Drafter
Clerk 03/30/2010
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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 outstanding aggregate principal amount not to exceed $95,000,000 to provide long-term financing for the capital costs of the Accountable Business Transformation Program; 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 $95,000,000 to provide interim financing for such capital 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 Accountable Business Transformation Program.
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 $95,000,000 to provide long-term financing for the capital costs of the Accountable Business Transformation Program, 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 $95,000,000 to provide interim financing for such capital 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.
"ABT Project" means the capital costs of implementing the Accountable Business Transformat...
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