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RESOLUTION NO. {!-- / tj-t.
A RESOLUTION of the Board of County Commissioners of Jefferson
County, Washington, providing for the issuance and
sale of general obligation funding bonds of the County
in the sum of $22,000 for the purpose of providing
money to fund an approximately like amount of outstanding
registered current expense warrants of the County;
providing the date, form, terms and maturities of said
funding bonds, for annual tax levies to pay the prin-
cipal and interest thereof, and creating a fund for their
paymen t.
WHEREAS, there are
expense ~Tarrants of the
per annum:
No.
7938
8137
8222
8671
8681 to 910.5
now outstanding the following registered current
county bearing interest at the rate of 3%
De.te of Issuance Amount
3-15-.50 $ 100.00
.5-12-50 .90
6...15-.50 16.87
11-1-50 12.50
11-1-50 to 1-1.5- .51 21,317.36; and
~~EREAS, the County does not have any moneys on hand in its
interest due thereon; and
current expense fund to redeem said registered warrants and pay the
If"HEREAS, all of said warrants were issued for mandatory expen-
ditures required by law for purposes necessary to maints.in the continued
operation and existence of the County, and were all issued within the
amounts appropriated in the 1950 budget for the purposes provided in
said budget; and
WHEREAS, the County has been unable to ma,ke any provision for the
payment of said warrants in its budget for the year 1951 because all
of the a.nticipated income of the County for said year 't'l1'i11 be necessa.ry
to pay the essential and mandatory costs and expenses of the County for
said year; and
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w~EREAS, it is the opinion of the Board of County Commissioners
th2,t funding bonds may be sold at an interest rate less than .3.% thus
resulting in a saving to the County; and
WHEREAS, in order to put the County's current expense fund on
a cash basis it is deemed to be to the best interest of the County
that it issue and sell its general obligation funding bonds in the
principal sum of ~t22,000 to pay the principal and interest of the out-
standing current expense warrants heretofore described,
NOW, THEREFORE, BE IT RESOLVED by the County Commissioners of
Jefferson County, Washington, as follows:
Se~ion 1. That for the purpose of providing funds to redeem
the above described outstanding registered 3% current expense warrants
of the County, to pay the accrued interest on the same to the date
that they 1rrill be called, and the cost of funding said ''J'arrants, the
County shall issue 2nd sell its general obligation funding bonds in
the principal sum of $22,000.
Said bonds shall be dated April 1, 1951, shall be in denominations
of $500 each, sh2"11 be numbered from 1 to 44 inclusive, shall bear
interest at the rate of not to exceed 3% per annum payable semiannually
on the first days of April and October of each year, as evidenced by
coupons to be attached to said bonds, and shall mature in order of their
number as follows:
April 1, 1953, $2,000 April 1, 1958, $2,500
April 1, 195J.j., 2,500 April 1, 1959, 2,500
April 1, 1955, 2,500 April 1, 1960, 2,500
April 1, 1956, 2,500 April 1, 1961, 2,500
April 1, 1957, 2,500
Both principal and interest of said bonds shall be payable in
lawful money of the United States of America at the office of the
County Treasurer in Port Townsend, Washington.
The County hereby reserves the right to redeem any or Hll of
the outstanding bonds of said issue at par in inverse numerical order
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on any interest pe_yment de,te on and e.fter five years from date of
iS8l.1.anCe by giving notice of such intended redemption by one publication
in the official county newspaper not more than forty nor less than
thirty days prior to said redemption date. Interest on any bond or
bond,s so c8.11ed for redemption shall cease on sllch redemytion date.
Section 2.
Said bonds shall be in sllbstantially the following
form:
No.
