Refunding Bonds—1923 Act (Revised Code of Washington (RCW): Title 87 Irrigation; Chapter 87.19)

Chapter Chapter 87.1987.19 RCW RCW Chapter ListingChapter Listing | | RCW DispositionsRCW Dispositions REFUNDING BONDSREFUNDING BONDS——1923 ACT1923 ACT SectionsSections 87.19.00587.19.005 Method not exclusive.Method not exclusive. 87.19.01087.19.010 Refunding bonds authorizedRefunding bonds authorized——Election.Election. 87.19.02087.19.020 Notice and conduct of election.Notice and conduct of election. 87.19.03087.19.030 Form of bonds, interest, maturity, etc.Form of bonds, interest, maturity, etc. 87.19.04087.19.040 Bonds to be refunded in series.Bonds to be refunded in series. 87.19.05087.19.050 Refunding bonds may be exchanged or soldRefunding bonds may be exchanged or sold——Record.Record. 87.19.00587.19.005 Method not exclusive.Method not exclusive. In addition to any other method of refunding irrigation district bonds authorized by law, bondsIn addition to any other method of refunding irrigation district bonds authorized by law, bonds heretofore or hereafter issued by any irrigation district in this state may be refunded in whole or in part inheretofore or hereafter issued by any irrigation district in this state may be refunded in whole or in part in the manner hereinafter provided.the manner hereinafter provided. [ [ 1933 ex.s. c 11 § 1;1933 ex.s. c 11 § 1; 1923 c 161 § 1;1923 c 161 § 1; RRS § 7434­1. Formerly RCW RRS § 7434­1. Formerly RCW 87.19.06087.19.060.].] NOTES:NOTES: ValidationValidation——1933 ex.s. c 11:1933 ex.s. c 11: "Any and all proceedings heretofore had and any and all bonds "Any and all proceedings heretofore had and any and all bonds heretofore authorized and issued to redeem or to refund unmatured bonds under the provisions ofheretofore authorized and issued to redeem or to refund unmatured bonds under the provisions of chapter 161, Laws of 1923, as amended by chapter 259, Laws of 1927, but without the unanimouschapter 161, Laws of 1923, as amended by chapter 259, Laws of 1927, but without the unanimous consent of the holders of unmatured bonds to be refunded, are hereby validated and confirmed." [ consent of the holders of unmatured bonds to be refunded, are hereby validated and confirmed." [ 19331933 ex.s. c 11 § 4.ex.s. c 11 § 4.]] 87.19.01087.19.010 Refunding bonds authorized—Election.Refunding bonds authorized—Election. Whenever the board of directors of any irrigation district shall deem it for the best interest of saidWhenever the board of directors of any irrigation district shall deem it for the best interest of said district that any or all outstanding bonds of said district be refunded, they shall so declare by resolutiondistrict that any or all outstanding bonds of said district be refunded, they shall so declare by resolution duly adopted and recorded in the minutes of said board and shall, with the written approval of the stateduly adopted and recorded in the minutes of said board and shall, with the written approval of the state director of the department of ecology, submit the question to the legally qualified electors of said districtdirector of the department of ecology, submit the question to the legally qualified electors of said district at a general election or at a special election called for that purpose and if a majority of said electorsat a general election or at a special election called for that purpose and if a majority of said electors voting at said election vote in favor thereof the directors of said district shall issue and exchange saidvoting at said election vote in favor thereof the directors of said district shall issue and exchange said bonds for those outstanding, or sell said bonds and retire said outstanding bonds. The bonds may bebonds for those outstanding, or sell said bonds and retire said outstanding bonds. The bonds may be issued and sold in accordance with chapter issued and sold in accordance with chapter 39.4639.46 RCW. RCW. [ [ 1983 c 167 § 227;1983 c 167 § 227; 1923 c 161 § 2;1923 c 161 § 2; RRS § 7434­2.] RRS § 7434­2.] http://app.leg.wa.gov/RCW/default.aspx?cite=87.19 https://app.leg.wa.gov/RCW/default.aspx?cite=87.19 https://app.leg.wa.gov/RCW/dispo.aspx?cite=87.19 http://leg.wa.gov/CodeReviser/documents/sessionlaw/1933ex1c11.pdf?cite=1933%20ex.s.%20c%2011%20%C2%A7%201; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1923c161.pdf?cite=1923%20c%20161%20%C2%A7%201; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1933ex1c11.pdf?cite=1933%20ex.s.%20c%2011%20%C2%A7%204. http://app.leg.wa.gov/RCW/default.aspx?cite=39.46 http://leg.wa.gov/CodeReviser/documents/sessionlaw/1983c167.pdf?cite=1983%20c%20167%20%C2%A7%20227; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1923c161.pdf?cite=1923%20c%20161%20%C2%A7%202; NOTES:NOTES: Liberal constructionLiberal construction——SeverabilitySeverability——1983 c 167:1983 c 167: See RCW See RCW 39.46.01039.46.010 and note following. and note following. 