Drafter
Clerk 08/25/2005
Title
AN ORDINANCE approving the issuance of bonds in an aggregate amount not to exceed $15,000,000.00 by the Colorado Educational and Cultural Facilities Authority for the Bear Creek School Project.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings.
A. The Bear Creek School, a Washington nonprofit corporation located at 8905 208th Avenue NE, Redmond, WA 98053 (the "Corporation") has requested the Colorado Educational and Cultural Facilities Authority (the "Issuer") to issue its Adjustable Rate Demand Revenue Bonds, Series 2005 (The Bear Creek School Project), in the aggregate principal amount of approximately $15,000,000 (the "Bonds"); and
B. The proceeds of the Bonds will be used for the purposes of:
1. financing the cost of acquiring, constructing and equipping various educational facilities, including a lower school building of approximately 45,000 square feet, a residence of approximately 3000 square feet, athletic facilities, and two parking lots of approximately 200 parking stalls for the Corporation, a K-12 independent school located at 8905 208th Ave NE, Redmond, WA 98053, (together with adjacent parcels owned or under contract by the Corporation, including 8537 208th Ave NE, Redmond, WA 98053; 20628 NE 85th St, Redmond, WA 98053; portions of 20602 NE 90th St, Redmond, WA 98053; 20626 NE 90th St, Redmond, WA 98053) and 19315 NE 95th Street, Redmond, WA 98052 including (the "Facilities");
2. refinancing certain existing indebtedness of the Corporation, the proceeds of which were used to finance the cost of acquiring, constructing and equipping the Facilities;
3. funding capitalized interest on a portion of the Bonds; and
4. funding a debt service reserve fund, if required; and (e) paying certain costs of issuance of the Bonds, including initial costs of any credit enhancement (collectively, the "Project").
C. In order to achieve interest savings, the Corporation des...

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