Drafter
Clerk 07/27/2009
Title
A MOTION of the county council approving a bond purchase agreement for the county's Sewer Revenue Bonds, 2009, in the aggregate principal amount of $250,000,000 and establishing certain terms of such bonds, all in accordance with Ordinance 16133.
Body
WHEREAS, the county council by Ordinance 16133 passed on June 16, 2008 (the "Bond Ordinance"), authorized the issuance and sale of sewer revenue bonds of the county in the aggregate principal amount of not to exceed $900,000,000 (the "Project Bonds") 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 not to exceed $200,000,000 (the "Refunding Bonds") to refund certain outstanding sewer revenue bonds, 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 advisor, and
WHEREAS, of the $900,000,000 in authorized Project Bonds, the county issued $350,000,000 in August 2008 and $300,000,000 in April 2009, and
WHEREAS, the Finance Director has determined that $250,000,000 principal amount of Project Bonds be sold in a final series of such bonds in the aggregate principal amount of $250,000,000 to be designated as the county's Sewer Revenue Bonds, 2009 (the "Bonds"), by negotiated sale, and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated July 14, 2009, has been prepared for the sale of the Bonds, and the Finance Director has negotiated the sale of the Bonds to Barclays Capital Inc. as representative of itself and 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 to the Underwriters on the ter...
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