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RESOLUTION NO. C:.::.l.S- 02./
A RESOLUTION of the Board of County Commissioners of
Jefferson County, Washington, providing for the
issuance and sale of general obligation bonds of
the County in the principal sum of $150,000 for
the purpose of providing funds to pay part of the
cost of constructing a bridge to connect Indian and
Marrowstone Islands to the mainland as provided in
Resolution No. C-128 of the Board of County Commis-
sioners and as approved by the qualified electors
of the County at a special eleotion held therein
on November 7, 1950, fixing the date, form, terms
and maturities of said bonds, providing for annual
tax levies to pay the prinoipal and interest thereof,
and oreating a fUnd for their payment.
WHEREAS, at a speoial eleotion held in Jefferson County,
Washington, on November 7, 1950, the number and proportion of
the qualified electors of the County required by law for the
adoption thereof voted in favor of a proposition authorizing
the issuanoe and sale by the County of its general obligation
bonds in the total prinoipal sum of not to exoeed $150,000 for
the purpose of paying part of the cost of oonstruoting a bridge
conneoting Indian and Marrowstone Islands in said County with
the mainland; and
WHEREAS, it is deemed to be to the best interest of the County
and its inhabitants that said $150,000 of bonds be now sold to pro-
vide part of the funds necessary for said purpose;
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners
of Jefferson County, Washington, as follows:
Seotion 1. That in order to provide part of the funds for the
oonstruotion of a oonorete and steel oantilever type bridge conneoting
Indian and Marrowstone Islands with the mainland at a point approxi-
mately 500 feet from the northwesterly end of Portage Canal, with
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suitable and necessary approaches thereto, as provided in Resolution
No. 0-128 of the Board of Oounty Oommissioners passed October 6, 1950,
and as approved by the qualified electors of the Oounty at a special
election held therein on November 7, 1950, the Oounty shall issue and
sell its general obligation bonds in the principal sum of $150,000.
Said bonds shall be dated April 15, 1951, shall be in denominations
of $1,000 each, shall be numbered from 1 to 150 inclusive, shall bear
interest at a rate of not to exceed 6% per annum payable semiannually
on the fifteenth days of April and October of each year, shall be
payable both principal and interest in lawful money of the United
States of America at the office of the Jefferson County Treasurer in
Port Townsend, Washington, and shall mature in order of their number
as follows:
April 15, 1954 . 9,000 April 15, 1960 $11,000
April 15, 195 9,000 April 15, 1961 11,000
April 15, 1955 10,000 April 15, 1962 11,000
April 15, 1956 10,000 April 15, 1963 12,000
April 15, 1957 10,000 April 15, 1964 12,000
April 15, 1958 10,000 April 15, 1965 12,000
April 15, 1959 11,000 April 15, 1966 12,000
The County hereby reserves the right to redeem any 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 of issue
by giving notice of such intended redemption by one publication thereof
in the official county newspaper not more than forty nor less than
thirty days prior to said redemption date. Interest on any bond or
bonds so called for redemption shall cease on such redemption date.
Section Z. Said bonds shall be known as "Jefferson County
General Obligation Bridge Bonds, 1951", and Shall be in substantially
the following form:
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NO.
$1,000
UNITED STATES OF AMERICA
STATE OF WASHINGTON, COUNTY OF JEFFERSON
GENERAL OBLIGATION BRIDGE BOND, 1951
KNOW ALL MEN BY THESE PRESENT S:
That Jefferson County, a municipal corporation organized
and existing under and by virtue of the Laws of the State of
Washington, is justly indebted and for value received hereby
promises to pay to bearer on the 15th day of April, 19__, the
principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of % per annum
payable semiannually on the 15th days of April and October of
each year upon presentation and surrender of the attached
interest coupons as they severally become due. Both principal
and interest of this bond are payable in lawful money of the
United States of America at the office of the Jefferson County
Treasurer in Port Townsend, Wa~ington, and for the prompt
payment of the principal and interest of this bond as the same
shall become due the full faith, credit and resources of the
County are hereby irrevocably pledged.
Jefferson County has reserved the right to redeem any or
all of the outstanding bonds of this issue at par in inverse
numerical order on any interest payment date on and after five
years from date hereof by giving notice of such intended re-
demption by one publication thereof in the official county
newspaper not more than forty nor less than thirtya.ws prior
to said redemption date.
This bond is one of an issue of one hundred fifty bonds
of like amount, date and tenor, aggregating $150,000 in total
principal amount, and is issued for the purpose of providing
part of the funds for constructing a bridge connecting Indian
and Marrowstone Islands with the mainland, all in Jefferson
County, Washington.
This bond is further issued pursuant to an election
authorizing the same, and in accordance with duly adopted
resolutions of the Board of County Commissioners, and is
further issued in strict compliance with an Act of the Legis-
lature of the State of Washington entitled "AN ACT authorizing
and empowering the organized counties of the State of Washington
to contract indebtedness, to issue bonds for funding the same,
and declaring an emergency", approved March 21, 1890, and with
the provisions of all other Statutes and the Constitution of
the State of Washington.
