Chapter 4.70
LIMITED TAX GENERAL OBLIGATION DEBT SERVICE FUND

Sections:

4.70.010    Purpose.

4.70.020    Fund created.

4.70.030    Fund assets and liabilities transferred.

4.70.040    Payment of principal and interest.

4.70.050    Disclosure of supplemental information.

4.70.010 Purpose.

The purpose of this chapter is to establish a single debt service fund to provide for the payment of principal and interest related to all currently outstanding and future limited tax general obligation bond issues as authorized by RCW 39.36.020(2) and, to the extent of the undesignated balance within that fund, to provide for the payment of finance management fees associated with the payment and management of limited tax general obligation bond debt of the county.

(Added Ord. 85-132, § 1, Dec. 24, 1985; Amended Ord. 06-040, June 21, 2006, Eff date July 2, 2006).

4.70.020 Fund created.

There is hereby created a debt service fund to be known as the limited tax general obligation debt service fund. Within the fund there is created for each outstanding limited tax general obligation issue, and shall be created for each future limited tax general obligation bond issue, of the county a special account to be drawn upon for the sole purpose of paying principal of and interest on that bond issue. The balance, if any, in a special account upon the payment in full of the bond issue for which it was created shall be transferred to the undesignated fund balance in the fund, and may be used to pay principal of and interest on other limited tax general obligation bonds or to pay finance management fees associated with the payment and management of limited tax general obligation bonds of the county.

(Added Ord. 85-132, § 1, Dec. 24, 1985; Amended Ord. 06-040, June 21, 2006; Eff July 2, 2006).

4.70.030 Fund assets and liabilities transferred.

The assets and liabilities of each of the debt redemption funds created by the following resolutions are hereby transferred to the limited tax general obligation debt service fund:

Fund Name

Resolution # or date approved

1979 General Obligation Bond Redemption Fund

79-55

1971 Administration Building and Parking Garage Bond Redemption Fund

December 7, 1970

1969 Data Processing Equipment Bond Redemption Fund

October 6, 1969

1969 Fairground and Youth Center Bond Redemption Fund

October 6, 1969

1967 Evergreen Fairgrounds Bond Redemption Fund

December 12, 1966

(Added Ord. 85-132, § 1, Dec. 24, 1985).

4.70.040 Payment of principal and interest.

Principal and interest payments that are required by the terms and conditions of each currently outstanding and future limited tax general obligation bond authorized by RCW 39.36.020(2) shall be paid out of the annual tax levy that is permitted without a vote of the people and by any other monies lawfully available and pledged therefor. Such payments will be appropriated annually within the Snohomish county budget.

(Added Ord. 85-132, § 1, Dec. 24, 1985).

4.70.050 Disclosure of supplemental information.

Each year the comprehensive annual financial report of Snohomish county shall disclose in addition to the financial statements of the fund created herein, the principal and interest payments to be made in the current and each future year related to each outstanding bond serviced by the fund created by this chapter.

(Added Ord. 85-132, § 1, Dec. 24, 1985).