Drafter
Clerk 10/26/2015
title
A MOTION of the county council accepting a bid for the purchase of the county's Sewer Improvement and Refunding Revenue Bonds, 2015, Series B, in the aggregate principal amount of $93,345,000 and establishing certain terms of such bonds, and approving a plan of refunding from proceeds of such bonds, all in accordance with Ordinance 18111 and Ordinance 18116.
body
PREAMBLE
Pursuant to Ordinance 15385 and Motion 12278, the county council authorized the issuance of its Sewer Revenue and Refunding Bonds, Series 2006 ("the 2006 Bonds") to finance the construction of improvements to the Sewer System, to refund certain outstanding obligations of the Sewer System for debt service savings, and to pay the costs of issuing the 2006 Bonds.
The county reserved the right to redeem the 2006 Bonds maturing on and after January 1, 2017, in whole or in part at any time on or after January 1, 2016, at par plus accrued interest, if any, to the date of redemption.
Pursuant to Ordinance 18116, passed on September 21, 2015 ("the Refunding Ordinance"), the county council authorized, among other things, the issuance of one or more series of its sewer revenue bonds to refund certain outstanding sewer revenue bonds of the county, including the 2006 Bonds.
There are presently outstanding $24,070,000 aggregate principal amount of 2006 Bonds maturing on January 1 of each of the years 2017 through 2023, inclusive, all bearing interest at the rate of 5.00%.
The county has determined it is in the best interest of the county and the ratepayers of the Sewer System to modify the debt service or reserve requirements, sources of payment, covenants or other terms of the 2006 Bonds.
Pursuant to Ordinance 18111, passed on September 21, 2015 ("the Improvement Ordinance"), the county council authorized the issuance of one or more series of its sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) in an aggregate principal ...
Click here for full text