File #: 2011-0342    Version: 1
Type: Ordinance Status: Passed
File created: 8/15/2011 In control: Budget and Fiscal Management Committee
On agenda: Final action: 8/29/2011
Enactment date: 9/9/2011 Enactment #: 17175
Title: AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $47,000,000 to provide long-term financing for all or part of the capital costs of the Barton Pump Station Upgrade Project, the East Precinct Command Center Project, the KCCF Water Pipe Replacement Project, the Maury Island Park Project and the Telephony System Project; providing for the disposition of the proceeds of sale of the bonds; 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: Julia Patterson
Indexes: Bonds, levy, Maury Island, Taxes, Water
Attachments: 1. Ordinance 17175.pdf, 2. 2011-0342 transmittal letter.doc, 3. 2011-0342 2011 Bond fiscal note.xls, 4. 08-16-11 Staff Report with attachments
Staff: Hamacher, Patrick
Drafter
Clerk 08/29/2011
title
AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $47,000,000 to provide long-term financing for all or part of the capital costs of the Barton Pump Station Upgrade Project, the East Precinct Command Center Project, the KCCF Water Pipe Replacement Project, the Maury Island Park Project and the Telephony System Project; providing for the disposition of the proceeds of sale of the bonds; 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 council has previously reviewed and approved expenditures for the Barton Pump Station Upgrade Project, the East Precinct Command Center Project, the KCCF Water Pipe Replacement Project, the Maury Island Park Project and the Telephony System Project.
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 $47,000,000 to provide long-term financing for all or part of the capital costs of the Barton Pump Station Upgrade Project, the East Precinct Command Center Project, the KCCF Water Pipe Replacement Project, the Maury Island Park Project and the Telephony System Project.
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:
"BABs" means "build America bonds" authorized under Section 54AA of the Code.
"Barton Pump Station Upgrade Project" means the project to upgrade all mechanical, electrical and instrumentation systems at the wastewater treatme...

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