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HomeMy WebLinkAbout021 69 .: e e 4; -~. .J HESOLU'l'ION NO. ;! / -~ 9 A RESOLUTION of the Board of County Commissioners of Jefferson County, Washington, providing for the issuance and sale of limited tax levy general obligation bonds of the County in the principal amount of $150,000 for the purpose of providing part of the funds required to construct and install necessary capital improvements to the existing County Courthouse and to construct and equip a new County building; providing the date, form, terms and maturities of said bonds; creating a Construction Fund; creating a Bond Redemption Fund; and providing for the annual levy of taxes to pay the principal of and interest on said bonds. WHEREAS, it is deemed necessary and advisable that Jefferson County, Washington (hereinafter called the "Countyll), construct and install necessary capital improvements to the existing County Court- house in Port Townsend and construct and equip a new County building; and WHEREAS, in order to provide part of the funds necessary to pay the cost of such capital improvements it is also deemed necessary and advisable that the County issue and sell its limited tax levy general obligation bonds in the principal amount of $150,000; NOW, THEREFORE, BE IT RESOLVED by the Board of County Commis- sioners of Jefferson County, Washington, as follows: Section 1. It is hereby found and declared that the pUblic safety, welfare and convenience require the County to make necessary capital improvements to the existing County Courthouse in Port Townsend, including but not being limited to new downspouts, gutters, roofing and brick work, to acquire and install an elevator to run from the basement to the third floor thereof, and to construct and equip a new County buildin~ in the west portion of the County to provide police and other ~overnmcntal services for the citizens in that area. Section 2. For the purpose of providing fund::; to pay part of thE cost of ~;aid improvements and repairs the County shall issue and "ell its ,........ e e limited tax levy ~eneral obligation bonds in the principal amount of :n~o>ooo. Said bonds (hereinafter called the HBonds I:) shall be dated September 1, 1969, shall be in the denomination of $5,000 each, shall bear interest at a rate of not to exceed 8% per annum payable semi- annually on the first days of March and September of each year from date of issue as evidenced by coupons to be attached thereto, and shall be numbered and mature in order of their number as follows: Bond Hos. Maturity Date Amount 1 September 1, 19'71 $ 5,000 2 September 1, 1972 5,000 3 September 1, 1973 5,000 4 September 1, 1974 5,000 5 September 1, 1975 5,000 6 September 1, 1976 5,000 7 September 1, 1977 5,000 8 September 1, 1978 5,000 9 September 1, 1979 5,000 10 September 1, 1980 5,000 ]1-12 September 1, 1981 10,000 13-14 September 1, 1982 10,000 15-16 September 1 , 1983 10,000 17-18 September 1, 1984 10,000 19-20 September 1, 1985 10,000 21-22 September 1, 1986 10,000 23-24 September 1, 1987 10,000 25-27 September 1, 1988 15,000 28-30 September 1, 1989 15,000 (The above schedule was computed at an estimated interest rate of 6 1/2%) 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 Treasurer of Jefferson County in Port Townsend, Washington. Se~ti~~. The County hereby reserves the ri~ht to redeem any or all of the Bonds outstanding in whole, or in part in inverse numerical order, on any interest payment date on and after ten years from date of issue, at par plus accrued interest to the date of re- demption. Notice of any ~uch intended redemption sllall be Given by one publication thereof in tile official County newspaper not more than 2. . , e e forty nor less thnn thirty days prior to said redemption date, and by mailin~ a like notice at the same time to the purchaser of the Bonds at its main office or to the successor in business, if any, of said purchaser at its main office. Interest on any Bond or Bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. Section 4. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA $5,000 NO. STATE OF WASHINGTON JEFFERSON COUNTY GENERAL OBLIGATION COURTHOUSE AND BUILDING BOND, 1969 Jefferson County, Washington, is justly indebted and for value received hereby promises to pay to bearer on the first day of September, 19 , the principal amount of FIVE THOUSAND DOLLARS together with interest thereon at the rate of % per annum payable semiannually on the first days of March and September of each year from date hereof upon presentation and surrender of the attached interest coupons as they severally become due, or until such principal sum shall have been paid or duly pro- vided for. Both principal of and interest on this bond are payable in lawful money of the United States of America at the office of the Treasurer of Jefferson County in Port Townsend, Washington. Jefferson County has reserved the right to redeem any or all of the bonds of this issue outstanding in whole, or in part in inverse numerical order, on any interest payment date on after ten years from date hereof, at par plus accrued interest 3. e e , to the date of redemption. Notice of any such intended redemption shall be given by one publication thereof in the official county newspaper not more than forty nor less than thirty days prior to said redemption date, and by mailing a like notice at the same time to This bond is one of an issue of general obligation bonds of like amount, date and tenor except as to number, interest rate and date of maturity, in the aggregate principal amount of $150,000, and is issued to provide part of the funds to acquire, construct and install certain capital improvements to the exist- ing