Drafter
Clerk 7/21/2014
title
A MOTION of the county council approving a purchase contract for the county's Sewer Revenue Refunding Bonds, 2014, Series B, in the aggregate principal amount of $192,460,000, establishing certain terms of the bonds, and approving a plan of refunding from proceeds of the bonds, all in accordance with Ordinance 17599.
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WHEREAS, the county council by Ordinance 17599 passed on June 3, 2013 ("the Bond Ordinance"), authorized the issuance and sale of not to exceed $950,000,000 aggregate principal amount of bonds of the county payable from sewer revenues to refund certain outstanding bonds of the county payable from sewer revenues ("the Refunding Bonds"), and
WHEREAS, the Bond Ordinance authorizes the sale of the Refunding 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 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 heretofore issued Refunding Bonds in the aggregate principal amount of $95,825,000, and
WHEREAS, the Finance Director has determined that $192,460,000 principal amount of Refunding Bonds be sold by negotiated sale in a series of Parity Bonds, to be designated as the county's Sewer Revenue Refunding Bonds, 2014, Series B (the "Bonds"), structured as Tax-Exempt Bonds, and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated July 14, 2014, was prepared and distributed for the sale of the Bonds, and the Finance Director has negotiated the sale of the Bonds to J.P. Morgan Securities LLC on behalf of itself and as representative of the other underwriters named in the attached bond purchase contract ("the Underwriters"), and
WHEREAS, it is in the best interest of the county that the Bonds be sold ...
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