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A MOTION of the county council approving the final aggregate principal amount, interest payment dates, interest rates, maturity schedule and principal amounts per maturity, and redemption provisions of the county's Limited Tax General Obligation Refunding Bonds, 2012, Series C, all in accordance with Ordinance 17363.
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WHEREAS, pursuant to Ordinance 17363 (the "Bond Ordinance"), the county authorized the issuance of county limited tax general obligation refunding bonds to provide all or part of the funds with which to pay the cost of refunding, defeasing, or refunding and defeasing, all or a portion of the outstanding limited tax general obligation bonds of the county listed in Exhibit A to the Bond Ordinance, and to pay all or part of the costs of issuing and selling such limited tax general obligation refunding bonds, and
WHEREAS, the Bond Ordinance provided that the limited tax general obligation refunding bonds might be issued in one or more series, any of which may be sold separately or in one or more combined series, either by negotiated sale or by competitive bid, as determined by the Finance Director in consultation with the county's financial advisor, and
WHEREAS, the Finance Director has determined that a series of the limited tax general obligation refunding bonds authorized pursuant to the Bond Ordinance, to be designated as the county's "Limited Tax General Obligation Refunding Bonds, 2012, Series C" (the "Bonds"), be sold to obtain all or part of the funds with which to pay the cost of refunding and defeasing the following bonds, which are among those listed in Exhibit A to the Bond Ordinance: the county's outstanding Limited Tax General Obligation Bonds, 2004, Series B maturing on and after January 1, 2016, and the county's outstanding Limited Tax General Obligation Refunding Bonds, 2005, Series A maturing on or after January 1, 2017 (collectively, the "Refunded Bonds"), and
WHEREAS, the Finance Director has reviewed and approved the information contained in the preliminary official statement dated July 20, 2012 (the "Preliminary Official Statement"), prepared in connection with the public offer and sale of the Bonds and, for the sole purpose of the Bond purchasers' compliance with SEC Rule 15c2-12, has "deemed final" the Preliminary Official Statement as of its date, except for the omission of information on offering prices, interest rates, selling compensation, delivery dates, any other terms or provisions subject to final pricing, ratings, and other terms of the Bonds dependent on such matters, and
WHEREAS, the Finance Director has made the findings and determinations required by the Bond Ordinance pursuant to the Certificate of Finance Director pertaining to the Bonds attached as Attachment A hereto, and
WHEREAS, pursuant to the Bond Ordinance, the Finance Director has determined to sell the Bonds by negotiated sale and, in accordance with applicable county procurement procedures, has solicited Citigroup Global Markets Inc., acting on behalf of itself and as representative of Siebert Brandford Shank & Co., LLC (collectively, the Underwriters) with which to negotiate the sale of the Bonds, and
WHEREAS, pursuant to the Bond Ordinance, the Finance Director, on behalf of the county, has negotiated the sale of the Bonds with, and accepted the Bond Purchase Contract offering to purchase the Bonds from, the Underwriters;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Definitions. Except as expressly authorized herein, terms used in this motion have the meanings set forth in the Bond Ordinance.
B. Approval of Bond Terms. The aggregate principal amount, interest payment dates, interest rates, maturity schedule and principal amounts per maturity, and redemption provisions of the Bonds, all as set forth in the Bond Purchase Contract
attached as Attachment B hereto, are hereby approved.