$ .500.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
COUNTY OF JEFFERSON GENERAL OBLIGATION
FUNDING BOND 19.51
KNOW ALL MEN BY THESE PRESENTS: That the County of
Jefferson, a municipal corporation of the State of Washington, is
justly indebted and for value received hereby promises to pay to
bearer on the first day of April, 19__, the principal Sllm of
FIVE HUNDRED DOLL~~S
together with interest thereon at the rate of ~ per annum,
pEl,yable semiannually on the first days of April and October of each
ye~r as evidenced by and upon presentation and surrender of the
attached interest coupons as they severally beoome due. Both
prinoipal and interest of this bond are payable in lawful money
of the United States of America at the office of the County
Treasurer in Port Townsend, Washington, and for the prompt pay-
ment of the principal and interest of this bond as the same
shall accrue, the full faith, oredit, and resources of the
County are hereby irrevocably pledged.
Jefferson County has reserved the right to redeem
any and all of the outstandin~ bonds of this issue at par in
inverse numerical order on any interest payment date on and after
five years from the date hereof, by giving notice of su~h intended
redemption by one publication thereof in the official County
ne1/rsl)8.per, not more then forty, nor less than thirty days prior
to said redemption date.
This bond is one of an issue of general obligation
funding bonds of the County in the principal sum of $22,006, and
is issued pursuant to a resolution of the Board of County Commis-
sioners [',dopted February 19, 1951, for the purpose of providing
funds to redeem certain outstanding registered current exuense
warrants of the County in approximately a like principal amount.
Jefferson County hereby irrevocably pledges itself to
include in its budget and levy taxes annually l.ri thin end as a.
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part of the Emnual tax millage levy permitted to counties w'ithout
B vote 07' the people in an amount sufficient to pay the principe.l
and interest of said bonds as the same shall accrue.
It is hereby certified that all acts, conditions and
t}lings required to be done precedent to and in the issuance of this
bond have happened, been done and performed as required by law,
and that the total indebt~dnese of Jefferson County, Washington,
including this bond, does not exceed any constitutional or statutory
limitation.
IN WITNESS WHEREOF, Jefferson County, Washington,
hes caused this bond to be signed by the chairman of its Board of
County Commissioners, countersigned by the County Treasurer, and
attested by the County Auditor under h~r official seal, e.nd the
attached interest coupons to be signed with the facsimile signatures
of said officials this first day of April, 1951.
JEFFERSON COUNTY, WASHINGTON
By
Chairman, Board of County
Commis sioners
Attest:
COlmtersigned:
County Treasurer
County Auditor
The interest coupons to be atta.ched to said bonds shall
be in substantially the following form:
No.
$
On the first day of 19__, Jefferson County,
Washington, ,will pay to bearer at the office of the County
Treasurer in Port Tow'nsend, Washington, the sum of $
in le.1N'ful money of' the United States of AmericE." said sum being
the semie.nnue.l interest due that date on its general obligation
funding bond dated April 1, 1951, and numbered ~
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JEFFE~6N COUNTlri/WASHINGTON
By ~v -c...G.{ C e"....c,/'- ,..//
Chai men, Board o:t' ounty
Commissioners !
Attest:
Countersigned:
County Treasurer
County Auditor
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Section 3. Said bonds shall be signed on behalf of the
County by the Chairman of the Board of County Commissioners,
countersigned by the County Treasurer and attested by the County
Auditor under her official seal, and each of the interest coupons
attached thereto shall be signed with the facsimile signatures of
s2.id officials.
Section 4. There shall be levied each year by the
County Commissioners of Jefferson County, Washington, and included
in each annual tax levy a tax upon all the property in the County
subject to taxation in an amount sufficient to pay the principal and
interest of the bonds authorized herein as the same shall become
due, and all of such taxes so collected shall be paid into a special
fund which is hereby created and established in the office of
the to County Treasurer to be kno"\,m as "1951 General Obligat ion
Funding Bond Redemption Fund", and no part of such fund Aha11 be
used for any other purpose than the payment of the principal and
interest of said bonds.
