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HomeMy WebLinkAbout038 83 f"'k ..... .' JEFFERSON COUNTY, WASHINGTON RE'SOLUTION NO. 38-83 -- A RESOLUTION of the Board of County Commission- ers, Jefferson County, Washington, establishing Consolidated Road Improvement Districts Nos. land 2 ~nd Consolidated Road Improvement Fund, Districts Nos.l and 2; fixing the amount, form, date, maturity and denominations of the Consolidated Road Improve- ment Districts Nos. land 2 Bonds; and providing for the issuance and sale thereof. WHEREAS, the Board of County Commissioners of the County has heretofore created Road Improvement Districts Nos. land 2 for various purposes; and WHEREAS, RCW 36.88.375 authorizes the establishment of con- solidatedroad improvement districts for the purpose of issuing bonds only and provides that if the governing body of any county orders the creation of such consolidated road improvement dis- trict~ the money received from the installment payments of the principal of and interest on assessments levied within original road improvement districts shall be deposited in a consolidated road improvement district bond redemption fund to be used to redee~ outstanding consolidated road improvement district bonds; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF JEFFERSON COUNTY, WASHINGTON, as follows: Section 1. For the purpose of issuing bonds only, those road improvement districts of Jefferson County, Washington (the ·County"), established by the following resolutions, respec- tively, the 30-day period for making cash payment of assessments without interest in each road improvement district having expired in the case of the assessments for each road improvement district, are consolidated into a consolidated road improvement district to be known and designated as ·Consolidated Road Improv~m~nt Districts Nos. 1 and 2": . VOL 9 'Art: ~ . r,...I.J_ o 1404 >. Road Improvement District No. Created by Resolution No. 1 2 61-81 70-81 Section 2. There is created and established in the office of the Jefferson County Treasurer for Consolidated Road Improve- ment Districts Nos. 1 and 2 a special consolidated road improve- ment district fund to be known and designated as "Consolidated Road Improvement Fund, Districts Nos. land 2" (the "Bond Fund"). All money presently on hand representing collections pertaining to installments of assessments and interest thereon / in each of the road improvement districts listed in Section 1 shall be transferred to and deposited in the Bond Fund, and all collections pertaining to assessments on the assessment rolls of those road improvement districts when hereafter received shall be deposited iµ the Bond Fund to be issued to redeem outstanding Consolidated Road Improvement Districts Nos. land 2 bonds. Section 3. "Consolidated Road Improvement Districts Nos. 1 and 2 Bondsu (the "BondsU) shall be issued in the total princi- pal sUrnof $l30,800.00, being the total amount on the assessment rolls of Road Improvement Districts Nos. 1 and 2 remaining uncúllected, together. Bond No.1 shall be in the denomination of $1,800.00, and the remaining Bonds numbered 2to 130, inclu- sive, shall be in the denomination of $l,OOO.OO each. The Bonds all shall be dated June l, 1983, and shall be payable on June l, 2004, with the right reserved to the County to redeem the Bonds pridI to maturity on any interest payment date, innumerical order, lowest numbers first, whenever there shall be sufficient money in the Bond Fund to pay the Bonds so called and all earlier numbered Bonds over and above the amount required for the payment of the interest on all unpaid Bonds, by pUblishing notice of such call once in the official newspaper of the County not less than 10 nor more than 20 days prior to the call date, - 2 - . VOL 9 rAŒ . 0 1~05 and by mailing a copy of such notice within the same period to the main office of the principal underwriter or accounts manager of the successful bidder for the Bonds, or its successor, and upon such date the interest on Bonds so called shall cease and /7 each and every coupon representing interest not accrued on such ~. or rates, ð'1y... date shall be void. The Bonds shall bear interest at a rate^to ~~'~ semi on every June 1 and December 1 be determi?e~ by ,pu~. li<;; sale, payab1~annuallyt' beginning June 4 0.. ·111·0 }f¡W, i 16 I, 1 98ÆV, to be:rèp esented by interest coupons to maturity attached to each Bond. Both principal of and interest on the / Bonds shall be payable solely out of (1) the Bond Fund; and (2) the Jefferson County Road Improvement Guaranty Fund, which shall have deposited in it before the first interest payment date on the Bonds, .an amount equal to at least five percent of the outstanding obligations guaranteed by such Guaranty Fund. Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America at the office of the Jefferson County Treasurer or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York. S~ction 4. The Bonds and coupons shall be printed or lithographed on good bond paper in substantially the following form: No. $l,OOO.OO ($l,800.00 on Bond No.1) UNITED STATES OF AMERICA STATE OF WASHINGTON CONSOLIDATED ROAIÀ IMPROVEMENT BOND OF JEFFERSON COUNTY CONSOLIDATED ROAD IMPROVEMENT DISTRICTS NOS. lAND 2 N.B. The laws of the State of Washington under which this bond is issued contain the following section (RCW 36.88.240): - 3 - . VOL 9r~GE 0 1406 "Neither the holder nor the owner of any bond or warrant issued under the provisions of this chapter shall have any claim therefor against the county by which the same is issued. except for payment from the special assessments made for the improvement for which said bond or warrant was issued and except as against the improvement guaranty fund of such county. and the county shall not be liable to any holder or owner of such bond 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 any assess- ments made in such road improvement district and to the guaranty fund. In case the bonds are guaranteed in accordance herewith a copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond issued and guaranteed hereunder." ./ JEFFERSON COUNTY, WASHINGTON (the "County"), a 1Runicipal corporation of the State of Washington, promises to pay to bearer, on the first day of June, 2004, the sum of ONE THOUSAND DOLLARS ($1,800.00 on Bond No.1) in lawful money of the United States of America, with interest thereon at the rate of % per annum, pay- able annually out of the fund established by Resolu- tion No. ____of the County and known as the "Consolidated Road Improvement Fund, Districts Nos. 1 and 2" (the "Bond Fund"), and not otherwise, except from the guaranty fund, as herein provided. Both principal of and interest on this bond are payable at the office of the County Treasurer in Port Townsend, Washington, or, at the option of the holder, at eltherfiscal agency of the State of Washington in Seattle, Washington, or New York. New York. Coupons are hereto attached for each installment of interest to accrue hereon, and interest shall be ~aid only on presentation and surrender of such coupons to the office of the County Treasurer or at · either such fiscal agency. The Board of County Commissioners, as agent of Consolidated Road Improvement Districts Nos. land 2, established by Resolution No. (the "Dis- trict"), has caused this bond to be issued in the name of the County as the' bond of the District, the proceeds thereof to be used to pay so much of the cost and expense of certain improvements as provided by the following resolutions of the County establish- ing the following road improvement districts, respectively: Road Improvement District No. Created by Resolution No. 1 2 6l-8l 70-81 - 4 - VOI_ 9 '1rt" r..,\)_ 01407. ." .. as is levied and assessed against the property included in the District and benefited by those improvements, and the Bond Fund has been established by resolution for that purpose. The holder or holders of this bond shall look only to the Bond Fund and to the County Road Improvement Guaranty Fund for the payment of either the principal of or the inter- est on this bond. This bond is one of an issue of 130 bonds aggre- gating in all the principal sum of $130.800.00 issued for the District, all of which bonds are subject to the same terms and conditions as herein expressed. ./ This bond is subject to call by the County Treasurer for prior redemption whenever there shall be sufficient money in the Bond Fund to pay the same and all unpaid bonds of the issue of which this bond is one which are prior to this bond, in numerical order, over and above amounts sufficient for the pay- ment of the interest on all unpaid bonds of this issue. The call for payment of this bond, or any bond of the issue of which this is one. shall be made by the County Treasurer by publishing the same once in the official newspaper of the County not less than ten nor more than twenty days prior to the call date and by ma~ling a copy of such notice within the same period to the main office of , , Washington, or its successor. When such call is made for the payment of this bond, it will be paid on the date the next interest coupon thereon shall become due after that call and upon such date interest upon this bond shall cease and any remaining coupons shall be void. It is certified, recited and declared that all acts, conditions and things required to be done pre- cedent to and in the levying of such special taxes or assessments and the issuance of the bonds have been properly done, have happened and have been performed in regular and due form. as required by law, and that the bonds have not been issued in an amount in excess of the cost of the improvements. IN WITNESS WHEREOF. the County has caused this' bond to be signed by the facsimile signature of the Chairman 'of the Board of County Commissioners, attested by the manual signature of the Clerk of the Board of County Commissioners, with the seal of the Board affixed