HomeMy WebLinkAbout2020-80 - Res. Refinancing the Mason Co Limited Tax General Obligation Refunding Bond 2020A with Columbia Bank MASON COUNTY, WASHINGTON
RESOLUTION NO.
A RESOLUTION of Mason County, Washington, providing for the
issuance, sale and delivery of a $7,259,095 aggregate principal amount Limited
Tax General Obligation Refunding Bond, 2020A to Columbia State Bank to
provide funds necessary to repay certain loans and refund certain outstanding
general obligation bonds of the County; fixing certain terms and covenants of the
bond; and providing for other related matters.
Passed October 20, 2020
This document prepared by:
Foster Garvey P.C.
1111 Third Avenue, Suite 3000
Seattle, Washington 98101
(206) 447-4400
FG:54017288.3
- TABLE OF CONTENTS*
- � Section 1 . Definitions....................................................................................................:.......... 1
Section 2 . Findings and Determinations.................................................................................. 3
Section 3 . Authorization of the Bond .....................................:................................................4
Section 4 . Description of the Bond.......................................................................................... 5
Section 5 . Bond Registrar; Registration and Transfer of the Bond......................................... 5
Section 6 . Form and Execution of the Bond............................................................................ 6
Section7 . Payment of the Bond............................................................................................... 6
Section 8 . Funds and Accounts; Deposit of Proceeds.............................................................. 6
Section9 . Prepayment ............................................................................................................. 7
Section 10 . Failure To Pay the Bond......................................................................................... 7
Section 11 . Pledge of Taxes....................................................................................................... 7
Section 12 . Tax Covenants; Designation rof the Bond as a "Qualified Tax-Exempt
Obligation."............................................................................................................. 8
Section 13 . Refunding or Defeasance of the Bond.................................................................... 8
Section 14 . Refunding of the Refunded Bonds.......................................................................... 9
Section 15 . Call for Redemption of the Refunded Bonds........................................................ 10
Section 16 . Findings with Respect to Refunding..................................................................... 11
Section 17 . Sale and Delivery of the Bonds. ........................................................................... 11
Section 18 . Reporting Requirements ............................................................................:.......... 11
Section 19 . Supplemental and Amendatory Resolutions......................................................... 11
Section 20 . General Authorization and Ratification................................................................ 11
Section21 . Severability........................................................................................................... 12
Section 22 . Effective Date of Resolution................................................................................. 12
*The cover page, table of contents and section headings of this resolution are for convenience of reference only,
and shall not be used to resolve any question of interpretation of this resolution.
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FG:54017288.2
MASON COUNTY, WASHINGTON
RESOLUTION NO. 2o2o-R(�
A RESOLUTION of Mason County, Washington, providing for the
issuance, sale and delivery of a $7,259,095 aggregate principal amount Limited
Tax General Obligation Refunding Bond, 2020A to Columbia State Bank to
provide funds necessary to repay certain loans and refund certain outstanding
general obligation bonds of the County; fixing certain terms and covenants.of the
bond; and providing for other related matters.
THE BOARD OF COUNTY COMMISSIONERS OF MASON COUNTY,
WASHINGTON, DOES RESOLVE AS FOLLOWS:
. Section 1. Definitions. As used in this resolution, the following capitalized terms
shall have the following meanings:
(a) "414 W Franklin Property Loan" means the outstanding loan from a private
individual dated January 1, 2019 in the original principal amount of$618,750.
(b) "2008 Bonds" means the County's Limited Tax General Obligation Bonds, 2008,
issued pursuant to Resolution No. 21-08.
(c) "2020B Bond" means the Mason County, Washington Limited Tax General
Obligation Refunding Bond, 2020B, expected to be issued simultaneously with this Bond.
(d) "Acquired Obligations" means those United States Treasury Certificates of
Indebtedness, Notes, and Bonds--State and Local Government Series and other direct,
noncallable obligations of the United States of America purchased to accomplish the refunding
or defeasance of the Refunded Bonds as authorized by this resolution.
(e) "Board" means the Board of Commissioners of Mason County, the general
legislative authority of the County.
(f) "Bond" means the Mason County, Washington Limited Tax General Obligation
Refunding Bond, 2020A, issued pursuant to and for the purposes provided in this resolution.
(g) "Bond Counsel"means the firm of Foster Garvey P.C., its successor, or any other
attorney or firm of attorneys selected by the County with a nationally recognized standing as
bond counsel in the field of municipal finance.
(h) "Bond Fund" means the "Limited Tax General Obligation Refunding Bond Fund,
2020A" created for the payment of the principal of and interest on the Bond.
(i) "Bond Purchase Agreement" means the offer of Purchaser dated September 16,
2020 to purchase the Bond, setting forth certain terms and conditions of the issuance, sale and
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delivery of the Bond, accepted by the Treasurer on behalf of the County on September 29, 2020,
and acceptance of which is hereby ratified and affirmed.
0) "Bond Register"means the books or records maintained by the Bond Registrar for
the purpose of identifying ownership of the Bond.
(k) "Bond Registrar" means the County Treasurer or any successor bond registrar
selected for the Bond.
(1) "Code"means the United States Internal Revenue Code of 1986, as amended, and
applicable rules and regulations promulgated thereunder.
(m) "County" means Mason County, Washington, a municipal corporation duly
organized and existing under the laws of the State.
(n) "DOE Loans" means the County's outstanding loans from the Washington State
Department of Ecology set forth in the table below.
Original
Issue Principal Principal Amount
Loan No. Date Project Amount Outstanding
L0800017 02/2010 Belfair Wastewater Collection $3,118,464 $1,771,651.73
System Construction
L1000026 03/2013 Belfair Wastewater DOE Loan 4,183,300 2,702,572.67
L1100013 03/2013 Belfair Wastewater Reclamation 1,178,780 761,536.94
(o) "Fiscal Agent" means the fiscal agent of the State, as the same may be designated
by the State from time to time.
(p) "Government Obligations" has the meaning given in RCW 39.53.010, as now in
effect or as may hereafter be amended.
(q) "Issue Date" means, with respect to the Bond, the date of initial issuance and
delivery of the Bond to the Purchaser in exchange for the purchase price of the Bond.
(r) "Purchaser"means Columbia State Bank, its successor or assigns, as purchaser of
the Bond.
(s) "Refunded Bonds" means the outstanding 2008 Bonds maturing in the years
2021, 2023,2025 and 2027,the refunding of which has been provided for by this resolution.
(t) "Refunding Plan"means:
(1) the placement of sufficient proceeds of the Bond which, with other money
of the County, if necessary, will be deposited with the Refunding Trustee or may be used to
acquire the Acquired Obligations to be deposited, along with cash, if necessary, with the
Refunding Trustee;
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(2) the payment of the principal of and interest on the Refunded Bonds when
due up to and including November 27, 2020 and the call, payment, and redemption on such date,
of all of the then-outstanding Refunded Bonds at a price of par; and
(3) may include the payment of the costs of issuing the Bond and the costs of
carrying out the foregoing elements of the Refunding Plan.
(u) "Refunding Trust Agreement" means a Refunding Trust Agreement between the
County and the Refunding Trustee.
(v) "Refunding Trustee" means U.S. Bank National Association, the trustee or
escrow agent or any successor trustee or escrow agent serving as refunding trustee to carry out
the Refunding Plan.
(w) "State"means the State of Washington.
Section 2. Findings and Determinations. The County takes note of the following facts
and makes the following findings and determinations:
(a) Repayment of 414 W Franklin Property Loan. The County has an outstanding
loan from a private individual bearing interest at the rate of 4.50% used to provide funds to
finance the acquisition of the Olsen Furniture building, dated January 1, 2019, originally issued
in the principal amount of $618,750 and currently outstanding in the principal amount of
$417,801.64 (the "414 W Franklin Property Loan"). After due consideration, it appears to the
Board that the 414 W Franklin Property Loan may be repaid by the issuance and sale of the Bond
authorized herein.
(b) Repayment of DOE Loans. The County has the outstanding loans from the
Washington State Department of Ecology that were originally issued on the dates and in the
principal amounts, bear interest at the rates and are currently outstanding in the principal
amounts, all as set forth in the table below(the"DOE Loans").
Original
Issue Interest Principal Principal Amount
Loan No. Date Purpose Rate Amount Outstanding
L0800017 02/2010 Belfair Wastewater 3.10% $3,118,464 $1,771,651.73
Collection System
Construction
L1000026 03/2013 Belfair Wastewater DOE 2.80 4,183,300 2,702,572.67
Loan
L1100013 03/2013 Belfair Wastewater 2.80 1,178,780 761,536.94
Reclamation
After due consideration, it appears to the Board that all of the DOE Loans listed above shall be
repaid by the issuance and sale of the Bond authorized herein.
