File #: 2009-0560    Version: 1
Type: Ordinance Status: Passed
File created: 9/21/2009 In control: Budget and Fiscal Management Committee
On agenda: Final action: 10/19/2009
Enactment date: Enactment #: 16681
Title: AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $29,000,000 to provide long-term financing for the costs of the Green River Flood Mitigation Project; authorizing the issuance and public sale of one or more series of limited tax general obligation bond anticipation notes of the county in an outstanding aggregate principal amount not to exceed $29,000,000 to provide interim financing for such costs pending the sale of such bonds; providing for the disposition of the proceeds of sale of the notes; establishing funds for the receipt and expenditure of note proceeds and for the payment of the notes; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
Sponsors: Julia Patterson, Larry Gossett, Dow Constantine
Indexes: Bonds, Green River , levy, Taxes
Attachments: 1. 16681.pdf, 2. 10-07-09 Staff Report with attachments, 3. 10-14-09 Staff Report with attachments, 4. 2009-0560 transmittal letter.doc, 5. 2009-0560 2 Attachment to letter GR Flood Supplemental Summary 9 15 09 xls.pdf, 6. 2009-0560 3 3951 Fiscal Note 9 15 (2).xls, 7. 2009-0560 4 461 Fiscal Note 9 14 (3).xls, 8. 2009-0560 5 WTD Green River Flood Planning Financial Plan 9 16.xls
Drafter
Clerk 09/17/2009
title
AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $29,000,000 to provide long-term financing for the costs of the Green River Flood Mitigation Project; authorizing the issuance and public sale of one or more series of limited tax general obligation bond anticipation notes of the county in an outstanding aggregate principal amount not to exceed $29,000,000 to provide interim financing for such costs pending the sale of such bonds; providing for the disposition of the proceeds of sale of the notes; establishing funds for the receipt and expenditure of note proceeds and for the payment of the notes; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
The county council has previously reviewed and approved expenditures for the Green River Flood Mitigation Project.
It is deemed necessary and advisable that the county now authorize the issuance of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $29,000,000 to provide long-term financing for the Green River Flood Mitigation Project, and that the county now authorize the issuance and public sale of one or more series of its limited tax general obligation bond anticipation notes in an outstanding aggregate principal amount not to exceed $29,000,000 to provide interim financing for such costs pending the issuance of the bonds.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used in this ordinance shall have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended.
"BABs" means "Build America Bonds" authorized under the federal American Recovery and Reinvestment Act of 2009.
"Bond Fund" means, with respect t...

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