATION OF B. G. BROfiN CONCERNING 730.000 BLIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTES. 1984" OF J COUNTY, I. B. G. BROWN, make this certification on behalf of Jefferson County. Washinçton (the ~CountyM). and certify as follows: 1. I am the Chairman of the Board of County Commissioners of the County and am an officer responsible for issuing the Coµnty's $230,000 ~Limited Tax General Obligation Bond Anticipa- t,ion Notes. 1984. B dated. deliv,rH and i6 for on the same date as the date of this certification (the "Notes"). 2. The following is a summary of the facts and estimates ~1th respect to the Notes which I reasonably expect to be true on the date the Notes are issued. a. Purchð~ser and Purchas_e Price of the Notes. The Notes will be sold to Harper, McLean & Company of Seattle. Washington (the "Purchaser"). at a price of par, less a .75\ ($1,725) discount. b. !:~pos~_ºJ 15_~.lilliLthe Note_?_. The Notes are being issued for the purpose of providing the funds necessary to complete construction of the County jail (the -Improvements·) and to pay the costs or the issuance and sale of the Notes, all pursuant to Resolution No. 69-84. . vot 10 rþ,çl ff 3564 ~ c . ç_o n f:!~J;U SJ: i olJ.-,S c 1:J.~d U ]:-'?..-:.to r !:~_,ª-1J!!E.L?_y..:~me n t s . 1) Cost of the !mn!ovements. The cost of the __"",__.___~,_.~<..Jk-,_."'--->----""-_'_"-"~- completion of the Improvements is estima to be ~230,OOO, which cost will be pa from the oceeds of the issuance and sale of the Notes and investment earnings therefrom in the approximate amount of $250. The net amo~nt received by the County as a result of the sale of test after payment of all expenses of issuing, selling and livering the Notes, 1s not expected to exceed the amount necessary for the Improvements. 2) Compl~tion Sc~edul~. The County has out- standing unpaid construction bills in excess of $200,000 for completion costs. and the County will pay such unpaid bills within thirty days after receipt of the proceeds of the issuance and sale of the Notes. 3) Completion of Const~uct~~. Work on and acquisition of the Improveme~ts is expected to proceed with due diligence to completion, which is expected to occur by December 31, 1984, by which date all of + proceeds of the issuance and sale of the Notes and any investment earnings therefrom will have been expended upon the Improvements. d. Funds 1P00 ~~hicJl.J?_ryceecl'Lf__:f.:?:m tb!-" I ssuance and Sale of the Notes !1'i 1 L_J~.§' D~:J"?-º-,~:_t1~eª:.. principal proceeds to be derived by the County from the issuance and sale of the Notes will be deposited in the County's ~Jail Completion Fund- and - :L- 'VOL 10 f'AŒ fO '3565 utilized for. the payment of the costs of the Improvements as aforementioned. There will be no accrued interest received. e. £.~~nt º..:;LNot~_. 1) peb.J- s.:.?:I,:-:v~tce SJ:r_~ct\.1.:L~_· The Notes are general obligations of County. 2) §2~SÇ~~J~~~_~2~' The Notes are payable from the proceeds of general obligation Donds authorized by Resolution No. 69-84 of County. the oceeds of property t~xes levied against real property subject to taxation located within the County. the proceeds of additional short-term obliga- tions and other funds available therefor. Those funds which are expected to be used to pay principal of or interest on the Notes will be deposited in the -Limited Tax General Obligation Jail Completion Bond Anticipation Note Fund, 1984- (the -Note Fund-) and utilized by October 30, 1985. for payment of principal of or lnterest on the Notes. T~ is expected that the Note Fund will be depleted by October 30. 