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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)