Drafter
Clerk 06/06/2012
Title
AN ORDINANCE relating to contracting indebtedness; authorizing and providing for the issuance and sale of limited tax general obligation (LTGO) refunding bonds and unlimited tax general obligation refunding bonds, in one or more series, for the purpose of paying all or part of the cost of refunding certain of the county's outstanding limited tax general obligation bonds and unlimited tax general obligation bonds, and the costs of issuing and selling the bonds; providing for the terms, covenants and manner of sale of the bonds; and providing for agreements and activities in connection with the disposition of the proceeds of the Bonds.
Body
PREAMBLE:
King County (the "county") has issued the limited tax general obligation bonds and unlimited tax general obligation bonds listed in and pursuant to the ordinances and motions set forth in Attachment A to this ordinance (the "Refunding Candidates").
The county has determined it to be in the best interest of the county that it authorize the issuance and sale, subject to the provisions of this ordinance, of limited tax general obligation refunding bonds and unlimited tax general obligation refunding bonds (collectively, the "Bonds"), in one or more series, for the purpose of paying all or part of the cost of refunding all or a portion of the Refunding Candidates and of paying all or part of the costs of issuance and sale of the Bonds.
This ordinance will allow the refunding of any Refunding Candidates (including bonds later designated as Refunding Candidates consistent with this ordinance) only if the refunding provides a net present value savings which is in compliance with the county's Debt Management Policy (hereinafter defined).
RCW 39.53.020 authorizes the county to issue refunding bonds, and RCW 39.53.100 provides that in computing indebtedness for the purpose of any constitutional or statutory debt limitation there shall be deducted from the amount of outstanding indebtedness the a...
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