Drafter
Clerk 06/30/2014
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A MOTION of the county council approving a tender and purchase contract for the county's Sewer Revenue Refunding Bond, 2014 Series A, to be issued in the aggregate principal amount of $75,000,000, to refund on a current basis a portion of the county's Sewer Revenue Bonds, 2007, establishing certain terms of the bond, and providing for the application of the proceeds of the bond, all in accordance with Ordinance 17599.
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WHEREAS, pursuant to Ordinance 17599 ("the Ordinance"), the county council authorized the issuance of sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) of the county in an aggregate principal amount not to exceed $300,000,000 to provide funds for acquiring and constructing improvements to the sewer system and an aggregate principal amount not to exceed $950,000,000 for refunding outstanding bonds of the county payable from sewer revenues, and
WHEREAS, the Ordinance identified the Sewer Revenue Bonds, 2007 ("the 2007 Bonds") issued in the aggregate principal amount of $250,000,000 pursuant to Ordinance 15758 adopted on May 7, 2007 ("the 2007 Ordinance") and sold pursuant to Motion 12528 adopted on June 11, 2007 ("the 2007 Motion" and, together with the 2007 Ordinance, "the 2007 Bond Authorization") as a "Refunding Candidate" authorized to be refunded pursuant to the Ordinance, and
WHEREAS, pursuant to the 2007 Bond Authorization, the 2007 Bonds maturing on or after January 1, 2018, are subject to redemption in whole or in part at any time on or after July 1, 2017, at the price of par plus accrued interest, if any, to the date of redemption, and
WHEREAS, $75,000,000 of the 2007 Bonds maturing on January 1, 2047 ("the 2007 Citi Bonds"), currently are owned by Citibank, N.A., a national banking association ("the Bank"), and
WHEREAS, the Bank has offered to tender to the county the 2007 Citi Bonds for purchase in exchange for a Sewer Revenue and Refunding ...

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