HomeMy WebLinkAbout3862 CITY Or BR ,ZRTON, WAS. NGTON
ORDINANCE NO.
AN ORDINANCE adopting a system of
registration for obligations of the City.
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON, DO
ORDAIN as follows:
Section 1. Pursuant to Chapter 167, Laws of 1983, a system
of registering the ownership of bonds and other interest bearing
obligations of the City is adopted. The terms 'bond' and
'obligation' as used in this ordinance shall have the meanings
defined in Section 2, Chapter 167, Laws of 1983, as the same may
be from time to time amended. The term 'registrar' shall be the
person or persons designated by the City to register the owner-
ship of bonds and other obligations under this ordinance. The
term 'fiscal agencies' shall mean the duly appointed fiscal
agencies of the State of Washington serving as such at any given
time.
Section 2. All bonds and other obligations issued or
entered into by the City which bear or require the City to pay
interest, which interest is intended by the City to be exempt
from federal income taxation, shall be registered as to both
principal and interest as provided in this ordinance. Such
registration may be carried out by a book entry system of
recording the ownership of a bond or other obligation whether or
not a physical instrument is issued on the books of the City or
the fiscal agencies of the State of Washington, or by recording
the ownership of a bond or other obligation together with
requiring that any transfer of ownership may be effected only by
the surrender of the old bond or other obligation and either the
reissuance of the old bond or other obligation or the issuance
of a new bond or other obligation to the new owner. No transfer
of any such bonds or other obligations 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 of
the City.
Section 3. Except as may be otherwise provided by the
ordinance authorizing the issuance of bonds or other obliga-
tions, registered bonds or other registered obligations may be
issued in any denomination to represent several registered bonds
or other obligations of smaller denominations and the City may
permit the issuance of bonds or other obligations in denomina-
tions smaller than a larger denomination bond or obligations
requested to be transferred. The ordinance authorizing the
issuance of the bonds or other obligations shall provide for an
authenticating trustee, transfer agent, registrar and paying
agent, which shall be one or more of the fiscal agencies of the
State of Washington appointed in accordance with Chapter 43.80
RCW, except that with respect to interest-bearing warrants,
installment contracts, interest-bearing leases and other instru-
ments or obligations not usually subject to trading, assignment
or transfer the Treasurer of the City may serve as the transfer
agent, registrar and paying officer. Any transfer agent,
registrar and paying agent or officer shall comply with all
applicable federal and state laws and regulations respecting the
carrying out of such duties. Unless provided for in the con-
tract between the City and the fiscal agencies or between the
State Finance Committee of the State of Washington and the
fiscal agencies, each such ordinance authorizing the issuance of
such bonds or other obligations shall specify the terms and
conditions of making payments of principal and interest, for the
provision of printing any physical instruments including the use
of identifying numbers or other designations, the specifying of
record and payment dates, the determination of denominations,
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the manner of communicating to the owners of such bonds or other
obligations, the receipt of the physical instruments for payment
of principal, the destruction of such instruments and the
certification of such destruction, the registration and release
of securing interests and for such other matters pertaining to
the registration of such bonds or other obligations authorized
by such ordinance as the City may deem to be necessary or
appropriate.
Section 4. The Treasurer of the City is authorized to
enter into a contract with the fiscal agency or agencies of the
State of Washington in connection with the establishment and
maintenance by such fiscal agency or agencies of a central
depository system for the transfer or pledge of bonds or other
obligations and for the services as authenticating trustee,
transfer agent, registrar and paying agent for such bonds and
other obligations. Such contract shall define the rights and
duties of such fiscal agency so acting and the means and amount
of compensation thereof. In addition, in lieu of making
provisions in each ordinance authorizing the issuance of bonds
or other obligations, such contract may make specific provision
for the procedures for payment, identification by numbers or
other designations, the manner of issuance or reissuance of
certificates, the manner of transfer, the manner of communica-
tion to owners of bonds or other obligations for accounting to
the City and for cancelled certificate of destruction, registra-
tion and release of securing interest and for such other matters
as may be appropriate.
Until such contract is entered into, the City incorporates
by reference all the terms of the contract respecting registra-
tion of bonds and other obligations entered into between the
State Finance Committee of the State of Washington and the
fiscal agencies.
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Section 5. Any physical instrument issued or executed by
the City subject to registration under this ordinance shall state
on its face that the principal thereof and interest thereon 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 6. Ail actions taken by the City, and its officers,
employees and representatives on behalf of the City, consistent
with the provisions of this ordinance are ratified, approved and
confirmed.
Section 7. The City has awarded a substantial contract for
the construction of a portion of the improvements described in
Section 2 of this ordinance and, in order to-have money available
to pay that contractor and to pay immediate costs related to such
improvements, it is urgently needed that the proceeds of the Bonds
be received before thirty days after the publication of this
ordinance. Therefore, the City Council finds that sufficient
urgency exists to require that this ordinance take effect immediately.
For the reasons stated, this ordinance shall take effect immediately
upon its passage and publication.
PASSED by the City Council at a regular open public meeting
thereof and APPROVED by the Mayor of the City of Bremerton,
Washington, this 10th day of August, 1983.
ATTEST:
KATHLEEN L. McCLUSKE , ' y Clerk
APPROVED AS TO FORM:
UG~ON,~ity Atto y
I, KATHLEEN McCLUSKEY, City Clerk of the City of Bremerton,
Washington, certify that the attached copy of Ordinance No.
is a true and correct copy of the original ordinance passed on
the ~O day of August, 1983, as that ordinance appears on
the Minute Book of the City.
DATED this ~o day of ~-~-0~ , 1983.
Kathleen McCluskey, City Clerk