HomeMy WebLinkAbout2020-82 - Res. Refinancing Mason Co Limited Tax General Obligation Refunding Bond 2020B to North Cascades Bank MASON COUNTY, WASHINGTON
RESOLUTION NO.1O Z
A RESOLUTION of Mason County, Washington, providing for the
issuance, sale and delivery of a $1,175,385 aggregate principal amount Limited
Tax General Obligation Refunding Bond, 2020B to North Cascades Bank, a
division of Glacier Bank to provide funds necessary to 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
l
This document prepared by:
Foster Garvey P.C.
1111 Third Avenue, Suite 3000
Seattle, Washington 98101
(206) 447-4400
53782598.2
TABLE OF CONTENTS*
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Section1. Definitions............................................................................................................... 1
Section 2. Findings and Determinations..................................................................................2
Section 3. Authorization of the Bond...................................................................................... 3
Section 4. Description of the Bond.......................................................................................... 3
Section 5. Bond Registrar; Registration and Transfer of the Bond.........................................4
Section 6. Form and Execution of the Bond............................................................................4
Section 7. Payment of the Bond............................................................................................... 5
Section 8. Funds and Accounts; Deposit of Proceeds.............................................................. 5
Section9. Prepayment............................................................................................................. 6
Section 10. Failure To Pay the Bond......................................................................................... 6
Section11. Pledge of Taxes....................................................................................................... 6
Section 12. Tax Covenants; Designation of the Bond as "Qualified Tax-Exempt
Obligation".............................................................................................................. 6
Section 13. Refunding or Defeasance of the Bond.................................................................... 7
Section 14. Sale and Delivery of the Bond. 8
Section 15. Reporting Requirements 8
Section 16. Supplemental and Amendatory Resolutions........................................................... 8
Section 17. General Authorization and Ratification.................................................................. 8
Section18. Severability............................................................................................................. 8
Section 19. Effective Date of Resolution................................................................................... 9
*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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53782598.2
1
MASON COUNTY, WASHINGTON
RESOLUTION NO.
A RESOLUTION of Mason County, Washington, providing for the
issuance, sale and delivery of a $1,175,385 aggregate principal amount Limited
Tax General Obligation Refunding Bond, 2020B to North Cascades Bank, a
division of Glacier Bank to provide funds necessary to 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) "2008A Bond" means the County's Limited Tax General Obligation Bond
(Payable from Sewer Revenue), Series 2008A, issued pursuant to Resolution No. 82-08.
(b) "2008B Bond" means the County's Limited Tax General Obligation Bond
(Payable from Sewer Revenue), Series 2008B, issued pursuant to Resolution No. 82-08
(c) "2008A/B Bonds"means, together, the 2008A Bond and the 2008B Bond.
(d) "2020A Bond" means the Mason County, Washington Limited Tax General
Obligation Refunding Bond, 2020A, expected to be issued simultaneously with this Bond.
(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, 2020B, 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,
2020B" created for the payment of the principal of and interest on the Bond.
(i) "Bond Purchase Agreement" means an offer to purchase the Bond, setting forth
certain terms and conditions of the issuance, sale and delivery of the Bond, which offer is
authorized to be accepted by the Treasurer on behalf of the County.
(j) "Bond Register"means the books or records maintained by the Bond Registrar for
the purpose of identifying ownership of the Bond. ,
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FG:54019516.2
(k) "Bond Registrar" means the County Treasurer or any successor bond registrar
selected for the Bond.
Jf
(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) "Fiscal Agent" means the fiscal agent of the State, as the same may be designated
by the State from time to time.
(o) "Government Obligations" has the meaning given in RCW 39.53.010, as now in
effect or as may hereafter be amended.
(p) "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.
(q) "Purchaser" means North Cascades Bank, a division of Glacier Bank, its
successor or assigns, as purchaser of the Bond.
(r) "Refunded Bonds" means the outstanding 2008A/B Bonds, the repayment of
which has been provided for by this resolution.
(s) "Refunding Plan" means the placement of sufficient proceeds of the Bond which,
with other money of the County, if necessary, will be deposited in the bond fund for the
2008A/B Bonds to be used to pay the principal of and interest on the Refunded Bonds when due
up to and including October 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 may include the payment of the
costs of issuing the Bond and the costs of carrying out the foregoing elements of the Refunding
Plan.
(t) "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) Authority and Description of the Refunding Plan.
(i) Pursuant to Resolution No. 82-08, the County heretofore issued its
$831,000 par value Limited Tax General Obligation Bond(Payable from Sewer Revenue), Series
2008A and its not to exceed $525,000 par value Limited Tax General Obligation Bond (Payable
from Sewer Revenue), Series 2008B (collectively, the "2008A/B Bonds"), for the purpose of
constructing improvements to the Rustlewood Wastewater Treatment Plant, and by that
resolution reserved the right to repay the 2008A/B Bonds,prior to their respective maturities, at a
price of par plus accrued interest to the date fixed for redemption (the"Refunded Bonds").
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FG:54019516.2
(ii) There are presently $1,155,477.67 par value of Refunded Bonds
outstanding..
(iii) 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.
(b) Debt Capacity. The maximum amount of indebtedness authorized by this
resolution is $1,175,385. 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:
(i) 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.
(ii) 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 and any outstanding debt expected to be repaid with proceeds of
the 2020A Bond, which is incurred within the limit of up to 1%2% of the value of the taxable
property within the County permitted for general municipal purposes without a vote.
(iii) As of July 31, 2020, the County had no unlimited tax general obligation
indebtedness.
(c) The Bond. For the purpose of providing the funds necessary to carry out the
Refunding Plan and 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 $1,175,385 to
provide funds necessary to carry out the Refunding Plan and pay the costs of issuance and sale of
the Bond. Any 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, 2020B," and shall be issued in
the aggregate principal amount of$1,175,385. The Bond shall be dated October 27, 2020, shall
mature on December 1, 2048, and shall bear interest at the rates 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.
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FG:54019516.2
Upon the occurrence of(i) a failure of the County to pay principal of and interest on the
Bond when due or (ii)the County files a petition for bankruptcy or is placed in receivership
under any state or federal bankruptcy or insolvency law, the Purchaser reserves the right and
option, at its sole discretion, to increase the remaining interest rates on the Bond by 3.00% from
the date of such event.
