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A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation and Refunding Bonds, 2015, Series D, in the aggregate principal amount of $50,595,000 and establishing certain terms of such bonds, and approving a plan of refunding from proceeds of such bonds, all in accordance with Ordinance 18089 and Ordinance 17564.
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PREAMBLE
Pursuant to Ordinance 15925 and Motion 12630, the county council authorized the issuance of its Limited Tax General Obligation Bonds, 2007, Series E ("the 2007E Bonds") to provide long-term financing to upgrade the county's PeopleSoft Human Resource Management System and the Oracle financial system, for capital improvement projects for the county's Solid Waste Division, and to pay the costs of issuance and sale of the 2007E Bonds.
The county reserved the right to redeem outstanding 2007E Bonds maturing on or after December 1, 2018, prior to their maturity, in whole or in part, at any time on or after December 1, 2017, at a price of par plus accrued interest, if any, to the date of redemption.
Pursuant to Ordinance 17564 passed on April 29, 2013 ("the Refunding Ordinance"), the county council authorized, among other things, the issuance of one or more series of its limited tax general obligation refunding bonds to refund certain outstanding limited tax general obligation bonds of the county, including the then-outstanding 2007E Bonds, in an aggregate principal amount that does not exceed the county's nonvoted debt capacity at the time of issuance of those refunding bonds.
There are presently outstanding $15,140,000 aggregate principal amount of callable 2007E Bonds maturing on December 1 of each of the years 2018 through 2020, inclusive, 2025 and 2027, all bearing interest at the rate of 5.00%.
The county has determined that a debt service savings will be realized by refunding a portion of the outstanding 2007E Bonds.
Pursuant to Ordinance 18089 passed on July 27, 2015 ("the ...
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