HomeMy WebLinkAboutO-1405 - Bond registration (3.98)·.
CITY OF MARYSVILLE.WASHINGTON
ORDINANCE NO.1'105
AN ORDINANCE adopting a system of registration
of bonds and obligations of the City.
WHEREAS.Section 103(j)of the Internal Revenue Code of
1954.as amended.requires municipal bonds and obligations
offered to the public.having a maturity of more than one year
and issued after June 30.1983.to be in registered form as a
condition of the exemption from federal income taxation of the
interest on those bonds and obligations;and
WHEREAS.section 3.chapter 167.Laws of 1983.authorizes
cities to establish a system of registering the ownership of
their bonds or obligations as to principal and interest.or
principal only;NOW.THEREFORE.
THE CITY COUNCIL OF THE CITY OF MARYSVILLE.WASHINGTON.DO
ORDAIN as follows:
Section 1.Definitions.The following words shall have
the following meanings when used in this ordinance:
a.The term abond a or a bonds a shall have the meaning
defined in section 2(1).chapter 167.Laws of 1983.as the same
may be from time to time amended.
b.The term ·City·shall mean the City of
Marysville.Washington.
c.The term ·fiscal agencies·shall mean the duly
appointed fiscal agencies of the State of Washington serving as
such at any given time.
d.The term ·obligation·or ·obligations·shall have
the meaning defined in section 2(3).chapter 167.Laws of 1983.
as the same from time to time may be amended.
e.The term aregistrar·shall be the person or
persons designated by the City to register ownership of bonds or
obligations under this ordinance.
Section 2.Findings.The City Council of the City finds
that it is in the City's best interest to establish a system of
registering the ownership of the City's bonds and obligations in
the manner permitted by law.
Section 3.Adoption of Registration System.The City
adopts the following system of registering the ownership of its
bonds and obligations.
a.Registration Requirement.All bonds and obliga-
tions offered to the public.having a maturity of more than one
year and issued by the City after June 30.1983.on which the
interest is intended to be exempt from federal income taxation.
shall be registered as to both principal and interest as pro-
vided in this ordinance.
b.Method of Registration.The registration of all
City bonds and obligations required to be registered shall be
carried out either by
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1)a book entry system of recording the
ownership of the bond or obligation on the books of
the City or the fiscal agencies.whether or not a
physical instrument is issued;or
2) by recording the ownership of the bond or
obligation and requiring as a condition of the
transfer of ownership of any bond or obligation the
surrender of the old bond or obligation and either
the reissuance of the old bond or obligation or the
issuance of a new bond or obligation to the new
owners.
No transfer of any bond or obligation subject to registration
requirements shall be effective until the name of the new owner
and the new owner's mailing address.together with such other
information deemed appropriate by the registrar.shall be
recorded on the books of the registrar.
c.Denominations.Except as may be provided other-
wise by the ordinance authorizing their issuance.registered
bonds or obligations may be issued and reissued in any denomina-
tion up to the outstanding principal amount of the bonds or
obligations of which they are a part.Such denominations may
represent all or a part of a maturity or several maturities and
on reissuance may be in smaller amounts than the individual
denominations for which they are reissued.
d.Appointment of Registrar.Unless otherwise
provided in the ordinance authorizing the issuance of registered
bonds or obligations.the City Treasurer shall be the registrar
for all registered interest-bearing warrants.installment
contracts.interest-bearing leases and other registered bonds or
obligations not usually SUbject to trading and the fiscal
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,.
agencies shall be the registrar for all other City bonds and
obligations.
e.Duties of Registrar.The registrar shall serve
as the City's authenticating trustee.transfer agent.registrar
and paying agent for all registered bonds and obligations for
which he.she.or it serves as registrar and shall comply fully
with all applicable federal and state laws and regulations
respecting the carrying out of those duties.
The rights.duties.responsibilities and compensation
of the registrar shall be prescribed in each ordinance authoriz-
ing the issuance of the bonds or obligations.which rights.
duties.responsibilities and compensation shall be embodied in a
contract executed by the City Treasurer and the registrar.
except in instances when the fiscal agencies serve as registrar.
the City adopts by reference the contract between the State
Finance Committee of the State of Washington and the fiscal
agencies in lieu of executing a separate contract and prescrib-
ing by ordinance the rights.duties.obligations and compensa-
tion of the registrar.When the City Treasurer serves as
registrar.a separate contract shall not be required.
