File #: 2014-0296    Version:
Type: Motion Status: Passed
File created: 7/14/2014 In control: Metropolitan King County Council
On agenda: Final action: 7/14/2014
Enactment date: Enactment #: 14170
Title: A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation and Refunding Bonds, 2014, Series C, in the aggregate principal amount of $25,515,000; and establishing certain terms of such bonds in accordance with Ordinance 16994, as amended by Ordinance 17519, and Ordinance 17564.
Sponsors: Joe McDermott
Attachments: 1. Motion 14170.pdf, 2. A. Errata Notice and Amended Notice of Sale, 3. B. RBC Capital Markets - New York, NY's Bid $24,480,000 Limited Tax General Obligation and Refunding Bonds, 2014, Series C, 4. C. All Other Bids, 5. D. Description of the Bonds, 6. A. Errata Notice and Amended Notice of Sale, 7. B. RBC Capital Markets - New York, NY's Bid $24,480,000 Limited Tax General Obligation and Refunding Bonds, 2014, Series C, 8. C. All Other Bids, 9. D. Description of the Bonds
Drafter
Clerk 07/14/2014
Title
A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation and Refunding Bonds, 2014, Series C, in the aggregate principal amount of $25,515,000; and establishing certain terms of such bonds in accordance with Ordinance 16994, as amended by Ordinance 17519, and Ordinance 17564.
Body
WHEREAS, pursuant to Ordinance 15925 and Motion 12630 (together, "the 2007 Bond Legislation"), the county council authorized the issuance of its Limited Tax General Obligation Bonds, 2007, Series E ("the 2007 Bonds") to provide long-term financing to upgrade the county's PeopleSoft Human Resource Management System and the Oracle financial system, for capital improvement projects for the county's Solid Waste Division, and to pay the costs of issuance and sale of the 2007 Bonds and by that ordinance reserved the right to redeem the 2007 Bonds prior to their maturity, at a price of par plus accrued interest to the date fixed for redemption; and
WHEREAS, pursuant to Ordinance 17564 ("the Refunding Ordinance"), the county council authorized, among other things, the issuance of one or more series of its limited tax general obligation bonds to refund certain outstanding limited tax general obligation bonds of the county, including the 2007 Bonds, in an aggregate principal amount that does not exceed the county's debt capacity at the time of issuance of those bonds; and
WHEREAS, there are presently outstanding $25,095,000 par value of 2007 Bonds maturing on December 1 of each of the years 2018 through 2025, inclusive, and 2027, all bearing interest at the rate of 5.00%; and
WHEREAS, the county has determined that a debt service savings will be realized by refunding a portion of the 2007 Bonds; and
WHEREAS, pursuant to Ordinance 16994, as amended by Ordinance 17519 (together, "the Improvement Ordinance"), the county council authorized the issuance of one or more series of its limited tax genera...

Click here for full text