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(c) Authority and Description of the Refunding Plans.
(1) Pursuant to Resolution No. 21-08, the County heretofore issued its
$3,170,000 par value Limited Tax General Obligation Bonds, 2008 (the "2008 Bonds"), for the
purpose of providing a portion of the funds needed to purchase property at Third and Pine,
located adjacent to the County Government Complex in Shelton, and by that resolution reserved
the right to redeem the 2008 Bonds maturing on and after December 1, 2018, prior to their
maturity on or after June 1, 2018, at a price of par plus accrued interest to the date fixed for
redemption(the"Refunded Bonds").
(2) There are presently$1,895,000 par value of Refunded Bonds outstanding.
(3) After due consideration, it appears to the Board that all of the Refunded
Bonds shall be refunded by the issuance and sale of the Bond authorized herein so that a savings
will be effected by the difference between the principal and interest cost over the life of the Bond
and the principal and interest cost over the life of the Refunded Bonds but for such refunding,
which refunding will be effected by carrying out the Refunding Plan.
(d) Debt Capacity. The maximum amount of indebtedness authorized by this
resolution is $7,259,095. Based on the following facts, this amount is to be issued within the
amount permitted to be issued by the County for general municipal purposes without a vote:
(1) The assessed valuation of the taxable property within the County as
ascertained by the last preceding assessment for County purposes for collection in the calendar
year 2020 is $8,724,563,720.
(2) As of July 31, 2020, the County had limited tax general obligation
indebtedness, consisting of bonds and loans outstanding in the principal amount of$25,301,857,
including the Refunded Bonds, the 414 W Franklin Property Loan, the DOE Loans, certain
Department of Ecology loans that will not be repaid with proceeds of the Bond, and any
outstanding debt expected to be repaid with proceeds of the 2020B Bond which is incurred
within the limit of up to 1 Y2% of the value of the taxable property within the County permitted
for general municipal purposes without a vote.
(3) As of July 31, 2020, the County had no unlimited tax general obligation
indebtedness.
(e) The Bond. For the purpose of providing the funds necessary to (i)repay the 414
W Franklin Property Loan and the DOE Loans, (ii) carry out the Refunding Plan and (iii)pay the
costs of issuance and sale of the Bond, the Board finds that it is in the best interests of the
County and its taxpayers to issue and sell the Bond to the Purchaser, pursuant to the terms set
forth in the Bond Purchase Agreement for the Bond.
Section 3. Authorization of the Bond. The County shall borrow money on the credit
of the County and issue the Bond evidencing indebtedness in the amount of $7,259,095 to
provide funds necessary to (i)repay the 414 W Franklin Property Loan and the DOE Loans,
(ii) carry out the Refunding Plan and (iii)pay the costs of issuance and sale of the Bond. Any
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remaining proceeds of the Bond, after payment of costs of issuance, shall be deposited into the
Bond Fund to pay interest and principal on the Bond on its first interest payment date.
Section 4. Description of the Bond. The Bond shall be called the "Mason County,
Washington, Limited Tax General Obligation Refunding Bond, 2020A," and shall be issued in
the aggregate principal amount of$7,259,095. The Bond shall be dated October 27, 2020, shall
mature on December 1, 2032, and shall bear interest at the rate of 1.95% per annum as set forth
in Exhibit A (computed on the basis of a 360-day year of 12 30-day months), payable
semiannually on each June 1 and December 1, commencing June 1, 2021. Principal on the Bond
shall be payable annually on each December 1, commencing December 1, 2021, as set forth in
Exhibit A, which is attached to this resolution and incorporated by this reference.
The interest rate on the Bond will increase to 2.4684% (the interest rate on the Bond
divided by 0.79) in the event of a nonpayment of the Bond by the County, or if the interest on the
Bond becomes included in gross income for federal income tax purposes.
Section 5. Bond Registrar; Registration and Transfer of the Bond. Pursuant to
RCW 39.46.030(4) the County Treasurer shall serve as initial fiscal agent for the County (the
"Bond Registrar") with respect to the Bond and is authorized, on behalf of the County, to
authenticate and deliver the Bond in accordance with the provisions of the Bond and this
resolution. The Bond shall be issued only in registered form as to both principal and interest and
shall be recorded on books or records maintained by the Bond Registrar (the "Bond Register").
The Bond Register shall contain the name and mailing address of the owner of the Bond.
{ __ Upon a determination by the County Treasurer that maintenance of the duties of the Bond
Registrar is no longer convenient, the Fiscal Agent shall act as Bond Registrar.
The Bond Registrar shall keep, or cause to be kept, at its office, sufficient books for the
registration, assignment or transfer of the Bond, which books shall be open to inspection by the
County at all times. The Bond Registrar is authorized, on behalf of the County, to authenticate
and deliver the Bond transferred or exchanged in accordance with the provisions of the Bond and
this resolution, to serve as the County's paying agent for the Bond and to carry out all of the
Bond Registrar's powers and duties under this resolution.
The Bond Registrar shall be responsible for its representations contained in the Bond
Registrar's Certificate of Authentication on the Bond.
The Bond may be assigned or transferred only in whole by the Purchaser to a single
investor that is a financial institution or an entity reasonably believed to be a qualified
institutional buyer within the meaning of the applicable federal securities laws. The transferee
shall sign a certificate substantially in the form attached to the Bond. Any transfer shall be
without cost to the owner or transferee, except for governmental charges imposed on any such
transfer or exchange. The Bond Registrar shall not be obligated to exchange or transfer the Bond
during the 15 days preceding any payment or prepayment date. When the Bond has been paid in
full, both principal and interest, the Bond shall be surrendered to the Bond Registrar, who shall
cancel the Bond. ,
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— Section 6. Form and Execution of the Bond.
(a) Form of the Bond; Signatures and Seal. The Bond shall be prepared in a form
consistent with the provisions of this resolution and State law. The Bond shall be signed by the
Chair of the Board and the Clerk of the Board, either or both of whose signatures may be manual
or in facsimile, and the seal of the County or a facsimile reproduction thereof shall be impressed
or printed thereon. If any officer whose manual or facsimile signature appears on a Bond ceases
to be an officer of the County authorized to sign bonds before the Bond bearing his or her
manual or facsimile signature is authenticated by the Bond Registrar, or issued or delivered by
the County, that Bond nevertheless may be authenticated, issued and delivered and, when
authenticated, issued and delivered, shall be as binding on the County as though that person had
continued to be an officer of the County authorized to sign bonds. Any Bond also may be signed
on behalf of the County by any person who, on the actual date of signing of the Bond, is an
officer of the County authorized to sign bonds, although she or he did not hold the required
office on its Issue Date.
(b) Authentication. Only the Bond bearing a Certificate of Authentication in
substantially the following form, manually signed by the Bond Registrar, shall be valid or
obligatory for any purpose or entitled to the benefits of this resolution: "Certificate of
Authentication. This Bond the fully registered Mason County, Washington, Limited Tax
General Obligation Refunding Bond, 2020A." The authorized signing of a Certificate of
Authentication shall be conclusive evidence that the Bond so authenticated has been duly
executed, authenticated and delivered and is entitled to the benefits of this resolution.
Section 7. Payment of the Bond. Principal of and interest on the Bond shall be
payable in lawful money of the United States,of America. Principal of and interest on the Bond
is payable by electronic transfer on the payment date, unless payment by check or draft of the
Bond Registrar is permitted by the Purchaser, and sent to the Purchaser so that the Purchaser
receives said payments when due at the address appearing on the Bond Register on the 15th day
of the month prior to the payment date. The Bond is not subject to acceleration under any
circumstances.
Upon receipt of the final payment of principal of and interest on the Bond, whether at
maturity or upon prepayment, the Purchaser shall present and surrender the Bond to the Bond
Registrar to be destroyed or cancelled in accordance with law. The County and the Bond
Registrar may deem and treat the Purchaser as the absolute owner of the Bond for the purpose of
receiving payment of principal and interest and for all other purposes, and neither the County nor
the Bond Registrar shall be affected by any notice to the contrary other than proper notice of
assignment or transfer. _
Section 8. Funds and Accounts; Deposit of Proceeds.
(a) Bond Fund. The Bond Fund is created as a special fund for the sole purpose of
paying principal of and interest on the Bond. Bond proceeds in excess of the amounts needed to
repay the 414 W Franklin Property Loan and the DOE Loans, carry out the Refunding Plan and
pay the costs of issuance of the Bond, if any, shall be deposited into the Bond Fund. All amounts
allocated to the payment of the principal of and interest on the Bond shall be deposited in the
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Bond Fund as necessary for the timely payment of amounts due with respect to the Bond. The
principal of and interest on the Bond shall be paid out of the Bond Fund, and until needed for this
purpose, the County may invest money in the Bond Fund temporarily in any legal investment,
and the investment earnings shall be retained in the Bond Fund and be used for the purposes of
that fund.
