File #: 2013-0168    Version: 1
Type: Ordinance Status: Passed
File created: 4/8/2013 In control: Budget and Fiscal Management Committee
On agenda: Final action: 4/29/2013
Enactment date: 5/9/2013 Enactment #: 17564
Title: AN ORDINANCE relating to contracting indebtedness; authorizing and providing for the issuance and sale of limited tax general obligation (LTGO) refunding bonds and unlimited tax general obligation (UTGO) refunding bonds, in one or more series, for the purpose of paying all or part of the cost of refunding certain of the county's outstanding LTGO bonds and UTGO bonds, and the costs of issuing and selling the bonds; providing for the terms, covenants and manner of sale of the bonds; and providing for agreements and activities in connection with the disposition of the proceeds of the bonds.
Sponsors: Joe McDermott
Indexes: Bonds
Attachments: 1. Ordinance 17564.pdf, 2. A. Schedule of General Obligation Refunding Candidates, 3. 2013-0168 fiscal note.xlsx, 4. 2013-0168 transmittal letter.doc, 5. 04-16-13 Staff Report with attachments, 6. A. Schedule of General Obligation Refunding Candidates
Staff: Hamacher, Patrick
Drafter
Clerk 04/01/2013
Title
AN ORDINANCE relating to contracting indebtedness; authorizing and providing for the issuance and sale of limited tax general obligation (LTGO) refunding bonds and unlimited tax general obligation (UTGO) refunding bonds, in one or more series, for the purpose of paying all or part of the cost of refunding certain of the county's outstanding LTGO bonds and UTGO bonds, and the costs of issuing and selling the bonds; providing for the terms, covenants and manner of sale of the bonds; and providing for agreements and activities in connection with the disposition of the proceeds of the bonds.
Body
PREAMBLE:
King County ("the county") has issued the LTGO bonds and UTGO bonds listed in and pursuant to the ordinances and motions set forth in Attachment A to this ordinance ("the Refunding Candidates").
The county has determined it to be in the best interest of the county that it authorize the issuance and sale, subject to the provisions of this ordinance, of LTGO refunding bonds and UTGO refunding bonds (collectively, "the Bonds"), in one or more series, for the purpose of paying all or part of the cost of refunding all or a portion of the Refunding Candidates and of paying all or part of the costs of issuance and sale of the Bonds.
This ordinance will allow the refunding of any Refunding Candidates only if the refunding provides a net present value savings which is in compliance with the county's Debt Management Policy (hereinafter defined).
RCW 39.53.020 authorizes the county to issue refunding bonds, and RCW 39.53.100 provides that in computing indebtedness for the purpose of any constitutional or statutory debt limitation there shall be deducted from the amount of outstanding indebtedness the amounts of money and investments credited to, or on deposit for, general obligation bond retirement.
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 ...

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