Drafter
Clerk 09/24/2024
Title
AN ORDINANCE authorizing the issuance and sale of one or more series of limited tax general obligation bonds of the county in an aggregate principal amount not to exceed $585,000,000 to provide funds for acquiring and constructing capital improvement projects of the county and to pay the costs of issuing such bonds; authorizing the issuance and sale of one or more series of limited tax general obligation refunding bonds to refund outstanding limited tax general obligations of the county and to pay the costs of issuing such refunding bonds; pledging the annual levy of taxes to pay the principal of and interest on the bonds issued under this ordinance; and providing for other matters relating thereto.
Body
PREAMBLE:
Pursuant to RCW 39.46.110 and other county authority, the county may issue limited tax general obligation bonds payable from tax revenues of the county and such other money lawfully available and pledged or provided by the county council.
The county council has either previously reviewed and approved or expects to review and approve the capital improvement projects of the county as generally described herein (the "Projects").
It is necessary and advisable for the county to issue and sell, from time to time, one or more series of its limited tax general obligation bonds in an aggregate principal amount not to exceed $585,000,000 (the "Project Bonds") to provide financing for the Projects, and to pay the costs of issuing the bonds.
In addition, the county may have opportunities to refund, including by purchase or exchange, or defease all or portions of its currently outstanding limited tax general obligations and/or any limited tax general obligations issued in the future, in each case to effect a savings to the county or, when necessary or in the best interest of the county, to modify debt service requirements, sources of payment, covenants or other terms of such bonds.
It is necessary and advisable for the county to iss...
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