(b) 414 W Franklin Property Loan Fund. Proceeds of the Bond used to repay the 414
W Franklin Property Loan will be deposited into the 414 W Franklin Property Loan fund, or sent
directly to the registered owner of the instrument evidencing the 414 W Franklin Property Loan,
and used promptly upon receipt thereof to pay in amounts sufficient to pay the 414 W Franklin
Property Loan in full.
(c) DOE Loans Fund. Proceeds of the Bond used to repay the DOE Loans will be
deposited into the DOE Loans fund, or sent directly to the registered owner of the instrument
evidencing the DOE Loans, and used promptly upon receipt thereof to pay in amounts sufficient
to pay the DOE Loans in full.
Section 9. Prepayment. The County reserves the right and option to prepay and
redeem at any time on and after the fifth anniversary of its Issue Date any or all of the principal
amount of the Bond outstanding at par plus accrued interest to the date of prepayment. The
County shall provide the Purchaser with 15 days' written notice of any intended prepayment
prior to such prepayment date. Interest on the principal amount of the Bond called for
prepayment shall cease to accrue on the date fixed for prepayment unless the principal amount
- called for prepayment is not paid on the prepayment date.
Section 10. Failure To Pay the Bond. If the Bond is not redeemed when properly
presented at its maturity date or date fixed for prepayment, the County shall be obligated to pay
interest on the Bond at the same rate provided in the Bond from and after its maturity or date
fixed for prepayment until the Bond, both principal and interest, is paid in full or until sufficient
money for its payment in full is on deposit in the Bond Fund and the Bond has been called for
payment by giving notice of that call to the registered owner.
Section 11. Pledge of Taxes. The Bond constitutes a general indebtedness of the
County and is payable from tax revenues of the County, and such other money as is lawfully
available and pledged by the County for repaying the Bond. For as long as the Bond is
outstanding, the County irrevocably pledges that it shall, in the manner provided by law within
the constitutional and statutory limitations provided by law without the assent of the voters,
include in its annual levy amounts sufficient, taking into account other money that is lawfully
available, to pay principal of and interest on the Bond as the same becomes due. The full faith,
credit and resources of the County are pledged irrevocably for the prompt payment of the
principal of and interest on the Bond and such pledge shall be enforceable in mandamus against
the County.
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Section 12. Tax Covenants; Designation of the Bond as a "Qualified Tax-Exempt
Obli atg ion."
(a) Preservation of Tax Exemption for Interest on the Bond. The County covenants
that it will take all actions necessary to prevent interest on the Bond from being included in gross
income for federal income tax purposes, and it will neither take any action nor make or permit
any use of proceeds of the Bond or other funds of the County treated as proceeds of the Bond at
any time during the term of the Bond which will cause interest on the Bond to be included in
gross income for federal income tax purposes. The County also covenants that it will, to the
extent the arbitrage rebate requirements of Section 148 of the Code are applicable to the Bond,
take all actions necessary to comply (or to be treated as having complied) with those
requirements in connection with the Bond, including the calculation and payment of any
penalties that the County has elected to pay as an alternative to calculating rebatable arbitrage,
and the payment of any other penalties if required under Section 148 of the Code to prevent
interest on the Bond from being included in gross income for federal income tax purposes.
(b) Post-Issuance Compliance. The County Treasurer, or her or his designee, is
authorized and directed to review and update the County's written procedures to facilitate
compliance by the County with the covenants in this resolution and the applicable requirements
of the Code that must be satisfied after the Issue Date to prevent interest on the Bond from being
included in gross income for federal tax purposes.
(c) Designation of Bond as a "Qualified Tax-Exempt Obligation. " The County
designates the Bond as a "qualified tax-exempt obligation" for the purposes of Section 265(b)(3)
of the Code, and makes the following findings and determinations:
(1) the Bond is not a "private activity bond" within the meaning of
Section 141 of the Code;
(2) the reasonably anticipated amount of tax-exempt obligations (other than
private activity bonds and other obligations not required to be included in such calculation)
which the County and any entity subordinate to the County(including any entity that the County
controls, that derives its authority to issue tax-exempt obligations from the County, or that issues
tax-exempt obligations on behalf of the County) will issue during the calendar year in which the
Bond is issued will not exceed $10,000,000; and
(3) the amount of tax-exempt obligations, including the Bond, designated by
the County as "qualified tax-exempt obligations" for the purposes of Section 265(b)(3) of the
Code during the calendar year in which the Bond is issued does not exceed $10,000,000.
Section 13. Refunding or Defeasance of the Bond. The County may issue refunding
bonds pursuant to State law or use money available from any other lawful source to carry out a
refunding or defeasance plan, which may include (a)paying when due the principal of and
interest on the Bond (the "defeased Bond"); (b) redeeming the defeased Bond prior to their
maturity; and (c)paying the costs of the refunding or defeasance. If the County sets aside in a
special trust fund or escrow account irrevocably pledged to that redemption or defeasance (the
"trust account"), money and/or Government Obligations maturing at a time or times and bearing
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interest in amounts sufficient to redeem, refund or defease the defeased Bond in accordance with
their terms, then all right and interest of the owners of the defeased Bond in the covenants of this
resolution and in the funds and accounts obligated to the payment of the defeased Bond shall
cease and become void. Thereafter, the owners of defeased Bond shall have the right to receive
payment of the principal of and interest on the defeased Bond solely from the trust account and
the defeased Bond shall be deemed no longer outstanding. In that event, the County may apply
money remaining in any fund or account (other than the trust account) established for the
payment or redemption of the defeased Bond to any lawful purpose.
Section 14. Refunding of the Refunded Bonds.
(a) Appointment of Refunding Trustee. U.S. Bank National Association is appointed
as Refunding.Trustee in connection with the Bond.
(b) Use of Bond Proceeds;Acquisition of Acquired Obligations. A sufficient amount
of the proceeds of the sale of the Bond and other funds of the County, shall be deposited
immediately upon the receipt thereof with the Refunding Trustee and used to discharge the
obligations of the County relating to the Refunded Bonds under Resolution No. 21-08 by
providing for the payment of the amounts required to be paid by the Refunding Plan. To the -
extent practicable, such obligations shall be discharged fully by the Refunding Trustee's
simultaneous purchase of the Acquired Obligations, bearing such.interest and maturing as to
principal and interest in such amounts and at such times so as to provide, together with a
beginning cash balance, if necessary, for the payment of the amount required to be paid by the
Refunding Plan. The Acquired Obligations, if acquired, will be listed and more particularly
described in an exhibit to be attached to the Refunding Trust Agreement between the County and
the Refunding Trustee, but are subject to substitution as set forth below. Any Bond proceeds or
other money deposited with the Refunding Trustee not needed to purchase the Acquired
Obligations and provide a beginning cash balance, if any, and pay the costs of issuance of the
Bond shall be returned to the County and deposited into the Bond Fund to pay interest on the
Bond on the first interest payment date. If payment of the costs of issuance of the Bond is not
included in the Refunding(Plan, the Bond proceeds that are not deposited with the Refunding
Trustee will be deposited with the County to be used to pay the costs of issuance of the Bond.
(c) Substitution of Acquired Obligations. Prior to the purchase of any Acquired
Obligations by the Refunding Trustee, the County reserves the right to substitute other direct,
noncallable obligations of the United States of America ("Substitute Obligations") for any of the
Acquired Obligations and to use any savings created thereby for any lawful County purpose if,
(a) in the opinion of the County's bond counsel, the interest on the Bond and the Refunded
Bonds will remain excluded from gross income for federal income tax purposes under
Sections 103, 148, and 149(d) of the Code, and (b) such substitution shall not impair the timely
payment of the amounts required to be paid by the respective Refunding Plan, as verified by a
nationally recognized independent certified public accounting firm.
