File #: 2012-0117    Version:
Type: Motion Status: Passed
File created: 3/26/2012 In control: Metropolitan King County Council
On agenda: Final action: 3/26/2012
Enactment date: Enactment #: 13649
Title: A MOTION of the county council approving a purchase contract for the county's Sewer Revenue and Refunding Bonds, 2012, in the aggregate principal amount of $104,445,000 and establishing certain terms of such bonds, approving a purchase contract for the county's Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenues), 2012, in the aggregate principal amount of $68,395,000 and establishing certain terms of such bonds, and approving a plan of refunding from proceeds of the two series of bonds, all in accordance with Ordinance 17111.
Sponsors: Joe McDermott
Attachments: 1. Motion 13649.pdf, 2. A. Sewer Revenue Bond Purchase Contract, 3. B. LTGO Sewer Bond Purchase Contract, 4. C. Escrow Deposit Agreement, 5. A. Sewer Revenue Bond Purchase Contract, 6. B. LTGO Sewer Bond Purchase Contract, 7. C. Escrow Deposit Agreement
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A MOTION of the county council approving a purchase contract for the county's Sewer Revenue and Refunding Bonds, 2012, in the aggregate principal amount of $104,445,000 and establishing certain terms of such bonds, approving a purchase contract for the county's Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenues), 2012, in the aggregate principal amount of $68,395,000 and establishing certain terms of such bonds, and approving a plan of refunding from proceeds of the two series of bonds, all in accordance with Ordinance 17111.
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WHEREAS, the county council by Ordinance 17111 passed on June 20, 2011 (the "Bond Ordinance"), authorized the issuance and sale of bonds of the county payable from sewer revenues, as follows: (i) $300,000,000 aggregate principal amount of bonds to pay costs of certain capital improvements to the county's sewer system (the "System") in accordance with the county's comprehensive water pollution abatement plan (the "Project Bonds"), and (ii) not to exceed $1,200,000,000 aggregate principal amount of bonds to refund certain outstanding bonds payable from sewer revenues (the "Refunding Bonds"), and
WHEREAS, the Bond Ordinance authorizes such bonds to be sold in one or more series, as Parity Bonds or Parity Lien Obligations (as such terms are defined in the Bond Ordinance), as Tax-Exempt Bonds, Tax-Benefited Bonds or otherwise, and by negotiated sale or competitive bid, as determined by the county's director of finance and business operations division (the "Finance Director") in consultation with the county's financial advisors, and
WHEREAS, the county issued and sold Project Bonds in the principal amount of $70,000,000 as part of its Sewer Revenue and Refunding Bonds, 2011 Series B, dated October 5, 2011, and
WHEREAS, the county issued and sold Refunding Bonds in the principal amount of $424,270,000 as part of its Sewer Revenue and Refunding Bonds, 2011 Series B, dated October 5, 2011, and
WHEREAS, the count...

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