File #: 2005-0500    Version: 1
Type: Ordinance Status: Passed
File created: 11/21/2005 In control: Capital Budget Committee
On agenda: Final action: 3/13/2006
Enactment date: 3/22/2006 Enactment #: 15386
Title: AN ORDINANCE providing for the issuance of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $60,000,000 to refund all or a portion of the county's Limited Tax General Obligation 501(c)(3) Refunding Bonds 1996 Series B, Limited Tax General Obligation Bonds (Various Purpose), 1997 Series G and Limited Tax General Obligation and Refunding Bonds (Various Purpose) 1999, Series A; providing for the public sale of the bonds and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
Sponsors: Larry Gossett
Indexes: Bonds, Budget, Finance
Attachments: 1. 15386.pdf, 2. 2005-0500 Fiscal Note--LTGO bond refunding.xls, 3. 2005-0500 Staff Report 3-1-06.doc, 4. 2005-0500 Transmittal Letter.doc
Staff: Hamacher, Patrick
Drafter
Clerk 11/14/2005
title
AN ORDINANCE providing for the issuance of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $60,000,000 to refund all or a portion of the county's Limited Tax General Obligation 501(c)(3) Refunding Bonds 1996 Series B, Limited Tax General Obligation Bonds (Various Purpose), 1997 Series G and Limited Tax General Obligation and Refunding Bonds (Various Purpose) 1999, Series A; providing for the public sale of the bonds and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
The county has previously issued its Limited Tax General Obligation 501(c)(3) Refunding Bonds 1996 Series B, Limited Tax General Obligation Bonds (Various Purpose), 1997 Series G and Limited Tax General Obligation and Refunding Bonds (Various Purpose) 1999, Series A. The county has an opportunity to refund all or a portion of those bonds, thereby realizing savings to its taxpayers.
It is deemed necessary and advisable that the county now authorize the issuance and sale of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $60,000,000 to undertake such refunding.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used in this ordinance shall have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended.
"Arbitrage and Tax Certification" means the certificate executed by the Finance Director pertaining to the county's expectations with respect to the use, investment and rebate, if any, of Bond proceeds for purposes of Sections 141 and 148 of the Code.
"Bond Fund" means the bond redemption account a...

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