File #: 2012-0250    Version: 1
Type: Ordinance Status: Passed
File created: 8/20/2012 In control: Budget and Fiscal Management Committee
On agenda: 9/10/2012 Final action: 9/10/2012
Enactment date: Enactment #: 17409
Title: AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation (LTGO) refunding bonds of the county in an aggregate principal amount not to exceed $56,000,000 to obtain funds to undertake the Patricia Steel Building Project and to pay the costs and expenses incurred in issuing the bonds; providing for the disposition of the proceeds of sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
Sponsors: Joe McDermott
Indexes: Bonds, Taxes
Attachments: 1. Ordinance 17409.pdf, 2. 2012-0250 transmittal letter.doc, 3. 2012-0250 Fiscal Note (Broadway Office refinance).xls, 4. 2012-0250 Pat Steele Building purchase LTGO bonds sr phh 8-21-2012, 5. 2012-0250 hearing notice.doc, 6. 2012-0250 re limited tax general obligation bonds.pdf, 7. 2012-0250 Affidavit of Publishing 8-22-12 Seattle Times.pdf
Staff: Hamacher, Patrick
Drafter
Clerk 08/28/2012
title
AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation (LTGO) refunding bonds of the county in an aggregate principal amount not to exceed $56,000,000 to obtain funds to undertake the Patricia Steel Building Project and to pay the costs and expenses incurred in issuing the bonds; providing for the disposition of the proceeds of sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
Broadway Office Properties ("BOP"), a Washington nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, acquired land located at 401 Broadway, Seattle, Washington, and constructed an office building now known as the Patricia Steel Building, related underground parking and other improvements, thereon (collectively, the "Financed Property") and leased the Financed Property to the county pursuant to a Lease Agreement, dated November 1, 2002, by and between BOP, as landlord, and the county, as tenant (the "Lease").
BOP financed the acquisition, design and construction costs of the Financed Property with the proceeds of the sale of $62,540,000 of its Lease Revenue Bonds (King County, Washington Project), 2002 (the "BOP Bonds").
The BOP Bonds were issued pursuant to the Indenture of Trust (the "Indenture"), dated as of November 1, 2002, by and between BOP, as issuer, and The Bank of New York Mellon Trust Company, N.A., as successor trustee (the "BOP Bond Trustee").
The BOP Bonds are tax-exempt obligations satisfying the requirements of Revenue Ruling 63-20 and Revenue Procedure 82-26, each issued by the Internal Revenue Service (collectively, the "Rulings")
The Rulings require that unencumbered fee title to, and exclusive possession of, the Financed Property be conv...

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