Drafter
Clerk 12/10/2020
title
A MOTION approving the issuance and sale of the county's Sewer Revenue Bond (WIFIA - N19128WA), in the principal amount of not to exceed $96,844,510, authorizing the execution and delivery of a term sheet and loan agreement in connection therewith and establishing certain terms of the bond, all in accordance with Ordinance 19112.
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WHEREAS, pursuant to Ordinance 19112, adopted on June 23, 2020 ("the Ordinance"), the county authorized the issuance of its sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues), in the aggregate principal amount of $825,000,000, to pay costs of capital improvements to the System, in accordance with the Comprehensive Plan and the Capital Improvement Budget (each as defined in the Ordinance), and
WHEREAS, the Ordinance provides that such bonds may be publicly sold in one or more series, as Parity Bonds or Parity Lien Obligations, as Tax-Exempt Bonds or otherwise, and by competitive bid, negotiated sale or to the federal government or another purchaser, 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 Bonds authorized pursuant to the Ordinance, designated as the county's Sewer Revenue Bond (WIFIA - N19128WA), in the aggregate principal amount of not to exceed $96,844,510, be sold as provided in this motion, and
WHEREAS, it is in the best interest of the county and the ratepayers of the System that the WIFIA Bond (defined herein) be sold to the United States Environmental Protection Agency, an agency of the United States of America, acting by and through the Administrator of the Environmental Protection Agency ("the WIFIA Lender"), on the terms set forth in the Ordinance, this motion, and the WIFIA Loan Agreement (each as defined herein);
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Definitions. Capitalized words that are used in this mo...

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