File #: 2010-0525    Version: 1
Type: Ordinance Status: Passed
File created: 10/18/2010 In control: Budget and Fiscal Management Committee
On agenda: Final action: 12/13/2010
Enactment date: 12/16/2010 Enactment #: 16994
Title: AN ORDINANCE relating to contracting indebtedness; providing for the issuance and sale of one or more series of limited tax general obligation bonds and bond anticipation notes of the county in the aggregate principal amount of not to exceed $150,000,000 outstanding at any time, for the purpose of financing the Capital Improvement Program for Solid Waste Facilities and the Solid Waste Transfer and Waste Management Plan; providing for the form, terms, covenants and other provisions of the bonds and notes; providing for sale of the bonds and notes and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond and note proceeds and for the payment of the bonds and notes; providing for the annual budgeting and levy of taxes to pay the principal thereof and interest thereon.
Sponsors: Julia Patterson
Indexes: Bonds
Attachments: 1. 16994.pdf, 2. 2010-0525 Transmittal Letter.doc, 3. 2010-0525 Fiscal Note.xls, 4. 2010-0525 Solid Waste LTGO Bonds and BANS 12-7-2010 sr phh.doc
Staff: Hamacher, Patrick
Drafter
Clerk 09/23/2010
Title
AN ORDINANCE relating to contracting indebtedness; providing for the issuance and sale of one or more series of limited tax general obligation bonds and bond anticipation notes of the county in the aggregate principal amount of not to exceed $150,000,000 outstanding at any time, for the purpose of financing the Capital Improvement Program for Solid Waste Facilities and the Solid Waste Transfer and Waste Management Plan; providing for the form, terms, covenants and other provisions of the bonds and notes; providing for sale of the bonds and notes and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond and note proceeds and for the payment of the bonds and notes; providing for the annual budgeting and levy of taxes to pay the principal thereof and interest thereon.
Body
PREAMBLE:
The county has adopted a Capital Improvement Program that includes improvements relating to Solid Waste Facilities, and has also adopted a Solid Waste Transfer and Waste Management Plan. There are costs involved with carrying out both of these capital programs, and the county does not have sufficient funds readily available to accomplish the programs.
It is deemed necessary and advisable that the county 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 $150,000,000 outstanding at any time, to provide funds to pay for the cost of carrying out the Capital Improvement Program for Solid Waste Facilities and the Solid Waste Transfer and Waste Management Plan.
It is also deemed necessary and advisable that the county authorize the issuance of Bond Anticipation Notes and authorize the Finance Director to negotiate and enter into contracts for the sale of such Notes and other short-term obligations.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used i...

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