county courthouse and to construct and equip a new county building, under and in strict compliance with an Act of the Legislature entitled IIAN ACT Authorizing and empowering the organized counties of the State of Washington to contract indebtedness and to issue bonds for funding the same, and declaring an emergencyll approved March 21, 1890, with the provisions of all other applicable statutes and the Constitution of the State of Washington, and duly adopted resolutions of the Board of County Commissioners of Jefferson County, Washington. Jefferson County hereby irrevocably covenants that it will include in its annual budgets and levy taxes annually within and as a part of the tax levy permitted the county without a vote of the people, amounts sufficient, with other funds of the county available for such purpose, to pay the principal of and interest on the bonds of this issue as the same shall become due. The full faith, credit and resources of Jefferson County are hereby irrevocably pledged for the annual levies of such ~ . e e /' taxes and for the prompt payment of such principal and interest. It is hereby certified and declared that all acts, con- ditions and things required to be done precedent to and in the issuance of this bond have happened, been done and performed, and that the total indebtedness of Jefferson County, including this bond and the bonds of this issue, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, Jefferson County, Washington, has caused this bond to be signed by the Chairman of its Board of County , Commissioners, to be attested by the County Auditor as Clerk of I said Board, the seal of the County Commissioners to be impressed I hereon, and the interest coupons attached hereto to be signeh with the facsimile signatures of said officials, this first day of September, 1969. JEFFERSON COUNTY, WASHINGTON By l~QJlb e. . Chairman Board of County Commissioner The interest coupons to be attached to the Bonds shall be in substantially the following form: ON THE FIRST DAY OF (Date) Jefferson County, Washington, will pay to bearer at the office of the Jefferson County Treasurer in Port Townsend, Washington, the amount shown hereon in lawful money of the (Amount) United States of America, said amount being the semiannual interest due that day on its General Obli~ation Courthouse and Building Bond dated September 1, 1969, and numbered (Bond No.) 5 . e e . JEFFERSON COUNTY) WASHING'l'ON By uJ ~ (;:\ ~an Board of County Commissioners (Coupon No.) Section 5. The Bonds shall be signed on behalf of the County by the Chairman of the Board of County Commissioners, shall be attested by the County Auditor as Clerk of said Board, and shall have the seal of the Board of County Commissioners impressed thereon. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 6. That there be and is hereby established in the office of the Jefferson County Treasurer a special fund of the County to be known as the "Courthouse and Building Construction Fund. Ii All moneys received from the sale of the Bonds (except for accrued interest, which shall be paid into the Bond Redemption Fund hereinafter created) and any moneys which the County may now have on hand or may later re- ceive which are to be used for the purpose of paying part of the cost of constructing the capital improvements provided for herein shall be paid into such Construction Fund. The moneys in such fund shall be used solely for the purposes provided in this resolution, and any moneys which may remain therein after the payment of all of such costs shall be transferred to the Bond Redemption Fund for the uses and pur- poses herein provided. Section 7. That there be and is hereby established in the office of the Jefferson County Treasurer another special fund of the County to be known as the "Courthouse and Buildinp:; 1969 Bond Hedcmption Fund, II \'Jhi ch fund shall be drawn upon for the sole purpose of payj nr, the principal of and interest on the Bonds. 6. e e , The County covenants and agrees that each year it will include in its bud~ct and levy annually a tax upon all the property in the County subject to taxation in an amount sufficient to pay the principal of and interest on the Bonds as the same shall become due. All of such taxes so collected shall be paid into such Bond Redemption Fund. The County hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be within and as a part of the tax levy permitted the County without a vote of the people, and that a sufficient portion of such annual tax to be made by the County prior to the full payment of the principal of and interest on the Bonds will be and is hereby pledged . and appropriated for the payment of the principal of and interest on the Bonds as aforesaid. The full faith, credit and resources of the County are hereby pledged for the annual levy and collection of such tax and for the prompt payment of the principal of and interest on the Bonds as the same shall become due. Section 8. The Jefferson County Auditor is hereby authorized and directed to advertise the Bonds for sale in the manner required by law. Upon the sale of the Bonds the proper County officials are hereby authorized and directed to do everything necessary for the prompt execution and delivery thereof and for the proper application and use of the proceeds of such sale. PASSED by the Board of County Commissioners of Jefferson County, Washington, at a regular meeting thereof held this 21st day of July, 1969. ~ )0cJA-~ _ _ u /') ,Cha1 rman",a,nd co, mm", 1551, 0,' nC,",r",), fb_ / /'-r ~<&-~ ~i2~~~, "/~,,. {llft, -;: ~~~~m~l;~ Slone l~,~./ ,// ','- / / ," I."~" C..,/' // - ( . ? / ,J . :f+.~~~~,--_..._- ~fillu,)l oner '{ . e -- ..... e If APPROVED VtJ. Jefferson 8.