Share to Facebook Share to Twitter Bookmark and Share
File #: 2014-0054    Version:
Type: Motion Status: Passed
File created: 2/3/2014 In control: Metropolitan King County Council
On agenda: Final action: 2/3/2014
Enactment date: Enactment #: 14072
Title: A MOTION of the county council approving a purchase contract for the county's Limited Tax General Obligation Refunding Bonds, 2014, Series A, in the aggregate principal amount of $34,815,000, establishing certain terms of the bonds, approving a plan to refund a portion of the bonds issued to finance the Chinook Building and related parking facility, and approving a plan effecting the transfer of the Chinook Building and related parking facility to the county upon full defeasance or final maturity of such bonds, all in accordance with Ordinance 17659.
Sponsors: Joe McDermott
Attachments: 1. Motion 14072.pdf, 2. A. Purchase Contract
Drafter
Clerk 02/03/2014
title
A MOTION of the county council approving a purchase contract for the county's Limited Tax General Obligation Refunding Bonds, 2014, Series A, in the aggregate principal amount of $34,815,000, establishing certain terms of the bonds, approving a plan to refund a portion of the bonds issued to finance the Chinook Building and related parking facility, and approving a plan effecting the transfer of the Chinook Building and related parking facility to the county upon full defeasance or final maturity of such bonds, all in accordance with Ordinance 17659.
body
WHEREAS, pursuant to Ordinance 17659 ("the Ordinance"), the county council authorized the issuance of one or more series of its limited tax general obligation bonds in an aggregate principal amount not to exceed $100,000,000 to redeem all or a portion of the Goat Hill Properties Lease Revenue Bonds, 2005 (King County, Washington, Governmental Office Building Project) (the "GHP Bonds") prior to their scheduled maturity, and to pay the costs and expenses of issuing each series of the bonds and, if applicable, costs of the Chinook Building Transfer, as defined and described in the Ordinance, and
WHEREAS, the Ordinance directed that the county's director of finance and business operations division (the "Finance Director") determine, in consultation with the county's financial advisor, whether the bonds should be sold in one or more series, the timing of the sale of each series of bonds, whether the bonds should be structured as Tax-Exempt Bonds, and whether a series of bonds should be sold by negotiated sale or competitive bid or for current or future delivery, and
WHEREAS, pursuant to the Ordinance and Motion 14013, passed by the county council on December 9, 2013, the county issued its Limited Tax General Obligation Refunding Bonds, 2013, Series B, in the aggregate principal amount of $42,820,000, and
WHEREAS, the Finance Director has determined that $34,815,000 princi...

Click here for full text