Chapter 3.56
REGISTRATION OF OBLIGATIONS
Sections:
3.56.010 System adopted – Definitions.
3.56.020 Registration of obligations.
3.56.030 Reissue of obligations.
3.56.050 Payable to registered owner only.
3.56.010 System adopted – Definitions.
Pursuant to Chapter 39.46 RCW, 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 chapter shall have the meaning defined in RCW 39.46.020, 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 ownership of bonds and other obligations under this chapter. (Ord. 2161 § 1, 1984).
3.56.020 Registration of obligations.
Except for obligations which mature in one year or less, all bonds and other obligations hereafter 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 chapter. Such registration may be carried out by a book entry system of recording the ownership of a bond or other obligation on the books of the city or the fiscal agency of the state, whether or not a physical instrument is issued, 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 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, notice to the contrary notwithstanding. (Ord. 2161 § 1, 1984).
3.56.030 Reissue of obligations.
Except as otherwise provided in the ordinance authorizing the issuance of such obligations, registered bonds or other registered obligations may be issued in any denomination to represent several registered bonds or other obligations of smaller denominations and may permit the issuance of bonds or other obligations in denominations 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 appointed in accordance with Chapter 43.80 RCW, except the treasurer of the city may serve as transfer agent, registrar and paying officer with respect to interest-bearing warrants, installment contracts, interest-bearing leases, local improvement district bonds, revenue bonds, general obligation bonds, and other instruments or obligations not subject to trading, assignment or transfer, as provided in the ordinance or resolution of the city authorizing the issuance of such obligations. 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 contract between the city 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 fiscal instruments including the use of identifying numbers or other designations, the specifying of record and payment dates, the determination of denominations, the manner of communicating to the owners of such bonds or other obligations, the receipt of the physical instruments, for the 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. (Ord. 2161 § 1, 1984).
3.56.040 Fiscal agencies.
The treasurer of the city is authorized to enter into a contract with the fiscal agency or agencies of the state 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 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 communication to owners of bonds or other obligations for accounting to the city and for cancelled certificate of destruction, registration and release of securing interest and for such other matters as may be appropriate.
Alternatively, the city council may, by ordinance, adopt by reference such an agreement or contract existing between the state and its fiscal agency or agencies providing for the matters set forth in this section. (Ord. 2161 § 1, 1984).
3.56.050 Payable to registered owner only.
Any physical instrument issued or executed by the city subject to registration under this chapter 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. (Ord. 2161 § 1, 1984).