After the purchase of the Acquired Obligations, if any, by the Refunding Trustee, the
County reserves the right to substitute therefor cash or Substitute Obligations subject to the
conditions that such money or securities held by the Refunding Trustee shall be sufficient to
carry out the respective Refunding Plans, that such substitution will not cause the Bond or the
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Refunded Bonds to be arbitrage bonds within the meaning of Section 148 of the Code and
regulations thereunder in effect on the date of such substitution and applicable to obligations
issued on the issue dates of the Bond and the Refunded Bonds, as applicable, and that the County
obtain, at its expense: (1) a verification by a nationally recognized independent certified public
accounting firm acceptable to the Refunding Trustee confirming that the payments of principal
of and interest on the substitute securities, if paid when due, and any other money held by the
Refunding Trustee will be sufficient to carry out the respective Refunding Plans; and (2) an
opinion from a nationally recognized bond counsel to the County, to the effect that the
disposition and substitution or purchase of such securities, under the statutes, rules, and
regulations then in force and applicable to the Bond, will not cause the interest on the Bond or
the Refunded Bonds to be included in gross income for federal income tax purposes and that
such disposition and substitution or purchase is in compliance with the statutes and regulations
applicable to the Bond. Any surplus money resulting from the sale, transfer, other disposition, or
redemption of the Acquired Obligations and the substitutions therefor shall be released from the
trust estate and transferred to the County to be used for any lawful County purpose.
(d) Administration of the Refunding Plan. The Refunding Trustee is authorized and
directed to purchase the Acquired Obligations (or substitute obligations), if so directed by the
County Treasurer, and to make the payments required to be made by the respective Refunding
Plan from the Acquired Obligations (or substitute obligations) and money deposited with the
Refunding Trustee pursuant to this resolution. All Acquired Obligations (or substitute
obligations) and the money deposited with the Refunding Trustee and any income therefrom
shall be held irrevocably, invested and applied in accordance with the provisions of Resolution
No. 21-08, this resolution, chapter 39.53 RCW and other applicable statutes of the State of
Washington and the Refunding Trust Agreement. All necessary and proper fees, compensation,
and expenses of the Refunding Trustee for the Bond and all other costs incidental to the setting
up of the escrow to accomplish the refunding or defeasance of the Refunded Bonds and costs
related to the issuance and delivery of the Bond, including bond printing, Bond Counsel's fees,
and other related expenses, shall be paid out of the proceeds of the Bond.
(e) Authorization for Refunding Trust Agreement. To carry out the respective
Refunding Plan, the County Treasurer is authorized and directed to execute and deliver to the
Refunding Trustee a Refunding Trust Agreement setting forth the duties, obligations and
responsibilities of the Refunding Trustee in connection with the payment, redemption, and
retirement of the Refunded Bonds as provided herein and stating that the provisions for payment
of the fees, compensation, and expenses of such Refunding Trustee set forth therein are
satisfactory to it. Prior to executing the Refunding Trust Agreement, the County Treasurer is
authorized to make such changes therein that do not change the substance and purpose thereof or
that assure that the escrow provided therein and the Bond are in compliance with the
requirements of federal law governing the exclusion of interest on the Bond from gross income
for federal income tax purposes.
Section 15. Call for Redemption of the Refunded Bonds. The County calls for the
repayment on November 27, 2020 of the Refunded Bonds to be refunded at par plus accrued
interest. Such calls for redemption shall be irrevocable after the delivery of the Bond to the
Purchaser.
-10-
FG:54017288.2
-- The proper County officials are authorized and directed to give or cause to be given such
notices as required, at the times and in the manner required, pursuant to Resolution No. 21-08 in
order to effect the redemption prior to their maturity of the Refunded Bonds.
Section 16. Findings with Respect to Refunding. The Board authorizes the issuance of
the Bond to achieve debt service savings to the County and finds that it is in the best interest of
the County and its taxpayers.
The County Treasurer is authorized to purchase Acquired Obligations to be deposited
with the Refunding Trustee, together with the income therefrom, and with any necessary
beginning cash balance, or will deposit sufficient proceeds into the bond fund of the Refunded
Bonds, which will be sufficient to redeem the Refunded Bonds and will discharge and satisfy the
obligations of the County under Resolution No. 21-08 with respect to the Refunded Bonds, and
the pledges, charges, trusts, covenants, and agreements of the County therein made or provided
for as to the Refunded Bonds, and that the Refunded Bonds shall no longer be deemed to be
outstanding under such resolutions immediately upon the deposit of such money with the
Refunding Trustee.
Section 17. Sale and Delivery of the Bond. The Purchaser has presented Bond
Purchase Agreement for the Bond to the County offering to purchase the Bond under the terms
and conditions provided therein. The Purchaser will charge a fee of$7,259.10 for the Bond, and
the County will pay the cost of the Purchaser's counsel.
(a) Preparation, Execution and Delivery of the Bond. The Bond will be prepared
at County expense and will be delivered to the Purchaser in accordance with the respective Bond
Purchase Agreement, this resolution, together with the approving legal opinion of Bond Counsel
regarding the Bond.
Section 18. Reporting Requirements. While the Bond is outstanding, the County shall
submit to the Purchaser its audited annual financial reports within 30 days after receipt of such
annual financial report from the Washington State Auditor, a copy of the County's budget within
30 days of approval, and such additional information as the Purchaser may reasonably request.
Section 19. Supplemental and Amendatory Resolutions. The County may supplement
or amend this resolution for any one or more of the following purposes without requiring the
consent of the owner of the Bond:
(a) To add covenants and agreements that do not adversely affect the interests of the
beneficial owner of the Bond, or to surrender any right or power reserved to or conferred upon
the County.
(b) To cure any ambiguities, or to cure, correct or supplement any defective provision
contained in this resolution in a manner that does not materially adversely affect the interest of
the beneficial owner of the Bond.
Section 20. General Authorization and Ratification. The County Treasurer and other
t _ appropriate officers of the County are severally authorized to take such actions and to execute
such documents as in their judgment may be necessary or desirable to carry out the transactions
-11-
FG:54017288.2
contemplated in connection with this resolution, and to do everything necessary for the prompt
delivery of the Bond to the Purchaser and for the proper application, use and investment of the
bond proceeds. All actions taken prior to the effective date of this resolution in furtherance of the
purposes described in this resolution and not inconsistent with the terms of this resolution are
ratified and confirmed in all respects.
Section 21. Severability. The provisions of this resolution are declared to be separate
and severable. If a court of competent jurisdiction, all appeals having been exhausted or all
appeal periods having run, finds any provision of this resolution to be invalid or unenforceable as-
to any person or circumstance, such offending provision shall, if feasible, be deemed to be
modified to be within the limits of enforceability or validity. However, if the offending
provision cannot be so modified, it shall be null and void with respect to the particular person or
circumstance, and all other provisions of this resolution in all other respects, and the offending
provision with respect to all other persons and all other circumstances, shall remain valid and
enforceable.
Section 22. Effective Date of Resolution. This resolution shall be effective
immediately after its adoption in the manner provided by law.
ADOPTED by the Board of County Commissioners of Mason County, Washington at a
regular meeting held on October 20, 2020.
MASON COUNTY, WASHINGTON
` By
Chair of the Board of County Commissioners
By
Co my Commissioner
By
County Commissioner
ATTEST:
Clerk of the and
-12-
FG:54017288.2
EXHIBIT A
DEBT SERVICE SCHEDULE-2020A BOND
r ,
FG:54017288.2
r
Bond Debt Service
Mason County,Washington
LTGO Refunding Bond,2020A(Columbia Bank)
Dated Date -10/27/2026
Delivery
Date 10/27/2020
Period Annual Debt
Ending Principal Coupon Interest Debt Service Service
6/1/2021 84,145.02 84,145.02
12/1/2021 792,375 1.950% 70,776.18 863,151.18
12/31/2021 947,296.20
6/1/2022 63,050.52 63,050:52
12/1/2022 823,455 2950% 63,050.52 886,505.52
12/31/2022 949,556.04
6/1/2023 55,021.83 55,021.83
12/1/2023 936,185 1950% 55,021.83 891,206.83
12/31/2023 946,228.66
6/1/2024 46,869.03 46,869.03
12/1/2024 716,025 2950% 46,869.03 762,894.03
12/31/2024 809,763.06
6/1/2025 39,987.79 39,887.79
12/1/2025 730,996 1,950% 39,887.79 770,877.79
12/31/2025 810,765.58
6/1/2026 32,760.65 32,760.65
12/1/2026 745,870 1950% 32,760.65 778,630.65
12/31/2026 811,391.30
6/1/2027 25,488.39 25,488.39
12/1/2027 760,335 1950% 25,488.39 785,823.39
12/31/2027 811,311.78
6/1/2028 18,075.13 18,075.13
12/1/2028 512,260 1.950%. 18,075.13 530,335.13
12/31/2028 548,410.26
6/1/2029 13,080.60 13,080.60
12/1/2029 522;245 1.950% 13,080.60 535,325.60
12/31/2029 548,406.20
6/1/2030 7,988.71 .7,988.71
12/1/2030 325,945 1.950% 7,988.72 333,833.71
12/31/2030 342,822.42
6/1/2031 4,821.73 4,811.73
12/1/2031 332,200 2.950%. 4,811.73' 337,011.73
12/31/2031 342,823.46
6/1/2032 1,572.78- 1,572.78
12/1/2032 161,310 1.95010 1,572.78 162,882.78
22/31/2032 164,455.56
7,259,095 772,135.52 8,031,230.52 8,032,230.52
i r
FG:54017288.2
CERTIFICATION
I, the undersigned, Clerk of the Board of Commissioners of Mason County, Washington
(herein called the "County") and keeper of the records of the Board of Commissioners of the
County(herein called the"Board"), DO HEREBY CERTIFY:
1. That the attached Resolution is a true and correct copy of Resolution No. D• 0
of the County (herein called the "Resolution"), as finally passed at a regular meeting of the
Board of the County held on the 20th day of October, 2020, and duly recorded in my office.