hereto, and the interest coupons attached to be signed with the facsimile signatures of those officials this first day of June. 1983. JEFFERSON COUNTY, WASHINGTON By (facsimile siqnature) Chairman, Board of County Commissioners ATTEST: Clerk of the Board - 5 - VOL 9 rAŒ 01408 · ' COUPON FORM Coupon No. $ ($ on Bond No.1) On the FIRST DAY OF JUNE, 19__, JEFFERSON COUNTY, WASHINGTON, promises to pay to bearer at the office of the County Treasurer in Port Townsend, Washington, or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York, the sum shown hereon, this sum being twelve months' interest due that day on Bond No. of the bonds of Consolidated Road Improvement Districts Nos. land 2 and not otherwise, provided that this coupon Is subject to all terms and conditions contained in the bond to which it is annexed and, if that bond shall be called for payment before maturity hereof, this coupon shall be void. /' JEFFERSON COUNTY, WASHINGTON By (facsimile siqnature) Chairman, Board of County Commissioners ATTEST: (facsimile siqnature) Clerk of the Board Tþe Bonds shall be signed by the facsimile signature of the Chairman of the Board of County Commissioners, attested by the manual signature of the Clerk of the Board, shall have the seal of the Board affixed thereto, and the coupons shall bear the fa~slmile signatures of the Chairman and the Clerk of the Board. Section 5. The Clerk of the Board of County Commissioners shaLl publish a notice in the form of Exhibit A. attached. hereto and by this reference made a part hereof. once a week for two consecutive weeks in the official newspaper of the County, call- ing for competitive bids to purchase the Bonds in accordance , with RCW 36.88.210. Bids shall be opened and read by the Board of Commissioners at the time and place specified by the notice, and the Bonds shall be sold to the bidder offering the lowest net effective interest rate for the Bonds. The notice shall provide that payment for the Bonds shall include accrued inter- est, if any, to the date of delivery. The County will furnish - 6 - VOL 9 fN:~ 0 140S at the expense of the District the printed bonds and the approv- ing legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle, Washington, which opinion will be printed on each Bond. Bond counsel shall not be required to review and shall express no opinion concerning any official statement, offering circular or other sales material issued or used in connection with the Bonds, and bond counsel's opinion shall so state. section 6. Upon determination of the exact rate of inter- est from the bond sale, the County shall have the Bonds printed as aforesaid, and the Bonds shall then be delivered into the hands of the County Treasurer for collection of proceeds of sale of Bonds for the deposit of same in the Bond Fund in accordance with RCW 36.88.210. ADOPTED at a regular mee:\ng of the Board of Jefferson County Commissioners this ~ ~ day of May. 1983. /;Ø«(J¡ttla~ ~'lrm n a ~ommlsslone£ ~ ' .A. ,;< .,' Æ~~ Commissioner ~~ · omm one£ ,. 0042j - 7 - "1 ·1 1 ,. VOL 9 rAG: 01410 ~ NOTICE OF BOND SALE $130,800.00 CONSOLIDATED ROAD IMPROVEMENT BONDS OF JEFFERSON COUNTY, WASHINGTON CONSOLIDATED ROAD IMPROVEMENT DISTRICTS NOS. lAND 2 ./ SEALED PROPOSALS will be received in the office of the Clerk of the Jefferson County Board of Commissioners, Jefferson & Cass Streets, Port Townsend, Washington, until 11:00 a.m., local time, on May 24, 1983, at which time all bids will be publicly opened for the purchase of $130,800.00 par value of Consolidated Road Improvement Bonds of Consolidated Road Improvement Districts Nos. 1 and 2 (the "Bonds") of Jefferson County, Washington (the "County"). The bids will be considered and acted upon by the Board of County Commissioners at its regular meeting to be held in the Board meeting room commencing at ll:00 a.m., local time, on the same date. BONDS - DESCRIPTION The Bonds are to be issued by the County pursuant to of the County, adopted May _, 1983, for Resolution No. County road improvement purposes. The Bonds will be dated June l, 1983; will be in the denom-( ination of $1,000.00 each, except for Bond No. 1 which shall be in the denomination of $1,800.00; will be numbered from 1 to " 130, inclu.sive;. ~+11 matu~.¿~JbJune I, 2004; and will bear . sem~ (), Îl{,{Ylíí· ...J.P pa4z.