If interest on the Bond should become taxable, the Purchaser reserves the right and option
to convert the remaining rates to the "Taxable Rates." Such Taxable Rates shall commence from
the date interest.becomes taxable to the Maturity Date by taking the rate of the Bond then in
effect, divided by the sum of. 1.00 less the maximum federal corporate tax rate. Such
recalculated debt service schedule would be provided to the Bond Registrar within seven
business days of such change to the Taxable Rates.
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.
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
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FG:54019516.2
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 is the fully registered Mason County, Washington, Limited Tax
General Obligation Refunding Bond, 2020B." 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
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 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.
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(b) 2008AIB Bond Fund. Proceeds of the Bond used to refund the Refunded Bonds
will be deposited into the bond fund for the 2008A/B Bonds or sent directly to the registered
owner of the 2008A/B Bonds and used to discharge the obligations of the County relating to the
Refunded Bonds under Resolution No. 82-08 by providing for the payment of the amounts
required to be paid by the Refunding Plan.
Section 9. Prepayment. The County reserves the right and option to prepay and
redeem at any time any or all of the principal amount of the Bond outstanding at par plus accrued
interest to the date of prepayment. Any prepayments occurring on or before October 27, 2025,
will be subject to a prepayment penalty of 1.00%. 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. Prepaid amounts would be applied (i) first to any prepayment penalty due, (ii) then to
accrued interest due to any date of prepayment, and (iii) lastly to the reduction of principal.
Upon any partial prepayment the debt service schedule would be recalculated to reflect a
reduction in the amount of the remaining installments of principal or and interest to the maturity
date of the Bond. Such recalculated debt service schedule would be provided to the Bond
Registrar within seven business days of such partial prepayment.
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 certain sewer revenue, 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.
Nothing would prevent the County from issuing additional debt payable from the sewer
revenue and to establish a priority of payments from such sewer revenue.
Section 12. Tax Covenants; Designation of the Bond as a "Qualified Tax-Exempt
Obligation."
(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
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FG:54019516.2
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:
(i) the Bond is not a "private activity bond" within the meaning of
Section 141 of the Code;
(ii) 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
(iii) 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
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
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- 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. Sale and Delivery of the Bond.
(a) Sale 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 is not charging a fee for the Bond.
(b) 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 Bond Purchase
Agreement, this resolution, together with the approving legal opinion of Bond Counsel regarding
the Bond.
Section 15. Reporting Requirements. While the Bond is outstanding, the County shall
submit to the Purchaser its annual financial reports within 30 days after receipt of such annual
financial report from the Washington State Auditor, and such additional information as the
Purchaser may reasonably request.
Section 16. 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
I, 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 17. General Authorization and Ratification. The County Treasurer and other
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
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 18. 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
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FG:54019516.2
provision with respect to all other persons and all other circumstances, shall remain valid and
enforceable.
Section 19. 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
- County ommissioner
By
_ ra;w-
nf Commissioner
ATTEST:
r
Clerk of the and
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FG:54019516.2
EXHIBIT A
DEBT SERVICE SCHEDULE-2020B BOND
FG:54019516.2
Bond Debt Service
Mason County,Washington
LTGO Refunding Bond,2020E(North Cascades Bank)
Dated Date 10/17/2010
Delivery
Date 10/27/2020
Period Interest Annual Debt
Ending Principal Rate Interest Debt Service Service
6/1/2021 2.55 17,816.87 17,816.87
12/1/2021 29,195 2.55 14,986.16 44,181.16
12/31/2021 61,998.03
6/1/2022 2.55 14,613.93 14,613.93
12/1/2022 32,770 2.55 14,61393 47,383.93
12/31/2022 61,997.86
6/1/2023 2.55 14,196.11 14,196.11
12/1/2023 33,605 2.55 14,196.11 47,801.11
12/31/2023 61,997.22
6/1/2024 2.55 13,767.64 13,767.64
12/1/2024 34,585 2.55 13,767.64 48,352.64
12/31/2024 62,120.28
6/1/2025 2.55 13,326,68 13,326.68
12/1/2025 35,340 2.55 13,326.68 48,666.68
12/31/2025 61,993.36
6/1/2026 2.85 14,39094 14,390.94
12/1/2026 33,210 2.85 14,39094 47,600.94
12/31/2026 61,991.88
6/1/2027 2.85 13,917.69 13,917.69
12/1/2027 34,160 2.85 13,917.69 48,077.69
12/31/2027 61,995.38
6/1/202B .2.85 13,43091 13,430.91
12/1/2028 35,250 2.85 13,430.91 48,680.91
12/31/2028 62,111:82
6/1/2029 2.85, 12,928.60 12,928.60
12/1/2029 36,140 2.85 12,928.60 49,068.60
12/31/2029 61,997.20
6/1/2030. 2.85 12,413.61 12,413.61.
12/1/2030 37,170 2.85 12,413.61 49,583.61
12/31/2030 61,997.22
6/1/2031 3.00 12;5C9.41 12,509.41
12/1/2031 36,980 3.00 '12;509.41 49,489.41
12/31/2031 61,998.82
6/1/2032 3.00 11,954.70 11,954.70
12/1/2032 38,180 3.00 11,954.70 50;134.70
12/31/2032 62,089.40
6/1/2033 3.00 11,382.01 11,382.01
12/1/2033 39,235 3.00 11,382.01 50,617-.01
12/31/2033 61,999.02
6/1/2034 3.00 10,793.48 10,793.48
12/1/2034 / 40,410 3.00 10,793AS 51,203.48
12/31/2034 61,996.96
6/1/2035 3.00 10,187.33 10,187.33
12/1/2035 41,625 3.00 10,187.33 51,812.33
12/31/2035 61,999.66
6/1/2036 10,519.25 10,519.25
FG:54019516.2
Bond Debt Service
Mason County,Washington
LTGO Refunding Bond,20208(North Cascades Bank)
Period Interest Annual Debt
Ending Principal Rate Interest Debt Service Service
12/1/2036 41,035 3.30 10,519.25 51,554.25
12/31/2036 62,073.50 .
