File #: 2015-0479    Version:
Type: Motion Status: Passed
File created: 11/16/2015 In control: Metropolitan King County Council
On agenda: Final action: 11/16/2015
Enactment date: Enactment #: 14459
Title: A MOTION of the county council accepting a bid for the purchase of the county's Junior Lien Sewer Revenue Bonds, 2015 Series A and B, in the aggregate principal amount of $100,000,000, and establishing certain terms of such bonds, all in accordance with Ordinance 18141.
Sponsors: Joe McDermott
Attachments: 1. Motion 14459.pdf, 2. A. Official Notice of Sale, 3. B. Winning Bid for Series A Bonds, 4. C. All Remaining Bids for Series A Bonds, 5. D. Winning Bid for Series B Bonds, 6. E. All Remaining Bonds for Series B Bonds, 7. F. Description of the Bonds, 8. G. Form of Bond, 9. A. Official Notice of Sale, 10. B. Winning Bid for Series A Bonds, 11. C. All Remaining Bids for Series A Bonds, 12. D. Winning Bid for Series B Bonds, 13. E. All Remaining Bonds for Series B Bonds, 14. F. Description of the Bonds, 15. G. Form of Bond
Drafter
Clerk 11/16/2015
title
A MOTION of the county council accepting a bid for the purchase of the county's Junior Lien Sewer Revenue Bonds, 2015 Series A and B, in the aggregate principal amount of $100,000,000, and establishing certain terms of such bonds, all in accordance with Ordinance 18141.
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WHEREAS, pursuant to Ordinance 12057, as amended by Ordinance 14173, the council authorized the issuance of its sewer revenue bonds and issued its Sewer Revenue Bond Anticipation Notes, Commercial Paper Series A ("the Commercial Paper Notes"), and a bank note to secure payment of the Commercial Paper Notes ("the Bank Note") to finance the construction of improvements to the Sewer System in anticipation of the issuance of its sewer revenue bonds, and
WHEREAS, there is presently outstanding $100,000,000 par value of Commercial Paper Notes, and
WHEREAS, pursuant to Ordinance 12057, as amended by Ordinance 14173, the authority of the county to issue the Commercial Paper Notes expires on December 1, 2016, and
WHEREAS, pursuant to Ordinance 18141, passed by the council on October 26, 2015 ("the Bond Ordinance"), the council authorized the issuance of its junior lien sewer revenue bonds in the aggregate principal amount of $100,000,000 ("the Bonds") to pay all or a portion of the principal of and interest on the Commercial Paper Notes and to pay the costs of issuing the Bonds, and
WHEREAS, the Bond Ordinance authorizes the sale of the Bonds in one or more series, as multimodal bonds or otherwise, as Tax-Exempt 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 advisor, and
WHEREAS, the Finance Director has determined that $100,000,000 principal amount of Bonds be sold by competitive bid in two series, to be designated as the county's Junior Lien Sewer Revenue Bonds, Series 2015A ("the Seri...

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