Þ interest^annually, beginning June l, 1984, with interest to maturity to be evidenced by coupons to be attached to each Bond. Both principal of and interest on the Bonds will be payable at the office of the County Treasurer in Port Townsend, Washington, or, at the option of the holder, at either fiscal ·1' o ; ( VOL n 'nr (j t ,\\I. o 141t agency of the State of Washington in Seattle. Washington. or New York. New York. BID PROPOSALS - SALE Bidders are ,invited to submit proposals for the purchase of the Bonds fixing the interest rate or rates, not to exceed a net effective rate of l2% per annum, that the same shall bear. Bidders shall submit bids specifying: (a) The lowest rate or rates of interest and premium, if any. above par at which the bidder will purchase the Bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the Bonds at par. No bid will be considered for the Bonds for less than par and / accrued interest, or for less than the entire issue. The pur... chaser must pay accrued interest. if any, to date of delivery of the Bonds. The County reserves the right to waive any irregularity or informality in any bid or in the bidding process. The Bonds shall be sold to the bidder making the best bid, subject to the right of the Board of County Commissioners to reject any and all bids and to readvertise the Bonds for sale in the manner provided by law, and no bid for less than all of the Bonds shall be considered. All bids shall be sealed and. except the bid of the ~tate of Washington, if one is received, shall be accompanied by a ~... ..~ deposit of $6,540. The deposit shall be by either certified or cashier's check made payable to the County Treasurer and shall be returned promptly if the bi~ is not accepted. The County reserves the right to invest the good faith deposit of the pur- chaser pending the payment for the Bonds. The purchaser shall not be credited for such earnings. If the Bonds are ready for delivery and the successful bidder :~a:} ~;;r~ ~~nen~~:~c9;3:ð, jJll Øt1 ~c'<7 complete the purchase of the Bonds w:H:-h-i-ft-f-()f-~y--d-a-'ys--f-o-l-Iew-:i:-rt~ $ 'Ul ì I ,. , VOL 9 r~I~ 01412 " . -t-lie--a-e-ee-p.t-a-ae-e--G-t:-.J-t-s-W-d, the amount of its depos i t shall be forfeited to the County arid in that event the County may accept the bid of the one making the next best bid. If there be two or more equal bids for the Bonds for not less than par plus accrued interest and such bids are the best bids received. the Board of County Commissioners shall determine by lot which bid shall be accepted. Any bid presented after the time specified for the receipt of bids will not be received and any bid not accompanied by the required bid deposit at the time of opening such bid will not be read or considered. DELIVERY OF BONDS The Bonds will be delivered to the successful bidder upon payment of the purchase price plus accrued interest to the date of delivery. less the amount of the good faith deposit. at the office of the County Treasurer in Port Townsend. Washington. or in Seattle. Washington. at the County's expense. or at such other place as the County Treasurer and the successful bidder may mutual, 1y agree upon at the ~~r.cÞ.ìser s expense,.' Settlement Federal fundsU',!7f{/¡Jl ~ /(~P shall be made by -e-a-sll4.-er!.s--Gheek- at th~1me M"'"'<fé1ì very of the Bonds. A no-litigation certificate in the usual form will be included in the closing papers for the Bonds. CUSIP numbers will be printed on the Bonds. if reque.sted in ( -the bid of the successful bidder. but neither failure to print such numbers on any bond nor error with respect thereto shall constitute cause for a failure or refusal by the purchaser " thereof to accept delivery of and pay for the Bonds in accord- ance with the terms of the purchase contract. All expenses in relation to the printing of CUSIP numbers on the Bonds shall be· paid by the County. but the fee of the CUSIP Service Bureau for the assignment of those numbers shall be the responsibility of and shall be paid by the purchaser. - 3 - . VOL 9 rAG~ £) 1413 . ·' , "._, It is understood that if. prior to the delivery of the Bonds. the interest receivable by the holders thereof shall become taxable. directly or indirectly. by the terms of any federal income tax law. the successful bidder may at its option be relieved of its obligation to purchase the Bonds, and in such case the deposit accompanying its bid will be returned, without interest. The County will cause the Bonds to be printed or litho- graphed and signed without expense to the successful bidder. The appro~ing legal opinion of Roberts & Shefelman. attor- neys. Seattle. Washington. will be furnished to the purchaser of the Bonds without cost to the purchaser. which legal opinion will be printed on each bond. Bond counsel shall not be required to review or express any opinion concerning the com- pleteness or accuracy of any official statement. offering cir- cular or other sales material issued or used in connection with the Bonds. and bond counsel's opinion shall so state. Information concerning the Bonds may be received upon request made to the undersigned. DATED at Port Townsend. Washington. this day of May. 1983. Clerk of the Board of County Commissioners Publication dates: - 4 - . VOL 9 rAGE 01414 · \ . "C. I , , Clerk of the Board of County Commis- sioners of Jefferson County, Washington, certify that the attached copy of Resolution No. -8'3 is a true and correct copy of the original resolution adopted on May __, 1983, as that resolution appears on the Minute Book of the County. DATED this day of . 1983. Clerk of the Board 0043j . , \""li Yl¡,_ 9 fAC~ 0' 1415 .