Jefferson County hereby irrevocably pledges itself to
include in its budget and levy taxes annually within and as
a part of the tax millage levy permitted to counties without
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a vote of the people in an amount which, with road funds of
the County that may be available each year for such purpose,
will be sufficient to pay the principal and interest of said
bonds as the same shall become due.
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 per-
formed as required by law, and that the total indebtedness
of Jefferson County, including thiS bond and all of 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 the Board
of County Commissioners and countersigned by the County
Auditor, with the seal of the County impressed hereon, and
the attached interest coupons to be s ned with the facsimile
signatures of said officials, this eenth day of April, 1951.
Countersigned:
County
Jefferson County Auditor and ex officio
Clerk of the Board of County
Commissioners
The interest coupons to be attached to said bonds shall be in sub-
stantially the following form:
NO.
$
On the 15th day of ___-__ ,19__, Jefferson County,
Washington, will pay to bearer in lawful money of the United
States of America at the office of the Jefferson County Treas-
urer in Port Townsend, Washington, the sum of
DOLLARS, said sum being the semiannual
interest due that date on its General Obligation Bridge Bond
dated April 15, 1951, and numbered ____
Countersigned:
WASHINGTON
B
n of the Board
Commissioner
County
Jefferson County Auditor and ex officio
Clerk of the Board of County
Commissioners
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Seotion 3. Said bonds shall be signed in the oorporate name of
the County by the Chairman of the Board of County Commissioners and
countersigned by the County Auditor, and shall have the seal of the
County impressed thereon. Each of the interest ooupons attached
thereto shall be signed with the facsimile signatures of said officials.
Seotion 4. There shall be levied each year by the corporate
authorities of Jefferson County and included in each annual tax levy
a tax upon all the property within the County subject to taxation in
an amount which, with road funds of the County that may be available
for such purpose, shall be sufficient to pay the principal and interest
of all the bonds authorized herein as the same shall become due. All
of such taxes so collected and such road funds of the County as may
be available shall be paid into a special fund of the County which
is hereby created and established in the office of the County Treasurer,
to be known as "19.51 General Obligation Bridge Bond Redemption Fundll,
and no part of such fund shall 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 provided 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 millage levy per-
mitted 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 irrevocably set aside, appropriated and pledged for the payment
of the principal and interest of said bonds as aforesaid.
The full faith, oredit and resources of said County are hereby
also irrevocably pledged 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.
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Section 5. The County Auditor is hereby authorized and directed
to advertise the bonds herein authorized for sale in the manner re-
quired by law. Upon the sale thereof, the proper County officials
are hereby authorized and directed to execute said bonds and to do
all things necessary for the 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, this ~ ~ay of March, 1951.
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RT HF 3-6-51 8
NOTICE OF BOND SALE
GENERAL OBLIGATION BRIDGE BONDS - $150,000
JEFFERSQN COUNTY, WASHINGTON
NOTICE IS HEREBY GIVEN that Jefferson County, Washington, proposes
to issue under date of April 15, 1951, its General Obligation Bridge
Bonds in the principal sum of $150,000. Said bonds will be in denomina-
tions of $1,000 each, will be numbered from 1 to 150 inclusive, will
bear interest at a rate not to exeeed 6% per annum payable semiannually
on the fifteenth days of April and October of each year, will be payable
both principal and interest in lawful money of the United States of
America at the office of the Jefferson County Treasurer in Port Townsend,
Washington, and will mature in order of their number as follows:
April 15, 1953 . 9,000 April 15, 1960 $11,000
April 15, 1954 9,000 April 15, 1961 ,11,000
April 15, 1955 10,000 April 1.5, 1962 11,000
April 15, 1956 10,000 April 15, 1963 12,000
April 15, 1957 10 ,000 April 15, 1964 12,000
April 15, 1958 10,000 April 15, 1965 12,000
April 15, 1959 11,000 April 15, 1966 12,000
The County has reserved the right to redeem any or all of the out-
standing bonds of this issue at par in inverse numerical order on any
interest payment date on and after five years from date of issue.
Jefferson County, by resolution duly and regularly adopted, has
irrevocably pledged itself to levy taxes annually within and as a part
of the tax millage levy permitted to counties without a vote of the
people in an amount which, with road funds of the County that may be
available for such purpose, will be 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 Court-
house in Port Townsend, Washington, until 2_ o.clock E. M. on the
--fa-- day of tlJA;/' 1951, at which time said bids will be publicly
opened by the Board of County Commissioners at a public meeting to be
held in their chambers.
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The bids submitted shall specify either (a) the lowest rate or
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 par.
All bids shall be sealed and, except that of the State of
Washington, shall be accompanied by a ~posit of 5% of the amount
bid, either in cash or by certified che~k~ which amount will be
returned to the bidder if the bid is not accepted. It the successful
bidder shall fail or neglect to complete the purchase of said bonds
within thirty days of the acceptance of his bid, the amount so de-
posited shall be forfeited to the County.
The County reserves the right to reject all bids received.
The County will pay the cost of printing said bonds.
Said bonds shall be sold with the opinion of Preston, 'fhorgrimson
& Horowitz, bond counsel of Seattle, Washington, approving the legality
of the same, which opinion will be furnished the successful bidder at
the County's expense.
DATED at Port Townsend, Washington, this ~ day of March, 1951.
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