2. That said meeting was duly convened and held in all respects in accordance with
law (including Proclamation 20-28 made by the Governor of the State of Washington on
March 24, 2020, as extended, and acts of the legislative leadership of the State of Washington)
and to the extent required by law, due and proper notice of such meeting was given; that a
quorum of the Board was present throughout the meeting and a legally sufficient number of
members of the Board voted in the proper manner for the passage of said Resolution; that all
other requirements and proceedings incident to the proper adoption or passage of said Resolution
have been duly fulfilled, carried out and otherwise observed, and that I am authorized to execute
this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of
the County this 20th day of October, 2020.
Clerk of e Board
1 �
FG:54017288.2
I r� TABLE OF CONTENTS
Mason County,Washington
Limited Tax General Obligation Refunding Bond
Final as of October 13,2020
Report Page
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 2
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . . 8
Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Escrow Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Escrow Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Escrow Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Cost of Issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,
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Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020)
SOURCES AND USES OF FUNDS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Sources:
Bond Proceeds:
Par Amount 7,259,095.00
Other Sources of Funds:
12/1/20 Principal 205,000.00
12/1/20 Interest 35,433.75
11/1 and 12/1/20 Principal 19,974.61
11/1 and 12/1/20 Interest 3,096.13
12/31/20 Principal 80,827.44
12/31/20Interest 27,638.56
371,970.49
7,631,065.49
Uses:
Refunding Escrow Deposits:
Cash Deposit 5,675,218.65
SLGS Purchases 1,929,646.00
7,604,864.65
Delivery Date Expenses:
Cost of Issuance 16,440.25
Underwriter's Discount:
Bank Fee(Columbia Bank) 7,259.10
Columbia Bank Counsel 2,500.00
9,759.10
Other Uses of Funds:
Additional Proceeds 1.49
7,631,065.49
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Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 1
SUMMARY OF REFUNDING RESULTS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Arbitrage yield 2.231299%
Escrow yield 0.091744%
Value of Negative Arbitrage 3,417.62
Bond Par Amount 7,259,095.00
True Interest Cost 1.976332%
Net Interest Cost 1.974646%
All-In TIC 2.021156%
Average Coupon 1.950000%
Average Life 5.455
Par amount of refunded bonds 7,548,562.98
Average coupon of refunded bonds 3.086559%
Average life of refunded bonds 5.078
PV of prior debt to 10/27/2020 @ 2.231299% 7,907,564.30
Net PV Savings 379,057.94
Percentage savings of refunded bonds 5.021591%
Percentage savings of refunding bonds 5.221835%
1
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 2
1
SAVINGS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Present Value
Prior Prior Prior Refunding to 10/27/2020
Date Debt Service Receipts Net Cash Flow Debt Service Savings @ 2.2312991%
12/31/2020 371,970.49 371,970.49 957.37
12/31/2021 . 988,578.56 988,578.56 947,296.20 41,282.36 44,754.73
12/31/2022 990,838.56 990,838.56 949,556.04 41,282.52 43,956.18
12/31/2023 987,513.56 987,513.56 946,228.66 41,284.90 43,034.05
12/31/2024 862,114.37 862,114.37 809,763.06 52,351.31 51,156.44
12/31/2025 851,579.12 851,579.12 810,765.58 40,813.54 39,542.31
12/31/2026 852,204.12 852,204.12 811,391.30 40,812.82 38,697.69
12/31/2027 852,129.12 852,129.12 811,311.78 40,817.34 37,873.63
12/31/2028 571,666.62 571,666.62 548,410.26 23,256.36 22,388.97
12/31/2029 571,666.87 571,666.87 548,406.20 23,260.67 21,946.70
12/31/2030 354,734.62 354,734.62 341,822.42 12,912.20 12,588.19
12/31/2031 354,734.62 354,734.62 341,823.46 12,911.16 12,338.84
12/31/2032 177,367.15 177,367.15 164,455.56 12,911.59 11,736.09
8,787,097.78 371,970.49 8,415,127.29 8,031,230.52 383,896.77 379,056.46
Savings Summary
PV of savings from cash flow 379,056.46
- Plus:Refunding funds on hand 1.49
Net PV Savings 379,057.95
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 3
BOND SUMMARY STATISTICS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Last Maturity 12/01/2032
Arbitrage Yield 2.231299%
True Interest Cost(TIC) 1.976332%
Net Interest Cost(NIC) 1.974646%
All-In TIC 2.021156%
Average Coupon 1.950000%
Average Life(years) 5.455
Weighted Average Maturity(years) 5.455
Duration of Issue(years) 5.118
Par Amount 7,259,095.00
Bond Proceeds 7,259,095.00
Total Interest 772,135.52
Net Interest 781,894.62
Total Debt Service 8,031,230.52
Maximum Annual Debt Service 949,556.04
Average Annual Debt Service 664,042.95
Underwriter's Fees(per$1000)
Average Takedown
Other Fee 1.344396
Total Underwriter's Discount 1.344396
Bid Price 99.865560
Par Average Average PV of 1 by
Bond Component Value Price Coupon Life change
Bank.Loan 7,259,095.00 100.000 1.950% 5.455 3,687.01
7,259,095.00 5.455 3,687.01
All-In Arbitrage
TIC TIC Yield
Par Value 7,259,095.00 7,259,095.00 7,259,095.00
+Accrued Interest
+Premium(Discount)
Underwriter's Discount -9,759.10 -9,759.10
Cost of Issuance Expense -16,440.25
Other Amounts
Target Value 7,249,335.90 7,232,895.65 7,259,095.00
Target Date 10/27/2020 10/27/2020 10/27/2020
Yield 1.976332% 2.021156% 2.231299%
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Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 4
(� BOND PRICING
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Maturity
Bond Component Date Amount Rate Yield Price
Bank Loan:
12/01/2021 792,375 1.950% 1.950% 100.000
12/01/2022 823,455 1.950% 1.950% 100.000
12/01/2023 836,185 1.950% 1.950% 100.000
12/01/2024 716,025 1.950% 1.950% 100.000
12/01/2025 730,990. 1.950% 1.950% 100.000
12/01/2026 745,870 1.950% 1.950% 100.000
12/01/2027 760,335 1.950% 1.950% 100.000
12/01/2028 512,260 1.950% 1.950% 100.000
12/01/2029 522,245 1.950% 1.950% 100.000
12/01/2030 325,845 1.950% 1.950% 100.000
12/01/2031 332,200 1.950% 1.950% 100.000
12/01/2032 161,310 1.950% 1.950% 100.000
7,259,095
Dated Date 10/27/2020
Delivery Date 10/27/2020
First Coupon 06/01/2021
Par Amount 7,259,095.00
Original Issue Discount
Production 7,259,095.00 100-000000%
Underwriter's Discount -9,759.10 -0.134440%
Purchase Price 7,249,335.90 99.865560%
Accrued Interest
Net Proceeds 7,249,335.90
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 5
BOND DEBT SERVICE
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Period
Ending Principal Coupon Interest Debt Service
12/31/2021 792,375 1.950% 154,921.20 947,296.20
12/31/2022 823,4SS 1.950% 126,101.04 949,556.04
12/31/2023 836,185 1.950% 110,043.66 946,228.66
12/31/2024 716,025 1.950% 93,738.06 809,763.06
12/31/2025 730,990 1.950% 79,775.58 810,765.58
12/31/2026 745,870 1.950% 65,521.30 811,391.30
12/31/2027 760,335 1.950% 50,976.78 811,311.78
12/31/2028 512,260 1.950% 36,150.26 548,410.26
12/31/2029 522,245 1.950% 26,161.20 548,406.20
12/31/2030 325,845 1.950% 15,977.42 341,822.42
12/31/2031 332,200 1.950% 9,623.46 341,823.46
12/31/2032 161,310 1.9S0% 3,145.56 164,455.56
7,259,095 772,135.52 8,031,230.52
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Oct 13,2020 2:35 pni Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 6
BOND DEBT SERVICE
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2021 84,145.02 84,145.02
12/01/2021 792,375 1.950% 70,776.18 863,151.18
12/31/2021 947,296.20
06/01/2022 63,050.52 63,050.52
12/01/2022 823,455 1.950% 63,050.52 886,505.52
12/31/2022 949,556.04
06/01/2023 55,021.83 55,021.83
12/01/2023 836,185 1.950% 55,021.83 891,206.83
12/31/2023 946,228.66
06/01/2024 46,869.03 46,869.03
12/01/2024 716,025 1.950% 46,869.03 762,894.03
12/31/2024 809,763.06
06/01/2025 39,887.79 39,887.79
12/01/2025 730,990 1.950% 39,887.79 770,877.79
12/31/2025 810,765.58
06/01/2026 32,760.65 32,760.65
�= 12/01/2026 745,870 1.950% 32,760.65 778,630.65
12/31/2026 811,391.30
06/01/2027 25,488.39 25,488.39
12/01/2027 760,335 1.950% 25,488.39 785,823.39
12/31/2027 811,311.78 .
