Drafter
Clerk 03/31/2003
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A MOTION of the county council approving a purchase contract for the county's Sewer Revenue Refunding Bonds, Series 2003A, in the aggregate principal amount of $96,470,000, and establishing certain terms of such bonds and a plan of refunding; all in accordance with Ordinance 14406.
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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
WHEREAS, the Bond Ordinance provided that such 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 advisors; and
WHEREAS, under the authority of the Bond Ordinance, the county issued its Sewer Revenue Bonds, Series 2002A, in the aggregate principal amount of $100,000,000 under date of August 14, 2002, and its Sewer Revenue Refunding Bonds, Series 2002B, in the aggregate principal amount of $346,130,000 under date of October 3, 2002; and
WHEREAS, the Finance Manager has determined that another series of refunding bonds in the aggregate principal amount of $96,470,000 (the "Bonds") be sold by negotiated sale as provided herein; and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated March 13, 2003, has been prepared for the sale of the Bonds, and the Finance Manager has negotiated the sale of the Bonds to Morgan Stanley & Co. Incorporated, Salomon Smith Barney Inc. and Siebert Brandford Shank & Co., LLC (collectively, the "Underwriters"); and
WHEREAS, it is in the best interest of the county that the Bonds be sold to ...

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