In all cases when the registrar is not the fiscal
agencies and the obligation is assignable.the ordinance
authorizing the issuance of the registered bonds or obligations
shall specify the terms and conditions of
1)making payments of principal and interest;
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2)printing any physical instruments.
including the use of identifying numbers or other
designation;
3)specifying record and payment dates;
4)determining denominations;
5)establishing the manner of communicating
with the owners of the bonds or obligations;
6)establishing the methods of receipting for
the physical instruments for payment of principal.
the destruction of such instruments and the certifi-
cation of such destruction;
1)registering or releasing security inter-
ests.if any;and
8)such other matters pertaining to the
registration of the bonds or obligations authorized
by such ordinance as the City may deem to be neces-
sary or appropriate.
Section 4.Statement of Transfer Restrictions.Any
physical instrument issued or executed by the City subject to
registration under this ordinance shall state on its face that
the principal of and interest on the bonds or obligations shall
be paid only to the owner thereof registered as such on the
books of the registrar as of the record date defined in the
instrument and to no other person.and that such instrument.
either principal or interest.may not be assigned except on the
books of the registrar.
Section 5.This ordinance shall take effect and be in
force five days after its passage.approval and legal
publication.
PASSED by the City Council and APPROVED by the Mayor of the
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·.
r
City of Marysville.Washington.at a regular open public meeting
thereof this 10th day of December.1984.
ATTEST:
FORM APPROVED:
QI:~"2~{LAttorne
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':,~~~~y~W~;~~Y~~~
':'..;"-:ORDIMANCE NO.1405
IllIOIUHMANCIl .dopUng ••y.t...ot ..glatuttOD
ot l16ad.,.Dd ol>l1gulon~at th.Chr.
IIlIEloElS',hcUonlOJ()l ot tlullnt.tMl ••""nu.Cod.at
U54,u lundlHl,"QU1tl••lInt<:1pd ~olld.aad 01>11gU1')1I1l
off...d ~o til.plIl>Hc,hVlng &altlltlty of _..th."0 y.u
.lId1..ud.ftuJ".Il.30,UU.to.c..1.ll ..'lau..dfot .
condH101l0£tbl.u.,tlonfto.f.du&llnco.etIUtiollot til.
lnUtutontlloliballd."odClbl1g"Uo".ilnd
Ir.lEdlS.IIct10n 1.cllapt••161,Llwsof UU.lutl.otllil
cHl••tCl ....blt.b ••y.u.o£r.ght,.tlng tb ..........btpof
tlullr bOnd.CI.obl1gatlon.n to ptlDC1",l and lnUtur...t
mCI';YCOUIIClLOFmCITYOPIIIIYSVILLI.IiIUHIIlGTOll,DO
ill5..U..2ILl.~.ThefaH....1D,vard.ellal1hve
tile tollowtllg .""ntDge IIba~us.d in tb18 Ot<l1IUIlU:CI,
.,'Tile tn.'bond'O,E 'bolld.'.hdl ha""the ...nlng
<I"UIlt<l1nllcnoll 3(11.cbl,tn 167.L"lIII of 1983.n tll2 .....
D.TIlIUr.·City·sllall ...ntlleCltyof
IIl1ryn1l1••Wullington.
e.Tlls t •••·t18cd"V.nc1..•.hfoil •••ntb.d"ly
.,po~..t ..d fhcd &g.nd..of tbe SUU o£llnh1ngtllll ••rvlng n
d.Tb..tClr.'obligatioD-'or ·obHg&tlon.·.h.ll h."•.
tba _snUg deU...d lll.a.ctloa atl).clla,;..r 161,L&...ot uu•
...thln••tro.U••to U ........b......od.d.
Tb.tu.'uglatrllr'_b.ll bCl till ""no..oc
p.UC"B dnlgnuod br tlleCHr to E..gl.t.r ollMubi,of Donda or
obllgatlOIl_1,lD.4~r tllU OEdlnanc ••
~.~.Th.C1tyCollnclloftlulC1tyUrui.
tbU 1t U In tll •.c;nr.bnt tDter..t to utablt.lI._yu••of
..gt.Utlng ....."~oftlulClty'.bond••adObl.lg..tlOIlB11I
tll ...nnu Pu;,'1tUd f;y 1....
.~.MopUgn Gf IlfglttuUpp httn.T'"Clty
adopts-tb.foll.C..lng·7Bt••ofrog1Btulng·tb.o_nb1pot1t1
bondBudobllgitloll8,
RaplqtraUonbqylr'''pt.All bOnde .0<1 ob11g._
U'01lI offKn to til'll "'~_c':~&vlng .....tut.ty o£..on ,~"~fn •
.'f"..r,~'-h"'.d by WI.CUy .fter JIIII.,o.'l19n,""wblcb tlul ,
Intlr h lntend.d to bio ..eapt fro.hd.nl1ncou Uutton.
