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A MOTION of the county council approving a bid for the county's Sewer Revenue Bonds, Series 2007, in the aggregate principal amount of $250,000,000 and establishing certain terms of such bonds, all in accordance with Ordinance 15758.
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WHEREAS, the county council by Ordinance 15758 passed on May 7, 2007 (the "Bond Ordinance"), authorized the issuance and sale of sewer revenue bonds of the county in the aggregate principal amount of not to exceed $250,000,000 to pay costs of certain capital improvements to the county's sewer system (the "System"), in accordance with the county's comprehensive water pollution abatement plan, and
WHEREAS, the Bond Ordinance provided that such bonds be sold in one or more series 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 advisors, and
WHEREAS, the Finance Director has determined that a series of such bonds in the aggregate principal amount of $250,000,000 to be designated as the county's Sewer Revenue Bonds, Series 2007 (the "Bonds"), be sold by competitive bid, and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated June 1, 2007, has been prepared for the sale of the Bonds, the Official Notice of Bond Sale (the "Notice") has been published, and bids have been received in accordance with the Notice, and
WHEREAS, the attached bid of Merrill Lynch & Co. (the "Purchaser") to purchase the Bonds is the best bid received for the Bonds, and it is in the best interest of the county that the Bonds be sold to the Purchaser on the terms set forth in the Notice, the attached bid, the Bond Ordinance, and this motion, and
WHEREAS, in accordance with the Bond Ordinance, the council wishes to ratify and confirm certain terms of the Bonds, as set forth herein;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Definitions. Except a...
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