1985. The County s not created or established and does not expect to crea or establish any sink- ing fund or other similar fund for the Notes other than the Note Fund. f. Expençt,i ture:-Ql I nV~..:?J:ment I nCº..::!1e. It 15 ant 1c1- pated that all earnings from the investment of proceeds of the issuance and sale of the Notes will be spent upon the Improve- ments by December 31, 1984, and that all earnings from the investment of County non-bond oceed funds expected to be utilized to pay principal or interest on the Notes will be -> 3 - VOL . r. 10 ~AG~ r 03566 '7" . spent upon principal of or interest on the tes by October 30, 1985, or will be commingled th non- oceed funds of the County wi thin one Jrear of receipt of: those ea,rntngs. g. ~'-ª 1. f>:-oJ. :]J~J¿I:_º~'£·.E~mf'IJ~Jª_ . The Co U n t y 5 no plans to $ell or dispose of any rt 0:[ 1- I~provements. which have a life expectancy of more than term of tes. except to replace worn-out parts or equipment. 3. To the best of knowledge, information and belief, the above expectations are reasonable. 4. The County has not been notified of any listing of it by the Internal Revenue Service as an issuer that may not ¢9rtify its obligations. 5 . This certificate is being executed a livered pursuant to sections 1.103-13. 1.103-14 1.103-15 of the Income Tax Regulations r the Internal Revenue Code of 1954, ~s amended. DATED October 30, 1984. JEFFERSON COUNTY, WASHINGTON By ¿?¿~~J B. G. BROWN. Chairman 0176j - 4 - .. '".\!~ 1.0 r~~~ ro 3567 ; I JEFFERSON COUNTY, W,ASHINGTON COUNTY DE?,':':' CI\.J?AC:TY ASSETS: cash in gener.al obligation bond ::'~\nc1 {s; $834,087,832 857.79 Value of taxable property in county~ UÞCOllected Taxes: Bond Fund ( s) 1984 1983 1982 $7,0'2.03 ---1-94.2Ú 320.83 1981 17.6 ¡ 1980 1979 201 ; ú6 00 Total 7,846.17 ,~,j~neraJ. Fund -"'};,{'\'. ~/ ':'" 1984 J.474,730.87 30,698.oS 1983 1982 1981 1980 1979 2~ .376.62 ! ,503.5'~ 12.913.33 ()n 1....1'V $541,223.28 Total LIABILITIES: ... OUtstanding general obligation bonds Voted bonds 00 Nonvoted bondsS60,OOO.OO Total $60.000aOO "\ -- . ,VOL 10 rAG£ ~'O 3568 ~' ~~'.",: . ; it;' ~ .~~::: ~tstanding General Fund warran~s (interest bearing) 00 ~er outstandina warrants rede~~able '2-From -r:U'¡"" .,..e ....ax- es 0.,.. 'O....ocPoc'.... O,~ '~--f\;1','''''\oo oi- _"..,...:;.. ~ or. "'.... ......;:. oi- _"'"_'''f::.\ -- ",1.·,-en"''''a1 O'r.1';q'at-:'on ""'O',-,;Ir;o ;._"1,"~ ~(- 'o-J........_' -- ' ~fwf .1..10"-'-.....) 00 '," QÛtstanding executory conditional "j~sales contrac'::,s 00 ~tstanding lease-purchase contracts 00 . ~scel1aneous liabilities, if any, :+,incluè.inq without limit.ation ,.:-\'1"'1':. - i"'1~l:eontract5 obligating the County >;~4to incur or not to incur indebted- .. ,:f~ '~, ~'''.:jness in the future. ..'. <~pescr iption: 00 ""~~Z;~i'~ .:.'..,.,'....' ;J(j~~" ;:j";:>} .":',." ,,';:~i f.',¡-. ..:,-' X hereby certify that the above data is taken from the official records of Jefferson County and that it. is, to the baste! my knowledge and the info~,ation available to me, true and comp!.ete as of Sep:æber 30 1984 . :"':;~:E ":{':' . ,:~:.. , , ¡. 7k l .., ,/ ,~/I.£I4vêL/<2;_ . f;C..~_ J¡""o11n+v "!''rP''"' <"\"""er "-' ........;.. .-..... ---~-,-,.,ç"'<~ ._- "'- Jeffersorl County, washington '" "" . VOL 1 0 r.~Œ 0.- 3569 ROBERTS & SHEFELMAN A PA.BTNBRSHIP INCLUDING PROFESSIONAL CORPORATIONS JAMJlS GAY ROBJlRT G, MoeH GJIOaoE M, MACK BBlAN 1. CoMSTOCK. P,S, TIxOTHY R. CLIFPORD. p,S, l.JIJI R. VooBHJlES, JR, DAVID B. SWJlJlNJIY WILLIAM G, TONKIN RoSJlRT H, CAMPBELL GABY N, ACKJlRXAN. P,S, RooJlR A, MYKLEBUST ROOJlR W, DuBROCK' JON W, MAcLKoD PAUL L, AHERN. JR TERESA V. BIGELOW JUDITH A. SHULMAN WAU'JIR T. FBA:rHJlRLY ITl' MICRAJlL D. KUNTZ EMILY C, VRlJlZJI BENNET A MCCoNAUGHY*· JON! H, Û8TEaoAARD HUOH D, SPITZER DoUOLAS C. Ross ANNJI E, BRAKJlSILL DARRYL S, VHUOJIN WILLlAM S, WJlINSTJIIN THOMAS M, WALSH Ross C, BAKER JULIE E, HonR' J. TAYLOB WASHBURN GRJIOORY C. SIMON DoNALD E. HACEER, JR 4100 SEAFIRST FIFTH AVENUE PLAZA 800 FIFTH AVENUE SEATTLE. WASHINGTON 98104-3178 OF COUNSEL RoSJlRT F. BUCK PAUL W. KOVAL* (206) 622-1818 TELECOPIBR - (206) 624·2686 RBTIRED VICTOR D, LAWRJlNCE JAMES C. HARPJlR October 30, 1984 JAKES P. WETER