Drafter
Clerk 03/16/2009
Title
A MOTION of the county council approving a bid for the county's Limited Tax General Obligation Bonds (Payable from Sewer Revenues), 2009, in the aggregate principal amount of $300,000,000 and establishing certain terms of such bonds, all in accordance with Ordinance 16133.
Body
WHEREAS, the county council by Ordinance 16133 passed on June 17, 2008 (the "Bond Ordinance"), authorized the issuance and sale of bonds of the county in the aggregate principal amount of not to exceed $900,000,000 (the "Project Bonds") to pay costs of certain capital improvements to the county's sewer system (the "System"), in accordance with the county's comprehensive water pollution abatement plan and not to exceed $200,000,000 (the "Refunding Bonds") to refund certain outstanding sewer revenue bonds; and
WHEREAS, the Bond Ordinance provided that such bonds be sold in one or more series and by negotiated sale or competitive bid as determined by the county's director of finance and business operations division (the "Finance Director") in consultation with the county's financial advisors; and
WHEREAS, the Finance Director has determined that $300,000,000 principal amount of Project Bonds be sold in a series of such bonds in the aggregate principal amount of $300,000,000 to be designated as the county's Limited Tax General Obligation Bonds (Payable from Sewer Revenues, 2009 (the "Bonds"), to be sold by competitive bid; and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated March 9, 2009, has been prepared for the sale of the Bonds, the Official Notice of Bond Sale (the "Notice") has been published, and bids have been received in accordance with the Notice; and
WHEREAS, the attached bid of Barclays Capital, Inc. (the "Purchaser") to purchase the Bonds is the best bid received for the Bonds, and it is in the best interest of the county that the Bonds be sold to the Purchaser on the terms set forth in the attached bi...

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