File #: 2012-0385    Version: 1
Type: Ordinance Status: Passed
File created: 10/8/2012 In control: Budget and Fiscal Management Committee
On agenda: Final action: 11/5/2012
Enactment date: 11/9/2012 Enactment #: 17452
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 $37,200,000 to provide long-term financing for all or part of the capital costs of the Southeast Electoral District Court Relocation Project, the South Plant Raw Sewage Pump Replacement Project, the KCCF HVAC Project, the IT Business Empowerment Project, the Mainframe Replacement Project and the Telephony System Project; providing for the disposition of the proceeds of sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
Sponsors: Joe McDermott, Larry Phillips
Indexes: Bonds, District Court, levy, Taxes
Attachments: 1. Ordinance 17452.pdf, 2. 2012-0385 transmittal letter.doc, 3. 2012-0385 REVISED bond FN.xls, 4. 2012-0385 Staff Report (10-23-12).doc, 5. 2012-0385 Staff Report (10-31-12).doc
Staff: Hamacher, Patrick
Drafter
Clerk 09/20/2012
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 $37,200,000 to provide long-term financing for all or part of the capital costs of the Southeast Electoral District Court Relocation Project, the South Plant Raw Sewage Pump Replacement Project, the KCCF HVAC Project, the IT Business Empowerment Project, the Mainframe Replacement Project and the Telephony System Project; providing for the disposition of the proceeds of sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; 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 Southeast Electoral District Court Relocation Project, the South Plant Raw Sewage Pump Replacement Project, the KCCF HVAC Project, the IT Business Empowerment Project, the Mainframe Replacement Project and the Telephony System Project.
It is deemed necessary and advisable that the county now authorize the issuance and sale of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $37,200,000 to provide long-term financing for all or part of the capital costs of the Southeast Electoral District Court Relocation Project, the South Plant Raw Sewage Pump Replacement Project, the KCCF HVAC Project, the IT Business Empowerment Project, the Mainframe Replacement Project and the Telephony System Project.
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:
"Bond Fund" means, with respect to each series of the Bonds, the bond re...

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