Drafter
Clerk 05/08/2019
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AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an aggregate original principal amount not to exceed $174,000,000 to provide financing for the parks' central maintenance facility project, the solid waste capital program, various systems development and upgrade projects (including procurement, case management, property tax assessment and collection, and jail management systems), the distributed antenna network phase III project, and energy demand reduction projects, and to pay costs of issuing the bonds; providing for the disposition of the proceeds of the sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
The county council previously reviewed and approved the parks' central maintenance facility project, the solid waste capital program, various systems development and upgrade projects (including procurement, case management, property tax assessment and collection, and jail management systems), the distributed antenna network phase III project, and energy demand reduction projects.
It is deemed necessary and advisable that the county now authorize the issuance and sale of one or more series of its limited tax general obligation bonds in an aggregate original principal amount not to exceed $174,000,000 to provide financing for such projects and to pay costs of issuing the bonds.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used in this ordinance have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended:
"Bond Account" means, with respect to each Series of Bonds, the bond redemption account established therefor pursuant to section 14 of this ordinance.
"Bonds" ...
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