Bond Resolution
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PENINSULA SCHOOL DISTRICT NO. 401
PIERCE COUNTY, WASHINGTON
RESOLUTION NO. 03-02
A RESOLUTION of the Board of Directors of Peninsula School District No.
401, Pierce County, Washington, providing for the submission to the voters
of the District at a special election to be held therein on May 20, 2003,
of a proposition authorizing the District to incur indebtedness and issue
its general obligation bonds in the principal amount of no more than $45,000,000
(or such lesser maximum amount as may be legally issued under the laws
governing the limitation of indebtedness) for the purpose of paying costs
of constructing and equipping new school facilities, demolishing certain
facilities, modernizing and renovating existing school facilities and
carrying out other capital purposes as determined by the Board of Directors
of the District, the principal of and interest on such bonds to be payable
from annual property tax levies to be made in excess of regular property
tax levies; authorizing a request for a Certificate of Eligibility from
the State Treasurer pursuant to chapter 39.98 RCW; and designating the
Secretary to the Board of Directors as the District official authorized
to file with the State Treasurer, on behalf of the District, the request
for a Certificate of Eligibility.
WHEREAS, enrollment demands, the existing conditions of school facilities
and the institution of new educational programs require that Peninsula
School District No. 401, Pierce County, Washington (the “District”)
construct and equip new school facilities, demolish certain facilities,
modernize and renovate existing school facilities and carry out other
capital purposes as determined by the Board of Directors of the District
(the “Board”); and
WHEREAS, the District lacks sufficient funds with which to carry out
such projects, which are urgently required to correct the existing conditions;
and
WHEREAS, the conditions and situations hereinbefore set forth create
an emergency which requires the holding of a special election in the District;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF PENINSULA
SCHOOL DISTRICT NO. 401, PIERCE COUNTY, WASHINGTON, as follows:
Section 1. The Board finds and declares that an emergency exists requiring
the calling of a special election and the Pierce County Auditor, as ex
officio supervisor of elections, is requested to find and declare the
existence of an emergency. The Board further requests the Pierce County
Auditor to call and conduct a special election in the District, in the
manner provided by law, to be held therein on May 20, 2003, for the purpose
of submitting to the voters of the District, for their approval or rejection,
the question of whether or not the District shall incur indebtedness and
issue its general obligation bonds in the principal amount of no more
than $45,000,000 (or such lesser maximum amount as may be legally issued
under the laws governing the limitation of indebtedness) for the purpose
of paying the costs of the Projects described in Exhibit A hereto, which
is incorporated herein by this reference; and levy excess property taxes
to pay and retire such bonds.
If such proposition is approved by the requisite number of voters, the
District will be authorized to incur indebtedness and issue the bonds
in the manner described in this resolution, to spend the proceeds thereof
to pay costs of the Projects, and to levy excess property taxes to pay
and retire such bonds. The cost of all necessary architectural, engineering,
legal and other consulting services, inspection and testing, administrative
and relocation expenses, site acquisition or improvement, demolition,
on and off-site utilities, related improvements and other costs incurred
in connection with the making of the foregoing capital improvements constituting
the Projects shall be deemed a part of the costs of the Projects. The
Projects shall include all necessary furniture, equipment and appurtenances.
The proceeds of the bonds may be used to pay costs related to the sale,
issuance and delivery of the bonds.
The funds derived from the sale of the bonds shall be used, either with
or without additional funds now available or hereafter available to the
District, for capital purposes only, which shall not include the replacement
of equipment. The Projects, or any portion or portions thereof, shall
be acquired or made insofar as is practicable with the capital funds available
and in such order of time as shall be deemed advisable by the Board.
Section 2. The bonds authorized may be issued as a single issue, as a
part of a combined issue with other authorized bonds, or in more than
one series. The bonds shall be fully registered bonds; shall bear interest
payable as permitted by law; shall mature within 20 years from the date
of issue (the life of the Projects being at least 20 years) or such lesser
time as may be fixed by the Board; shall be paid by annual property tax
levies sufficient in amount to pay both principal and interest when due,
which annual property tax levies shall be made in excess of regular property
tax levies without limitation as to rate or amount but only in amounts
sufficient to meet such payments of principal and interest as they come
due; and shall be issued and sold in such manner, at such times and in
such amounts as shall be required for the purpose for which such bonds
are to be issued. The exact date, form, terms, redemption provisions,
price, interest rate or rates, and maturities of the bonds shall be hereafter
fixed by resolution of the Board. Pending the issuance of the bonds, the
District may issue short-term obligations pursuant to chapter 39.50 RCW.