06/01/2028 18,075.13 18,075.13
12/01/2028 512,260 1.950% 18,075.13 530,335.13
12/31/2028 548,410.26
06/01/2029 13,080.60 13,080.60
12/01/2029 522,245 1.950% 13,080.60 535,325.60
12/31/2029 548,406.20
06/01/2030 7,988.71 7,988.71
12/01/2030 325,845 1.950% 7,988.71 333,833.71
12/31/2030 341,822.42
06/01/2031 4,811.73 4,811.73
12/01/2031 332,200 1.950% 4,811.73 337,011.73
12/31/2031 341,823.46
06/01/2032 1,572.78 1,572.78
12/01/2032 161,310 1.950% 1,572.78 162,882.78
12/31/2032 164,455.56
7,259,095 772,135.52 8,031,230.52 8,031,230.52
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 7
SUMMARY OF BONDS REFUNDED
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Maturity Interest Par Call Call
Bond - Date Rate Amount Date Price
-� Jr Lien Loan L0800017,JRLN30:
SERIAL 12/31/2020 3.100% 80,827.44 10/27/2020 100.000
06/30/2021 3.100% 82,088.38 10/27/2020 100.000
12/31/2021 3.100% 83,369.00 10/27/2020 100.000
06/30/2022 3.100% 84,669.59 10/27/2020 100.000
12/31/2022 3.100% 85,990.47 10/27/2020 100.000
06/30/2023 3.100% 87,331.96 10/27/2020 100.000
12/31/2023 3.100% 88,694.38 10/27/2020 100.000
06/30/2024 3.100% 90,078.05 10/27/2020 100.000
12/31/2024 3.100% 91,483.31 10/27/2020 100.000
06/30/2025 3.200% 92,910.49 10/27/2020 100.000
12/31/2025 3.100% 94,359.94 10/27/2020 100.000
06/30/2026 3.100% 95,832.00 10/27/2020 100.000
12/31/2026 3.100% 97,327.02 10/27/2020 100.000
06/30/2027 3.100% 98,845.36 10/27/2020 100.000
12/31/2027 3.100% 100,387.40 10/27/2020 100.000
06/30/2028 3.100% 101,953.48 10/27/2020 100.000
12/31/2028 3.100% 103,544.00 10/27/2020 100.000
06/30/2029 3.100% 105,159.34 10/27/2020 100.000
12/31/2029 3.100% 106,800.12 10/27/2020 100.000
1,771,651.73
Jr Lien 2013 L1000026,JRLN13:
SERIAL 04/18/2021 2.800% 100,318.12 10/27/2020 100.000
10/18/2021 - 2.800% 101,730.80 10/27/2020 100.000
04/18/2022 2.800% 103,163.36 10/27/2020 100.000
10/18/2022 2.800% 104,616.10 10/27/2020 100.000
04/18/2023 2.800% 106,089.30 10/27/2020 100.000
10/18/2023 2.800% 107,583.24 10/27/2020 100.000
04/18/2024 2.800% 109,098.22 10/27/2020 100.000
10/18/2024 2.800% 110,634.53 10/27/2020 100.000
04/18/2025 2.800% 112,192.47 10/27/2020 100.000
10/18/2025 2.800% 113,772.36 10/27/2020 100.000
04/18/2026 2.800% 115,374.49 10/27/2020 100.000
10/18/2026 2.800% 116,999.19 10/27/2020 100.000
04/18/2027 2.800% 118,646.76 10/27/2020 100.000
10/18/2027 2.800% 120,317.54 10/27/2020 100.000
04/18/2028 2.800% 122,011.84 10/27/2020 100.000
10/18/2028 2.800% 123,730.00 10/27/2020 100.000
04/18/2029 2.800% 125,472.36 10/27/2020 100.000
10/18/2029 2.800% 127,239.25 10/27/2020 100.000
04/18/2030 2.800% 129,031.02 10/27/2020 100.000
10/18/2030 2.800% 130,848.02 10/27/2020 100.000
04/18/2031 2.800% 132,690.62 10/27/2020 100.000,
10/18/2031 2.800% 134,559.15 10/27/2020 100.000
04/18/2032 2.800% 136,453.93 10/27/2020 100.000
2,702,572.67
Jr Lien 2013 No.2 L3100013,JRLN132:
SERIAL 04/19/2021 2.800% 28,267.87 10/27/2020 100.000
10/18/2021 2.800% 28,665.93 10/27/2020 100.000
04/18/2022 2.800% 29,069.60 10/27/2020 100.000
10/18/2022 2.800% 29,478.96 10/27/2020 100.000
04/19/2023 2.800% 29,894.08 10/27/2020 100.000
10/18/2023 2.800% 30,315.05 10/27/2020 100.000
04/18/2024 2.800% 30,741.94 10/27/2020 100.000
10/18/2024 2.800% 31,174.95 10/27/2020 100.000
04/18/2025 2.800% 31,613.85 10/27/2020 100.000
10/18/2025 2.800% 32,059.03 10/27/2020 100.000
04/18/2026 2.800% 32,510.48 10/27/2020 100.000
10/18/2026 2.800% 32,968.29 10/27/2020 100.000
04/18/2027 2.800% 33,432.55 10/27/2020 100.000
10/18/2027 2.800% 33,903.35 10/27/2020 100.000
04/18/2028 2.800% 34,380.77 10/27/2020 100.000
10/18/2028 2.800% 34,864.92 10/27/2020 100.000
04/18/2029 2.800% 35,355.88 10/27/2020 100.000
10/18/2029 2.800% 35,853.76 10/27/2020 100.000
04/18/2030 2.800% 36,358.65 10/27/2020 100.000
J 10/18/2030 2.800% 36,870.65 10/27/2020 100.000
04/18/2031 2.800% 37,389.86 10/27/2020 100.000
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 8
SUMMARY OF BONDS REFUNDED
� J
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia-Bank)
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Jr Lien 2013 No.2 L3100013,JRLN132:
SERIAL 10/18/2031 2.800% 37,916.38 10/27/2020 100.000
04/18/2032 2.800% 38,450.24 10/27/2020 100.000
761,536.94
2019 Property Loan for District Court,LOAN19:
SERIAL 11/01/2020 4.500% 9,968.61 10/27/2020 100.000
12/01/2020 4.500% 10,006.00 10/27/2020 100.000
01/01/2021 4.500% 10,043.52 10/27/2020 100.000
02/01/2021 4.500% 10,081.18 10/27/2020 100.000
03/01/2021 4.500% 10,118.99 10/27/2020 100.000
04/01/2021 4.500% 10,156.93 10/27/2020 100.000
05/01/2021 4.500% 10,195.02 10/27/2020 100.000
06/01/2021 4.500% 10,233.25 10/27/2020 100.000
07/01/2021 4.500% 10,271.63 10/27/2020 100.000
08/01/2021 4.500% 10,310.15 10/27/2020 100.000
09/01/2021 4.500% 10,348.81 10/27/2020 100.000
10/01/2021 4.500% 10,387.62 10/27/2020 100.000
11/01/2021 4.500% 10,426.57 10/27/2020 100.000
12/01/2021 4.500% 10,465.67 . 10/27/2020 100.000
01/01/2022 4.500% 10,504.92 10/27/2020 100.000
02/01/2022 4.500% 10,544.31 10/27/2020 100.000
03/01/2022 4.500% 10,583.85 10/27/2020 100.000
04/01/2022 4.500% 10,623.54 10/27/2020 100.000
05/01/2022 4.500% 10,663.38 10/27/2020 100.000
06/01/2022 4.500% 10,703.37 10/27/2020 100.000 J
07/01/2022 4.500% 10,743.50 10/27/2020 100.000
08/01/2022 4.500% 10,783.79 10/27/2020 100.000
09/01/2022 4.500% 10,824.23 10/27/2020 100.000
10/01/2022 4.500% 10,864.82 10/27/2020 100.000
11/01/2022 4.500% 10,905.57 10/27/2020 100.000
12/01/2022 4.500% 10,946.46 10/27/2020 100.000
01/01/2023 4.500% 10,987.51 10/27/2020 100.000
02/01/2023 4.500% 11,028.71 10/27/2020 100.000
03/01/2023 4.So0% 11,070.07 10/27/2020 100.000
04/01/2023 4.500% 11,111.58 10/27/2020 100.000
05/01/2023 4.500% 11,153.25 10/27/2020 100.000
06/01/2023 4.500% 11,195.08 10/27/2020 100.000
07/01/2023 4.500% 11,237.06 10/27/2020 100.000
08/01/2023 4.500% 11,279.20 10/27/2020 100.000
09/01/2023 4.500% 11,321.49 10/27/2020 100.000
10/01/2023 4.500% 11,363.95 10/27/2020 100.000