8ball D.uq1Bt.ud u to Dotb pr111C11NOl .ad lbtUllt U pro_
b.Method pf '.g!UuHon.'t:lll ng1stuUoa ot foil
I) •bOOk,ntryByBU.of r.cOt41llg the
_n.uh1pot tne bolUlo.ODl1gaUonon the booh of
tboCltyot tlleU8CU."nclll.wbotbu or not.
plIYl1cd ll1ltn••1It h 111...0<1;et
a)byr.cor4ing tb.o"n.unt,of tb.bon4U
obl1gtt10n.1UIuq"lrlngu."ondltlonof til.
:~~~:~:i~ro~f~::i::~lPb:~·:~:~i:g:~I::1~gt~~~I1::·
!::~~:~:B~;n:oIl:~~:~0;:::~~g:~l:~~:.~~:11 b:;tb.
Uo.tunlforof .ny band or obllgttlon nbl.ct to ug1BtuUon
r.qll1r•••IlU ilh&l1 iI.lfhctlv.llntll th.Il....ot thlo .....o.....r
..nd tlielloVO or'...Uin'..<ldr••••togttbr 1I1tll aucllotllor
l ..for..tlOll4 d &ppro,tht.by til ••-.ghtru,.bUl bio
u.:ordlHl an til.booh or tll.r.ghttu.
c.~.~r.ceptu ..yHprovld.401lulr_
v1..by ~II.ordll1ance ntbor1dllg tlullr h",Anu.(.gUt.•e~d
bOlldBOrobllg.UOnaMybelllll.dandt01I1Il.41n.llydlno.11l&_
tlOIl liP to th ...IIUt"nding pdllCI,d I.OIlIIt at U",bolln,or
obllg.UonBot ..blcllth.y"port.SIICbdliIlO.l Uo ......y
r.,r.eent &11 or.",n of tllnty O(••,,~e"l tu1Uu.ad
all r.h~?Uc.uy b.1n ...l1u .""lInU tUIl tb.IlUl1vld"U
d8no.1nnlolll for1"-l!lclltll.Ylue81ull8d.
,roVld~::8II:=:~~~:~t::r::::8m8dbO"dBor--~tb.~.g~••r
for .11 ughU..d lnteuist_b8u1ilg lInt_il.IlIat8ll_nt
contracts.InUrut_bnr1ng l ....UB and or""r uglster.d bO.lldl or
obl1g"tlonB 1l0tullal1yallbl.cttotud1agandtb.Uoc&1
..g.nchl 8hall h tb •••glatt...fOE foil ..th8t Clly bollll8 ..,,~
..bltga"tIOl\B •
.PB"I'9'""nur.The uglBUor ....11 .......
n tt...Ctty's .uU.ntICUIIl!I u"n••"tun8fu &g.nt.ugl.Un
and p&ylng ag.nt fat all teguUrleI bonda &ndobllgU10nB for .
..blCII ~••sb.,or It nev.,iB,registt&t and sbd1 co.plY tIIl1y
"ltlldl<1ppllc.bl.f.d.ul.lldl<su 1.....lUIr.gulaUon.
"Bp8cUng tb.nnylng o"t of tbonduUn.
Tb.r1gbu.dIlU •••cupon.lbU1Unalldco_neaUon
l"gth.ln".lIco_of tllS bond.or obllgUlon....1I1cllrlgllts.
<I"Us e,r.BponslbUtthe ..nd CO.l"'nuUon Illall H ••bodUd In.
Contuct .ucuUd bY tb.Cltyl'....II..r "nd tll.rqUttu•
•ltc.pt In InBUnCn"IIBa tb.UB..,&lagonc1n 8.r....a•••gUttu.
