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File #: 2013-0511    Version:
Type: Motion Status: Passed
File created: 12/9/2013 In control: Metropolitan King County Council
On agenda: Final action: 12/9/2013
Enactment date: Enactment #: 14013
Title: A MOTION of the county council approving a purchase contract for the county's Limited Tax General Obligation Refunding Bonds, 2013, Series B, in the aggregate principal amount of $42,820,000, establishing certain terms of the bonds, and approving a plan to refund a portion of the bonds issued to finance the Chinook Building and related parking facility, all in accordance with Ordinance No. 17659.
Sponsors: Joe McDermott
Attachments: 1. Motion 14013.pdf, 2. A. Bond Purchase Contract
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A MOTION of the county council approving a purchase contract for the county's Limited Tax General Obligation Refunding Bonds, 2013, Series B, in the aggregate principal amount of $42,820,000, establishing certain terms of the bonds, and approving a plan to refund a portion of the bonds issued to finance the Chinook Building and related parking facility, all in accordance with Ordinance No. 17659.
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WHEREAS, pursuant to Ordinance No. 17659 (the "Ordinance"), the county council authorized the issuance of one or more series of its limited tax general obligation bonds in an aggregate principal amount not to exceed $100,000,000 to redeem all or a portion of the Goat Hill Properties Lease Revenue Bonds, 2005 (King County, Washington, Governmental Office Building Project) (the "GHP Bonds") prior to their scheduled maturity, and to pay the costs and expenses of issuing each series of the bonds and, if applicable, costs of the Chinook Building Transfer, as defined and described in the Ordinance, and
WHEREAS, the Ordinance directed that the county's director of finance and business operations division (the "Finance Director") determine, in consultation with the county's financial advisor, whether the bonds should be sold in one or more series, the timing of the sale of each series of bonds, whether the bonds should be structured as Tax-Exempt Bonds, and whether a series of bonds should be sold by negotiated sale or competitive bid or for current or future delivery, and
WHEREAS, the Finance Director has determined that $42,820,000 principal amount of Limited Tax General Obligation Refunding Bonds, 2013, Series B (the "2013B Bonds") should be sold by negotiated sale in a single series, structured as Tax-Exempt Bonds for current delivery, and
WHEREAS, pursuant to the Ordinance, a preliminary official statement dated November 22, 2013, was prepared and distributed for the sale of the 2013B Bonds, and the Finance Director has negotiated the sale of the 2013B...

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