File #: 2018-0180    Version: 1
Type: Motion Status: Passed
File created: 4/2/2018 In control: Metropolitan King County Council
On agenda: Final action: 4/2/2018
Enactment date: Enactment #: 15116
Title: A MOTION establishing a new maturity date for the county's Junior Lien Sewer Revenue Bonds, Series 2017, in the aggregate principal amount of $50,000,000, issued pursuant to Ordinance 18589 and Motion 14981.
Sponsors: Dave Upthegrove
Indexes: Bonds
Attachments: 1. Motion 15116.pdf

Drafter

Clerk 03/30/2018

title

A MOTION establishing a new maturity date for the county's Junior Lien Sewer Revenue Bonds, Series 2017, in the aggregate principal amount of $50,000,000, issued pursuant to Ordinance 18589 and Motion 14981.

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                     WHEREAS, pursuant to Ordinance 18589, adopted by the council on October 23, 2017, the council authorized the issuance of its junior lien sewer revenue bonds, in the aggregate principal amount of $50,000,000, to pay costs of capital improvements to the System, in accordance with the Comprehensive Plan and the Capital Improvement Budget (as such terms are defined in Ordinance 18589), and

                     WHEREAS, pursuant to Motion 14981, passed by the council on October 23, 2017, the council ratified the issuance and sale of the Junior Lien Sewer Revenue Bonds, Series 2017, of the county ("the Bonds"), in the aggregate principal amount of $50,000,000, authorized the execution and delivery of a continuing covenant agreement in connection therewith and established certain terms of the Bonds, all in accordance with Ordinance 18589, and

                     WHEREAS, Section A. of Motion 14981 defined the "Maturity Date" of the Bonds as January 1, 2040, and

                     WHEREAS, the county council finds that it is in the best interest of the county and the ratepayers of the System that the "Maturity Date" of the Bonds be defined as January 1, 2048, and

                     WHEREAS, State Street Public Lending Corporation (the "Purchaser"), the registered owner of all of the Bonds, has consented in writing to the passage of this motion, in accordance with the continuing covenant agreement authorized by Motion 14981 and entered into between the county and Purchaser in connection with the issuance of the Bonds;

                     NOW, THEREFORE, BE IT MOVED by the Council of King County:

                     A.                     The "Maturity Date" of the Bonds issued pursuant to Ordinance 18589 and

Motion 14981 means January 1, 2048.

                     B.                     All other provisions of Motion 14981 remain in full force and effect.