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HomeMy WebLinkAbout069 84 ~~/ JEFFERSON COUNTY. WASHINGTON RESOLUTION NO. 69-84 A RESOLUTION of Jefferson County. Washington. relating to contracting indebtedness; authorizing the issuance of $230.000 par value of limited tax general obligation bonds of the County for strictly County purposes to provide funds with which to pay the cost of completing construction of the County jail facility; establishing a jail completion fund; and providing for the issuance and sale of short-term obligations pending the issuance and sale of such bonds. WHEREAS. the Board of County Commissioners of Jefferson County. Washington (the "County·). finds and declares that it is in the best interest of the County and the County is in need of completing const,ruction of the County jail facility. the esti- mated cost of which is $230.000 and the County does not have available sufficient funds to pay the cost thereof; 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 evidence such indebtedness in the amount of $230,000 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 VOL 10·, 't'",rr J£' i : ""'.'\;';_ 344,~) ,o¡. . < ..''t 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 ULimited Tax General Obligation Jail Completion Bond Anticipation Note Fund, 1984,u (the UNote Fund·). Pending the issuance of the limited tax general obligation bonds authorized by this resolution the County shall issue and sell its uLimited Tax General Obligation bond Anticipation Notes, 1984· (the -NotesU), in the principal amount of $230,000. Such Notes shall be da. tedÂ~~f the date of .::J~ ða(;f. their issuance; shall mature on October~~ 1985; shall be in the denomination of $5,000 each or any integral multiple thereof; shall bear interest at the rate oftS15í per annum, payable at maturity and, if not redeemed on their maturity, shall bear interest at the same rate until fully paid or suffi- cient 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 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 Commissioners 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, - 2 - VOL 1 0 fAG~ () 3·450 \, , 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 prin- cipal 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 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 l03(c) of the United States Internal Revenue Code of 1954. as amended, and the applicable regulations promulgated thereunder. Section 6. There is created in the office of the County Treasurer a special fund designated the 'Jail Completion Fund. 1984,' into which fund shall be deposited the principal proceeds - 3 - ".1,0·,' '~.r"ç r,',;;3451 ÝÜL --'"-'- . t -~,\.;.- '. , " received from the sale and delivery of the Notes which will be used for the purposes specified in Section 1 of this resolution and to pay the cost of issuance and sale of the Notes. Pending the expenditure of such principal proceeds the County may temporarily invest such proceeds in any legal investment and the investment earnings may be retained in the HJail Completion Fund, 1984,- and expended for the purposes of the Notes. All taxes hereafter collected for and allocated to the payment of the principal of and interest on the Notes shall be deposited in the Note Fund. 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 pay- able 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 accountH), 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 Hdefeased Notes·) in the cove- nants of this resolution and, except as hereinafter provided, in the funds and accounts obligated to the payment of such Notes shall thereafter cease and become void. Such owner shall there- after have the right to receive payment of the principal of and interest on the defeased Notes from the trust account and, in - 4 - ¡it,; "1\.11_ 1 n 'HJ' _"_ ,v r...",_ n f ~. t " 3·}I C."" ,·.~'~i! 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. Harper, McLean & Company of Seattle, Washington (the ·Purchaser"), has submitted an offer to purchase the Notes at a price of $ 7?.~5 per each $100 par value. The Board of . County Commissioners. being of the opinion that it is in the best interest of the County that such offer be accepted. accepts the same. The County will furnish the printed or typed unquali- fied approving legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle, Washington, at the County's expense. Bond counsel shall not be required to review or express any opinion concerning the completeness or accuracy of any official statement, offering circular or other sales material issued or used in connection with the Notes and bond counsel's opinion shall so state. Without unreasonable delay the County will cause the definitive Notes to be prepared and executed after the sale of the Notes and immediately upon their execution, the Notes shall be delivered to the purchaser upon payment therefor in accordance with its offer. ADOPTED by the Board of County Commissioners of Jefferson - 5 - VOL 10· 'ut t...,\L o 3~1 · '. .. t ~ County, Washington, at a regular open public meeting thereof this 22nd day of October, 1984. " j' r;. J.' ATTEST: Approved as to form: BOARD OF COUNTY COMMISSIONERS OF JEFFERSON COUNTY, WASHIGNTON ~) Chairman mm ne ~ ' missioner - 6 - Ii')' '\iL 1 0 r.