File #: 2013-0368    Version: 1
Type: Ordinance Status: Passed
File created: In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/9/2013
Enactment date: 9/18/2013 Enactment #: 17659
Title: AN ORDINANCE authorizing the issuance and sale of one or more series of limited tax general obligation bonds of the county in an aggregate principal amount not to exceed $100,000,000 to refinance for savings the county's obligations under the lease/lease-back transaction entered into by the county with Goat Hill Properties for the permitting, design, construction and equipping of a county office building now known as the Chinook Building and the related parking facility now known as the Goat Hill Parking Garage; providing for the use of the bond proceeds to refund all or a portion of the lease revenue bonds issued by Goat Hill Properties and to pay costs of issuing the county's bonds; and pledging the annual levy of taxes to pay principal of and interest on the county's bonds.
Sponsors: Joe McDermott
Indexes: Bonds
Attachments: 1. Ordinance 17659.pdf, 2. A. Form of Bond, 3. 2013-0368 transmittal letter.doc, 4. 2013-0368 fiscal note.xls, 5. Staff Report 2013-0368 Chinook + Goat Hill Refunding Bonds.doc
Staff: Hamacher, Patrick
Drafter
Clerk 08/09/2013
title
AN ORDINANCE authorizing the issuance and sale of one or more series of limited tax general obligation bonds of the county in an aggregate principal amount not to exceed $100,000,000 to refinance for savings the county's obligations under the lease/lease-back transaction entered into by the county with Goat Hill Properties for the permitting, design, construction and equipping of a county office building now known as the Chinook Building and the related parking facility now known as the Goat Hill Parking Garage; providing for the use of the bond proceeds to refund all or a portion of the lease revenue bonds issued by Goat Hill Properties and to pay costs of issuing the county's bonds; and pledging the annual levy of taxes to pay principal of and interest on the county's bonds.
Body
PREAMBLE:
As authorized by Ordinance 15043, pursuant to RCW 36.39.205, incorporating by reference chapter 35.42 RCW, and K.C.C. chapter 4.56, the county entered into a lease/lease-back transaction with Goat Hill Properties, a Washington nonprofit corporation ("GHP"), for the permitting, design and construction on county-owned land of the Chinook Building and the Goat Hill Parking Garage. The transaction included (i) the county's lease of two county-owned sites to GHP pursuant to a Garage Ground Lease (the "Garage Ground Lease") and a Building Ground Lease (the "Building Ground Lease"), both dated as of January 1, 2005 (together, the "Ground Leases"), (ii) GHP's lease back to the county of the buildings that GHP caused to be constructed on those sites (the "Premises") pursuant to a Project Lease Agreement dated as of January 1, 2005 (the "Lease"), and (iii) GHP's issuance of its Lease Revenue Bonds, 2005 (King County, Washington, Governmental Office Building Project) in the original aggregate principal amount of $101,035,000 (the "GHP Bonds") to finance the costs of the project. As provided in Section 4.3 of the Lease, the county's obligat...

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