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File #: 2021-0279    Version:
Type: Motion Status: Passed
File created: 7/27/2021 In control: Metropolitan King County Council
On agenda: Final action: 7/27/2021
Enactment date: Enactment #: 15913
Title: A MOTION of the county council approving the issuance of the county's Sewer Revenue Refunding Bonds, 2021, Series A (Taxable), in the aggregate principal amount of $231,200,000; Limited Tax General Obligation and Refunding Bonds (Payable from Sewer Revenues), 2021, Series A, in the aggregate principal amount of $239,585,000; and Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenues), 2021, Series B (Taxable), in the aggregate principal amount of $94,510,000; and establishing certain terms of such bonds, all in accordance with Ordinance 19112, as amended by Ordinance 19216.
Sponsors: Jeanne Kohl-Welles
Indexes: Bonds
Attachments: 1. Motion 15913, 2. A. Bond Purchase Contract, 3. B-1. Description of the 2021A Sewer Bonds, 4. B-2. Description of the 2021A LTGO (Sewer) Bonds, 5. B-3. Description of the 2021B LTGO (Sewer) Bonds, 6. C-1. Description of the 2021B LTGO (Sewer) Bonds, 7. C-2. Refunded 2015A Sewer Bonds, 8. C-3. Refunded 2015A LTGO (Sewer) Bonds, 9. Attachment B, 10. Attachment C
Related files: 2020-0171

Drafter
Clerk 07/27/2021
title
A MOTION of the county council approving the issuance of the county's Sewer Revenue Refunding Bonds, 2021, Series A (Taxable), in the aggregate principal amount of $231,200,000; Limited Tax General Obligation and Refunding Bonds (Payable from Sewer Revenues), 2021, Series A, in the aggregate principal amount of $239,585,000; and Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenues), 2021, Series B (Taxable), in the aggregate principal amount of $94,510,000; and establishing certain terms of such bonds, all in accordance with Ordinance 19112, as amended by Ordinance 19216.
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PREAMBLE
Pursuant to Ordinance 19112 passed on June 23, 2020, as amended by Ordinance 19216, passed on December 8, 2020 (the "Ordinance"), the county council authorized the issuance of sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) in an aggregate principal amount not to exceed $825,000,000 to provide funds for acquiring and constructing improvements to the sewer system, and in addition authorized the issuance of sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) for the purpose of refunding outstanding obligations of the county payable from sewer revenues.
The Ordinance provides that such bonds may be publicly sold in one or more series, as Parity Bonds or Parity Lien Obligations, as Tax-Exempt Obligations or otherwise, by negotiated sale, competitive bid or to the federal government or another purchaser, as determined by the Finance Director in consultation with the county's financial advisor.
The Finance Director has determined that three series of bonds authorized pursuant to the Ordinance, designated as the county's Sewer Revenue Refunding Bonds, 2021, Series A (Taxable) (the "2021A Sewer Bonds"), in the aggregate principal amount of $231,200,000; Limited Tax General Obligation and Refunding Bonds (Payable from Sewer Revenues), 2021, Series A (th...

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