The Board declares that to the extent, prior to the date bonds or other
short-term obligations are issued to finance the Projects, the District
shall make capital expenditures for the Projects from funds that are not
(and are not reasonably expected to be) reserved, allocated on a long-term
basis or otherwise set aside by the District under its existing and reasonably
foreseeable budgetary and financial circumstances to finance the Projects,
those capital expenditures are intended to be reimbursed out of proceeds
of the bonds or other short-term obligations issued in an amount not to
exceed the principal amount of the bonds provided by this resolution.
Section 3. If available funds from the proceeds of bonds authorized for
the above purposes are more than sufficient to carry out the Projects,
or should local or State of Washington (the “State”) circumstances
require any alteration in those purposes, the District may acquire, construct,
equip and make other capital improvements to the facilities of the District,
all as the Board may determine by resolution, after holding a public hearing
thereon pursuant to RCW 28A.530.020. The Board shall determine the application
of available money between the various parts of the Projects so as to
accomplish, as near as may be, all improvements described. The Board shall
determine the exact order, extent and specifications for the Projects.
If the Board shall determine that it has become impractical to accomplish
any of such improvements or portions thereof by reason of local or State
circumstances, including, but not limited to, changed conditions or needs,
regulatory considerations, incompatible development or costs substantially
in excess of those estimated, the District shall not be required to accomplish
such improvements and may apply the bond proceeds or any portion thereof
to other portions of the improvements, to other capital purposes of the
District, or to payment of principal of or interest on the bonds, as the
Board may determine by resolution, after holding a public hearing thereon
pursuant to RCW 28A.530.020. In the event that the proceeds of sale of
the bonds, plus any other money of the District legally available, are
insufficient to accomplish all of the capital improvements making up the
Projects, the District shall use the available funds for paying the cost
of those improvements for which the bonds were approved that are deemed
by the Board most necessary and in the best interest of the District.
It is anticipated that the District may receive some funds from the State
as State financing assistance under chapter 28A.525 RCW with respect to
the Projects. Such money shall be used, when and in such amounts as it
may become available, to undertake and accomplish the Projects, or if
the Projects have been completed, first to undertake and accomplish improvements
to energy consuming systems, such as lighting, including security site
lighting, as described in Exhibit B hereto, which is incorporated herein
by this reference, and then to retire indebtedness from this issue of
bonds, or for such other purposes as the Board may determine after holding
a public hearing thereon pursuant to RCW 28A.530.020.
Section 4. The Board requests the Pierce County Prosecuting Attorney
to prepare the concise description of the aforesaid proposition for the
ballot title, as required pursuant to RCW 29.27.066, in substantially
the following form:
PROPOSITION 1
PENINSULA SCHOOL DISTRICT NO. 401
SCHOOL CAPITAL FACILITIES IMPROVEMENT
BONDS –
$45,000,000
The Board of Directors of Peninsula School District No. 401 adopted Resolution
No. 03-__, concerning a proposition to finance and construct school capital
facilities improvements. This proposition would authorize the District
to construct and equip new school facilities, demolish certain facilities,
modernize and renovate existing school facilities and carry out other
capital purposes, incur indebtedness and issue no more than $45,000,000
of general obligation bonds maturing within 20 years to pay the costs
thereof, and levy annual excess property taxes to pay and retire such
bonds, all as provided in Resolution No. 03-02. Should this proposition
be:
Approved .............................. [_x_]
Rejected ............................... [___]
Section 5. The Secretary to the Board is authorized and directed to certify
to the Pierce County Auditor of Pierce County a copy of this resolution
showing its adoption by this Board at least 45 days prior to the date
of such special election, and to perform such other duties as are necessary
or required by law to the end that the question of whether or not indebtedness
shall be incurred, bonds shall be issued and excess taxes necessary to
pay and retire the bonds shall be levied as herein provided shall be submitted
to the voters of the District at the aforesaid special election.
The Board finds and declares it to be in the best interests of the District
to have information regarding the aforesaid proposition included in the
local voters’ pamphlets to be prepared by the Pierce County Auditor,
and authorizes and directs the Superintendent and the Deputy Superintendent
to provide such information to the Pierce County Auditor and to take such
other actions as may be necessary or appropriate to that end.
Section 6. The Board requests the State Treasurer to issue a Certificate
of Eligibility pursuant to chapter 39.98 RCW and the rules promulgated
thereunder by the State Finance Committee. The Board designated the Secretary
to the Board as the District official authorized to file with the State
Treasurer, on behalf of the District, the request for a Certificate of
Eligibility.
ADOPTED by the Board of Directors of Peninsula School District No. 401,
Pierce County, Washington, at an open public regular meeting thereof,
notice of which was given to the extent required by law, held this 27th
day of February, 2003.
PENINSULA SCHOOL DISTRICT NO. 401 PIERCE COUNTY, WASHINGTON
_____________________________________________________________
President and Director
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Director
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Director
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Director
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Director
ATTEST:
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Secretary to the Board of Directors
