Chapter 3.22
BONDS AND OBLIGATIONS REGISTRATION
Sections:
3.22.030 Adoption of registration system.
3.22.040 Registration requirement.
3.22.050 Method of registration.
3.22.070 Appointment of registrar.
3.22.090 Statement of transfer restrictions.
3.22.010 Definitions.
The following words shall have the following meanings when used in this chapter:
A. “Bond” or “bonds” has the meaning defined in RCW 39.46.020(1), as the same may be from time to time amended.
B. “County” means Okanogan County, Washington.
C. “Fiscal agencies” means the duly appointed fiscal agencies of the state serving as such at any given time.
D. “Obligation” or “obligations” has the meaning defined in RCW 39.46.020(3), as the same from time to time may be amended.
E. “Registrar” means the person, persons or entity designated by the county to register ownership of its bonds or obligations under this resolution or under a resolution of the county authorizing the issuance of such bonds or obligations. (Res. 66-87 § 1, 1987).
3.22.020 Findings.
The board of county commissioners of the county finds that it is in the county’s best interest to establish a system of registering the ownership of the county’s bonds and obligations in the manner permitted by law. (Res. 66-87 § 2, 1987).
3.22.030 Adoption of registration system.
The county adopts the system of registering the ownership of its bonds and obligations set out in OCC 3.22.040 through 3.22.080. (Res. 66-87 § 3, 1987).
3.22.040 Registration requirement.
All bonds and obligations offered to the public, having a maturity of more than one year, on which the interest is intended to be excluded from gross income for federal income tax purposes, shall be registered as to both principal and interest as provided in this chapter. (Res. 66-87 § 3(a), 1987).
3.22.050 Method of registration.
A. The registration of all county bonds and obligations required to be registered shall be carried out either by:
1. A book entry system of recording the ownership of the bond or obligation on the books of the county or the fiscal agencies, whether or not a physical instrument is issued; or
2. 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 re-issuance of the old bond or obligation or the issuance of a new bond or obligation to the new owner.
B. 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. (Res. 66-87 § 3(b), 1987).
3.22.060 Denominations.
Except as may be provided otherwise by the resolution authorizing their issuance, registered bonds or obligations may be issued and reissued in any denomination 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 re-issuance may be in smaller amounts than the individual denominations for which they are re-issued. (Res. 66-87 § 3(c), 1987).
3.22.070 Appointment of registrar.
Unless otherwise provided in the resolution authorizing the issuance of registered bonds or obligations, the treasurer of the county, hereinafter referred to as the treasurer, shall be the registrar for all registered interest-bearing warrants, conditional sales contracts, interest-bearing leases and other registered bonds or obligations not usually subject to trading and without a fixed maturity date or maturing one year or less after issuance and the fiscal agencies shall be the registrar for all other county bonds and obligations with a fixed maturity date or maturing more than one year after issuance. (Res. 66-87 § 3(d), 1987).
3.22.080 Duties of registrar.
A. The registrar shall serve as the county’s authenticating trustee, transfer agent, registrar and paying agent for 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.
B. The rights, duties, responsibilities and compensation of the registrar shall be prescribed in each resolution authorizing the issuance of the bonds or obligations, which rights, duties, responsibilities and compensation shall be embodied in a contract executed by the county and the registrar, except that:
1. When the fiscal agencies serve as registrar, the county adopts by reference the contract between the State Finance Committee of the state and the fiscal agencies in lieu of executing a separate contract and prescribing by resolution the rights, duties, obligations and compensation of the registrar; and
2. When the treasurer serves as registrar, a separate contract shall not be required.
C. In all cases when the registrar is not the fiscal agencies and the bonds or obligations are assignable, the resolution authorizing the issuance of the registered bonds or obligations shall specify the terms and conditions of:
1. Making payments of principal and interest;
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 certification of such destruction;
7. Registering or releasing security interests, if any; and
8. Such other matters pertaining to the registration of the bonds or obligations authorized by such resolution as the county may deem to be necessary or appropriate. (Res. 66-87 § 3(e), 1987).
3.22.090 Statement of transfer restrictions.
Any physical instrument issued or executed by the county subject to registration under this chapter 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. (Res. 66-87 § 4, 1987).