Drafter
Clerk 06/24/2013
Title
A MOTION of the county council accepting a bid for the purchase of the county's Unlimited Tax General Obligation Refunding Bonds, 2013, in the aggregate principal amount of $8,660,000; and establishing certain terms of such bonds in accordance with Ordinance 17564.
Body
WHEREAS, pursuant to Ordinance 14583 and Motion 11681 (together, the "2003 Bond Legislation"), the county council authorized the issuance of its Unlimited Tax General Obligation Refunding Bonds, 2003 (the "2003 Bonds") to provide the funds to refund, on a current basis, all of the county's outstanding Unlimited Tax General Obligation Refunding Bonds, 1993 Series C, and to pay the costs of issuance and sale of the 2003 Bonds and by that ordinance reserved the right to redeem the 2003 Bonds prior to their maturity, at a price of par plus accrued interest to the date fixed for redemption; and
WHEREAS, pursuant to Ordinance 17564 (the "Ordinance"), the county council authorized, among other things, the issuance of one or more series of its unlimited tax general obligation bonds to refund certain outstanding unlimited tax general obligation bonds of the county, including the 2003 Bonds, in an aggregate principal amount that does not to exceed the county's debt capacity at the time of issuance of those bonds, so long as the annual principal and interest payments on those bonds is consistent with RCW 39.53.090, and
WHEREAS, there are presently outstanding $9,325,000 par value of 2003 Bonds maturing on June 1 of each of the years 2014 through 2019, inclusive, and all bearing interest at the rate of 5.25%; and
WHEREAS, the county has determined that a debt service savings will be realized by the refunding of the 2003 Bonds; and
WHEREAS, the Ordinance provided that such bonds may be publicly sold in one or more series, either by negotiated sale or by competitive bid, as determined by the Finance Director in consultation with the county's financial advisor,...

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