Title
AN ORDINANCE authorizing the issuance from time to time of limited tax general obligation notes (commercial paper) of the county in an aggregate principal amount not to exceed $150,000,000 outstanding at any time to provide funding to finance or refinance county capital projects; providing for the form, terms and covenants of such notes; providing for the sale of the notes in one or more series from time to time; delegating authority to approve the issuance and sale of such notes within specified parameters, to select one or more commercial paper dealers and to execute mode agreements, dealer agreements, credit enhancement, liquidity facility, and related documents; and pledging the annual levy of taxes to pay the principal of and interest on notes issued under this ordinance.
Body
PREAMBLE:
1. Pursuant to county authority including RCW 39.46.110, the county may issue limited tax general obligation bonds and notes that are payable from tax revenues of the county and such other moneys lawfully available and pledged or provided by the governing body of the county.
2. The county desires to establish a commercial paper program for the issuance and sale of short-term limited tax general obligation notes (commercial paper) in the aggregate principal amount of not to exceed $150,000,000 outstanding at any time to provide funding to finance or refinance county capital projects for general government purposes, including in anticipation of the issuance of long-term obligations.
3. Because market conditions can change quickly, it is in the best interest of the county to delegate to the county's Finance Director authority to issue and sell commercial paper notes from time to time in one or more series, as provided in this ordinance.
4. In accordance with RCW 39.46.040, the Finance Director is authorized to serve as the county's designated representative to accept on behalf of the county offers to purchase the notes. This authorization includes the Finance Directo...

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