U877-19ð9) F, M. ROBERTS (1880-1973) HAROLD S. SHEFELMAN (1898"1984' .ALASKA BAR ·"ALASKA A..ND WASHINGTON BARS ALL OTHERS WASHINGTON BAR ONLY ABCHOBAOB OFFICE SUITE 1500 28150 DENALI STREET ANCHORAGE. ALASKA 99ð03·2'719 (90T) 276-13:'}B TBLECOPIEB . (901') 272-8332 Jefferson County, Washington and Harper, McLean & Company 500 Union Street, Suite 730 Seattle, Washington Re: Jefferson County, Washington, $230,000 -Limited Tax General Obligation Bond Anticipation Note, 1984- We have examined a certified transcript of proceedings had by Jefferson County, Washington (the -County-), relating to its issuance of the above-referenced notes (the -Notes-), and also have examined an executed Note. The Notes are dated October 30, 1984, mature October 30, 1985, and bear interest at the rate of 7.875\ per annum, payable at maturity. Notes numbers 1 to 5, inclusive, are in the denomination of $5,000 each, Notes numbers 6 to 8, inclusive, are in the denomination of $10,000 each and Notes numbers 9 to IS, inclusive, are in the denomination of $25,000 each. The Notes have been issued without the right or option of the County to redeem the same prior to their maturity. The Notes are issued pursuant to the laws of the State of Washington and Resolution No. 69-84 (the -Note Resolutlon-), for the purpose of providing the funds to complete construction of the County jail, all as set forth in the Note Resolution. The Notes are payable solely from the -Limited Tax General Obligation Jail Completion Bond Anticipation Note Fund, 1984- (the -Note Fund-), created by the Note Resolution and are a general obligation of the County. Jefferson County, Washington and Harper, McLean & Company October 30, 1984 Page 2 The County has pledged irrevocably to redeem the Notes on or before October 30, 1985, from the proceeds of a sufficient amount of the limited tax general obligation bonds authorized by the Note Resolution, from the proceeds of additional short-term obligations or from other money legally available for such purpose and has pledged to include in its budget and to levy taxes annually, within the Constitutional and statutory tax 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 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 have been pledged irrevocably for the annual levy and collection of those taxes and the prompt payment of that principal and interest. We have not reviewed and thus express no opinion concerning the completeness or accuracy of any official statement, offering circular or other sales material relating to the issuance of the Notes or otherwise used in connection with the Notes. It is our opinion that, as of the date of the initial delivery of the Notes to the purchaser thereof and full payment therefor, (1) the County is a duly organized and legally exist- ing county under the laws of the State of Washington, (2) the Notes have been issued pursuant to all requirements of law and constitute a binding legal general obligation of the County, and (3) under existing federal law and rulings the interest on the Notes is exempt from federal income taxation. Respectfully submitted, ROBERTS & SHEFELMAN ./'\ . / ,.",,) 1J,t, Ú"),,¡ . (>~f ';/ " /1" .ÚrrJ By d'~~~~'.1 ~am:~~~~/ 0177j CROSS RECEIPT FOR NOTES AND PAY~ENT HARPER, McLEAN & COMPANY, Seattle, Washington, acknowledges receipt in Seattle, Washington, this 30th day of October, 1984, of 5230;000 ·,l<'::,.,_J.e "Limited 'Tax General Obligation Bond Anticipc;t,ion Not:.es? 1984 r" of Jefferson County, Washington, dated October 30, 1984 (the "Notes"). The Notes mature on October 30, 1985, and bear interest at the rate of 7.875% per annum, payable at maturity. Notes numbers 1 to 5, inclusive, are n the denomination of $5,000 each, Notes numbers 6 to 3, inclu- sive, are in the denomination or SlO,OOO each and Notes nu.mbers 9 to 15, inclusive, are ':.he denonÜnation of $25,000 each. JEFFERSON COUNTY, WASHINGTON, acknowledges receipt in Seattle, Washington, this 30th day of October, 1984, of $228,275 in full payment for the Notes, which settlement amount is the par value or the Notes ss a discount of $1,725. HARPER, McLEAN & COMPANY By (-IJJ ¡ L~"/;¿.