87.19.02087.19.020 Notice and conduct of election.Notice and conduct of election. The notice of election provided for in this chapter shall be given and the election held in allThe notice of election provided for in this chapter shall be given and the election held in all respects in accordance with RCW respects in accordance with RCW 87.03.20087.03.200, except in each county with a population of one hundred, except in each county with a population of one hundred twenty­five thousand or more, where the notice and election shall be held in the manner provided by lawtwenty­five thousand or more, where the notice and election shall be held in the manner provided by law for such counties.for such counties. [ [ 1991 c 363 § 160;1991 c 363 § 160; 1923 c 161 § 6;1923 c 161 § 6; RRS § 7434­6.] RRS § 7434­6.] NOTES:NOTES: PurposePurpose——Captions not lawCaptions not law——1991 c 363:1991 c 363: See notes following RCW See notes following RCW 2.32.1802.32.180.. Elections by lesser constituenciesElections by lesser constituencies——Special elections: RCW Special elections: RCW 29A.04.33029A.04.330.. Times for holding elections and primaries: RCW Times for holding elections and primaries: RCW 29A.04.31129A.04.311 through through 29A.04.33029A.04.330.. 87.19.03087.19.030 Form of bonds, interest, maturity, etc.Form of bonds, interest, maturity, etc. (1) Said bonds shall be issued in series and in denominations of not less than one hundred(1) Said bonds shall be issued in series and in denominations of not less than one hundred dollars nor more than one thousand dollars. The first series shall mature not later than ten years and thedollars nor more than one thousand dollars. The first series shall mature not later than ten years and the last series not later than forty years. Each series shall be numbered from one, up consecutively, shalllast series not later than forty years. Each series shall be numbered from one, up consecutively, shall bear the date of their issue, and shall bear interest at any rate or rates as authorized by the board ofbear the date of their issue, and shall bear interest at any rate or rates as authorized by the board of directors of said district, payable semiannually on the first day of January and July of each year, and thedirectors of said district, payable semiannually on the first day of January and July of each year, and the principal and interest may be made payable at the office of the county treasurer of the county in whichprincipal and interest may be made payable at the office of the county treasurer of the county in which the office of the board of directors is situated, or at any fiscal agency of the state of Washington. Saidthe office of the board of directors is situated, or at any fiscal agency of the state of Washington. Said bonds shall be negotiable in form and the bonds shall be signed by the president and secretary of thebonds shall be negotiable in form and the bonds shall be signed by the president and secretary of the board of directors of said district and the seal of said district, affixed. The signatures of the president andboard of directors of said district and the seal of said district, affixed. The signatures of the president and secretary may, however, appear by lithographic facsimile. Such bonds may be in any form, includingsecretary may, however, appear by lithographic facsimile. Such bonds may be in any form, including bearer bonds or registered bonds as provided in RCW bearer bonds or registered bonds as provided in RCW 39.46.03039.46.030.. (2) Notwithstanding subsection (1) of this section, such bonds may be issued and sold in(2) Notwithstanding subsection (1) of this section, such bonds may be issued and sold in accordance with chapter accordance with chapter 39.4639.46 RCW. RCW. [ [ 1983 c 167 § 228;1983 c 167 § 228; 1970 ex.s. c 56 § 96;1970 ex.s. c 56 § 96; 1969 ex.s. c 232 § 55;1969 ex.s. c 232 § 55; 1923 c 161 § 3;1923 c 161 § 3; RRS § 7434­3.] RRS § 7434­3.] NOTES:NOTES: Liberal constructionLiberal construction——SeverabilitySeverability——1983 c 167:1983 c 167: See RCW See RCW 39.46.01039.46.010 and note following. and note following. http://app.leg.wa.gov/RCW/default.aspx?cite=39.46.010 http://app.leg.wa.gov/RCW/default.aspx?cite=87.03.200 http://lawfilesext.leg.wa.gov/biennium/1991-92/Pdf/Bills/Session%20Laws/House/1201-S.SL.pdf?cite=1991%20c%20363%20%C2%A7%20160; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1923c161.pdf?cite=1923%20c%20161%20%C2%A7%206; http://app.leg.wa.gov/RCW/default.aspx?cite=2.32.180 http://app.leg.wa.gov/RCW/default.aspx?cite=29A.04.330 http://app.leg.wa.gov/RCW/default.aspx?cite=29A.04.311 http://app.leg.wa.gov/RCW/default.aspx?cite=29A.04.330 http://app.leg.wa.gov/RCW/default.aspx?cite=39.46.030 http://app.leg.wa.gov/RCW/default.aspx?cite=39.46 http://leg.wa.gov/CodeReviser/documents/sessionlaw/1983c167.pdf?cite=1983%20c%20167%20%C2%A7%20228; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1970ex1c56.pdf?cite=1970%20ex.s.%20c%2056%20%C2%A7%2096; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1969ex1c232.pdf?cite=1969%20ex.s.