6/1/2037 3.30 9,842.17 9,842.17
12/1/2037 42,310 3.30 9,842.17 52,152.17
12/31/2037 61,994.34
6/1/2038 3.30 9,144.05 9,144.05
12/1/2038 43,710 3.30 9,144.05 52,854.05
12/31/2038 61,998.10
6/1/2039. '330 8,422.84 8,422.84
12/1/2039 45,155 3.30 8,422.84 53,577.84
12/31/2039 62,000.68
6/1/2040 3.30 7,677.78 7,677.78
12/1/2040 46,700 3.30 7,677.78 54,377.78
12/31/2040 62,055.56
6/1/2041 3.80 7,953.78• 7,953.78
12/1/2041 46,090 3.80 7,953.78 54,043.78
12/31/2041 61,997.56
6/1/2042 3.80 7,078.07 7,078.07
12/1/2042 47,840 3.80 7,078.07 54,918.07
12/31/2042, 61,996.14
6/1/2043 3.80 6,169.12 6,169.12
12/1/2043 49,655 3.80 6,169.12 55,824.12
12/31/2043 61,993.24
6/1/2044 3.80 5,225.67 5,225.67
12/1/2044 51,580 3.80 5,225.67 56,805.67
12/31/2044 62,031.34
6/1/2045 3.80 4,245.65 4,245.65
12/1/2045 '53,505 3.80 4,245.65 57,750.65
12/31/2045 61,996.30
6/1/2046 4.20 3,56&95 3,568.95
12/1/2046 54,860 4.20 3,568.95 58,428.95
12/31/2646 61,997.90 _
6/1/2047 4.20 2,416.89 2,416.89
12/1/2047 57,165 4.2D. 2,416.89 59,581.89
12/31/2047 61,998.78
6/1/2048 4.20 1,216.43 1,216.43
12/1/2048 57,925 4.20 1,216.43 59,141.43
12/31/2048 .60,357.86
1,175,385 559,390.41 1,734,775.41 1,734,775.41
i
FG:54019516.2
CERTIFICATION
f i
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.U)-O- 2
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 201h day of October, 2020.
CIA oft e Board
53782598.2
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,2020B(North Cascades 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 . . . . . . . . . . . . . . . . . . . . . . . . . 9
Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Escrow Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Cost of Issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020)
I' SOURCES AND USES OF FUNDS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020E(North Cascades Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Sources:
Bond Proceeds:
Par Amount 1,175,385.00
1,175,385.00
Uses:
Refunding Escrow Deposits:
Cash Deposit 1,171,252.24
Delivery Date Expenses:
Cost of Issuance 4,129.20
Other Uses of Funds:
Additional Proceeds 3.56
1,175,385.00
i
Oct 13,2020 2:38 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,2020E(North Cascades Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Arbitrage yield 2.231299%
Escrow yield 0.091744%
Value of Negative Arbitrage
Bond Par Amount 1,175,385.00
True Interest Cost 2.891012%
Net Interest Cost 2.961571%
All-In TIC 2.919289%
Average Coupon 2.961571%
Average Life 16.070
Par amount of refunded bonds 1,155,477.67
Average coupon of refunded bonds 4.227235%
Average life of refunded bonds 16.674
PV of prior debt to 10/27/2020 @ 2.231299% 1,479,702.52
Net PV Savings 201,763.44
Percentage savings of refunded bonds 17.461475%
Percentage savings of refunding bonds 17.165732%
1
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 2
SAVINGS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020B(North Cascades Bank)
Present Value
Prior Refunding to 10/27/2020
Date Debt Service Debt Service Savings @ 2.2312991%
12/31/2021 70,613.62 61,998.03 8,615.59 9,245.24
12/31/2022 70,613.69 61,997.86 8,615.83 9,076.66
12/31/2023 70,613.79 61,997.22 8,616.57 8,882.47
12/31/2024 70,738.16 62,120.28 8,617.88 8,694.12
12/31/2025 70,613.97 61,993.36 8,620.61 8,509.08
12/31/2026 70,614.07 61,991.88 8,622.19 8,313.32
12/31/2027 70,614.17 61,995.38 8,618.79 8,132.44
12/31/2028 70,725.97 62,111.82 8,614.15 7,955.46 r
12/31/2029 70,614.37 61,997.20 8,617.17 7,787.03
12/31/2030 70,614.48 61,997.22 8,617.26 7,620.76
12/31/2031 70,614.61 61,998.82 8,615.79 7,451.49
12/31/2032 70,711.57 62,089.40 8,622.17 7,298.21
12%31/2033 70,614.86 61,999.02 8,615.84 7,137.37
12/31/2034 70,614.98 61,996.96 8,618.02 6,987.09
12/31/2035 70,615.12 61,999.66 8,615.46 6,836.71
12/31/2036 70,694.53 62,073.50 8,621.03 6,688.45
12/31/2037 70,615.42 61,994.34 8,621.08 6,546.31
12/31/2038 70,615.59 61,998.10 8,617.49 6,405.41
12/31/2039 70,615.75 62,000.68 8,615.07 6,268.47
12/31/2040 70,674.41 62,055.56 8,618.85 6,138.94
12/31/2041 . 70,616.09 61,997.56 8,618.53 6,001.69
12/31/2042 70,616.28 61,996.14 8,620.14 5,876.90
12/31/2043 70,616.48 61,993.24 8,623.24 5,755.80
12/31/2044 70,650.62 62,031.34 8,619.28 5,633.46
12/31/2045 70,616.91 61,996.30 8,620.61 5,516.61
12/31/2046 70,617.10 61,997.90 8,619.20 5,398.93
12/31/2047 70,617.34 61,998.78 8,618.56 5,287.07
12/31/2048 68,978.25 60,357.86 8,620.39 5,170.98
12/31/2049 9,611.55 9,611.55 5,143.41
1,985,703.75 1,734,775.41 250,928.34 201,759.88
Savings Summary
PV of savings from cash flow 201,759.88
Plus:Refunding funds on hand 3.56
Net PV Savings 201,763.44
i
Oct 13,2020 2:38 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,2020E(North Cascades Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Last Maturity 12/01/2048
Arbitrage Yield 2.231299%
True Interest Cost(TIC) 2.891012%
Net Interest Cost(NIC) 2.961571%
All-In TIC 2.919289%
Average Coupon 2.961571%
Average Life(years) 16.070
Weighted Average Maturity(years) 16.070
Duration of Issue(years) 12.635
Par Amount 1,175,385.00
Bond Proceeds 1,175,385.00
Total Interest 559,390.41
Net Interest 559,390.41
Total Debt Service 1,734,775.41
Maximum Annual Debt Service 62,120.28
Average Annual Debt Service 61,747.99
Underwriter's Fees(per$1000)
Average Takedown
OtherFee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 by
Bond Component Value Price Coupon Life change
Bank Loan 1,175,385.00 100.000 2.962% 16.070 1,449.98
1,175,385.00 16.070 1,449.98
All-In Arbitrage
TIC TIC Yield
Par Value 1,175,385.00 1,175,385.00 1,175,385.00
+Accrued Interest
+Premium(Discount)
Underwriter's Discount
Cost of Issuance Expense -4,129.20
-Other Amounts
Target Value 1,175,385.00 1,171,255.80 1,175,385.00
Target Date 10/27/2020 10/27/2020 10/27/2020
Yield 2.891012% 2.919289% 2.231299%
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 4
r
�`• BOND PRICING
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020E(North Cascades Bank)
Maturity .
