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Title 3 REVENUE AND FINANCE

Chapters:

3.04 Sales and Use Tax

3.08 Additional Sales and Use Tax

3.12 Forest Excise Tax

3.16 911 Emergency System Excise Tax

3.20 Debt Management Policy

Chapter 3.04

SALES AND USE TAX

Sections:

3.04.010 Imposed–Collection.

3.04.020 Rate.

3.04.030 Administration.

3.04.040 Credits.

3.04.050 Records inspection.

3.04.060 Contract for administration and collection.

3.04.070 Violation–Penalty.

3.04.010 Imposed–Collection.

There is imposed a sales or use tax, as the case may be, upon every taxable event, as defined in Section 3, Chapter 94, Laws of 1970, First Extraordinary Session, occurring within the county of Lincoln. The tax shall be imposed upon and collected from those persons from whom the state sales or use tax is collected, pursuant to Chapters 82.08 and 82.12 RCW. (Ord. 70-02  I)

3.04.020 Rate.

The rate of the tax imposed by Section 3.04.020 shall be one-half of one percent of the selling price or value of the article, as the case may be. (Ord. 70-02  II)

3.04.030 Administration.

The administration and collection of the tax imposed by this chapter shall be in accordance with the provisions of Section 6, Chapter 94, Laws of 1970, First Extraordinary Session. (Ord. 70-02  III)

3.04.040 Credits.

There shall be allowed against the tax imposed by this chapter a credit for the full amount of any city sales or use tax imposed upon the same taxable event, as defined in Section 3, Chapter 94, Laws of 1970, First Extraordinary Session, upon which a tax is imposed by this chapter. (Ord. 70-02  IV)

3.04.050 Records inspection.

The county consents to the inspection of such records as are necessary to qualify the county for inspection of records of the department of revenue, pursuant to RCW 82.32.330. (Ord. 70-02  V)

3.04.060 Contract for administration and collection.

The chairperson of the board of county commissioners is authorized to enter into a contract with the Department of Revenue of the state of Washington for the collection and administration of the tax herein imposed. (Ord. 70-02  VI)

3.04.070 Violation–Penalty.

Any seller who fails or refuses to collect the tax as required with the intent to violate the provisions of this chapter, or to gain some advantage or benefit, either direct or indirect, and any buyer who refuses to pay any tax due under this chapter shall be guilty of a misdemeanor. (Ord. 70-02  VII)

Chapter 3.08

ADDITIONAL SALES AND USE TAX

Sections:

Article I. Retail Sales and Use Tax

3.08.010 Levied.

3.08.020 Collection.

3.08.030 Credits.

Article II. Criminal Justice Purpose Sales and Use Tax

3.08.040 Imposition.

3.08.050 Purpose.

3.08.060 Rate.

3.08.070 Administration.

3.08.080 Distribution.

3.08.090 Consent to inspection.

3.08.100 Contract.

3.08.110 Referendum.

3.08.120 Penalty.

Article III. Public Facilities Sales and Use Tax

3.08.130 Tax.

Article IV. Lodging Tax

3.08.210 Imposition.

3.08.220 Purpose.

3.08.230 Rate.

3.08.240 Credit provision.

3.08.250 Special fund created.

3.08.260 Administration.

Article V. Emergency Communications Systems and Facilities Sales and Use Tax

3.08.270 Tax imposed.

3.08.280 Special fund created.

Article I. Retail Sales and Use Tax

3.08.010 Levied.

Pursuant to RCW 82.14.030(2), there is levied and shall be distributed by the treasurer, an additional one-half of one percent retail sales and use tax within Lincoln County. (Res. 85-47 ? 2)

3.08.020 Collection.

Taxes imposed under this chapter shall be collected from persons who are taxable by the state under RCW 82.14.020. (Res. 85-47 ? 3)

3.08.030 Credits.

Pursuant to RCW 82.14.040(2), a credit shall be allowed against such county tax for the full amount of any city sales or use tax imposed under RCW 82.14.030(2) upon the same taxable event, up to the additional tax imposed by the county under RCW 82.14.030(2). (Res. 85-47 ? 6)

Article II. Criminal Justice Purpose Sales and Use Tax

3.08.040 Imposition.

An additional sales and use tax, as authorized by RCW 82.14.340, is levied and shall be collected from those persons who are taxable by the state pursuant to Chapters 82.08 and 82.12 RCW upon the occurrence of any taxable event within Lincoln County. (Ord. 94-05  1)

3.08.050 Purpose.

All funds collected from the imposition of this tax, except as otherwise authorized in this chapter, shall be expended exclusively for criminal justice purposes and shall not be used to replace or supplant existing funding. (Ord. 94-05  2)

3.08.060 Rate.

The rate of the additional tax imposed in this chapter shall be one-tenth of one percent of the selling price (in the case of a sales tax) or value of the article used (in the case of a use tax). (Ord. 94-05  3)

3.08.070 Administration.

The administration and collection of the tax imposed by this chapter shall be in accordance with the provisions of RCW 82.14.050. (Ord. 94-05  4)

3.08.080 Distribution.

When distributing funds collected under this section, the State Treasurer shall distribute ten (10) percent of the funds to Lincoln County. The remainder of the funds collected under this chapter shall be distributed to Lincoln County, the cities of Davenport, Harrington and Sprague, and the towns of Almira, Creston, Odessa, Reardan and Wilbur ratably based on population as last determined by the office of financial management. In making the distribution based on population, Lincoln County shall receive that proportion that the unincorporated county and the respective city(s) or town(s) shall receive that proportion that the city(s) or town(s) incorporated population bears to the total county population. (Ord. 94-05  5)

3.08.090 Consent to inspection.

Lincoln County consents to the inspection of such records as are necessary to qualify Lincoln County for inspection of records by the department of revenue. (Ord. 94-05  6)

3.08.100 Contract.

The board of commissioners, by its chairperson and clerk, are authorized to enter into a contract with the department of revenue for the administration of this additional sales and use tax. (Ord. 94-05  7)

3.08.110 Referendum.

The sales and use tax imposed in this chapter shall be subject to referendum as required by RCW 82.14.340. (Ord. 94-05  8)

3.08.120 Penalty.

Any seller who fails or refuses to collect tax as required, with the intent to violate the provisions of this Article II, or to gain some advantage or benefit, either direct or indirect, and any buyer who refuses to pay any tax due under this chapter, shall be guilty of a misdemeanor. (Ord. 94-05  9)

Article III. Public Facilities Sales and Use Tax

3.08.130 Tax.

  1. The Lincoln County board of commissioners does authorize an additional sales and use tax of 0.8 percent beginning August 1, 1999;
  2. The tax shall be deducted from the amount of tax otherwise required to be collected or paid to the department of revenue under Chapter 82.08 or 82.12 of the RCW;
  3. Such tax shall be collected by the department of revenue on behalf of the county at no cost to the county;
  4. The tax shall continue to be effective as long as collection is allowable by law;
  5. In accordance with Section 302 of RCW 82.14.380, proceeds from this tax shall be used only to finance public facilities; and
  6. A fund called the public facilities improvement fund shall be established for the proceeds of this tax and its use restricted in conformance to paragraph E above. (Res. 99-45)

Article IV. Lodging Tax

3.08.210 Imposition.

There is levied a basic excise tax of two percent on the sale of or charge made for the furnishing of lodging that is subject to tax under Chapter 82.08 RCW. The tax imposed applies to the sale of or charge made for the furnishing of lodging by a hotel, rooming house, tourist court, motel, or trailer camp, and the granting of any similar license to use real property, as distinguished from the renting or leasing of real property. It shall be presumed that the occupancy of real property for a continuous period of one month or more constitutes a rental or lease of real property and not a mere license to use or enjoy same. (Res. 04-109 (part))

3.08.220 Purpose.

All funds collected from the imposition of this tax shall be used solely for the purpose of paying all or any part of the cost of tourism promotion, acquisition of tourism-related facilities, or the operation of tourism-related facilities, as authorized in Chapter 67.28 RCW. (Res. 04-109 (part))

3.08.230 Rate.

The rate of the tax shall be two percent, which shall be deducted from the amount of tax the seller would otherwise be required to collect and pay to the Department of Revenue under Chapter 82.08 RCW. (Res. 04-109 (part))

3.08.240 Credit provision.

Pursuant to Chapter 67.28 RCW, a credit is allowed against the county tax for the full amount of any city or town tax imposed under this section upon the same taxable event. (Res. 04-109 (part))

3.08.250 Special fund created.

There is created a special fund in the county treasurer’s office and all taxes collected under this chapter shall be placed in this special fund, to be used as outlined in Section 3.08.220 of this chapter. (Res. 04-109 (part))

3.08.260 Administration.

The Department of Revenue is designated as agent for the county for the purposes of collection and administration of the tax, and the department is authorized to prescribe and utilize such forms and reporting procedures as the department shall deem necessary and appropriate. The administration and collection of the tax imposed by this chapter shall be in accordance with the provisions of Chapters 82.08 and 82.32 RCW; provided that the department shall receive no reimbursement for administrative costs. (Res. 04-109 (part))

Article V. Emergency Communications Systems and Facilities Sales and Use Tax

3.08.270 Tax imposed.

A sales and use tax of one-tenth of one percent is, fixed and imposed in accordance with Chapter 82.14 RCW to be collected from those persons who are taxable by the state under Chapters 82.08 and 82.12 RCW upon the occurrence of any taxable event within the county, effective January 1, 2006. (Res. 05-87 (part))

3.08.280 Special fund created.

A special fund is created, emergency communications tax fund, 132.002.001. (Res. 05-87 (part))

Chapter 3.12

FOREST EXCISE TAX*

Sections:

3.12.010 Tax imposed.

3.12.020 Determination of tax.

3.12.030 Administration and collection.

3.12.040 Timber tax account.

3.12.050 Contract with Department of Revenue.

3.12.060 Agreement to inspection of records.

* Prior ordinance history: Ord. 84-1.

3.12.010 Tax imposed.

There is imposed and shall be collected, on and after January 1, 2005, an excise tax on every person in the county engaging in business as a harvester as defined by RCW 84.33.035. The tax shall be paid, collected and remitted to the Department of Revenue of the state of Washington at the time and in the manner prescribed by RCW 84.33.086. (Ord. 05-01  1)

3.12.020 Determination of tax.

The tax shall be equal to the stumpage value of the timber, as defined in RCW 84.33.035, harvested from privately owned land within the county, multiplied by a rate of four percent, and harvested from publicly owned land within the county, multiplied by the following rates:

  1. For timber harvested January 1, 2005, through December 31, 2005, 1.2 percent;
  2. For timber harvested January 1, 2006, through December 31, 2006, 1.5 percent;
  3. For timber harvested January 1, 2007, through December 31, 2007, 1.8 percent;
  4. For timber harvested January 1, 2008, through December 31, 2008, 2.1 percent;
  5. For timber harvested January 1, 2009, through December 31, 2009, 2.4 percent;
  6. For timber harvested January 1, 2010, through December 31, 2010, 2.7 percent;
  7. For timber harvested January 1, 2011, through December 31, 2011, 3.1 percent;
  8. For timber harvested January 1, 2012, through December 31, 2012, 3.4 percent;
  9. For timber harvested January 1, 2013, through December 31, 2013, 3.7 percent;
  10. For timber harvested January 1, 2014, and thereafter, 4.0 percent.

Any harvester, as defined in RCW 84.33.035, incurring less than fifty dollars ( 50.00) tax liability in any calendar quarter, is excused from the payment of the tax imposed by Section 3.12.010 of this chapter, but may be required by the Department of Revenue to file a return even though no tax may be due. (Ord. 05-01  2)

3.12.030 Administration and collection.

The administration and collection of the tax imposed by this chapter shall be in accordance with the provisions of RCW Chapter 84.33 and all sections of RCW Chapter 82.32 (as now existing or hereafter amended), except RCW 82.32.045 and 82.32.270, shall apply with reference to the taxes imposed under this chapter. (Ord. 05-01  3)

3.12.040 Timber tax account.

There is created a county timber tax account for deposit of moneys distributed to the county as provided by RCW 84.33.081(1). (Ord. 05-01  4)

3.12.050 Contract with Department of Revenue.

The county is authorized to contract with the Department of Revenue for the administration and collection of the tax imposed by Section 3.12.010 of this chapter and to provide in such agreement for payment of the costs of collection and administration incurred by the Department of Revenue as directed by RCW 84.33.081. The prosecuting attorney of the county shall first approve the form and content of the contract. (Ord. 05-01  5)

3.12.060 Agreement to inspection of records.

The county agrees to give to the Department of Revenue such facts and information and to permit the department to inspect its records in connection with the imposition, collection and administration of the tax imposed by Section 3.12.010 of this chapter, as may be necessary to permit the county to obtain facts and information from, and inspect the records of, the Department of Revenue to facilitate the administration of the tax and insure the correct distribution of its proceeds as provided by RCW Chapter 84.33. (Ord. 05-01  6)

Chapter 3.16

911 EMERGENCY SYSTEM EXCISE TAX

Sections:

Article I. Telephone Switched Access Lines

3.16.010 Enhanced 911 line excise tax.

3.16.020 Use of proceeds.

3.16.030 Special account created–Purpose.

3.16.040 Remittance and deposit of taxes.

3.16.050 Effective date of tax–Notice to local exchange companies.

Article II. Radio Access Lines

3.16.060 Levied.

3.16.070 Collection–Billing statement.

3.16.080 Report and remittance.

3.16.090 Refunds.

3.16.100 Notice to service companies.

3.16.110 Administration.

Article I. Telephone Switched Access Lines

3.16.010 Enhanced 911 line excise tax.

  1. An Enhanced 911 excise tax in the amount of fifty cents ( 0.50) per month for each telephone switched access line, as defined in RCW 84.14B.020(3), is imposed on each switched access line in Lincoln County.
  2. Taxes imposed under this section shall be collected from the user by the local exchange company, as defined in RCW 82.14B.020(4) and 80.04.010, providing the switched access line. The local exchange company shall state the amount of tax separately on the billing statement which is sent to the user. (Ord. 92-01  1)

3.16.020 Use of proceeds.

The proceeds of this tax shall be used for an ?Enhanced 911 telephone system? as defined in RCW 82.14B.020(2), which system shall be implemented no later than December 31, 1998. (Ord. 92-01  2)

3.16.030 Special account created–Purpose.

There is created a special account within the TSC–911 communications fund known as the ?Enhanced 911–utility tax.? All taxes levied herein shall be placed in said account for the purpose of paying all or any part of the cost of all expenses related to the planning, acquisition, installation, addition, improvement, replacement, repair, maintenance, or operation of an enhanced 911 telephone system, including reimbursement to the local exchange companies for actual costs of administration and collection of the tax imposed. (Ord. 92-01  3)

3.16.040 Remittance and deposit of taxes.

  1. The local exchange company shall remit all taxes collected within thirty (30) days following the collection month to the Lincoln County treasurer.
  2. The treasurer shall deposit the taxes received from the local exchange company in the special account referenced in Section 3.16.030.
  3. The treasurer shall invest the taxes received from the local exchange company and the fund generated by investments shall be deposited in the special account. (Ord. 92-01  4)

3.16.050 Effective date of tax–Notice to local exchange companies.

The effective date of the tax herein imposed shall be January 1, 1993 and notice of the tax shall be provided by Lincoln County to the local exchange companies serving in the county at least sixty (60) days in advance of the date of which the first payment is due. (Ord. 92-01  5)

Article II. Radio Access Lines

3.16.060 Levied.

Pursuant to Chapter 82.14B RCW, there is levied an excise tax of fifty cents ( .50) per month on each radio access line, for which the address of the end user set forth in the records of the radio communications service company providing such radio access lines is located in Lincoln County, to assist in financing the Lincoln County emergency services communications system. (Ord. 02-02: Ord. 94-01 ? 1)

3.16.070 Collection–Billing statement.

Each radio communications service company providing radio access lines to end users in Lincoln County is required to collect the tax imposed by Section 3.16.060, in trust for Lincoln County. The tax imposed by Section 3.16.060 shall be set forth separately on each billing statement sent to each end user by a radio communications service company. (Ord. 94-01  2)

3.16.080 Report and remittance.

Each radio communications service company shall report and remit to the Lincoln County treasurer using forms prescribed by the treasurer, the amount of tax to be collected by each within thirty (30) days following the month in which collection is to take place. (Ord. 94-01  3)

3.16.090 Refunds.

In the event that the tax or any portion thereof imposed by Section 3.16.070 is ordered to be refunded by final judgment of a court of record, the county shall, upon presentation of a certified copy of the final judgment, pay to each radio communications service company the portion of the ordered refund attributable to tax collected by the company, in trust for the benefit of end users from whom the tax was collected. Each company is required to promptly remit, to each end user who paid tax for which refund was ordered, the duly allocable portion of the refund held in trust. To the extent end users entitled to refund cannot be identified or located by the company with exercise of due diligence within three months of the date refund is received in trust by the company, the company shall return the undistributed trust funds and accumulations to the county, together with the last known name and address of each person entitled thereto, and the portion to which each is entitled. (Ord. 94-01  4)

3.16.100 Notice to service companies.

The Lincoln County treasurer is directed to provide notice of the tax imposed by Section 3.16.070 to each radio communications service company providing radio access lines in Lincoln County, at least sixty (60) days prior to the effective date of the tax. (Ord. 94-01  5)

3.16.110 Administration.

The Lincoln County treasurer is authorized to adopt administrative requirements for collection similar to those applying to providers collecting excise tax on switched access lines, giving due regard to the statutory, regulatory and operational differences between the providers of switched access lines and radio access lines. (Ord. 94-01  6)

Chapter 3.20

DEBT MANAGEMENT POLICY

Sections:

3.20.010 Purpose of policy.

3.20.020 Purposes for which debt may be issued.

3.20.030 Legal debt limitations established by RCW or by policy.

3.20.040 Types of debt permitted to be issued.

3.20.050 Structure and term of county indebtedness.

3.20.060 Credit objectives.

3.20.070 Method of sale.

3.20.080 Selection of external finance professionals.

3.20.090 Refunding of county indebtedness.

3.20.100 Disclosure.

3.20.110 Compliance with federal law provisions, including arbitrage provisions.

3.20.120 Investment of bond proceeds.

3.20.010 Purpose of policy.

The purpose of the county’s debt management policy is threefold:

  1. The policy establishes criteria for the issuance of debt obligations so as not to exceed acceptable levels of indebtedness.
  2. The debt policy is also intended to serve as an aid to potential investors and bond rating agencies.
  3. The debt policy is intended to provide consistency and continuity to public policy development. (Res. 02-33 Exh. 1 (part))

3.20.020 Purposes for which debt may be issued.

  1. The incurrence of debt must meet a pubic purpose; there must be a relationship between the improvement being financed and the public’s benefit.
  2. The county generally will issue debt for the purpose of acquiring or constructing capital improvements, for acquiring equipment and other personal property, and for making major renovations to existing capital improvements. (Res. 02-33 Exh. 1 (part))

3.20.030 Legal debt limitations established by RCW or by policy.

  1. The county shall as a matter of policy, conduct their finances so that the amount of direct, non-self-supporting unlimited tax general obligations debt outstanding at any time that is subject to approval by the voters does not exceed two and one-half percent of the county’s assessed valuation.
  2. The county shall, as a matter of policy, conduct their finances so that the amount of direct, non-self-supporting limited tax general obligation debt outstanding at any time that is subject to the approval by the voters does not exceed one and one-half percent of the county’s assessed valuation (RCW 39.36.020).
  3. In addition, the county shall establish debt issuance ceiling guidelines based upon:
  4. Ratio of debt to per capita population;
  5. Ratio of debt to county personal income statistics;
  6. Ratio of debt as a percent of net revenues collected;
  7. Ratio of debt to current expenditures or tax system revenues;
  8. Tax-exempt market factors affecting interest costs (interest rates, credit rating, etc.). (Res. 02-33 Exh. 1 (part))

3.20.040 Types of debt permitted to be issued.

  1. General Obligation Bonds. Bonds secured by a pledge of the county’s full faith and credit. These bonds may be voter approved or non-voter approved and may consist of:
  2. Unlimited tax general obligation bonds;
  3. Limited tax general obligation bonds.
  4. Revenue Bonds. Bonds secured by a pledge of the revenues of an enterprise.
  5. Bond Anticipation Notes. Debt instruments issued by the county to obtain interim financing for projects eventually to be funded through the sale of bonds.
  6. Special Assessment Debt. Bonds whose proceeds are used to finance projects for the specific benefit of adjacent property owners land for which there has been attached liens against such property. The special assessment of each property benefited is the primary source of payments for these bonds.
  7. Refunding Bonds. Bonds issued to either payoff existing indebtedness or advance refund existing indebtedness, the purpose of which is usually to seek a lower net interest cost to the county. These may be issued when advantageous, legally permissible, and prudent.
  8. Lease–Purchase Obligations. Short-term obligations used to finance the acquisition of capital equipment and furnishings with estimated useful lives of less than ten (10) years.
  9. Taxable Bonds. If there is an advantage to do so, the county may issue taxable bonds in place of tax-exempt bonds.
  10. Short-term Lines of Credit. Where their use is judged by the finance committee to be prudent and advantageous to the county, the county may enter into agreements with commercial banks for purposes of acquiring lines of credit. The board of Lincoln County commissioners must approve any agreements for short-term lines of credit. Lines of credit entered into by the county shall be in support of the approved capital improvement plan. (Res. 02-33 Exh. 1 (part))

3.20.050 Structure and term of county indebtedness.

  1. Debt Repayment. Debt repayment schedules for each bond issue will be structured so as to not extend beyond the economic useful life of the project or improvement being financed.
  2. Rapidity of Debt Repayment. Borrowings by the county should be of a duration that does not exceed the economic life of the improvement. Also, the county and districts, to the extent possible, should design the repayment of debt so as to recapture rapidly its credit capacity for future use.
  3. Use of Variable-rate Securities. When appropriate, the county may choose to issue securities that pay a rate of interest that varies according to a predetermined formula or results from a periodic remarking of the securities. The decision to issue such securities shall be reviewed and approved by the finance committee.
  4. Debt repayment schedules may be structured in such a way that either level payments are made over the life of the bond issue or level principal payments are made over the life of the bond issue. (Res. 02-33 Exh. 1 (part))

3.20.060 Credit objectives.

  1. Rating Agencies. The finance committee will be responsible for determining whether or not a rating will be requested on a particular financing for the county and which of the major rating agencies will be asked to provide such a rating.
  2. Minimum Long-Term Rating Requirements. The county’s rating requirement for its direct, long-term debt obligations shall, at a minimum, be an investment grade rating from at least one of a nationally recognized rating agency. (Res. 02-33 Exh. 1 (part))

3.20.070 Method of sale.

  1. Negotiated Sale. The county will seek to issue its debt obligations in a negotiated sale unless it is determined that such a sale method will not produce the best results for the county. Such determination shall be made jointly by the finance committee and the board of Lincoln County commissioners. Such determination may be made on an issue-by-issue basis, for a series of issues, or for part or all of a specific financing program. Selection of the underwriting team shall be made according to selection procedures set forth in this debt policy, consistent with the county code.
  2. Competitive Sale. When it is determined to be appropriate upon joint approval of the finance committee and the board of Lincoln County commissioners, the county may elect to sell its debt obligations through a competitive sale.
  3. Private Placement. When determined appropriate by the finance committee and the board of Lincoln County commissioners, the county may elect to sell its debt obligations through a private placement or limited public offering. Selection of a placement agent shall be made according to selection procedures developed by the finance committee. (Res. 02-33 Exh. 1 (part))

3.20.080 Selection of external finance professionals.

  • Bond Counsel. Recommendations for selection of bond counsel shall be made to the Lincoln County board of county commissioners by the finance committee after reviewing the qualifications of the respective bond counsel firm.
  • Underwriters. Proposals for underwriting services shall be solicited for all debt issued in a negotiated or private placement sale. The selection of underwriters may be for an individual or series of financing, or a specified time period.
  • Financial Advisor. The finance committee shall make recommendations to the board of Lincoln County commissioners regarding the selection of financial advisors to be employed and the duration of such employment. The time period for employment may relate to an individual or a series of financings or for a specific period of time.
  • Paying Agents. The paying agents are the state of Washington fiscal agent or the county Treasurer. (Res. 02-33 Exh. 1 (part))
  • 3.20.090 Refunding of county indebtedness.

    1. Debt Service Savings. The county may issue advance refunding or current refunding bonds when advantageous, legally permissible and prudent. The net present value savings, expressed as a percentage of the refunding bonds, shall be determined by the finance committee.
    2. Restructuring of Debt. The county may choose to refund outstanding indebtedness when existing bond covenants or other financial structures impinge on prudent and sound financial management. The finance committee, upon a finding that restructuring is in the county’s overall best financial interests, may waive savings requirements outlined above.
    3. Open Market Purchases. The county may choose to defease its outstanding indebtedness through purchases of its securities on the open market when market conditions make such an option financially feasible and subject to resources available. These purchases will be coordinated with the designated fiscal agent for the county. (Res. 02-33 Exh. 1 (part))

    3.20.100 Disclosure.

    The treasurer will be responsible for providing ongoing disclosure information to established national information repositories and for maintaining compliance with disclosure standard promulgated by state and national regulatory bodies. This information will include, but not be limited to, audited financial statements. (Res. 02-33 Exh. 1 (part))

    3.20.110 Compliance with federal law provisions, including arbitrage provisions.

    1. The treasurer will establish a system of record keeping and reporting to meet the arbitrage rebate compliance requirements of the federal tax code. This effort will include tracking investment earnings on bond proceeds, calculating rebate payments in compliance with tax law and remitting any rebatable earnings to the federal government in a timely manner in order to preserve the tax-exempt status of the county’s outstanding debt issues.
    2. Investment earnings from bond sale proceeds will be reported by the treasurer and booked to the appropriate fund account in the county’s monthly financial report.
    3. General financial reporting and certification requirements embodied in bond covenants will be monitored by the treasurer to ensure that all covenants are complied with. (Res. 02-33 Exh. 1 (part))

    3.20.120 Investment of bond proceeds.

    1. The treasurer will accomplish investment of the bond proceeds. The treasurer of the county has been delegated the responsibility to prudently invest in those investment instruments authorized by state statute RCW 39.58.
    2. The treasurer is responsible to consult with the appropriate departments to select investments timed to mature in accordance with the cash flow needs of the capital project(s) being financed by the bonds.
    3. The treasurer will at all times follow the guidelines outlined in the Lincoln County treasurer’s investment policy. Investment transactions that are unusual in nature as to amount or type of investment will consider timing of case flow needs and require the written authorization of the treasurer documented on the Authorization to Invest Form before execution.
    4. Bond proceeds will not be invested in any derivative products. (Res. 02-33 Exh. 1 (part))