HomeMy WebLinkAboutResolution 94-015-CCBOARD OF COUNTY COMMISSIONERS
Grant County, Washington
In the matter of authorizing the establishment of a
Road Improvement Guaranty Fund; providing for
the funding of such Road Improvement Guaranty
Fund; providing for the investment, transfer and
use of money in the Road Improvement Guaranty
Fund; and providing for other matters properly
relating thereto
Resolution No. 94 -15 -CC
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
GRANT COUNTY, WASHINGTON as follows:
WHEREAS, Grant County, Washington (the "County"), is a third --class county duly
organized, existing and operating under and by virtue of the Constitution and laws of the
State of Washington;
WHEREAS, the County is authorized and empowered to create road improvement
districts and to conduct proceedings pursuant to chapter 36.88 RCW;
WHEREAS, the County, by its Board of County Commissioners (the "Board"), has
found and declared it to be in the welfare and best interests of the inhabitants of the County
to create and establish road improvement districts;
WHEREAS, chapters 36.88 and 39.46 RCW authorize the County to issue, sell and
deliver bonds and warrants to provide for the payment of the whole or any portion of the
cost and expense of any duly authorized road improvement by bonds or warrants of the
road improvement district;
WHEREAS, chapter 36.88 RCW authorizes the County to establish a fund for the
purpose of guaranteeing, to the extent of such fund, the payment of its road improvement
district bonds and warrants; and
WHEREAS, the Board has found and declared it to be in the welfare and best
interests of the inhabitants of the County to create, establish and operate such a guaranty
fund;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND
ORDERED as follows:
1CA940140.008
Section 1 . Creation of the Guarantv Fund,
Pursuant to the authority granted by RCW 36.88.220, there is hereby creaked in the
office of the County Treasurer (the "Treasurer") a special fund known as the "Grant
County Road Improvement Guaranty Fund" (the "Guaranty Fund") for the purpose of
guaranteeing, to the extent of such fund, the payment of the County's road improvement
district bonds and warrants issued under chapter 36.88 RCW.
Section 2, Deposits into the Guaranty Fund_
A. There shall be deposited annually in the Guaranty Fund from money
available for road purposes, such sums as may be necessary to establish and maintain a
balance therein equal to at least five percent of the outstanding obligations that are
guaranteed by the Guaranty Fund. The County shall provide in its annual budget for such
deposit to the Guaranty Fund.
B. In addition to the deposits required by subsection A of this Section 2, the
Treasurer shall deposit into the Guaranty Fund upon receipt: 1) the interest received from
investing the money on deposit in the Guaranty Fund; 2) any money remaining in a road
improvement district fund guaranteed by the Guaranty Fund after the payment of all
outstanding bonds or warrants payable from such road improvement district fund; 3) the
proceeds of any bond or warrant paid from the Guaranty Fund; 4) the assessments
underlying any bond or warrant paid from the Guaranty Fund; and 5) all proceeds resulting
from the lease or sale of real property acquired pursuant to Section 4(C) of this Resolution.
Section 3. Investment of Monev in the Guarantv Fund.
The money held in the Guaranty Fund may be invested in obligations of the United
States of America or of the State of Washington, or such other investments as are permitted
for the Guaranty Fund by law.
Section 4. Uses of the Guaranty Fund.
A. To the extent of any pending default on the payment of the principal of or
interest on any road improvement district bonds or warrants, the Treasurer shall withdraw
money from the Guaranty Fund and deposit such money into the respective road
improvement district fund from which such bonds, or the interest thereon, are payable.
B. To the extent the money on deposit in the Guaranty Fund is insufficient to
meet a pending default of the County's road improvement district bonds or warrants, the
County shall issue warrants against the Guaranty Fund (in the manner other warrants are
issued by the County) to meet any liability accruing against the Guaranty Fund. At the
time of making its annual budget and tax levy, the County shall provide from funds
available for road purposes for the deposit in the Guaranty Fund a sum sufficient, together
-2-
with other resources of such Guaranty Fund, to pay warrants so issued during the
preceding fiscal year.