Bond Component Date Amount Rate Yield Price
Bank Loan:
12/01/2021 29,195 2.549% 100.000
12/01/2022 32,770 2.549% 100.000
12/01/2023 33,605 2.550% 100.000
12/01/2024 34,585 2.550% 100.000
12/01/2025 35,340 2.550% 100.000
12/01/2026 33,210 2.596% 100.000
12/01/2027 34,160 2.629% 100.000
12/01/2028 35,250 2.654% 100.000
12/01/2029 36,140 2.673% 100.000
12/01/2030 37,170 2.688% 100.000
12/01/2031 36,980 2.713% 100.000
12/01/2032 38,180 2.733% 100.000
12/01/2033 39,235 2.750% 100.000
12/01/2034 40,410 2.765% 100.000
12/01/2035 41,625 2.777% 100.000
12/01/2036 41,035 2.803% 100.000
12/01/2037 42,310 2.826% 100.000
12/01/2038 43,710 2.846% 100.000
12/01/2039 45,155 2.864% 100.000
12/01/2040 46,700 2.880% 100.000
12/01/2041 46,090 2.912% 100.000
12/01/2042 47,840 2.940% 100.000
_ 12/01/2043 49,655 2.966% 100.000
12/01/2044 51,580 2.990% 100.000
12/01/2045 53,505 3.011% 100.000
12/01/2046 54,860 3.041% 100.000
12/01/2047 57,165 3.068% 100.000
12/01/2048 57,925 3.093% 100.000
1,175,385
Dated Date 10/27/2020
Delivery Date 10/27/2020
First Coupon 06/01/2021
Par Amount 1,175,385.00
Original Issue Discount
Production 1,175,385.00 100,000000%
Underwriter's Discount
Purchase Price 1,175,385.00 100.000000%
Accrued Interest
Net Proceeds 1,175,385.00
Notes:
2.55%from 10/27/2020 to 12/01/2025
2.85%from 12/01/2025 to 12/01/2030
3.00%from 12/01/2030 to 12/01/2035
3.30%from 12/01/2035 to 12/01/2040
3.80%from 12/01/2040 to 12/01/2045
4.20%from 12/01/2045 to 12/01/2048
Oct 13,2020 2:38 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,2020E(North Cascades Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Period
Ending Principal Interest Debt Service
12/31/2021 29,195 32,803.03 61,998.03
12/31/2022 32,770 29,227.86 61,997.86
12/31/2023 33,605 28,392.22 61,997.22
12/31/2024 34,585 27,535.28 62,120.28
12/31/2025 35,340 26,653.36 61,993.36
12/31/2026 33,210 28,781.88 61,991.88
12/31/2027 34,160 27,835.38 61,995.38 ^
12/31/2028 35,250 26,861.82 62,111.82
12/31/2029 36,140 25,857.20 61,997.20
12/31/2030 37,170 24,827.22 61,997.22
12/31/2031 36,980 215,018.82 61,998.82
12/31/2032 38,180 23,909.40 62,089.40
12/31/2033 39,235 22,764.02 61,999.02
12/31/2034 40,410 21,586.96 61,996.96
12/31/2035 41,625 20,374.66 61,999.66
12/31/2036 41,035 21,038.50 62,073.50
12/31/2037 42,310 19,684.34 61,994.34
! 12/31/2038 43,710 18,288.10 61,998.10
12/31/2039 45,155 16,845.68 62,000.68
12/31/2040 46,700 15,355.56 62,055.56
12/31/2041 46,090 15,907.56 61,997.56
12/31/2042 47,840 14,156.14 61,996.14
12/31/2043 49,655 12,338.24 61,993.24
12/31/2044 51,580 10,451.34 62,031.34
12/31/2045 53,505 8,491.30 61,996.30
12/31/2046 54,860 7,137.90 61,997.90
12/31/2047 57,165 4,833.78 61,998.78
12/31/2048 57,925 2,432.86 60,357.86
1,175,385 559,390.41 1,734,775.41
Oct 13,2020 2:38 pm 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,2020B(North Cascades Bank)
Dated Date 10/27/2020
Delivery Date 10/27/2020
Period Annual
Ending Principal Interest Debt Service Debt Service
06/01/2021 17,816.87 17,816.87
12/01/2021 29,195 14,986.16 44,181.16
12/31/2021 61,998.03
06/01/2022 14,613.93 14,613.93
12/01/2022 32,770 14,613.93 47,383.93
12/31/2022 61,997.86
06/02/2023 14,196.11 14,196.11
12/01/2023 33,605 14,196.11 47,801.11
12/31/2023 61,997.22
06/01/2024 13,767.64 13,767.64
12/01/2024 34,585 13,767.64 48,352.64
12/31/2024 62,120.28
06/01/2025 13,326.68 13,326.68
12/01/2025 35,340 13,326.68 48,666.68
12/31/2025 61,993.36
06/01/2026 14,390.94 14,390.94
12/01/2026 33,210 14,390.94 47,600.94
12/31/2026 61,991.88
06/01/2027 13,917.69 13,917.69
12/01/2027 34,160 13,917.69 48,077.69
12/31/2027 61,995.38
06/01/2028 13,430.91 13,430.91
12/01/2028 35,250 13,430.91 48,680.91
12/31/2028 62,111.82
06/01/2029 12,928.60 12,928.60
12/01/2029 36,140 12,928.60 49,068.60
12/31/2029 61,997.20
06/01/2030 12,413.61 12,413.61
12/01/2030 37,170 12,413.61 49,583.61
12/31/2030 61,997.22
06/01/2031 12,509.41 12,509.41
12/01/2031 36,980 12,509.41 49,489.41
12/31/2031 61,998.82
06/01/2032 11,954.70 11,954.70
12/01/2032 38,180 11,954.70 50,134.70
12/31/2032 62,089.40
06/01/2033 11,382.01 11,382.01
12/01/2033 39,235 11,382.01 50,617.01
12/31/2033 61,999.02
06/01/2034 10,793.48 10,793.48
12/01/2034 40,410 10,793.48 51,203.48
12/31/2034 61,996.96
06/01/2035 10,187.33 10,187.33
12/01/2035 41,625 10,187.33 51,812.33
12/31/2035 61,999.66
06/01/2036 10,519.25 10,519.25
12/01/2036 41,035 10,519.25 51,554.25
12/31/2036 62,073.50
