Drafter
Clerk 09/07/2017
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A MOTION ratifying the issuance and sale of the county's Junior Lien Sewer Revenue Bonds, Series 2017, in the aggregate principal amount of $50,000,000, authorizing the execution and delivery of a continuing covenant agreement in connection therewith and establishing certain terms of those bonds, all in accordance with Ordinance _____.
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WHEREAS, pursuant to Ordinance _____, adopted by the council on __________, 2017 ("the Bond Ordinance"), the council authorized the issuance of its junior lien sewer revenue bonds, in the aggregate principal amount of $50,000,000 ("the Bonds"), to pay costs of capital improvements to the System, in accordance with the Comprehensive Plan and the Capital Improvement Budget, and
WHEREAS, the Bond Ordinance authorizes the sale of the Bonds by negotiated sale, upon terms and conditions determined by the director of the finance and business operations division of the department of executive services of the county ("the Finance Director"), in consultation with the financial advisor of the county, and
WHEREAS, the Finance Director has determined that $50,000,000 principal amount of Bonds be sold, to be designated as the county's Junior Lien Sewer Revenue Bonds, Series 2017, and
WHEREAS, the Finance Director has determined that the Bonds be sold to State Street Public Lending Corporation pursuant to a continuing covenant agreement substantially in the form attached as Attachment A to this motion, and
WHEREAS, in accordance with the Bond Ordinance, the council wishes to provide for certain terms of the Bonds, as set forth herein;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Definitions. Capitalized words that are used in this motion but not defined in this motion have the meanings set forth in the Bond Ordinance for all purposes of this motion, unless some other meaning is plainly intended. The words and terms defined in the preamble to this motion, as used in this motion, hav...

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