Drafter
Clerk 03/21/2016
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AN ORDINANCE modifying the Green River Flood Mitigation Project to be financed, in part, with proceeds of the county's Limited Tax General Obligation Bonds, 2011, Series C (Taxable) authorized by Ordinance 16681 to include the NDMSC Demolition Project as an additional project to be financed with proceeds of such bonds; and amending Ordinance 16681, Section 1.
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PREAMBLE:
Pursuant to Ordinance 16681, the county authorized the issuance of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $29,000,000 to provide long-term financing for the Green River Flood Mitigation Project described therein.
Ordinance 16681 provides that the Green River Flood Mitigation Project may be modified where deemed advisable or necessary in the judgment of the county council.
Ordinance 16681 further provides that if the Green River Flood Mitigation Project has been completed, or its completion duly provided for, the county may apply any remaining proceeds of the Bonds, or any portion thereof, to the acquisition or improvement of other county capital projects as the county council in its discretion may determine.
Pursuant to Motion 13587, the county authorized the sale of (a) the 2011B Bonds as a series of Tax-Exempt Obligations pursuant to Ordinance 16681 in the original aggregate amount of $5,725,000 to provide long-term financing for such portion of the Green River Flood Mitigation Project as qualified for tax-exempt financing under the Code, and (b) the 2011C Bonds as a series of Taxable Obligations pursuant to Ordinance 16681 in the original aggregate amount of $15,530,000 to provide long-term financing for such portion of the Green River Flood Mitigation Project as did not qualify for tax-exempt financing under the Code.
The 2011B Bonds and the 2011C Bonds were issued on December 1, 2011.
The Green River Flood Mitigation Project as originally defined in Ordinance 166...
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