06/01/2037 9,842.17 9,842.17
12/01/2037 42,310 9,942.17 52,152.17
12/31/2037 61,994.34
06/01/2038 9,144.05 9,144.05
12/01/2038 43,710 9,144.05 52,854.05
12/31/2038 61,998.10
06/01/2039 8,422.84 8,422.84
12/01/2039 45,155 8,422.84 53,577.84
12/31/2039 62,000.68
06/01/2040 7,677.78 7,677.78
12/01/2040 46,700 7,677.78 54,377.78
12/31/2040 62,055.56
06/01/2041 7,953.78 7,953.78
12/01/2041 46,090 7,953.78 54,043.78
12/31/2041 61,997.56
06/01/2042 7,078.07 7,078.07
12/01/2042 47,840 7,078.07 54,918.07
12/31/2042 61,996.14
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 7
BOND DEBT SERVICE
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020E(North Cascades Bank)
Period Annual
Ending Principal Interest Debt Service Debt Service
06/01/2043 6,169.12 6,169.12
12/01/2043 49,655 6,169.12 55,824.12
12/31/2043 61,993.24
06/01/2044 5,225.67 5,225.67 `
12/01/2044 51,580 5,225.67 56,805.67
12/31/2044 62,031.34
06/01/2045 4,245.65 4,245.65
12/01/2045 53,505 4,245.65 57,750.65
12/31/2045 61,996.30
06/01/2046 3,568.95 3,568.95
12/01/2046 54,860 3,568.95 58,428.95
12/31/2046 61,997.90
06/01/2047 2,416.89 2,416.89
12/01/2047 57,165 2,416.89 59,581.89
12/31/2047 61,998.78
06/01/2048 1,216.43 1,216.43
12/01/2048 57,925 1,216.43 59,141.43
12/31/2048 60,357.86
1,175,385 559,390.41 1,734,775.41 1,734,775.41
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 8
SUMMARY OF BONDS REFUNDED
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020B(North Cascades Bank)
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Rustlewood Loan 92-03,RSTLW923:
SERIAL 01/01/2021 4.125% 6,802.64 10/27/2020 100.000
07/01/2021 4.125% 6,942.94 10/27/2020 100.000
01/01/2022 4.125% 7,086.14 10/27/2020 100.000
07/01/2022 4.125% 7,232.29 10/27/2020 100.000
01/01/2023 4.125% 7,381.46 10/27/2020 100.000
07/01/2023 4.125% 7,533.70 10/27/2020 100.000
01/01/2024 4.125% 7,689.09 10/27/2020 100.000
07/01/2024 4.125% 7,847.67 10/27/2020 100.000
01/01/2025 4.125% 8,009.53 10/27/2020 100.000
07/01/2025 4.125% 8,174.73 10/27/2020 100.000
01/01/2026 4.125% 8,343.33 10/27/2020 100.000
07/01/2026 4.125% 8,515.41 10/27/2020 100.000
01/01/2027 4.125% 8,691.04 10/27/2020 100.000
07/01/2027 4.125% 8,870.30 10/27/2020 100.000
01/01/2028 4.125% 9,053.25 10/27/2020 100.000
07/01/2028 4.125% 9,239.97 10/27/2020 100.000
01/01/2029 4.125% 9,430.54 10/27/2020 100.000
07/01/2029 4.125% 9,625.05 10/27/2020 100.000
01/01/2030 4.125% 9,823.56 10/27/2020 100.000
07/01/2030 4.125% 10,026.18 10/27/2020 100.000
01/01/2031 4.125% 10,232.97 10/27/2020 100.000
07/01/2031 4.125% 10,444.02 10/27/2020 100.000
01/01/2032 4.125% 10,659.43 10/27/2020 100.000
07/01/2032 4A25% 10,879.28 10/27/2020 100.000
01/01/2033 4.125% 11,103.66 10/27/2020 100.000
07/01/2033 4.125% 11,332.68 10/27/2020 100.000
01/01/2034 4.125% 11,566.41 10/27/2020 100.000
07/01/2034 4.125% 11,804.97 10/27/2020 100.000
01/01/2035 4.125% 12,048.45 10/27/2020 100.000
07/01/2035 4.125% 12,296.95 10/27/2020 100.000
01/01/2036 4.125% 12,550.57 10/27/2020 100.000
07/01/2036 4.125% 12,809.43 10/27/2020 100.000
01/01/2037 4.125% 13,073.62 10/27/2020 100.000
07/01/2037 4.125% 13,343.27 10/27/2020 100.000
01/01/2038 4.125% 13,618.47 10/27/2020 100.000
07/01/2038 4.125% 13,899.35 10/27/2020 100.000
01/01/2039 4.125% 14,186.03 10/27/2020 100.000
07/01/2039 4.125% 14,478.61 10/27/2020 100.000
01/01/2040 4.125% 14,777.23 10/27/2020 100.000
07/01/2040 4.125% 15,082.01 10/27/2020 100.000
01/01/2041 4.125% 15,393.08 10/27/2020 100.000
07/01/2041 4.125% 15,710.56 10/27/2020 100.000
01/01/2042 4.125% 16,034.59 10/27/2020 100.000
07/01/2042 4.125% 16,365.31 10/27/2020 100.000
01/01/2043 4.125% 16,702.84 10/27/2020 100,000
07/01/2043 4.125% 17,047.34 10/27/2020 100.000
01/01/2044 4.125% 17,398.94 10/27/2020 100.000
07/01/2044 4.125% 17,757.79 10/27/2020 100.000
01/01/2045 4.125% 18,124.05 10/27/2020 100.000
07/01/2045 4.125% 18,497.86 10/27/2020 100.000
01/01/2046 4.125% 18,879.37 10/27/2020 100.000
07/01/2046 4.125% 19,268.76 10/27/2020 100.000
01/01/2047 4.125% 19,666.18 10/27/2020 100.000
07/01/2047 4.125% 20,071.79 10/27/2020 100.000
01/01/2048 4.125% 20,485.77 10/27/2020 100.000
07/01/2048 4.125% 19,264.08 10/27/2020 100.000
703,174.54
USDA Rural Development Series B,2008,RSTLW925:
SERIAL 01/01/2021 4.375% 4,106.12 10/27/2020 100.000
07/01/2021 4.375% 4,195.94 10/27/2020 100.000
01/01/2022 4.375% 4,287.73 10/27/2020 100.000
07/01/2022 4.375% 4,381.52 10/27/2020 100.000
