Drafter
Clerk 04/04/2005
Title
A MOTION of the county council approving a bid for the county's Limited Tax General Obligation Bonds (Payable from Sewer Revenue), 2005, in the aggregate principal amount of $200,000,000 and establishing certain terms of such bonds, all in accordance with Ordinance 15033.
Body
WHEREAS, the county council by Ordinance 15033 passed on October 4, 2004 (the "Bond Ordinance"), authorized the issuance and sale of the county's limited tax general obligation bonds, payable from sewer revenue, in the aggregate principal amount of not to exceed $220,000,000 to finance a portion of the costs of certain capital improvements to the county's sewer system; 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 (the "Finance Director") in consultation with the county's financial advisors; and
WHEREAS, the Finance Director has determined that a portion of such authorized bonds be sold by competitive bid in a series of bonds to be designated as the county's Limited Tax General Obligation Bonds (Payable from Sewer Revenue), 2005, in the aggregate principal amount of $200,000,000 (the "Bonds"); and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated March 28, 2005, 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 Lehman Brothers (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 ...
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