File #: 2003-0056    Version:
Type: Motion Status: Passed
File created: 2/18/2003 In control: Budget and Fiscal Management Committee
On agenda: Final action: 3/31/2003
Enactment date: Enactment #: 11681
Title: A MOTION of the county accepting a bond purchase contract for the purchase of the county's Unlimited Tax General Obligation Refunding Bonds, 2003, in the aggregate principal amount of $108,795,000, and establishing certain terms of such Bonds and a plan of refunding, all in accordance with Ordinance 14583 of the County.
Sponsors: Larry Phillips
Indexes: Bonds, Taxes
Attachments: 1. Motion 11681.pdf, 2. 2003-0056 Staff Report 3-05-03.doc, 3. 2003-0056 transmittal letter.doc, 4. A. Exhibit A Bond Purchase Contract
Drafter
Clerk 03/31/2003
title
A MOTION of the county accepting a bond purchase contract for the purchase of the county's Unlimited Tax General Obligation Refunding Bonds, 2003, in the aggregate principal amount of $108,795,000, and establishing certain terms of such Bonds and a plan of refunding, all in accordance with Ordinance 14583 of the County.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
WHEREAS, the county council by Ordinance 14583, passed March 10, 2003 (the "Bond Ordinance"), authorized the issuance and sale of the county's Unlimited Tax General Obligation Refunding Bonds, 2003 (the "Bonds"), in an outstanding aggregate principal amount of not to exceed $120,000,000, and
WHEREAS, the Bond Ordinance authorized the public sale of the bonds, either by negotiated sale or by competitive bid, as determined by the Finance Manager in consultation with the county's financial advisor, and
WHEREAS, the Finance Manager has determined that the Bonds be sold by negotiated sale as provided herein, and
WHEREAS, pursuant to the Bond Ordinance, the Finance Manager has negotiated the sale of the Bonds to UBS PaineWebber Inc., Lehman Brothers and Siebert Brandford Shank & Co., LLC (the "Underwriters"), and a preliminary official statement dated March 21, 2003, has been prepared for the sale of the Bonds; and
WHEREAS, it is in the best interest of the county that the Bonds be sold to the Underwriters on the terms set forth in the attached bond purchase contract, the Bond Ordinance and this motion;
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 Purchase Contract and Authorization of Bonds. The issuance of the Bonds, designated as the county's Unlimited Tax General Obligation Refunding Bonds, 2003, in the aggregate principal amount of $108,795,000, and the terms and conditions ther...

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