Drafter
Clerk 10/02/2017
title
A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Refunding Bonds, (Payable from Sewer Revenues), 2017, in the aggregate principal amount of $154,560,000, establishing certain terms of such bonds, and approving a plan of refunding from certain proceeds of such bonds, all in accordance with Ordinance 18116.
Body
PREAMBLE
Pursuant to Ordinance 15779 and Motion 12691, the county council authorized the issuance of the county's Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenues), 2008 ("the 2008 Bonds"), to refund certain outstanding limited tax general obligation bonds of the County and to pay the costs of issuance and sale of the 2008 Bonds.
The county reserved the right to redeem outstanding 2008 Bonds maturing on January 1, 2019, through January 1, 2021, inclusive, and on or after January 1, 2024, prior to their maturity, in whole or in part, at any time on or after January 1, 2018, at a price of par plus accrued interest, if any, to the date of redemption.
There is currently outstanding $175,630,000 aggregate principal amount of callable 2008 Bonds maturing on January 1 of each of the years 2019 through 2021, inclusive, 2024 through 2028, inclusive, and 2034, bearing interest between 4.75% and 5.00%.
The county has determined that a debt service savings will be realized by refunding the callable outstanding 2008 Bonds.
Pursuant to Ordinance 18116 passed on September 21, 2015 ("the Ordinance"), the county council authorized, among other things, the issuance of one or more series of its limited tax general obligation refunding bonds to refund certain outstanding limited tax general obligation bonds of the county, including the then-outstanding 2008 Bonds, in an aggregate principal amount that does not exceed the county's nonvoted debt capacity at the time of issuance of such refunding bonds.
The Ordinance provides that such refunding bonds may be...

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