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AN ORDINANCE authorizing the issuance and sale of junior lien multi-modal sewer revenue bonds in the principal amount of $50,000,000 to provide funds for constructing improvements to the sewer system of the county; providing the date, form, terms, maturity, and method of determining interest rates of such bonds; providing the covenants and conditions under which such bonds will be issued; appointing a remarketing agent; authorizing certain agreements to provide bond insurance and liquidity support for the bonds; and providing for the sale of the bonds to Citigroup Global Markets, Inc.
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PREAMBLE:
The county owns and operates facilities for the conveyance and treatment of sewage and control of combined sewer overflows that include, but are not limited to, wastewater treatment plants, interceptor and trunk sewers, pumping stations, regulator stations, outfall sewers, storm sewers to divert stormwater from sanitary sewers, lands for application of biosolids, property rights, and buildings and other structures (collectively the "Sewer System" or the "System"), all in accordance with a comprehensive plan for metropolitan water pollution abatement under the authority of chapters 36.56 and 35.58 of the Revised Code of Washington ("RCW").
Long term service agreements with participating municipalities (the "Participants") obligate the county to treat and dispose of sewage collected by the Participants. The Participants must pay the costs of such services including debt service on sewer revenue bonds, including the bonds authorized herein, and other indebtedness payable from and secured by sewer revenues.
The county has issued the following series of sewer revenue bonds with a senior lien on revenues of the Sewer System (the "Parity Bonds"):
Designation
Ordinance
Date of Issue
Original Principal
Outstanding Principal
7/1/2006
1999 Bonds
13468
6/01/1999
$ 80,000,000
$ 55,795,000
1999 Bonds (2nd)
13650
11/01/1999
60,000,000
3,365,000
2001 Bonds
14225
11...
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