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AN ORDINANCE relating to contracting indebtedness; authorizing the issuance and public sale of one or more series of limited tax general obligation refunding bonds of the county for the purpose of paying all or part of the cost of refunding limited tax general obligation bonds of the county and the costs of issuing the refunding bonds; providing for the terms, covenants and manner of sale of the bonds; providing for the disposition of the proceeds of the sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and pledging the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
The county has issued outstanding limited tax general obligation bonds of the county.
The county may have opportunities to refund all or portions of such outstanding limited tax general obligation bonds and/or any limited tax general obligation bonds issued in the future either to effect a savings to the county or when necessary or in the best interest of the county to modify debt service requirements, sources of payment, covenants or other terms of the bonds to be refunded.
It is deemed necessary and advisable that the county authorize the issuance and sale of one or more series of its limited tax general obligation refunding bonds for such refunding opportunities, as provided in this ordinance.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used in this ordinance have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended:
"Bond Account" means, with respect to each Series of Bonds, the bond redemption account established therefor pursuant to section 13 of this ordinance.
"Bonds" means the limited tax general obligation bonds of the county authorized to be issued in one or more Series by this ordinance to refund the Refunded Bonds and to pay Bond issuance costs. E...

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