Drafter
Clerk 03/21/2016
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AN ORDINANCE modifying the Projects to be financed with proceeds of the bonds authorized by Ordinance 17794 to include the Conservation Futures Projects as additional Projects; and amending Ordinance 17794, Section 1 and Ordinance 17794, Section 12.
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PREAMBLE:
Pursuant to Ordinance 17794, the county authorized the issuance of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $17,750,000 to provide long-term financing for the Projects described therein, consisting of the Surface Water Management Projects and the Tall Chief Acquisition Project.
Ordinance 17794 provides that any of the Projects may be modified where deemed advisable or necessary in the judgment of the county council, and implementation or completion of any authorized component thereof shall not be required if the county council determines that it has become inadvisable or impractical.
Ordinance 17794 further provides that if the completion of all or any of the Projects is found to be inadvisable or impractical, the county may apply any remaining proceeds of the Bonds, or any portion thereof, to the acquisition or improvement of other county capital projects as the county council in its discretion may determine.
Pursuant to Motion 14143, the county authorized the sale of the 2014B Bonds as a single series of Tax-Exempt Obligations pursuant to Ordinance 17794 in the original aggregate amount of $15,395,000.
On the Date of Issue, the county intended to allocate a portion of the proceeds of the 2014B Bonds to reimburse itself for capital expenditures made prior to the Date of Issue in connection with the acquisition of the Tall Chief Golf Course pursuant to the Tall Chief Acquisition Project.
Subsequent to the Date of Issue, the county determined to sell the Tall Chief Golf Course in a transaction that would result in its private business use.
In light of such decision and consiste...

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