¡;t '- -6UJ4 I JEFFERSON COUNTY, WASHINGTON /Î î Â ' Bwg;LA:;t,4tA.Y.--.1/ .,~;T\ ~ - FINAL OFFICIAL STATEMENT DATED OCTOBER 23, 1984 In the opinion of Bond Counsel, interest is exempt from all present federal income taxes under existing statutes, regulations, rulings and court decisions. $230,000 JEFFERSON COUNTY, WASHINGTON LIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTES, 1984 Dated: October 30, 1984 Due: October 30, 1985 The Jefferson County Notes will be issued as bearer notes without coupons, in the denomination of $5,ØØØ each or integral multiples thereof. Principal and interest on the Notes will be payable October 3Ø, 1985 at either of the Fiscal Agencies of the State of Washington, currently J. Henry Schroder Bank & Trust Company, in New York, New York, and Seattle First National Bank, in Seattle, Washington. MATURITY SCHEDULE ~ Amount Interest Yield Price October 3Ø, 1985 $23Ø,ØØØ 7.875% 7.875% lØ0 The Notes of this issue are not callable in advance of their scheduled maturity dates. The Notes are offered by the Underwriters when, as and if issued, subject to the approving legal opinion of Roberts & Shefelman, Bond Counsel of Seattle, Washington. It is expected that the Bonds will be delivered on or about October 3Ø, 1984. Harn>.ä,.McLean Gw Comg~y JEFFERSON COUNTY, WASHINGTON ~QUNIï_~QMMISßIQNßBß B. G. Brown, Chairman John L. pitts Larry Dennison JßffßBSQN_~QUNIX_QfEl~IALS Jack westerman, III Patricia N. Knapp Marianne K. walters Frances F. Hansen Assessor Auditor Clerk Treasurer ßQmL~QUNS.EL Roberts & Shefelman (Roberts, Shefelman, Lawrence, Gay & Moch) Seattle, Washington .. IINDßIUiBII.EB Harper, McLean & Company Seattle, Washington ----------------------------------------------------------------- The information set forth herein is not guaranteed as to accuracy or completeness and is not to be construed as a representation of fact by the Underwriters. The information herein is subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the County since the date hereof. JEFFERSON COUNTY, WASHINGTON LIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTES, 1984 $23Ø,ØØØ DRSCRI~ºN: The Notes are issued as bearer notes without coupons, in the denomination of $5,ØØØ each or integral multiples thereof. The Notes will bear interest at a rate of 7.875%. Principal and interest will be payable October 3Ø, 1985 at either of the fiscal agencies of the State of Washington, currently J. Henry Schroder Bank & Trust Company, in New York, New York, and Seattle First National Bank, in Seattle, Washington. £RIOR REDE~TION: The Notes are issued without the right of redemption prior to their stated maturity. AUTHORIZATION: The Notes are issued pursuant to Resolution No. 69-84, adopted by the Commissioners of Jefferson County on October 23, 1984 providing for the issuance and sale of the Notes. ~CURLîX: These Bond Anticipation Notes constitute, in the opinion of bond counsel, valid and binding general obligations of the County, payable as to both principal and interest, from proceeds of refunding notes or bonds to be issued by the County, or other funds legally available therefor. The full faith, credit and resources of the County are pledged irrevocably for the prompt payment of principal and interest on the notes. LEGAL OPINION: The Notes will be issued with the unqualified approving legal opinion of Roberts & Shefelman, Bond Counsel of Seattle, Washington. The legal opinion will be printed on the Notes and shall state that bond counsel expresses no opinion on the accuracy or completeness of any official statement or other sales material related to the issuance of the Notes prepared by