Drafter
Clerk 07/16/2012
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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 Unlimited Tax General Obligation Refunding Bonds, 2012, 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 unlimited 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 unlimited 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 unlimited tax general obligation refunding bonds, and
WHEREAS, the Bond Ordinance provided that the unlimited 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 unlimited tax general obligation refunding bonds authorized pursuant to the Bond Ordinance, to be designated as the county's "Unlimited Tax General Obligation Refunding Bonds, 2012" (the "Bonds"), be sold by competitive bid 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 Unlimited Tax General Obligation Bonds, 2004 (Harborview Medical Center) maturing on or after December 1, 2014, and the county's outstanding Unlimited Tax General Obligation Bonds, Series 2004B (Harborview Medical Center) maturing on or after June 1, 2015 (collectively, the "Refunded Bonds"), and
WHEREAS, the Finance Director has reviewed and approved the information contained in the preliminary official statement dated July 9, 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 the identity of the Bond purchasers; and the Preliminary Official Statement has been distributed to prospective purchasers of the Bonds, and
WHEREAS, the Finance Director has prepared an official notice of bond sale for the Bonds dated July 9, 2012 (the "Notice of Sale"), establishing the year and series designation, date, estimated aggregate principal amount, interest payment dates, estimated maturity schedule and principal amount per maturity, and redemption provisions of such Bonds, and has caused the Notice of Sale to be published in the Preliminary Official Statement and such newspapers or financial journals as may be deemed desirable or appropriate by the Finance Director, and
WHEREAS, bids have been received in accordance with the Notice of Sale, and have been opened and mathematically verified by the Finance Director or his designee, who has determined that the bid of J.P. Morgan Securities LLC to purchase the Bonds is the winning bid, and
WHEREAS, the Finance Director, on behalf of the county, has delivered his certificate and notice of acceptance (together with its annexes, the "Notice of Acceptance") accepting such bid, which bid has been adjusted with respect to the aggregate principal amount and principal amount per maturity consistent with the terms of the Bond Ordinance and with the county's debt management policy, as reflected therein, and establishing the refunding plan for the Refunded Bonds (the "Refunding Plan");
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 Notice of Acceptance attached hereto as Attachment A, are hereby approved.