Amend Resolution 20-452 to reduce the net present value saving threshold BEFORE THE BOARD OF COUNTY COMMISSIONERS
LEWIS COUNTY, WASHINGTON
IN THE MATTER OF: RESOLUTION NO. 21-055
AMEND RESOLUTION 20-452 IN ORDER TO
REDUCE THE NET PRESENT VALUE SAVING
THRESHOLD IN CONNECTION WITH THE
REFUNDING OF THE REFUNDED BONDS AND
PROVIDING FOR OTHER MATTERS PROPERTY
RELATING THERETO
WHEREAS, Lewis County, Washington (the "County"), is a municipal corporation
duly organized and existing under and by virtue of the Constitution and laws of
the state of Washington (the "State"); and
WHEREAS, the Board of County Commissioners (the "Board") adopted Resolution
No. 20-452 on December 14, 2020 ("Resolution No. 20-452") authorizing the sale,
issuance and delivery of not to exceed $14,000,000 of the County's Limited Tax
General Obligation and Refunding Bonds, Series 2021; and
WHEREAS, Section 21(C)(4) of Resolution No. 20-452 established a net present
value savings threshold of not less than 5.00 percent; and
WHEREAS, due to changing market conditions, the County's municipal advisor
has recommended that the 5.00 percent threshold be changed to 2.00 percent;
and
WHEREAS, the Board hereby desires accept such recommendation.
Page 1 of 3 Res. 21-055
NOW THEREFORE BE IT RESOLVED the BOCC determines as follows:
Section 1. Definitions
The terms used in this Resolution and not otherwise defined herein have the
meanings provided in Resolution No. 20-452.
Section 2. Amendment to Section 21(C)(4) of Resolution No. 20-452
Section 21(C) of Resolution No. 20-452 is hereby amended to provide as follows
(stricken words denote deletions and underlined words denote additions):
"Section 21: Sale and Delivery of the Bonds Authorized
C. Authorization to Execute the Successful Bid. The Bonds shall be sold to the
successful bidder. The Treasurer is hereby authorized and directed to execute the
successful bid and cause the Bonds to be delivered to the successful bidder at
such time as the following conditions are satisfied:
1. the True Interest Cost of the Bonds is not more than 4.00 percent;
2. the Bonds allocable to the Cost of the Project do not mature on a date later
than December 1, 2040;
3. the Bonds allocable to the Refunded Bonds do not mature on a date later
than December 1, 2024; and
4. the net present value saving to the County is not less than 5.00 2.00
percent.
Prior to executing the successful bid, the Treasurer shall confirm the following
information: (1) the purchase price for the Bonds and its components; (2) the
terms specified in the Official Notice of Sale; (3) the date the Bonds are to be
delivered to the successful bidder; (4) the approximate yield and price for each
maturity of the Bonds; (5) any municipal bond insurance provisions, if any; and
(6) net present value savings."
Section 3. No Personal Recourse
No recourse shall be had for any claim based on this Resolution against any Board
member, officer or employee, past, present or future, of the County or of any
successor body as such, either directly or through the County or any such
successor body, under any constitutional provision, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise.
Section 4. Full Force and Effect of Resolution No. 20-452
Resolution No. 20-452 is hereby amended to the extent provided in this
Resolution and, except as specifically provided herein, Resolution No. 20-452 shall
remain in full force and effect in accordance with its terms.
Page 2 of 3 Res. 21-055
Section 5. Repealer
All resolutions or parts thereof in conflict herewith are, to the extent of such
conflict, hereby repealed, and shall have no further force or effect.
Section 6. Effective Date
This Resolution shall be effective as of the date of its adoption.
DONE IN OPEN SESSION this 8th day of February, 2021.
APPROVED AS TO FORM: BOARD OF COUNTY COMMISSIONERS
Jonathan Meyer, Prosecuting Attorney LEWIS COUNTY, WASHINGTON
Eric Eisenberg Gary Stamper
By: Eric Eisenberg, Gary Stamper, Chair
Chief Civil Deputy Prosecuting Attorney
ATTEST: .•;�°-"oF�s•. Lindsey R. Pollock, DVM
° L Y
`frtdse R. Pollock, DVM, Vice Chair
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•. NGTOt�;;'•
Rieva Lester Sean D. Swope
Rieva Lester, Sean D. Swope, Commissioner
Clerk of the Lewis County Board of
County Commissioners
Page 3 of 3 Res. 21-055
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* * * * * * * * * * * * * * *
CERTIFICATE
I, Rieva Lester, Clerk of the Board of County Commissioners of Lewis County,
Washington, hereby certify as follows:
1. That the foregoing resolution is a full, true and correct copy of a resolution duly
passed and adopted at a regular meeting of the Board of County Commissioners of such County
(the"Board");
2. That such meeting was duly convened and held in all respects in accordance with
the law;that a quorum was present throughout the meeting through telephonic, electronic, internet
or other means of remote access,and a majority of the Board so present voted in the proper manner
for the adoption of such resolution;
3. That such meeting was conducted in person with one or more options provided for
the public to attend the meeting in person or remotely,including by computer and telephone access,
which mean(s)of access provided the ability for all persons attending the meeting remotely to hear
each other at the same time.
4. That such resolution was adopted by the following vote:
AYES, and in favor thereof: 3
NAYS:
ABSENT:
ABSTAIN:
I further certify that I have carefully compared the same with the original resolution on file
and of record in my office; that such resolution is a full, true and correct copy of the original
resolution adopted at such meeting; and that such resolution has not been amended, modified or
rescinded since the date of its adoption, and is now in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the County on this
" day of February, 2021.
LEWIS COUNTY, WASHINGTON
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v�,,OO�,Rn of'9sy�• Rieva Lester, Clerk of the Board
SINCE of County Commissioners
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BOCC AGENDA ITEM SUMMARY
Resolution: 21-055 BOCC Meeting Date: Feb. 8, 2021
Suggested Wording for Agenda Item: Agenda Type: Deliberation
Amend Resolution 20-452 in order to reduce the net present value saving threshold in connection
with the refunding of the refunded bonds and providing for other matters property relating thereto
Contact: Arny Davis Phone: 360 740-1110
Department: TREAS - Treasurer
Description:
Refunding Resolution amending present value savings on refunding of current bond to be included
with previously approved resolution authorizing new bond funding for capital Improvements of
Facilities of Courthouse Annex and Juvenile Justice Center renovation.
Approvals: Publication Requirements:
Publications:
User Status
PA's Office Pending
Additional Copies: Cover Letter To:
Erik Martin Roy.Koegen @KutakRock.com
Steve Wohld Scott @nwmunicipaladvisors.com
Jonathan Meyer Haskins, Debbi J.
Rodney Reynolds <Debbi.Haskins @KutakRock.com>