File #: 2004-0341    Version: 1
Type: Ordinance Status: Passed
File created: 7/19/2004 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/7/2004
Enactment date: 9/10/2004 Enactment #: 14991
Title: AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $30,000,000 to provide long-term financing for the Juanita Woodlands Open Space Acquisition Project and the Forestry and Nearshore Initiative Project; authorizing the issuance and public sale of one or more series of limited tax general obligation bond anticipation notes of the county in an outstanding aggregate principal amount not to exceed $30,000,000 to provide interim financing for such projects pending the sale of such bonds; providing for the disposition of the proceeds of sale of the notes; establishing funds for the receipt and expenditure of note proceeds and for the payment of the notes; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
Sponsors: Larry Gossett, Larry Phillips
Indexes: Bonds, Juanita
Attachments: 1. Ordinance 14991.pdf, 2. 2004-0341 LTGO Bonds and BANs 9-1-04 Staff Report, 3. 2004-0341 LTGO Bonds and BANs 9-1-04 Revised Staff Report, 4. 2004-0341 Transmittal Letter.doc, 5. Attachment 6 to 9-1-04 Staff Report (2004 Adopted General Fund Financial Plan), 6. Attachment 7 to 9-01-04 Staff Report (CFT 2004 Financial Plan)
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AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $30,000,000 to provide long-term financing for the Juanita Woodlands Open Space Acquisition Project and the Forestry and Nearshore Initiative Project; authorizing the issuance and public sale of one or more series of limited tax general obligation bond anticipation notes of the county in an outstanding aggregate principal amount not to exceed $30,000,000 to provide interim financing for such projects pending the sale of such bonds; providing for the disposition of the proceeds of sale of the notes; establishing funds for the receipt and expenditure of note proceeds and for the payment of the notes; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
The county council has previously reviewed and approved expenditures for the Juanita Woodlands Open Space Acquisition Project and the Forestry and Nearshore Initiative Project.
It is deemed necessary and advisable that the county now authorize the issuance of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $30,000,000 to provide long-term financing for the projects described above, and that the county now authorize the issuance and public sale of one or more series of its limited tax general obligation bond anticipation notes in an outstanding aggregate principal amount not to exceed $30,000,000 to provide interim financing for such projects pending the issuance of the bonds.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used in this ordinance shall have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended.
"Arbitrage and Tax Certification" means, with respect to each series of...

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