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A MOTION of the county council approving a purchase contract for the county’s Sewer Revenue Refunding Bonds, 2012, Series B, in the aggregate principal amount of $64,260,000 and establishing certain terms of these bonds, approving a purchase contract for the county’s Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenues), 2012, Series B, in the aggregate principal amount of $41,725,000 and establishing certain terms of these bonds, and approving a plan of refunding from proceeds of the two series of bonds, all in accordance with Ordinance 17111.
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WHEREAS, the county council by Ordinance 17111 passed on June 20, 2011 (the “Bond Ordinance”), authorized the issuance and sale of bonds of the county payable from sewer revenues, as follows: (i) $300,000,000 aggregate principal amount of bonds to pay costs of certain capital improvements to the county’s Sewer System in accordance with the county’s comprehensive water pollution abatement plan (the “Project Bonds”), and (ii) not to exceed $1,200,000,000 aggregate principal amount of bonds to refund certain outstanding bonds payable from sewer revenues (the “Refunding Bonds”), and
WHEREAS, the Bond Ordinance authorizes the sale of these bonds in one or more series, as Parity Bonds or Parity Lien Obligations (as such terms are defined in the Bond Ordinance), as Tax-Exempt Bonds, Tax-Benefited Bonds or otherwise, and by negotiated sale or competitive bid, as determined by the county’s director of finance and business operations division (the “Finance Director”) in consultation with the county’s financial advisor, and
WHEREAS, the county has issued and sold $150,000,000 of the authorized Project Bonds, and $549,555,000 of the authorized Refunding Bonds, and
WHEREAS, the Finance Director has determined that $105,985,000 principal amount of additional Refunding Bonds (the “Refunding Bonds”) be sold by negotiated sale in (i) a series of Parity Bonds in the aggregate principal amount of $64,260,0...
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