File #: 2002-0223    Version:
Type: Motion Status: Passed
File created: 5/28/2002 In control: Budget and Fiscal Management Committee
On agenda: 7/29/2002 Final action: 7/29/2002
Enactment date: Enactment #: 11489
Title: A MOTION of the county council approving the purchase contracts for the county's Sewer Revenue Bonds, Series 2002A, in the aggregate principal amount of $100,000,000, and Sewer Revenue Refunding Bonds, Series 2002B, in the aggregate principal amount of $346,130,000 and establishing certain terms of such bonds and a plan of refunding; all in accordance with Ordinance 14406.
Sponsors: Larry Phillips
Indexes: Bonds, Finance, Sewage
Attachments: 1. Motion 11489.pdf, 2. 2002-0222,2223,2224 Staff Report 7-1-02.doc, 3. 2002-0223 Revised Staff Report 7-1-02.doc, 4. 2002-0223 Transmitttal Letter.doc, 5. A. [Official Notice of Bond Sale or the Bond Purchase Contract], 6. A. Bond Purchase Contract Series 2002A, 7. B. [Winning Bid for the Bonds], 8. B. Bond Purchase Contract Series 2002B
Drafter
Clerk 07/29/2002
title
A MOTION of the county council approving the purchase contracts for the county's Sewer Revenue Bonds, Series 2002A, in the aggregate principal amount of $100,000,000, and Sewer Revenue Refunding Bonds, Series 2002B, in the aggregate principal amount of $346,130,000 and establishing certain terms of such bonds and a plan of refunding; all in accordance with Ordinance 14406.
body
WHEREAS, the county council by Ordinance 14406 passed on July 8, 2002 (the "Bond Ordinance"), authorized the issuance and sale of not to exceed $550,000,000 principal amount of sewer revenue bonds of the county to refund certain outstanding sewer revenue bonds (the "Refunding Bonds") and not to exceed $175,000,000 principal amount of sewer revenue bonds of the county to finance the construction of improvements to the county's sewer system (the "Project Bonds" and, together with the Refunding Bonds, the "Bonds"); and
WHEREAS, the Bond Ordinance provided that the Bonds be sold in one or more series as determined by the county's manager of finance and business operations (the "Finance Manager") in consultation with the county's financial advisor; and
WHEREAS, the Finance Manager has determined that a series of Refunding Bonds in the aggregate principal amount of $346,130,000 and a series of Project Bonds in the aggregate principal amount of $100,000,000 be sold by negotiated sale as provided herein; and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated July 18, 2002, has been prepared for the sale of such series of the Bonds, and the Finance Manager has negotiated the sale of the series of Project Bonds to Morgan Stanley & Co. Incorporated, Salomon Smith Barney Inc. and Siebert Brandford Shank & Co., LLC and the sale of the series of Refunding Bonds to Morgan Stanley & Co. Incorporated, UBS PaineWebber, Inc., Salomon Smith Barney Inc., Lehman Brothers Inc. and Siebert Brandford Shank & Co., LLC (together with the purc...

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