the County or otherwise used in connection with these Notes. Jefferson County, Washington Page 2 f.!LBRQâ~: The proceeds 0 f the Notes will be used to par t ia 11 y fund construction of a jail facility within the County. The County has received State grants totalling approximately $2,2ØØ,ØØØ, for use in the construction project. LITIGATION: There is no litiga~ion or other proceeding pending, which will restrain or enjoin the issuance, sale or delivery of the Notes, or in any way question or affect the validity of any provision of the Notes or Note Resolution. NO DEFAULT: There is no record of default in the payment of principal of or interest on any general obligation or revenue bonds, revenue warrants or notes of Jefferson County, Washington. OFFICIAL STATEMENT CERTIFIÇAT~: The Closing documents will include a certificate signed by the County Treasurer, acting for and on behalf of the County that to the best of her knowledge and belief at the time of the acceptance of the purchase proposal for and at the time of delivery of the 1984 Notes, this Official Statement and any information furnished by the County supplemental thereto did not and do not contain any untrue statement of material fact or omit to state a material fact necessary in order to make the state- ments made in light of the circumstances under which they were made, not misleading in any material respect. UNDERWRITING: The Underwriter has agreed, subject to certain conditions, to purchase the Notes at a price which will produce an underwriting spread of .75 points. The Underwriter's obligations are subject to certain conditions precedent, and it will be obligated to purchase all such Notes if any Notes are purchased. Notes may be offered and sold to certain dealers at prices lower than such public offering prices and such public offering prices may be changed from time to time by the Underwriter. ~ENANT AGAINST ARBITRAGE: Pursuant to the Note Resolution, the County covenants and agrees with the holders of the 1984 Notes that no part of the proceeds of the 1984 Notes or any other funds of the County shall at any time be used directly or indirectly to acquire securities or obligations the acquisition of which would cause any 1984 Note to become an "arbitrage bond" as defined in Section lØ3(c) of the Internal Revenue Code of 1954 as amended, and the applicable regulations promulgated thereunder. Jefferson County, Washington Page 3 DELIYE.RX: Delivery of the Notes is anticipated to occur on or about October 31, 1984. ASSESSED-YALUATION DETERMINATION: In the State of Washington, the County Assessor deter- mines the value of all real and personal property throughout the county which is subject to ad valorem taxation. The Assess·or is an elected official whose duties and methods of determining value are prescribed and controlled by statute and by detailed regula- tions promulgated by the Department of Revenue of the State of Washington. For tax purposes, the assessed value of property is 100% of its actual value. All property is subject to revaluation every 4 years. The revaluation occurs in cycles, and the inten- tion is that 1/4 of the property be revalued every year. The property is listed by the Assessor on a roll at its current assessed value and the roll is filed in the office. The Assessor's determinations are subject to revision by the County Board of Equalization and, for certain property, subject to further revision by the State Board of Equalization. After all administrative procedures are completed, County officials receive the Assessor's final certificate of assessed value of property within the County. TAX COLLECTION PROCEDURE: Property taxes are levied in specific amounts and the millage rates for all taxes levied for all taxing districts are based upon the assessed valuation of the property within the various taxing districts. The Assessor extends the taxes to be levied