File #: 2002-0452    Version: 1
Type: Ordinance Status: Passed
File created: 9/16/2002 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/30/2002
Enactment date: 10/11/2002 Enactment #: 14490
Title: AN ORDINANCE relating to contracting indebtedness; providing for the issuance and sale of limited tax general obligation (public transportation sales tax) bonds of the county in the aggregate principal amount of not to exceed $75,000,000 for the purpose of refunding the outstanding Limited Sales Tax General Obligation Bonds, Series 1993 (Refunding), of the county; providing for the form, terms, covenants and other provisions of such refunding bonds; authorizing a plan of refunding and the appointment of an escrow agent to accomplish the plan of refunding; providing for the sale of the bonds and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; providing for the annual levy of taxes to pay the principal thereof and interest thereon; and pledging public transportation sales tax revenues as additional security for the bonds.
Sponsors: Larry Phillips, Rob McKenna
Indexes: Bonds, Finance, Taxes, Transportation
Attachments: 1. Ordinance 14490.pdf, 2. 2002-04510452 Revised staff report 9-25-02.doc, 3. 2002-0452 Transmittal Letter.doc, 4. None
Drafter
Clerk 09/12/2002
title
AN ORDINANCE relating to contracting indebtedness; providing for the issuance and sale of limited tax general obligation (public transportation sales tax) bonds of the county in the aggregate principal amount of not to exceed $75,000,000 for the purpose of refunding the outstanding Limited Sales Tax General Obligation Bonds, Series 1993 (Refunding), of the county; providing for the form, terms, covenants and other provisions of such refunding bonds; authorizing a plan of refunding and the appointment of an escrow agent to accomplish the plan of refunding; providing for the sale of the bonds and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; providing for the annual levy of taxes to pay the principal thereof and interest thereon; and pledging public transportation sales tax revenues as additional security for the bonds.
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TABLE OF CONTENTS
SECTION 1. Definitions|913|
SECTION 2. Findings|913|
SECTION 3. Authorization of Bonds 9
SECTION 4. Registration, Exchange and Payments 9
SECTION 5. Redemption Provisions; Open Market Purchase of Bonds 13
SECTION 6. Notice and Effect of Redemption 14
SECTION 7. Failure To Redeem Bonds 15
SECTION 8. Form and Execution of Bonds 15
SECTION 9. Mutilated, Lost or Destroyed Bonds 17
SECTION 10. Bond Fund 17
SECTION 11. Pledge of Sales Tax Revenues 19
SECTION 12. Pledge of General Taxation and Credit 20
SECTION 13. Pledge of Assessment Income 21
SECTION 14. Disposition of Proceeds of Bonds 21
SECTION 15. Application of Refunding Bond Proceeds 22
SECTION 16. Call for Redemption of Refunded Bonds 23
SECTION 17. Covenants and Warranties 24
SECTION 18. Preservation of Tax Exemption for Interest on Bonds 25
SECTION 19. Future Parity Bonds 26
SECTION 20. Sale of Bonds 28
SECTION 21. Delivery of Bonds 29
SECTION 22. Official Statement 30
SECTION 23. Undertakin...

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