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File #: 2019-0486    Version:
Type: Motion Status: Passed
File created: 12/11/2019 In control: Metropolitan King County Council
On agenda: Final action: 12/11/2019
Enactment date: 12/11/2019 Enactment #: 15564
Title: A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Refunding Bonds, 2019, Series C, in the aggregate principal amount of $13,020,000, establishing certain terms of such bonds, and establishing a refunding plan for the defeasance and refunding of the county's outstanding callable Limited Tax General Obligation Refunding Bonds, 2009, Series C, all in accordance with Ordinance 18376.
Sponsors: Claudia Balducci
Indexes: Bonds
Attachments: 1. Motion 15564, 2. A. Official Notice of Sale, 3. B. Winning Bid, 4. C. All Remaining Bids, 5. D. Description of the Bonds

Drafter
Clerk 12/11/2019
title
A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Refunding Bonds, 2019, Series C, in the aggregate principal amount of $13,020,000, establishing certain terms of such bonds, and establishing a refunding plan for the defeasance and refunding of the county's outstanding callable Limited Tax General Obligation Refunding Bonds, 2009, Series C, all in accordance with Ordinance 18376.
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PREAMBLE
Pursuant to Ordinance 18376 passed on September 27, 2016 (the "Ordinance"), the county council authorized the issuance of one or more series of limited tax general obligation bonds of the county for the purpose of paying all or part of the cost of refunding limited tax general obligation bonds of the county and the costs of issuing the refunding bonds.
The Ordinance provides 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.
The Finance Director has determined that a series of bonds authorized pursuant to the Ordinance, designated as the county's Limited Tax General Obligation Refunding Bonds, 2019, Series C, in the aggregate principal amount of $13,020,000 (the "Bonds"), be issued and sold as provided herein for the purpose of defeasing and refunding the county's outstanding callable Limited Tax General Obligation Refunding Bonds, 2009, Series C (the "Refunded Bonds") and paying costs of issuance.
Pursuant to the Ordinance, a preliminary official statement dated December 4, 2019, has been prepared for the public sale of the Bonds, the official notice of such sale dated December 4, 2019, and attached as Attachment A (the "Notice"), has been duly published, and bids have been received in accordance with the Notice.
The bid of Morgan Stanley & Co. LLC to purchase the Bonds (attached as Attachment B) is the best bid received for the Bon...

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