File #: 2002-0451    Version:
Type: Motion Status: Passed
File created: 9/16/2002 In control: Budget and Fiscal Management Committee
On agenda: Final action: 10/21/2002
Enactment date: Enactment #: 11602
Title: A MOTION accepting a bond purchase agreement for the purchase of the county's Limited Tax General Obligation (Public Transportation Sales Tax) Refunding Bonds, 2002, in the aggregate principal amount of $64,285,000, and establishing certain terms of such bonds and a plan of refunding, all in accordance with Ordinance 14490.
Sponsors: Larry Phillips
Indexes: Bonds, Finance, Transportation
Attachments: 1. Motion 11602.pdf, 2. 2002-0451 Transmittal Letter.doc, 3. 2002-04510452 Revised staff report 9-25-02.doc, 4. A. Purchase Agreement, 5. Attachment A. Exhibit A. Official Notices of Bond Sale-Purchase Agreement, 6. Attachment B. Exhibit B. Winning Bid for the Bonds
title
A MOTION accepting a bond purchase agreement for the purchase of the county's Limited Tax General Obligation (Public Transportation Sales Tax) Refunding Bonds, 2002, in the aggregate principal amount of $64,285,000, and establishing certain terms of such bonds and a plan of refunding, all in accordance with Ordinance 14490.
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WHEREAS, the county council by Ordinance 14490 passed September 30, 2002 (the "Bond Ordinance"), authorized the issuance and sale of limited tax general obligation (public transportation sales tax) refunding bonds (the "Bonds") of the county in the aggregate principal amount of not to exceed $70,000,000 for the purpose of refunding certain outstanding Limited Sales Tax General Obligation Bonds, Series 1993 (Refunding) of the county; and
WHEREAS, the Bond Ordinance provided that the Bonds be sold as determined by the county's manager of finance and business operations (the "Finance Manager") in consultation with the county's financial advisors; and
WHEREAS, the Finance Manager has determined that 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 UBS PaineWebber Inc. and Siebert Brandford Shank & Co., LLC (the "Underwriters"), and a preliminary official statement dated October 14, 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;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Definitions. Except as expressly authorized herein, capitalized terms used in this motion have the meanings set forth in the Bond Ordinance.
B. Approval of Bond Purchase Agreement and Authorization of Bonds. The issuance of the Bonds, designated as the county's Limited Tax General Obligation (Public Transportation Sales Tax) Refunding Bonds, ...

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