Drafter
Clerk 12/28/2012
Title
AN ORDINANCE amending certain provisions of Ordinance 16994 of the county, passed on December 13, 2010, which authorized 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; and amending Ordinance 16994, Section 15.
Body
PREAMBLE:
Ordinance 16994 of the county, passed by the county council on December 13, 2010, authorizes the county to issue bonds or bond anticipation notes in the aggregate principal amount of not to exceed $150,000,000, such authorization to expire two years from the effective date of Ordinance 16994. Pursuant to Ordinance 16994, the county has issued its bond anticipation notes in the amount of $73,395,000. Those notes are scheduled to mature on February 28, 2013, and the county desires to maintain the option of issuing replacement notes or bonds during an additional period of approximately two years. Section 22 of Ordinance 16994 authorizes the county to amend the ordinance in this respect.
It is deemed necessary and advisable that the county amend Ordinance 16994 to extend the authorization to issue bonds or bond anticipation notes for an additional time period from the effective date of Ordinance 16994 in order to continue to carry out the county’s Capital Improvement Program for Solid Waste Facilities and the Solid Waste Transfer and Waste Management Plan.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. Capitalized terms used in this ordinance have the meaning given such terms in Ordinance 16994.
SECTION 2. Findings.
A. The council finds that it is in the best interest of the county and its taxpayers to amend Ordinance 16994 to extend the county’s authorization to issue bon...
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