11/01/2023 4.500% 11,406.56 10/27/2020 100.000
12/01/2023 4.500% 11,449.34 10/27/2020 100.000
01/01/2024 4.500% 11,492.15 10/27/2020 100.000
417,801.64
LTGO Bonds-2008,LTGO2008:
TERM21 12/01/2020 3.600% 205,000.00 11/27/2020 100.000
12/01/2021 3.600% 215,000.00 11/27/2020 100.000
TERM23 12/01/2022 3.700% 225,000.00 11/27/2020 100.000
12/01/2023 3.700% 230,000.00 11/27/2020 100.000
TERM25 12/01/2024 3.750% 240,000.00 11/27/2020 100.000
12/01/2025 3.750% 250,000.00 11/27/2020 100.000
TERM27 12/01/2026 3.875% 260,000.00 11/27/2020 100.000
12/01/2027 3.875% 270,000.00 11/27/2020 100.000
1,895,000.00
7,548,562.98
1
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 9
~' ESCROW REQUIREMENTS
l �
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Period Principal
Ending Interest Redeemed Total
10/27/2020 21,655.34 5,653,562.98 5,675,218.32
11/27/2020 34,646.33 1,895,000.00 1,929,646.33
56,301.67 7,548,562.98 7,604,864.65
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 10
�1 ESCROW DESCRIPTIONS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Type of Type of Maturity First Int Par Max.
Security SLGS Date Pmt Date Amount Rate Rate
Oct 27,2020:
SLGS Certificate 11/27/2020 11/27/2020 1,929,646 0.090% 0.090%
1,929,646
SLGS Summary
SLGS Rates File 13OCT20
Total Certificates of Indebtedness 1,929,646.00
t
it f i
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Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 11
ESCROW COST
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Type of Maturity Par Total
Security Date Amount Rate Cost
SLGS 11/27/2020 1,929,646 0.090% 1,929,646.00
1,929,646 1,929,646.00
Purchase Cost of Cash Total
Date Securities Deposit Escrow Cost
10/27/2020 1,929,646 5,675,218.65 7,604,864.65
1,929,646 5,675,218.65 7,604,864.65
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 12
ESCROW CASH FLOW
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Net Escrow
Date Principal Interest Receipts
11/27/2020 1,929,646.00 147.50 1,929,793.50
1,929,646.00 147.50 1,929,793.50
Escrow Cost Summary
Purchase date 10/27/2020
Purchase cost of securities 1,929,646,00
1
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Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 13
ESCROW SUFFICIENCY
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Escrow Net Escrow Excess Excess
Date Requirement Receipts Receipts Balance
10/27/2020 5,675,218.32 5,675,218.65 0.33 0.33
11/27/2020 1,929,646.33 1,929,793.50 147.17 147.50
7,604,864.65 7,605,012.15 147.50
i
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 14
FORM 8038 STATISTICS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity
Bank Loan:
12/01/2021 792,375.00 1.950% 100.000 792,375.00 792,375.00
12/01/2022 823,455.00 1.950% 100.000 823,455.00 823,455.00
12/01/2023 836,185.00 1.950% 100.000 836,185.00 836,185.00
12/01/2024 716,025.00 1.950% 100.000 716,025.00 716,025.00
12/01/2025 730,990.00 1.950% 100.000 730,990.00 730,990.00
12/01/2026 745,870.00 1.950% 100.000 745,870.00 745,870.00
12/01/2027 760,335.00 1.950% 100.000 760,335.00 760,335.00
12/01/2028 512,260.00 1.950% 100.000 512,260.00 512,260.00
12/01/2029 522,245.00 1.950% 100.000 522,245.00 522,245.00
12/01/2030 325,845.00 1.950% 100.000 325,845.00 325,845.00
12/01/2031 332,200.00 1.950% 100.000 332,200.00 332,200.00
12/01/2032 161,310.00 1.950% 100.000 161,310.00 161,310.00
7,259,095.00 7,259,095.00 7,259,095.00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 12/01/2032 1.950% 161,310.00 161,310.00
Entire Issue 7,259,095.00 7,259,095.00 5.4548 2.2313%
Proceeds used for accrued interest 0.00
Proceeds used for bond issuance costs(including underwriters'discount) 26,199.35
Proceeds used for credit enhancement 0.00
Proceeds allocated to reasonably required reserve or replacement fund 0.00
Proceeds used to refund prior tax-exempt bonds 7,604,864.65
Proceeds used to refund prior taxable bonds 0.00
Remaining WAM of prior tax-exempt bonds(years) 5.0799
Remaining WAM of prior taxable bonds(years) 0.0000
Last call date of refunded tax-exempt bonds 11/27/2020
2011 Form 8038 Statistics
Proceeds used to currently refund prior issues 7,604,864.65
Proceeds used to advance refund prior issues 0.00
Remaining weighted average maturity of the bonds to be currently refunded 5.0799
Remaining weighted average maturity of the bonds to be advance refunded 0.0000
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Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 15
FORM 8038 STATISTICS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
Jr Lien Loan L0800017: -
SERIAL 12/31/2020 80,827.44 3.100% 100.000 80,827.44
SERIAL 06/30/2021 82,088.38 3.100% 100.000 82,088.38
SERIAL 12/31/2021 83,369.00 3.100% 100.000 83,369.00
SERIAL 06/30/2022 84,669.59 3.100% 100.000 84,669.59
SERIAL 12/31/2022 85,990.47 3.100% 100.000 85,990.47
SERIAL 06/30/2023 87,331.96 3.100% 100.000 87,331.96
SERIAL 12/31/2023 88,694.38 3.100% 100.000 88,694.38
SERIAL 06/30/2024 90,078.05 3.100% 100.000 90,078.05
SERIAL 12/31/2024 91,483.31 3.100% 100.000 91,483.31
SERIAL 06/30/2025 92,910.49 3.100% 100.000 92,910.49
SERIAL 12/31/2025 94,359.94 3.100% 100.000 94,359.94
SERIAL 06/30/2026 95,832.00 3.100% 100.000 95,832.00
SERIAL 12/31/2026 97,327.02 3.100% 100.000 97,327.02
SERIAL 06/30/2027 98,845.36 3.100% 100.000 98,845.36
SERIAL 12/31/2027 100,387.40 3.100% 100.000 100,387.40
SERIAL 06/30/2028 101,953.48 3.100% 100.000 101,953.48
SERIAL 12/31/2022 103,544.00 3.100% 100.000 103,544.00
SERIAL 06/30/2029 105,159.34 3.100% 100.000 105,159.34
SERIAL 12/31/2029 106,800.12 3.100% 100.000 106,800.12
1,771,651.73 1,771,651.73
Jr Lien 2013 L3000026:
SERIAL 04/18/2021 100,318.12 2.800% 100.000 100,318.12
SERIAL 10/18/2021 101,730.80 2.800% 100.000 101,730.80
SERIAL 04/18/2022 103,163.36 2.800% 100.000 103,163.36
I SERIAL 10/18/2022 104,616.10 2.800% 100.000 104,616.10
SERIAL 04/18/2023 106,089.30 2.800% 100.000 106,089.30
SERIAL 10/18/2023 107,583.24 2.800% 100.000 107,583.24