C. For the purpose of protecting the Guaranty Fund, money in the Guaranty
Fund may be used to: 1) purchase underlying bonds or warrants guaranteed by the
Guaranty Fund; 2) purchase certificates of delinquency for general taxes on property
subject to road improvement district assessments; and 3) purchase property subject to road
improvement district assessments at tax foreclosures.
D. Whenever the Board shall cause a lien of certificate of delinquency for
general taxes to be foreclosed and the property to be so purchased at a foreclosure sale
pursuant to Section 5(B) of this Resolution, the court costs, costs of publication, expenses
for clerical work, and/or other expense incidental to such proceedings shall be chargeable
to and payable from the Guaranty Fund.
E. As among the several issues of bonds or warrants guaranteed by the
Guaranty Fund, no preference shall exist, but defaulted bonds, interest payments, and
warrants shall be purchased out of the Guaranty Fund in the order of their presentation.
Section S. Subrogation of Rights.
A. The County, as trustee for the Guaranty Fund, shall be subrogated to all
rights of the owner of any bond, interest coupon or warrant paid as to principal or interest
out of the Guaranty Fund.
B. If money in the Guaranty Fund is used pursuant to Section 4(C)(2) of this
Resolution, the Guaranty Fund shall be subrogated to the rights of the County, and the
County, acting on behalf of the Guaranty Fund, may foreclose the lien of such certificate
of delinquency for general taxes and purchase the property at the foreclosure sale for the
account of the Guaranty Fund.
Section 6. Transfer of Monev from the Guarantv Fund to the General Fund.
The County may, by ordinance, transfer assets from the Guaranty Fund to the
general fund if: 1) the Board receives a certificate from the Treasurer stating that the
Guaranty Fund has sufficient money to meet all valid outstanding obligations of the
Guaranty Fund and all other obligations of the Guaranty Fund reasonably expected to be
incurred; and 2) the balance of the Guaranty Fund immediately after such transfer equals at
least five percent of the net outstanding obligations guaranteed by the Guaranty Fund. If
the balance of the Guaranty Fund is reduced below five percent of the net outstanding
obligations guaranteed by the Guaranty Fund at any time within five years of any such
transfer, the County shall, to the extent of the amount so transferred, pay valid claims
against the Guaranty Fund as a general obligation of the County. In addition, the County
-3-
shall pay all reasonable costs of collection necessarily incurred by the holders of valid
claims against the Guaranty Fund.
Section 7, Severability.
If any one or more of the provision of this Resolution are declared by any court of
competent jurisdiction to be contrary to law, then such provision shall be null and void and
shall be deemed separable from the remaining provisions in this Resolution and shall in no
way affect the validity of the other provisions of this Resolution.
Section 8. Effective Date.
This Resolution shall be in full force and effect immediately after its adoption.
ADOPTED by the Board of Commissioners of Grant County, Washington, at a
regular meeting thereof on January 31, 1994.
ATTEST:
0 4� 1�
sl
Peggy �g, Clerk of AeBoard of
County Commissioners
(SEAL)
BOARD OF COUNTY COMMISSIONERS
GRANT COUNTY, WASHINGTON
Helen Fancher, Chairman
[ V 1j4IJ
Tim Snead t8mmissioner
LeRoy All' n, Commissioner
.a
CERTIFICATE
I, Peggy Grigg, Clerk of the Board of County Commissioners of Grant County,
Washington, hereby certify that the foregoing resolution is a full, true and correct copy of
a resolution duly adopted at a regular meeting of the Board of County Commissioners of
said County, duly and regularly held at the regular meeting place thereof on January 31,
1994, of which meeting all members of said Board had due notice and at which a majority
thereof were present; and that at said meeting said resolution was adopted by the following
vote:
AYES, and in favor thereof, Commissioners: ,3
NOES, Commissioners: D
ABSENT, Commissioners: 0
ABSTAIN, Commissioners: 0
I further certify that I have carefully compared the same with the original resolution
on file and of record in my office; that said resolution is a full, true and correct copy of the
original resolution adopted at said meeting; and that said resolution has not been amended,
modified or rescinded since the date of its adoption, and is now in full force and effect.
IN WITNESS WHEREOF, I have set my hand and affixed the official seal of said
County on January 31, 1994.
GRANT COUNTY, WASHINGTON
Peggy gg, Clerk oVe Board of
County Commissioners
(SEAL)