Drafter
Clerk 03/13/2002
title
A MOTION of the county council approving a bond purchase agreement for the county's Limited Tax General Obligation (Baseball Stadium) Refunding Bonds, 2002, in the aggregate principal amount of $124,575,000, and establishing certain terms of such bonds and a plan of refunding; all in accordance with Ordinance 14315.
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WHEREAS, the county council by Ordinance 14315 passed on April 1, 2002 (the "Bond Ordinance"), authorized the issuance and sale of limited tax general obligation bonds of the county in the aggregate principal amount of not to exceed $240,000,000 to refund certain outstanding limited tax general obligation bonds issued by the county to finance construction of a major league baseball stadium; and
WHEREAS, the Bond Ordinance provided that such bonds be sold in one or more series as determined by the county's manager of finance and business operations (the "Finance Manager") in consultation with the county's financial advisor; and
WHEREAS, the Finance Manager has determined that a series of such bonds in the aggregate principal amount of $124,575,000 (the "Bonds") be sold as provided herein; and
WHEREAS, pursuant to the Bond Ordinance, the Finance Manager has negotiated the sale of the Bonds to Salomon Smith Barney Inc., UBS Paine Webber Inc. and Siebert Brandford Shank & Co., LLC (the "Underwriters"), and a preliminary official statement dated May 10, 2002 has been prepared for the sale of the Bonds; and
WHEREAS, it is in the best interest of the county that the Bonds be sold to the Underwriters on the terms set forth in the attached bond purchase agreement, the Bond Ordinance, and this motion; and
WHEREAS, in accordance with the Bond Ordinance, the council wishes to authorize and approve the final plan of refunding certain outstanding limited tax general obligation bonds of the county from proceeds of the Bonds, as set forth herein.
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. ...

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