File #: 2015-0037    Version: 1
Type: Ordinance Status: Passed
File created: 1/12/2015 In control: Metropolitan King County Council
On agenda: Final action: 1/12/2015
Enactment date: 1/12/2015 Enactment #: 17958
Title: AN ORDINANCE amending certain provisions of Ordinance 17599, passed on June 3, 2013, which authorized the issuance and sale of one or more series of sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) of the county in the aggregate principal amount of not to exceed $950,000,000 for refunding outstanding bonds of the county payable from sewer revenues, for the purpose of increasing the authorized aggregate principal amount to $1,300,000,000; amending Ordinance 17599, Section 1, and Ordinance 17599, Section 3, and declaring an emergency.
Sponsors: Joe McDermott
Indexes: Bonds, Sewage
Attachments: 1. Ordinance 17958.pdf, 2. 2015-0037 transmittal letter.doc, 3. 2015-0037 Fiscal note.xls
Drafter
Clerk 01/08/2015
Title
AN ORDINANCE amending certain provisions of Ordinance 17599, passed on June 3, 2013, which authorized the issuance and sale of one or more series of sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) of the county in the aggregate principal amount of not to exceed $950,000,000 for refunding outstanding bonds of the county payable from sewer revenues, for the purpose of increasing the authorized aggregate principal amount to $1,300,000,000; amending Ordinance 17599, Section 1, and Ordinance 17599, Section 3, and declaring an emergency.
Body
PREAMBLE:
Ordinance 17599 of the county, passed by the county council on June 3, 2013, authorizes the county to issue sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) of the county in the aggregate principal amount of not to exceed $950,000,000 for refunding outstanding bonds of the county payable from sewer revenues, such authorization to expire two years from the effective date of Ordinance 17599. Pursuant to Ordinance 17599, the county has issued its sewer revenue refunding bonds in the aggregate principal amount of $288,285,000 and realized thereby aggregate present value savings of $27,726,649, leaving $661,715,000 of authorization. Current favorable market conditions permit the county to refund more than $661,715,000 in aggregate principal amount of outstanding bonds of the county payable from sewer revenues and achieve the present value savings required by Section 16.A of Ordinance 17599. Section 35 of Ordinance 17599 authorizes the county to supplement Ordinance 17599 in this respect without the consent of owners of any of the Bonds authorized to be issued by Ordinance 17599.
It is deemed necessary and advisable that the county amend Ordinance 17599 to increase the authorization to issue sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) of the county in the a...

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