SERIAL 04/18/2024 109,098.22 2.800% 100.000 109,098.22
SERIAL 10/18/2024 110,634.53 2.800% 100.000 110,634.53
SERIAL 04/18/2025 112,192.47 2.800% 100.000 112,192.47
SERIAL 10/18/2025 113,772.36 2.800% 100.000 113,772.36
SERIAL 04/18/2026 115,374.49 2.800% 100.000 115,374.49
SERIAL 10/18/2026 116,999.19 2.800% 100.000 116,999.19
SERIAL 04/18/2027 118,646.76 2.800% 100.000 118,646.76
SERIAL 10/18/2027 120,317.54 2.800% 100.000 120,317.54
SERIAL 04/18/2028 122,011.84 2.800% 100.000 122,011.84
SERIAL 10/18/2028 123,730.00 2.800% 100.000 123,730.00
SERIAL 04/18/2029 125,472.36 2.800% 100.000 125,472.36
SERIAL 10/18/2029 127,239.25 2.800% 100.000 127,239.25
SERIAL 04/18/2030 129,031.02 2.800% 100.000 129,031.02
SERIAL 10/18/2030 130,848.02 2.800% 100.000 130,848.02
SERIAL 04/18/2031 132,690.62 2.800% 100.000 132,690.62
SERIAL 10/18/2031 134,559.15 2.800% 100.000 134,559.15
SERIAL 04/18/2032 136,453.93 2.800% 100.000 136,453.93
2,702,572.67 2,702,572.67
Jr Lien 2013 No.2 L1300013:
SERIAL 04/18/2021 28,267.87 2.800% 100.000 28,267.87
SERIAL 10/18/2021 28,665.93 2.800% 100.000 28,665.93
SERIAL 04/18/2022 29,069.60 2.800% 100.000 29,069.60
SERIAL 10/18/2022 29,478.96 2.800% 100.000 29,478.96
SERIAL 04/18/2023 29,894.08 2.800% 100.000 29,894.08
SERIAL 10/18/2023 30,315.05 2.800% 100.000 30,315.05
SERIAL 04/18/2024 30,741.94 2.800% 100.000 30,741.94
SERIAL 10/18/2024 31,174.85 2.800% 100.000 31,174.85
SERIAL 04/18/2025 31,613.85 2.800% 100.000 31,613.85
SERIAL 10/18/2025 32,059.03 2.800% 100.000 32,059.03
SERIAL 04/18/2026 32,510.48 2.800% 100.000 32,510.48
SERIAL 10/18/2026 32,968.29 2.800% 100.000 32,968.29
SERIAL 04/18/2027 33,432.55 2.800% 100.000 33,432.55
- SERIAL 10/18/2027 33,903.35 2.800% 100.000 33,903.35
j SERIAL 04/18/2028 34,380.77 2.800% 100.000 34,380.77
SERIAL 10/18/2028 34,864.92 2.800% 100.000 34,864.92
SERIAL 04/18/2029 35,355.88 2.800% 100.000 35,355.88
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 16
FORM 8038 STATISTICS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
Jr Lien 2013 No.2 L1100013:
SERIAL 10/18/2029 35,853.76 2.800% 100.000 35,853.76
SERIAL 04/18/2030 36,358.65 2.800% 100.000 36,358.65
SERIAL 10/18/2030 36,870.65 2.800% 100.000 36,870.65
SERIAL 04/18/2031 37,389.86 2.800% 100.000 37,389.86
SERIAL 10/18/2031 37,916.38 2.800% 100.000 37,916.38
SERIAL 04/18/2032 38,450.24 2.800% 100.000 38,450.24
761,536.94 761,536.94
2019 Property Loan for District Court:
SERIAL 11/01/2020 9,968.61 4.500% 100.000 9,968.61
SERIAL 12/01/2020 10,006.00 4.500% 100.000 10,006.00
SERIAL 01/01/2021 10,043.52 4.500% 100.000 10,043.52
SERIAL 02/01/2021 10,081.18 4.500% 100.000 10,081.18
SERIAL 03/01/2021 10,118.99 4.500% 100.000 10,118.99
SERIAL 04/01/2021 10,156.93 4.500% 100.000 10,156.93
SERIAL 05/01/2021 10,195.02 4.500% 100.000 10,195.02
SERIAL 06/01/2021 10,233.25 4.500% 100.000 10,233.25
SERIAL 07/01/2021 10,271.63 4.500% 100.000 10,271.63
SERIAL 08/01/2021 10,310.15 4.500% 100.000 10,310.15
SERIAL 09/01/2021 10,348.81 4.500% 100.000 10,348.81
SERIAL 10/01/2021 10,387.62 4.500% 100.000 10,387.62
SERIAL 11/01/2021 10,426.57 4.500% 100.000 10,426.57
SERIAL 12/Ol/2021 10,465.67 4.500% 100.000 10,465.67
SERIAL 01/01/2022 10,504.92 4.500% 100.000 10,504.92
SERIAL 02/01/2022 10,544.31 4.500% 100.000 10,544.31
SERIAL 03/01/2022 10,583.85 4.500% 100.000 10,583.85
SERIAL 04/01/2022 10,623.54 4.500% 100.000 10,623.54
SERIAL 05/01/2022 10,663.38 4.500% 100.000 10,663.38
SERIAL 06/01/2022 10,703.37 4.500% 100.000 10,703.37
SERIAL 07/01/2022 10,743.50 4.500% 100.000 10,743.50
SERIAL 08/01/2022 10,783.79 4.500% 100.000 10,783.79
SERIAL 09/01/2022 10,824.23 4.500% 100.000 10,824.23
SERIAL 10/01/2022 10,864.82 4.500% 100.000 10,864.82
SERIAL 11/01/2022 10,905.57 4.500% 100.000 10,905.57
SERIAL 12/01/2022 10,946.46 4.500% 100.000 10,946.46
SERIAL 01/01/2023 10,987.51 4.500% 100.000 10,987.51
SERIAL 02/01/2023 11,028.71 4.500% 100.000 11,028.71
SERIAL 03/01/2023 11,070.07 4.500% 100.000 11,070.07
SERIAL 04/01/2023 11,111.58 4.500% 100.000 11,111.58
SERIAL 05/01/2023 11,153.25 4.500% 100.000 11,153.25
SERIAL 06/01/2023 11,195.08 4.500% 100.000 11,195.08
SERIAL 07/01/2023 11,237.06 4.500% 100.000 11,237.06
SERIAL 08/01/2023 11,279.20 4.500% 100.000 11,279.20
SERIAL 09/01/2023 11,321.49 4.500% 100.000 11,321.49
SERIAL 10/01/2023 11,363.95 4.500% 100.000 11,363.95
SERIAL 11/01/2023 11,406.56 4.500% 100.000 11,406.56
SERIAL 12/01/2023 11,449.34 4.500% 100.000 11,449.34
SERIAL 01/01/2024 11,492.15 4.500% 100.000 11,492.15
417,801.64 417,801.64
LTGO Bonds-2008:
TERM21 12/01/2020 205,000.00 3.600% 99.459 203,888.90
TERM21 12/01/2021 215,000.00 3.600% 99.458 213,834.70
TERM23 12/01/2022 225,000.00 3.700% 99.404 223,659.00
TERM23 12/01/2023 230,000.00 3.700% 99.404 228,629.20
TERM25 12/01/2024 240,000.00 3.750% 98.717 236,920.80
TERM25 12/01/2025 250,000.00 3.750% 98.717 246,792.50
TERM27 12/01/2026 260,000.00 3.875% 98.972 257,327.20
TERM27 12/01/2027 270,000.00 3.875% 98.972 267,224.40
1,895,000.00 1,878,276.70
7,548,562.98 7,531,839.68
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Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 17
FORM 8038 STATISTICS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Remaining
Last Weighted
Call Issue Average
Date Date Maturity
Jr Lien Loan L0800017 10/27/2020 02/26/2010 4.9083
Jr Lien 2013 L1000026 10/27/2020 03/31/2013 6.2821
Jr Lien 2013 No.2 L1100013 10/27/2020 03/31/2013 6.2821
2019 Property Loan for District Court 10/27/2020 01/01/2019 1.6339
LTGO Bonds-2008 11/27/2020 02/26/2008 3.7910
All Refunded Issues 11/27/2020 5.0799
r
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 18
COST OF ISSUANCE
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020A(Columbia Bank)
Cost of Issuance $/1000 Amount
Foster Garvey P.C.(Bond Counsel) 0.87552 6,355.46
U.S.Bank(Escrow Agent) 0.09643 700.00
Northwest Municipal Advisors(Financial Advisor) 1.29283 9,384.79
2.26478 16,440.25
Oct 13,2020 2:35 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 19