01/01/2023 4.375% 4,477.37 10/27/2020 100.000
07/01/2023 4.375% 4,57S.31 10/27/2020 100.000
01/01/2024 4.375% 4,675.40 10/27/2020 100.000
07/01/2024 4.375% 4,777.67 10/27/2020 100.000
01/01/2025 4.375% 4,882.18 10/27/2020 100.000
07/01/2025 4.375% 4,988.98 10/27/2020 100.000
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 9
SUMMARY OF BONDS REFUNDED
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020B(North Cascades Bank)
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
USDA Rural Development Series B,2009,RSTLW925:
SERIAL 01/01/2026 4.375% 5,098.11 10/27/2020 100.000
07/01/2026 4.375% 5,209.64 10/27/2020 100.000
01/01/2027 4.375% 5,323.60 10/27/2020 100.000
07/01/2027 4.375% 5,440.05 10/27/2020 100.000
01/01/2028 4.375% 5,559.05 10/27/2020 100.000
07/01/2028 4.375% 5,680.66 10/27/2020 100.000
01/01/2029 4.375% 5,804.92 10/27/2020 100.000
07/01/2029 4.375% 5,931.90 10/27/2020 100.000
01/01/2030 4.375% 6,061.66 10/27/2020 100.000
07/01/2030 4.375% 6,194.26 10/27/2020 100.000
01/01/2031 4.375% 6,329.76 10/27/2020 100.000
07/01/2031 4.375% 6,468.22 10/27/2020 100.000
01/01/2032 4.375% 6,609.72 10/27/2020 100.000
07/01/2032 4.375% 6,754.30 10/27/2020 100.000
01/01/2033 4.375% 6,902.05 10/27/2020 100.000
07/01/2033 4.375% 7,053.04 10/27/2020 100.000
01/01/2034 4.375% 7,207.32 10/27/2020 100.000
07/01/2034 4.375% 7,364.98 10/27/2020 100.000
01/01/2035 4.375% 7,526.09 10/27/2020 100.000
07/01/2035 4.375% 7,690.72 10/27/2020 100.000
01/01/2036 4.375% 7,858.96 10/27/2020 100.000
07/01/2036 4.375% 8,030.87 10/27/2020 100.000
01/01/2037 4.375% 8,206.55 10/27/2020 100.000
07/01/2037 4.375% 8;386.07 10/27/2020 100.000
01/01/2038 4.375% 8,569.51 10/27/2020 100.000
07/01/2038 4.375% 8,756.97 10/27/2020 100.000
01/01/2039 4.375% 8,948.53 10/27/2020 100.000
07/01/2039 4.375% 9,144.28 10/27/2020 100.000
01/01/2040 4.375% 9,344.31 10/27/2020 100.000
07/01/2040 4.375% 9,548.72 10/27/2020 100.000
01/01/2041 4.375% 9,757.60 10/27/2020 100.000
07/01/2041 4.375% 9,971.04 10/27/2020 100.000
01/01/2042 4.375% 10,189.16 10/27/2020 100.000
07/01/2042 4.375% 10,412.05 10/27/2020 100.000
01/01/2043 4.375% 10,639.81 10/27/2020 100.000
07/01/2043 4.375% 10,872.56 10/27/2020 100.000
01/01/2044 4.375% 11,110.39 10/27/2020 100.000
07/01/2044 4.375% 11,353.43 10/27/2020 100.000
01/01/2045 4.375% 11,601.79 10/27/2020 100.000
07/01/2045 4.375% 11,855.58 10/27/2020 100.000
01/01/2046 4.375% 12,114.92 10/27/2020 100.000
07/01/2046 4.375% 12,379.93 10/27/2020 100.000
01/01/2047 4.375% 12,650.74 10/27/2020 100.000
07/01/2047 4.375% 12,927.48 10/27/2020 100.000
01/01/2048 4.375% 13,210.23 10/27/2020 100.000
07/01/2048 4.375% 13,499.24 10/27/2020 100.000
01/01/2049 4.375% 9,404.14 10/27/2020 100.000
452,303.13
1,155,477.67
I
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 10
ESCROW REQUIREMENTS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020B(North Cascades Bank)
Period Principal
Ending Interest Redeemed Total
10/27/2020 15,774.57 1,155,477.67 1,171,252.24
15,774.57 1,155,477.67 1,171,252.24
Oct 13,2020 2:38 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,2020E(North Cascades Bank)
Purchase Cost of Cash Total
Date Securities Deposit Escrow Cost
10/27/2020 1,171,252.24 1,171,252.24
0 1,171,25 2.24 1,171,252.24
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 12
_ ESCROW SUFFICIENCY
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020E(North Cascades Bank)
Escrow Net Escrow Excess Excess
Date Requirement Receipts Receipts Balance
10/27/2020 1,171,252.24 1,171,252.24
1,171,252.24 1,171,252.24 0.00
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 13
FORM 8038 STATISTICS
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020B(North Cascades 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 29,195.00 0.000% 100.000 29,195.00 29,195.00
12/01/2022 32,770.00 0.000% 100.000 32,770.00 32,770.00
12/01/2023 33,605.00 0.000% 100.000 33,605.00 33,605.00
12/01/2024 34,585.00 0,000% 100.000 34,585.00 34,585.00
12/01/2025 35,340.00 0.000% 100.000 35,340.00 35,340.00
12/01/2026 33,210.00 0.000% 100.000 33,210.00 33,210.00
12/01/2027 34,160.00 0.000% 100.000 34,160.00 34,160.00
12/01/2028 35,250.00 0.000% 100.000 35,250.00 35,250.00
12/01/2029 36,140.00 0.000% 100.000 36,140.00 36,140.00
12/01/2030 37,170.00 0.000% 100.000 37,170.00 37,170.00
12/01/2031 36,980.00 0.000% 100.000 36,980.00 36,980.00
12/01/2032 38,180.00 0.000% 100.000 38,180.00 38,180.00
12/01/2033 39,235.00 0.000%, 100.000 39,235.00 39,235.00
12/01/2034 40,410.00 0.000% 100.000 40,410.00 40,410.00
12/01/2035 41,625.00 0.000% 100.000 41,625.00 41,625.00
12/01/2036 41,035.00 0.000% 100.000 41,035.00 41,035.00
12/01/2037 42,310.00 0.000% 100.000 42,310.00 42,310.00
12/01/2038 43,710.00 0.000% 100.000 43,710.00 43,710.00
12/01/2039 45,155.00 0.000% 100.000 45,155.00 45,155.00
12/01/2040 46,700.00 0.000% 100.000 46,700.00 46,700.00
12/01/2041 46,090.00 0.000% 100.000 46,090.00 46,090.00
12/01/2042 47,840.00 0.000% 100.000 47,840.00 47,840.00
12/01/2043 49,655.00 0.000% 100.000 49,655.00 49,655.00
12/01/2044 51,580.00 0.000% 100.000 51,580.00 51,580.00
~. 12/01/2045 53,505.00 0.000% 100.000 53,505.00 53,505.00
12/01/2046 54,860.00 0.000% 100.000 54,860.00 54,860.00
12/01/2047 57,165.00 0.000% 100.000 57,165.00 57,165.00
12/01/2048 57,925.00 0.000% 100.000 57,925.00 57,925.00
1,175,385.00 1,175,385.00 1,175,385.00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 12/01/2048 57,925.00 57,925.00
Entire Issue 1,175,385.00 1,175,385.00 16.0699 2.2313%
Proceeds used for accrued interest 0.00
Proceeds used for bond issuance costs(including underwriters'discount) 4,129.20
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 1,171,252.24
Proceeds used to refund prior taxable bonds 0.00
Remaining WAM of prior tax-exempt bonds(years) 16.6743
Remaining WAM of prior taxable bonds(years) 0.0000
Last call date of refunded tax-exempt bonds 10/27/2020
2011 Form 8038 Statistics
Proceeds used to currently refund prior issues 1,171,252.24
Proceeds used to advance refund prior issues 0.00
Remaining weighted average maturity of the bonds to be currently refunded 16.6743
Remaining weighted average maturity of the bonds to be advance refunded 0.0000
Oct 13,2020 2:38 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,2020B(North Cascades Bank)
Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
Rustlewood Loan 92-03:
SERIAL 01/01/2021 6,802.64 4.125% 100.000 6,802.64
SERIAL 07/01/2021 6,942.94 4.125% 100.000 6,942.94
SERIAL 01/01/2022 7,086.14 4.125% 100.000 7,086.14
SERIAL 07/01/2022 7,232.29 4.125% 100.000 7,232.29
SERIAL 01/01/2023 7,381.46 4.125% 100.000 7,381.46
SERIAL 07/01/2023 7,533.70 4.125% 100.000 7,533.70
SERIAL 01/01/2024 7,689.09 4.125% 100.000 7,689.09
SERIAL 07/01/2024 7,847.67 4.125% 100.000 7,847.67
SERIAL 01/01/2025 8,009.53 4.125% 100.000 8,009.53
SERIAL 07/01/2025 8,174.73 4.125% 100.000 8,174.73
SERIAL 01/01/2026 8,343.33 4.125% 100.000 8,343.33
SERIAL 07/01/2026 8,515.41 4.125% 100.000 8,515.41
SERIAL 01/01/2027 8,691.04 4.125% 100.000 8,691.04
SERIAL 07/01/2027 8,870.30 4.125% 100.000 8,870.30
SERIAL 01/01/2028 9,053.25 4.125% 100.000 9,053.25
SERIAL 07/01/2028 9,239.97 4.125% 100.000 9,239.97
SERIAL 01/01/2029 9,430.54 4.125% 100.000 9,430.54
SERIAL 07/01/2029 9,625.05 4.125% 100.000 9,625.05
SERIAL 01/01/2030 9,823.56 4.125% 100.000 9,823.56
SERIAL 07/01/2030 10,026.18 4.125% 100.000 10,026.18
SERIAL 01/01/2031 10,232.97 4.125% 100.000 10,232.97
SERIAL 07/01/2031 10,444.02 4.125% 100.000 10,444.02
SERIAL 01/01/2032 10,659.43 4.125% 100.000 10,659.43
SERIAL 07/01/2032 10,879.28 4.125% 100.000 10,879.28
SERIAL 01/01/2033 11,103.66 4.125% 100.000 11,103.66
SERIAL 07/01/2033 11,332.68 4.125% 100.000 11,332.68
SERIAL 01/01/2034 11,566.41 4.125% 100.000 11,566.41
SERIAL 07/01/2034 11,804.97 4.125% 100.000 11,804.97
SERIAL 01/01/2035 12,048.45 4.125% 100.000 12,048.45
SERIAL 07/01/2035 12,296.95 4.125% 100.000 12,296.95
SERIAL 01/01/2036 12,550.57 4.125% 100.000 12,550.57
SERIAL 07/01/2036 12,809.43 4.125% 100.000 12,809.43
SERIAL 01/01/2037 13,073.62 4.125% 100.000 13,073.62
SERIAL 07/01/2037 13,343.27 4.125% 100.000 13,343.27
SERIAL 01/01/2038 13,618.47 4.125% 100.000 13,618.47
SERIAL 07/01/2038 13,899.35 4.125% 100.000 13,899.35
SERIAL 01/01/2039 14,186.03 4.125% 100.000 14,186.03
SERIAL 07/01/2039 14,478.61 4.125% 100.000 14,478.61
SERIAL 01/01/2040 14,777.23 4.125% 100.000 14,777.23
SERIAL 07/01/2040 15,082.01 4.125% 100.000 15,082.01
SERIAL 01/01/2041 15,393.08 4.125% 100.000 15,393.08
SERIAL 07/01/2041 15,710.56 4.125% 100.000 15,710.56
SERIAL 01/01/2042 16,034.59 4.125% 100.000 16,034.59
SERIAL 07/01/2042 16,365.31 4.125% 100.000 16,365.31
SERIAL 01/01/2043 16,702.84 4.125% 100.000 16,702.84
SERIAL 07/01/2043 17,047.34 4.125% 100.000 17,047.34
SERIAL 01/01/2044 17,398.94 4.125% 100.000 17,398.94