%20c%20232%20%C2%A7%2055; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1923c161.pdf?cite=1923%20c%20161%20%C2%A7%203; http://app.leg.wa.gov/RCW/default.aspx?cite=39.46.010 PurposePurpose——1970 ex.s. c 56:1970 ex.s. c 56: See note following RCW See note following RCW 39.52.02039.52.020.. ValidationValidation——SavingSaving——SeverabilitySeverability——1969 ex.s. c 232:1969 ex.s. c 232: See notes following RCW See notes following RCW 39.52.02039.52.020.. Facsimile signatures: RCW Facsimile signatures: RCW 39.44.10039.44.100.. 87.19.04087.19.040 Bonds to be refunded in series.Bonds to be refunded in series. Where the bonds to be refunded are serial bonds and not subject to call, the refunding bonds orWhere the bonds to be refunded are serial bonds and not subject to call, the refunding bonds or any part of the same may be issued in such series as the board of directors of the district shall deemany part of the same may be issued in such series as the board of directors of the district shall deem necessary to take up the series or any part thereof to be refunded, and shall be dated as of the maturitynecessary to take up the series or any part thereof to be refunded, and shall be dated as of the maturity of the series or any part of the same to be refunded. The election aforesaid shall be sufficient authorityof the series or any part of the same to be refunded. The election aforesaid shall be sufficient authority for the directors to issue sufficient bonds to retire the entire outstanding issue of bonds to be refunded,for the directors to issue sufficient bonds to retire the entire outstanding issue of bonds to be refunded, but none of said refunding bonds shall be signed before the date of their issue, and until signed shall bebut none of said refunding bonds shall be signed before the date of their issue, and until signed shall be deposited and kept in the office of the county treasurer; with the consent of the holders of all or anydeposited and kept in the office of the county treasurer; with the consent of the holders of all or any portion of the outstanding bonds of any issue the directors may retire all or any portion of such bondsportion of the outstanding bonds of any issue the directors may retire all or any portion of such bonds before their maturity and may issue refunding bonds for that purpose.before their maturity and may issue refunding bonds for that purpose. [ [ 1933 ex.s. c 11 § 3;1933 ex.s. c 11 § 3; 1927 c 259 § 2;1927 c 259 § 2; 1923 c 161 § 5;1923 c 161 § 5; RRS § 7434­5.] RRS § 7434­5.] 87.19.05087.19.050 Refunding bonds may be exchanged or sold—Record.Refunding bonds may be exchanged or sold—Record. Bonds issued under and by virtue of this chapter may be exchanged for outstanding bonds at notBonds issued under and by virtue of this chapter may be exchanged for outstanding bonds at not less than the par value of the bonds refunded or may be sold at not less than ninety percent of their parless than the par value of the bonds refunded or may be sold at not less than ninety percent of their par value, and all money derived from the sale of such bonds shall be applied to the redemption of any or allvalue, and all money derived from the sale of such bonds shall be applied to the redemption of any or all of the outstanding bonds of said district to be refunded and any such outstanding bonds so refundedof the outstanding bonds of said district to be refunded and any such outstanding bonds so refunded shall be endorsed in red ink "Refunded Bonds" and filed and preserved for one year and then destroyedshall be endorsed in red ink "Refunded Bonds" and filed and preserved for one year and then destroyed by the county treasurer in the presence of witnesses: and the secretary of said district and the countyby the county treasurer in the presence of witnesses: and the secretary of said district and the county treasurer of said county shall keep a record of such bonds so refunded and shall note the date of thetreasurer of said county shall keep a record of such bonds so refunded and shall note the date of the refunding and the date of the destruction of the refunded bonds and in whose presence they wererefunding and the date of the destruction of the refunded bonds and in whose presence they were destroyed.destroyed. [ [ 1933 ex.s. c 11 § 2;1933 ex.s. c 11 § 2; 1923 c 161 § 4;1923 c 161 § 4; RRS § 7434­4.] RRS § 7434­4.] http://app.leg.wa.gov/RCW/default.aspx?cite=39.52.020 http://app.leg.wa.gov/RCW/default.aspx?cite=39.52.020 http://app.leg.wa.gov/RCW/default.aspx?cite=39.44.100 http://leg.wa.gov/CodeReviser/documents/sessionlaw/1933ex1c11.pdf?cite=1933%20ex.s.%20c%2011%20%C2%A7%203; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1927c259.pdf?cite=1927%20c%20259%20%C2%A7%202; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1923c161.pdf?cite=1923%20c%20161%20%C2%A7%205; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1933ex1c11.pdf?cite=1933%20ex.s.%20c%2011%20%C2%A7%202; http://leg.wa.gov/CodeReviser/documents/sessionlaw/1923c161.pdf?cite=1923%20c%20161%20%C2%A7%204;