tli..CHy adnpu.br Uf...lIC.tllO conttact.l>lot""Bn n.suu
l1""nc.Co••Hts.of til.SUt.ofWull1Agton&lld t1loI fUc&l'
.g.nctn in U."of oucllUn~•upuu.conttut .0<1 p.encrlb_
1Ilgbyor<lluIlCiltb.E1gIlt8.duUn.obllgUloIl8 ...C1cGal"'llB&_
UOIl of tM ng_uuu.IIlIlIII til.Clty Tuu"n.80rV..n'
In foil "n....h811 tM ..gIU..,-1ft 1I0t tb.U.nl
.,.lIC1n and tb.obl1,aUnn 11 nUgn&bI8.tu ordtun"•
•"tllo.lI1ag tllS 1fts".oce at til.r.ght.ud bonds or ..bl1gitlonB
.~all sp.cHy th.tn.a anel Condltlon.at
1)••klng p..yeente of pdnelpd &nd Int.rut;
~l pUnting any pllyalcfoi lnatrua.nu,
lll.dudlngtMllllot ld.ntlfylngll".b••BOtOtller
dnlgnatlonl
3l 8P41cHytng ucor4 ...C1 pa,....t ~uu:
")duer.1nln,deno.1Il.unlls:
S)s,Ul>llablr.g tlla ..nne.of co_unlcaUn,
..ltlltIl8n.......ot th..bond.oe ..bl1gUlollBl
til ntabl1sblng Ul.utllod,of r.nlptln,foe
thspbYB1cfoi 1nBtrll...ntBfor P&Y.8otof prlnclpfoi.
tt..duuucUonof SU<:II lIIsuII.elltB anel tb.certlti_
catlonofBUcnelntrucUo..,
1)uglBtBrlng or n.1U01ng aecuHy InUr-
.su.if any:and
B).uclI other utUn partalntng to thB
nghtutlon of tns bo,.~s or obllgsUon.anthorlud
I>y s"ch nrClln.nce ..tho tay"YdBS.to D.lI.ceo-
u.yor&pproprlU••
iIll!!!!L.!.5Ut.....nt at 'rug'f'.'"trlst'qp'.Any
·,llyU..,.1 1Il8trll.ont lUllod 0'...cllt.d br tb8 City nblect to
E.glltut10""lId.r th1.ord1na"c.'''''llluu olllU f.c.tllat
tll.prtncipal ~f -ad 1nternt on til.bOndl Ot 01l1lgu10n••bdl
...pald ..nlytotll.....nu~~~esad..BBUClloa.tll"
booh of t"Ng.1BUU ..~,'.e1.Unlld 1D.tlul
tiiiiRt~~"~u;~-iit _cll-1nUt"..nt •
•Hller prl~"~.,OIlIlh,-,"d nc.pt 011 tll.
bookBnl tllBuglatru.
~.T"1Bo.dIUllc••lllIlIt.k••U.ct_b.ln
forcoU....C1ayBdU.ltBpa....9••app.nnl."",legd
pabl1c.t10n.
PUSIDby til.City Co"nel].ruI1PPROVEPby tlulll/lyoriof til.
tHy or lIOI<y....\lI.,Wnblngton ...t ~r.gal..open pllblte ...Ung
tllu.ot tllU 10tll d'iy of Den.bu,UU~ysiNorman Anderson.M8YOr
:b~~~~~\:~~;~~~j~ri;~l~.~~i~~<loerf..r.•City Ally
Pllbllslled:December12,19U
•
AFFIDAVIT OF PUBLICATION
No._
STATE OF WASHINGTON,
County of Snohomish,
ss.
____J.,._.&tJ.~_ILl'iJ~D.!;Ltgr ,being first duly sworn
on oath deposes and says that he is the_~~_<!:r~_1!.~~.Y _
of THE MARYSVILLE GLOBE, a weekly newspaper.
That said newspaper is a legal newspaper which has been ap-
proved by order of the Superior Court in Snohomish County
June 18, 1962 in compliance with Chapter 213 of Washington
Laws of 1941,and it is now and has been for more than six
months prior to the date of the publication hereinafter re-
ferred to, published in the English language continually as a
weekly newspaper in Marysville, Snohomish County, Wash-
ington, and it is now and during all of said time was printed
in an office maintained at the aforesaid place of publication
of said newspaper.That the annexed is a true copY'of a
___________Qr.d.i~c.tLttJ1l,O.i--------------as it was
published in regular issues (and not in supplement form) of
said newspaper once each week for a period of __PA~__con-
secutive weeks, commencingon the __J2t.h.day of UDJleIllb.cI'
19J.l4_,and ending on the _-l.2_t.~_day of P..E!9!3Jr!Q,Gl'9_9,k,
both dates inclusive, and that such newspaper was regularly
distributed to its subscribers during all of said period.That
the full amount of the fee charged for the foregoing publi-
cation is the sum of $_..lE;.~_._CZ),which amount has been
paid in full li
---~~--~~-----------
Subscribed and sworn to before me this ~~_---day of --l..-.,.o~""~....~~--~~-,1~L1 ....t.c..tIH.':k":"~~~
e In and tor the S of Washington,
Residing at MarySVille.