Jefferson County hereby pledges that the annual tax
~rovided for herein to be levied for the payment of the principal
and interest of said bonds shall be within and as a part of the tax
mille.ge levy permitted to counties without a vote of the people, and
that a sufficient portion of each annual levy to be made by the
County prior to the full payment of the principal and interest of
said bonds will be and is hereby irrevoc.s.bly set 2.side, appropriated
and pledged for the payment of said bonds as aforesaid.
The full faith, credit and resources of the County are
hereby irrevocably p~edged for the annual levy and collection of
said tax, and the prompt payment of the principal and interest of
said bonds as the same shall become due.
Section 2- The County Auditor is hereby authorized and
directed to advertise these bonos for sale in the manner required
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by la1'11', and the proper county officials are hereby authorized and
directed to do everything necessary for the prompt execution and
delivery of said bonds upon their sale, and for the proper 'application
and use of the proceeds of said sale.
PASSED by the Board of County Commissioners of
Jefferson County, this 19th day of February, 1951.
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By
N COUNT~-, WASHINGTON
<<c{ l(i.r..L
ai man, Board f County
Commissioners
V~~~
County Treasurer
Countersigned
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TO FORM:
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Attorney
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NOTICE OF BOND SALE
GENERAL OBLIGATION FUNDING BONDS - $22,000
JEFFERSON COUNTY, WASHINGTON
NOTICE IS HEREBY GIVEN that Jefferson County, Washington,
proposes to issue under date of April I, 1951 , its General
Obligation Funding Bonds in the principal sum of $22,000. Said
bonds will be in denominations of $500 each, will be numbered from
1 to 44 inclusive, will bear interest at a rate of not to exceed
37b per annum paY8.ble semiannually on the first days of '~pril and
October of each year, will be payable, both principal and interest,
in IB,1rlful money of the United States of America at the office of the
County Treasurer in Port T01l<Tnsend, Washington, and will mature in
order of their number as follows:
April 1, 1953, (c. 2,000 April I, 1958, $2,500
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April 1, 1954, 2,500 April 1, 1959, 2,500
April I, 1955, 2,500 April I, 1960, 2,.500
April I, 1956, 2,.500 April 1, 1961, 2,500
April I, 1957, 2,500
The County has reserved the right to redeem eny or all
of the outstanding bonds of said issue at par in inverse numerical
order on any interest payment date on and after five years from
date thereof.
The County of Jefferson, by resolution of its Board of
Commissioners, has irrevocably pledged itself to levy te~es annually
l1rithin and as a part of the tax millage levy permitted to counties
without a vote of the people in an amount sufficient to pay the
principal and interest of said bonds as the same shall accrue.
NOTICE IS FURTHER GIVEN that sealed bids for the purchase
of said bonds will be received at the office of the County Auditor
at the Courthouse in Port Townsend, Washington, until 10:00 o'clock
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A'M. on the 27 day of
time said bids will be publicly
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1951, at which
opened by the Board of County
Commissioners at a public meeting to be held in their chambers.
The bids submitted shall specify either (a) the lowest
ra.te ar rates of interest and premium, if any, above par at which
the bidder will purchase said bonds, or (b) the lowest rate or
rates of interest at which the bidder will purchase said bonds at
per.
All bids shall be sealed and, except thG,t of the State
of Washington, shall be accompanied by a deposit of 5% of the amount
of the bid, either in cash or by certified check, which amount will
be returned to the bidder if the bid is not accepted. If the
successful bidder shall fail or neglect to complete the purchase of
said bonds within thirty days of the acceptance of his bid, the
amoun~ so deposited shall be forfeited to the County.
The County of Jefferson reserves the right to reject
any Fnd all bids.
The County of Jefferson will pay the cost of printing
said bonds.
Said bonds shall be sold with the opinion of Preston,
Thorgrimson & Horowitz, boUd counsel of Seattle, Washington, approving
the legality of the same, whinh opinion will be furnished the suc-
ceseful bidder at the county's expense.
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Dated at Port Townsend, Washington, this ~
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de.y of February I 19-51';" /t
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- Jefferson County Auditor
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