~Œ 0 345ft , , .. t~" I, Jerdine C. Bragg , Clerk of the Board of County Commissioners of Jefferson County, Washington, certify that the attached copy of Resolution No. 69-84 is a true and correç:t copy of the original resolution adopted on the 22nd. day of October , 1984, as that resolution appears on the Minute Book of the County. DATED 22nd day of October , 1984. Q ~7~ ' '''/, ".// Ie - /11rt~!ioi(r~ ~ VOL :10 fAŒ ,3, 4/, t.:c:... t ,$"l P' , 1I(tfo~/ :11}. . i'<j¡) d;tt.!þ:;,r ,If cf.,;t' v v I YAKIMA roUNDED 1892 BARPER, .cLEAN . CO..J1IfY IHVESTMENT SECURITIES Pbon. 628 39S I LOGAN BUILDING . SOO UNION STREET' SUITE 730 P. 0. BOX 21945 SEATTLE 98111 Board of Commissioners Jefferson County Port Townsend, Washington Honorable Commissioners: Harper, McLean & Company is pleased to submit this offer to purchase $23Ø,ØØØ par value legally issued Limited Tax General ObI igat ion Bond Antic ipat ion Notes (the "Notes") f rom the Di~tric~. We will. pay $ 99.25 per $lØØ ~tpar value for the Notes, ~ wh1ch w1ll bear 1nterest at a rate of'b'lS' per annum, based on a '0. 3Ø-day month, 36Ø-day year. The Notes will be dated October .,X'~3 1984, and will mature on October 31, 1985. Interest on the Notes will be paid upon maturity. This offer is subject to the following conditions: 1. The Notes shall be accompanied by the unqualified approving legal opinion of Roberts & Shefelman, Bond Attorneys of Seattle, Washington. 2. The District agrees to pay the cost of note printing, bond counsel fees, and any costs related to delivery. 3. The District will deliver the Notes at the offices of Harper, McLean & Company, in Seattle, Washington, on or about October 31, 1984. 4. A non-litigation certificate prepared by bond counsel is to be available at the time of closing. This offer is submitted for immediate acceptance or rejection by the Commissioners on October 22, 1984. VOL 1'. 0, .." '~r;ç . r ""',~J_ 344,2 « . rIP Þ Board of Commissioners Jefferson County Page 2 The following is submitted but is not a part of this offer. ACCEPTED: JEFFERSON COUNTY £?A£? J ____L:~~~____~________ Chairman -~-- issioner Gross Plus: Total Total Interest Discount Interest Interest Cost $ if!,' /I~, s-ò I 7c?5', (Tt} $ J cl 2"'37- St.) 'õ,{¿;é) S--% Respectfully Submitted, ~¿?Æ»~<-- R~~rd A. Sch~ber President VOL '" 0 fArr J~ ...~: I..u_ o 344a ROBERTS & SHEFELMAN A PARTNERSHIP INCLUDINO PROFESSIONAL CORpORATIONS JAMES GAY ROBERT G, MOCH GEORGE M, MACE BRIAN 1. CoMSTOCE, P.S, 1'n<OTHY R CLIFPORD. P.B, LEE R VOORHEES. JR. DAVID B. SWEENEY WILLIAM G. TONKIN ROBERT H, CAMPBELL GARY N, ACRERMAN. P.B. ROOED A. MYKLEBUST ROOER W, DuBROCK' JON W, MACLEOD PAUL 1. AHERN. JR. TERESA V. BIGELOW JUDITH A SHULMAN W.u:rER T, FEAnlERLY Ill' MICHAEL D, KUNTZ EMILY C. VRIEZE BENNET A. MCCoNAUGHY·· JONl H, OSTRBGAARD HUGH D, SPITZER DoUGLAS C. Ross ANNE E. B~BILL DARRYL S, VHUGEN WILLIAM S, WEINSTEIN THOMAS M, WALSH Ross C, BAKER JULIE E, HOFER' J. '!AYLOE WASHBURN GREGORY C, SIMON DoNALD E. HAcKER. JR. 4100 SEAFIRST FIPTH AVENUE PLAZA 800 FIPTH AVENUE SEATTLE. WASHINGTON 96104-3176 01' CoUNSEL ROBERT F, BUCK PAUL W, KOVAL' (206' 622~1818 TELECOPIEB - (206) 624-2066 RETIRED VICTOR D, LAWRENCE JA]¡(:a:S C, HARPER October 19, 1984 JAMES P. WBTBR (1877-1989) F. M, ROBERTS <188<>-1973) HAROLD S. SHEFELMAN <1898-'984) -ALA.8KA BAR ··ALASKA AND WASHINGTON BARS ALL OTHERS WASHINGTON BAR ONLY ANCHORAGE OFFICE SUITE 1500 2850 DENALI STREET ANCHORAGE. ALASKA 99503-2719 (907) 276-1356 TELBCOPIER - (907) 272-8332 HAND DELIVERED Hon. Frances F. Hansen Jefferson County Treasurer Jefferson County Courthouse 1820 Jefferson Street Port Townsend, WA 98368 Re: $230,000 "Limited Tax General Obligation Bond Anticipation Notes" Dear Fran: Enclosed for consideration at your Board meeting is a resol- ution authorizing the issuance of the above-referenced notes. The interest rate in Section 2 and purchase price in Section 8 must be filled in prior to adoption of the resolution. As soon as available, please send us a certified copy of the resolution, certified excerpts of the minutes of the Board meeting showing its adoption and a certified copy of the purchase offer for the notes. We also enclose a debt capacity certificate for your comple- tion and return prior to delivery of the notes. If you have any questions, please call. Sincerely, GMM: slh Enc. cc: ~hn Raymond Susan Musselman ROBERTS & SHE FELMAN Cf / ' J-,L--,çvK\ ~orge M. Ma~k \f;"'i 'r/""'l'_ -i 0 'VI: L t"'L 'Ü3444: