HomeMy WebLinkAbout2024.09.17 PPFD Doc A Dist at Mtg by M MorrissetteSeptember 6, 2024
1. PFD promises to pay bond repayment before operating subsidy payment.
2. Only collateral promised is sales tax collection.
3. Annual basis, SEC requires audited financial statements of PFD.
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4. Exhibit A — page A-1- paragraph (a) — bonds issued shall not exceed $52,000,000.
5. Resolution —page 5 — maximum bonding amount authorized by PFD's Resolution is "within the amount
permitted."
Permitted amount comes from Washington state's 1889 constitution.
A limit was written into the Constitution protecting Farmers from excessive government
borrowing.
The $52,000,000 is within the $12 billion taxable property value inside the PFD, multiplied by
one half of one percent (.005) _ $61 million.
6. Expected bonding amount is $50,810,000.
7. Marc Greenough explain PFD Board members liability protection regarding bonding?
Mark Morrissette
09-17-2024