King County - File #: 2009-0560

• File #: 2009-0560
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/21/2009
• In control: Budget and Fiscal Management Committee
• Final action: 10/19/2009
• Enactment #: 16681
• Title: AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $29,000,000 to provide long-term financing for the costs of the Green River Flood Mitigation Project; authorizing the issuance and public sale of one or more series of limited tax general obligation bond anticipation notes of the county in an outstanding aggregate principal amount not to exceed $29,000,000 to provide interim financing for such costs pending the sale of such bonds; providing for the disposition of the proceeds of sale of the notes; establishing funds for the receipt and expenditure of note proceeds and for the payment of the notes; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
• Sponsors: Julia Patterson, Larry Gossett, Dow Constantine
• Indexes: Bonds, Green River , levy, Taxes

Date	Ver.	Action By	Action	Result
10/19/2009	1	Metropolitan King County Council	Hearing Held
10/19/2009	1	Metropolitan King County Council	Passed	Pass
10/14/2009	1	Budget and Fiscal Management Committee
10/7/2009	1	Budget and Fiscal Management Committee
9/21/2009	1	Metropolitan King County Council	Introduced and Referred

Drafter
Clerk 09/17/2009
title
AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $29,000,000 to provide long-term financing for the costs of the Green River Flood Mitigation Project; authorizing the issuance and public sale of one or more series of limited tax general obligation bond anticipation notes of the county in an outstanding aggregate principal amount not to exceed $29,000,000 to provide interim financing for such costs pending the sale of such bonds; providing for the disposition of the proceeds of sale of the notes; establishing funds for the receipt and expenditure of note proceeds and for the payment of the notes; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
The county council has previously reviewed and approved expenditures for the Green River Flood Mitigation Project.
It is deemed necessary and advisable that the county now authorize 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, and that the county now authorize the issuance and public sale of one or more series of its limited tax general obligation bond anticipation notes in an outstanding aggregate principal amount not to exceed $29,000,000 to provide interim financing for such costs pending the issuance of the bonds.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used in this ordinance shall have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended.
"BABs" means "Build America Bonds" authorized under the federal American Recovery and Reinvestment Act of 2009.
"Bond Fund" means, with respect t...