within each taxing district upon a tax roll which contains the total amount of taxes to be so levied and collected. Statutes require that the tax roll be delivered to the County Treasurer by December 15th of each year, and an abstract of the tax roll showing the total amount of taxes collectible in each of the taxing districts for the year, is delivered to the County Auditor at the same time. The County Auditor issues to thè County Treasurer his warrant authorizing the collection of taxes listed on the Assessor's certified tax roll. One-half of the tax is due and payable on April 30th and one-half on October 31st of each year. If the taxpayer fails to make payment of at least one-half of the tax due on or before April 30th, the entire tax liability becomes due immediately. If the tax liability of the taxpayer is less than ten dOllars, the entire amount is due and payable on or before April 30th. Jefferson County, Washington Page 4 The method of giving notice of payment of taxes due, the Treasurer's accounting for the money collected, the division of taxes among the various taxing districts, notices of delinquency, and collection procedures are all covered by detailed statutes. Subject to the "Homestead Exemption," the lien for property taxes is prior to all other liens or encumbrances of any kind on real or personal property subject to taxation. By law the County Treasurer may not commence foreclosure of a tax lien on real property until three (3) years have passed since the first delinquency. All property which constitutes a Homestead under Chapter 6.12 RCW up to a total property value of $25,000 is protected from forced sale to satisfy tax liens (see Algona vs. Sharp 30 Wn. App. 837 (1982)) . TAX COLLECTION RECORD As Of August 31, 1984 GENERAL FUND 1984 1983 1982 1981 1980 1979 TAXES TAXES RECEIVABLE AroUNl' ~ RECEIVABLE January 1 LEVIED ÇOLLECTED ( 1) l\T\lT1STMENl'S. Deœnber 31 $ $ $ $ $ (2) 123,154 1,051,449 1,059,451 (916) 114,236 117,833 952,496 944,915 (2,261) 123,154 116,119 881,293 875,264 (4,315) 117,833 59,566 718,780 681,559 6,014 102,801 54,984 661,884 653,946 (4,693) 58,229 (1) Applies to current and prior years tax collections (2) As of Septenber 1, 1984; 1984 taxes are in the process of collection .. Jefferson County, Washington Page 5 DEBT LIMITATION: Under Washington State Law, a County may issue general obligation debt for general County purposes in an amount not to exceed 2 1/2% of actual value of all taxable property. Unlimited tax debt requires an approving vote of the people, and any election to validate general obligation debt must have a voter turnout of at least 4Ø% of those who voted in the last State General Election and of those voting, 6Ø% must be in the affirmative. The County Council may by ordinance authorize the issuance of limited tax general obligation debt in an amount up to 3/4 of 1% of the actual valuation within the County without a vote of the people. No combination of limited or unlimited tax debt may exceed 2 1/2% of the actual valuation. The debt service on unlimited tax debt is secured by excess tax levies, whereas the debt service on limited tax debt is secured by taxes collected within the County operating levy. JEFFERS)N <X>UNTY FINANCIAL INFORMATION As of Septerrber 3Ø, 1984 Assessed Valuation (1984 tax year) Debt Limit: Limited Tax General Obligation Debt (3/4 of 1% of Assessed Valuation) Outstanding Limited Tax General Obligation Debt This Issue: Limited Tax General Obligation Debt Less: Cash & Investments in Bond Fund Net Limited Tax General Obligation Indebtedness Remaining Capacity: Limited Tax Debt Debt Limit: Total Limited and Unlimited G. O. Debt (2 1/2% of assessed valuer Total General Obligation Debt Limit Outstanding Unlimited Tax Debt Net Limited Tax Debt Outstanding Net General Obligation Debt Outstanding Remaining General Obligation Debt Capacity $834,Ø87,832 $ 6,255,659 $ 