SERIAL 07/01/2044 17,757.79 4.125% 100.000 17,757.79
SERIAL 01/01/2045 18,124.05 4.125% 100.000 18,124.05
SERIAL 07/01/2045 18,497.86 4.125% 100.000 18,497.86
SERIAL 01/01/2046 18,879.37 4.125% 100.000 18,879.37
SERIAL 07/01/2046 19,268.76 4.125% 100.000 19,268.76
SERIAL 01/01/2047 19,666.18 4.125% 100.000 19,666.18
SERIAL 07/01/2047 20,071.79 4.125% 100.000 20,071.79
SERIAL 01/01/2048 20,485.77 4.125% 100.000 20,485.77
SERIAL 07/01/2048 19,264.08 4.125% 100.000 19,264.08
703,174.54 703,174.54
USDA Rural Development Series B,2008:
SERIAL 01/01/2021 4,106.12 4.375% 100.000 4,106.12
SERIAL 07/01/2021 4,195.94 4.375% 100.000 4,195.94
SERIAL 01/01/2022 4,287.73 4.375% 100.000 4,287.73
SERIAL 07/01/2022 4,381.52 4.375% 100.000 4,381.52
SERIAL 01/01/2023 4,477.37 4.375% 100.000 4,477.37
SERIAL 07/01/2023 4,575.31 4.375% 100.000 4,575.31
Oct 13,2020 2:38 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,2020E(North Cascades Bank)
Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
USDA Rural Development Series B,2008:
SERIAL 01/01/2024 4,675.40 4.375% 100.000 4,675.40
SERIAL 07/01/2024 4,777.67 4.375% 100.000 4,777.67
SERIAL 01/01/2025 4,882.18 4.375% 100.000 4,882.18
SERIAL 07/01/2025 4,988.98 4.375% 100.000 4,988.98
SERIAL 01/01/2026 5,098.11 4.375% 100.000 5,098.11
SERIAL 07/01/2026 5,209.64 4.375% 100.000 5,209.64
SERIAL 01/01/2027 5,323.60 4.375% 100.000 5,323.60
SERIAL' 07/01/2027 5,440.05 4.375% 100.000 5,440.05
SERIAL 01/01/2028 5,559.05 4.375% 100.000 5,559.05
SERIAL 07/01/2028 5,680.66 4.375% 100.000 5,680.66
SERIAL 01/01/2029 5,804.92 4.375% 100.000 5,804.92
SERIAL 07/01/2029 5,931.90 4.375% 100.000 5,931.90
SERIAL 01/01/2030 6,061.66 4.375% 100.000 6,061.66
SERIAL 07/01/2030 6,194.26 4.375% 100.000 6,194.26
SERIAL 01/01/2031 6,329.76 4.375% 100.000 6,329.76
SERIAL 07/01/2031 6,469.22 4.375% 100.000 6,468.22
SERIAL 01/01/2032 6,609.72 4.375% 100.000 6,609.72
SERIAL 07/01/2032 6,754.30 4.375% 100.000 6,754.30
SERIAL 01/01/2033 6,902.05 4.375% 100.000 6,902.05
SERIAL 07/01/2033 7,053.04 4.375% 100.000 7,053.04
SERIAL 01/01/2034 7,207.32 4.375% 100.00o 7,207.32
SERIAL 07/01/2034 7,364.98 4.375% 100.000 7,364.98
SERIAL 01/01/2035 7,526.09 4.375% 100.000 7,526.09
SERIAL 07/01/2035 7,690.72 4.375% 100.000 7,690.72
SERIAL 01/01/2036 7,858.96 4.375% 100.000 7,858.96
SERIAL 07/01/2036 8,030.87 4.375% 100.000 8,030.87
SERIAL 01/01/2037 8,206.55 4.375% 100.000 8,206.55
SERIAL 07/01/2037 8,386.07 4.375% 100.000 8,386.07
SERIAL 01/01/2038 8,569.51 4.375% 100.000 8,569.51
SERIAL 07/01/2038 8,756.97 4.375% 100.000 8,756.97
SERIAL 01/01/2039 8,948.53 4.375% 100.000 8,948.53
SERIAL 07/01/2039 9,144.28 4.375% 100.000 9,144.28
SERIAL 01/01/2040 9,344.31 4.375% 100.000 9,344.31
SERIAL 07/01/2040 9,548.72 4.375% 100.000 9,548.72
SERIAL 01/01/2041 9,757.60 4.375% 100.000 9,757.60
SERIAL 07/01/2041 9,971.04 4.375% 100.000 9,971.04
SERIAL 01/01/2042 10,189.16 4.375% 100.000 10,189.16
SERIAL 07/01/2042 10,412.05 4.375% 100.000 10,412.05
SERIAL 01/01/2043 10,639.81 4.375% 100.000 10,639.81
SERIAL 07/01/2043 10,872.56 4.375% 100.000 10,872.56
SERIAL 01/01/2044 11,110.39 4.375% 100.000 11,110.39 '
SERIAL 07/01/2044 11,353.43 4.375% 100.000 11,353.43
SERIAL 01/01/2045 11,601.79 4.375% 100.000 11,601.79
SERIAL 07/01/2045 11,855.58 4.375% 100.000 11,855.58
SERIAL 01/01/2046 12,114.92 4.375% 100.000 12,114.92
SERIAL 07/01/2046 12,379.93 4.37S% 100.000 12,379.93
SERIAL 01/01/2047 12,650.74 4.375% 100.000 12,650.74
SERIAL 07/01/2047 12,927.48 4.375% 100.000 12,927.48
SERIAL 01/01/2048 13,210.23 4.375% 100.000 13,210.23
SERIAL 07/01/2048 13,499.24 4.375% 100.000 13,499.24
SERIAL 01/01/2049 9,404.14 4.375% 100.000 9,404.14
452,303.13 452,303.13
1,155,477.67 1,155,477.67
Remaining
Last Weighted
Call Issue Average
Date Date Maturity
Rustlewood Loan 92-03 10/27/2020 07/01/2008 16.5121
USDA Rural Development Series B,2008 10/27/2020 07/01/2008 16.9264
All Refunded Issues 10/27/2020 16.6743
Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 16
COST OF ISSUANCE
Mason County,Washington
Limited Tax General Obligation Refunding Bond,2020E(North Cascades Bank)
Cost of Issuance $/1000 Amount
Foster Garvey P.C.(Bond Counsel) 2.22023 2,609.62
Northwest Municipal.Advisors(Financial Advisor) 1.29284 1,519.58
3.51306 4,129.20
l
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Oct 13,2020 2:38 pm Prepared by Northwest Municipal Advisors (Finance 8.500 Mason County:REF2020) Page 17