File #: 2004-0163    Version:
Type: Motion Status: Passed
File created: 4/5/2004 In control: Metropolitan King County Council
On agenda: 5/31/2005 Final action: 5/31/2005
Enactment date: Enactment #: 12130
Title: A MOTION accepting a bond purchase contract for the purchase of the county's Limited Tax General Obligation Refunding Bonds, 2005, Series A in the aggregate principal amount of $22,510,000, and establishing certain terms of such bonds and a plan of refunding.
Sponsors: Larry Gossett
Indexes: Bonds, Budget, Finance
Attachments: 1. Motion 12130.pdf, 2. 2004-0163 Staff Report 4-28-04, 3. 2004-0163 Transmittal Letter.doc, 4. A. [Attach here a copy of Exhibit A-Bond Purchase Contract], 5. A. King County, Washington Limited Tax General Obligation Refunding Bonds, 2005 Series A $22,510,000 Bond Purchase Contract, 6. A. King County, Washington Limited Tax General Obligation Refunding Bonds, 2005 Series A $22,510,000 Bond Purchase Contract
Drafter
Clerk 05/31/2005
Title
A MOTION accepting a bond purchase contract for the purchase of the county's Limited Tax General Obligation Refunding Bonds, 2005, Series A in the aggregate principal amount of $22,510,000, and establishing certain terms of such bonds and a plan of refunding.
Body
WHEREAS, Pursuant to Ordinance 14890 (the "Bond Ordinance"), the county council authorized the issuance of one or more series of its limited tax general obligation refunding bonds in an outstanding aggregate principal amount not to exceed $107,500,000 to refund all or a portion of the county's Limited Tax General Obligation and Refunding Bonds (Various Purpose), 1993 Series B and Limited Tax General Obligation and Refunding Bonds (Various Purpose), 1996 Series A, and
WHEREAS, The Bond Ordinance provided that such bonds may be publicly sold in one or more series, any of which may be sold in a combined offering with other bonds of the county, either by negotiated sale or by competitive bid, as determined by the Finance Director in consultation with the county's financial advisor, and
WHEREAS, The Finance Director has determined that a series of the bonds authorized pursuant to the Bond Ordinance, to be designated as the county's Limited Tax General Obligation Refunding Bonds, 2005, Series A (the "Bonds") be sold by negotiated sale as provided herein, and
WHEREAS, $56,370,000 of the bonds authorized by the Bond Ordinance are currently outstanding, and
WHEREAS, Pursuant to the Bond Ordinance, the Finance Director has negotiated the sale of the Bonds to UBS Financial Services Inc. (the "Underwriter"), and a preliminary official statement dated May 26, 2005, has been prepared for the sale of the Bonds, and
WHEREAS, It is in the best interest of the county that the Bonds be sold to the Underwriter on the terms set forth in the attached bond purchase contract, the Bond Ordinance and this motion;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. ...

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