Drafter
Clerk 12/03/2020
title
A MOTION of the county council approving the issuance of the county's multi-modal limited tax general obligation notes (payable from sewer revenues) in the commercial paper mode and in the aggregate principal amount of not to exceed $175,000,000 outstanding at any time, approving the delivery of one or more master notes to evidence the county's obligation to pay the principal and interest of notes issued and delivered from time to time, approving an initial issuing and paying agent agreement (mode agreement) and dealer agreement, and establishing certain terms of the notes, all in accordance with Ordinance 19114.
body
PREAMBLE
Pursuant to Ordinance 19114 passed on June 23, 2020 (the "Ordinance"), the county council authorized the issuance of junior lien sewer revenue bonds and multi-modal limited tax general obligation bonds (payable from sewer revenues) of the county in an aggregate principal amount not to exceed $250,000,000 to provide funds for acquiring and constructing improvements to the sewer system. The Ordinance directed the Finance Director to determine, in consultation with the county's financial advisors, whether each Series of Bonds will be issued as Junior Lien Obligations or Multi-Modal LTGO/Sewer Revenue Bonds, the principal amount of each Series of Bonds, whether each Series of Bonds will be structured as Tax-Exempt Obligations or otherwise, whether a Series of Bonds will be sold separately or combined with one or more other Series of the county's bonds and whether each Series of Bonds will be sold by negotiated sale or competitive bid, or to the federal government or other purchaser, and for current or future delivery.
Ordinance 18898, adopted by the council on May 22, 2019, authorizes the issuance of junior lien sewer revenue refunding bonds and multi-modal limited tax general obligation refunding bonds (payable from sewer revenues), including in the commercial paper mode, to provide funds to refund outstandi...

Click here for full text