6Ø,ØØØ 23Ø,ØØØ (879) $ 289.121 $ 5,966,538 $2Ø.852.196 $ 2Ø,852,196 $ -Ø- 289.121 $ 289.121 $ 2Ø,563,Ø75 Jefferson County, Washington Page 6 DlRECI' AND OVERIAPPING DEBl' OursrANDING: Assessed Valuation (1984 tax year) Net Direct Debt: Direct Debt, including this issue Estimated Overlapping Debt: School District NoS. 20, 46, 49 & 50 Port of Port Townsend Hospital District No. 2 FPD Nos. 2, 3, & 6 Total Estimated OVerlapping Debt Total Direct and OVerlapping Debt DEBl' RATIOS: Net Direct Debt to Assessed Valuation Net Direct and OVerlapping Debt to Assessed Valuation $8,187,395 198,000 1,460,000 35.000 Estimated Population (1984) Per Capita Net Direct Debt Per Capita Net Direct and overlapping Debt Per Capita Assessed Valuation .. $834,087,832 $ 289,121 $ 9.880.395 $ 10,169,516 .035% 1.22% 17,000 $ 17.01 $ 598.21 $49,063.99 t>:I ~ d t>:I ~ ::u tD B. 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Jefferson County's population growth is represented in the table below: JEFFERSON COUNTY POPULATION 1960 1970 1980 1981 1982 1983 1984 9,639 10,680 15,965 16,600 16,900 16,800 17,000 Source: Washington State Office of Financial Management Approximately one half of the area of the County is National Forest and parklands, which includes the Olympic Mountain Range. There are numerous state and national parks, and popular areas for hiking, fishing and other outdoor activities. Thousands of people are drawn to the County each year to participate in the varied recreational offerings, from the eastern and western shorelines to the mountains. Port Townsend, which is the only incorporated City in Jefferson County, serves as the County seat, and is the economic center for the eastern Peninsula. The City has a population of 6,200, and is located on the northeastern tip of the Peninsula, bordered on two sides by Admiralty Inlet. · The City of Port Townsend is a historical landmark, situated on the water, and attracts thousands of tourists each season. There are numerous antique stores, art galleries and historical homes in Port Townsend, as well as Victorian Bed and Breakfasts to serve visitor's needs. There are a number of events scheduled annually, such as musical festivals, fishing derbys, historical tours, road runs, golf tournaments and more. Jefferson County, Washington Page 9 INDUSTRY AND EMPLOYMENT: The major industries in the County are tourism and marine-related activities. A major tourist and recreational attraction at the community of Port Ludlow, in the eastern part of the County, is the Pope & Talbot Company's 6ØØ acre development, which includes a resort and residential units. The development includes a 3ØØ-slip marina, an 18-ho1e championship golf course and related faci1ites, and includes 243 homes and 156 condominium units. The Company has approximately 24ØØ acres available for potential development. The recreational and residential development attracts many visitors and conventions to the area. The largest employers in Jefferson County are: Company Approximate Employment Business Port Townsend Paper Company Jefferson County Port Townsend School District Jefferson General Hospital City of Port Townsend Pederson Milling & Logging 414 2ØØ 16Ø 144 68 14 Pulp & Paper Government Education Health Services Government Contract Logging JEFFERSON COUNTY EMPLOYMENT DATA 1983 1982 1981 1989 1979 Labor Force 6,44Ø 6,38Ø 6,72Ø 6,599 6,39Ø Employed 5,83Ø 5,579 5,979 5,899 5,779 Unemployed 619 819 75Ø 619 539 % Unemployed 9.5% 12.7% 11.2% 9.4% 8.4% Source: Washington State Employment Securities Department ~ TAXABLE RETAIL SALES Jefferson County ~ 1984 1983 1982 1981 Amount $ 19,996,428 (1) 9Ø,221,363 116,935,611 (2) 75,9Ø2,4Ø9 xe.a.r. 1989 1979 1978 1977 Amount $67,367,396 71,885,917 62,516,359 51,976,461 (1) Figures are for first quarter 1984 only (2) 1982 figure includes extraordinary sales related to reconstruction of the Hood Canal Floating Bridge.