File #: 2013-0262    Version: 1
Type: Ordinance Status: Passed
File created: 6/10/2013 In control: Budget and Fiscal Management Committee
On agenda: Final action: 7/8/2013
Enactment date: 7/12/2013 Enactment #: 17617
Title: AN ORDINANCE authorizing the issuance and sale of multi-modal limited tax general obligation refunding bonds in an original aggregate principal amount not to exceed $42,500,000 to obtain funds to refund, redeem and retire all of the county's outstanding Multi-Modal Limited Tax General Obligation Bonds, 2009, Series A; authorizing the form, terms, maturity, and interest rate modes for the bonds; authorizing the covenants and conditions under which the bonds will be issued; and approving an agreement to sell the bonds to Banc of America Preferred Funding Corporation.
Sponsors: Joe McDermott
Indexes: Bonds, Budget
Attachments: 1. Ordinance 17617.pdf, 2. A. Multi-Modal Limited Tax General Obligation Refunding Bond, 2013, 3. B. Continuing Covenant Agreement, 4. C. Investor Letter, 5. 2013-0262 transmittal letter.doc, 6. 2013-0262 fiscal note.xls, 7. Staff Report with attachments 07-02-13, 8. A. Multi-Modal Limited Tax General Obligation Refunding Bond, 2013, 9. B. Continuing Covenant Agreement, 10. C. Investor Letter
Drafter
Clerk 06/04/2013
title
AN ORDINANCE authorizing the issuance and sale of multi-modal limited tax general obligation refunding bonds in an original aggregate principal amount not to exceed $42,500,000 to obtain funds to refund, redeem and retire all of the county's outstanding Multi-Modal Limited Tax General Obligation Bonds, 2009, Series A; authorizing the form, terms, maturity, and interest rate modes for the bonds; authorizing the covenants and conditions under which the bonds will be issued; and approving an agreement to sell the bonds to Banc of America Preferred Funding Corporation.
Body
PREAMBLE:
The county has previously issued its Multi-Modal Limited Tax General Obligation Bonds, 2009, Series A. The county has an opportunity to refund, redeem and retire all or a portion of those bonds, thereby modifying the covenants and other terms of the bonds to be refunded.
It is deemed necessary and advisable that the county now authorize the issuance and sale of its multi-modal limited tax general obligation refunding bonds in an original aggregate principal amount not to exceed $42,500,000 to undertake such refunding, redemption and retirement.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. As used in this ordinance, the following terms and phrases shall have the following meanings unless the context clearly indicates that another meaning is intended (singular definitions herein shall be deemed to include the plural thereof and vice versa):
"Accounts" means, collectively, the Remarketing Proceeds Account, County Purchase Account and Liquidity Facility Purchase Account established within the Purchase Fund.
"Affiliate" means, with respect to a specified Person, another Person that directly or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with, the specified Person.
"Agreement" means, (a) during the Initial Period, the Continuing Covenant Agreement between the county and...

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