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A MOTION of the county council accepting a bid for the purchase of the county's Sewer Refunding Revenue Bonds, 2016, Series A, in the aggregate principal amount of $281,535,000, establishing certain terms of such bonds, and approving a plan of refunding from proceeds of such bonds, all in accordance with Ordinance 18116.
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PREAMBLE
Pursuant to Ordinance 15758 and Motion 12528, the county council authorized the issuance of its Sewer Revenue Bonds, 2007 ("the 2007 Bonds") to finance the construction of improvements to the Sewer System and to pay the costs of issuing the 2007 Bonds.
The county reserved the right to redeem the 2007 Bonds maturing on and after January 1, 2018, in whole or in part at any time on or after July 1, 2017, at par plus accrued interest, if any, to the date of redemption.
There are presently outstanding $1,835,000 aggregate principal amount of 2007 Bonds maturing on January 1, 2018, bearing interest at the rate of 5.00% ("the Refunded 2007 Bonds").
Pursuant to Ordinance 16133 and Motion 12818, the county council authorized the issuance of its Sewer Revenue Bonds, 2008 ("the 2008 Bonds") to finance the construction of improvements to the Sewer System and to pay the costs of issuing the 2008 Bonds.
The county reserved the right to redeem the 2008 Bonds maturing on or after January 1, 2019, in whole or in part at any time on or after January 1, 2018, at the price of par plus accrued interest, if any, to the date fixed for redemption.
There are presently outstanding $1,945,000 aggregate principal amount of 2008 Bonds maturing on January 1, 2019, bearing interest at the rate of 5.50% ("the Refunded 2008 Bonds").
Pursuant to Ordinance 16133 and Motion 13040, the county council authorized the issuance of its Sewer Revenue Bonds, 2009 ("the 2009 Bonds") to finance the construction of improvements to the Sewer System, to pay capitalized interest, to fund a deposit to the Parity Bond Reserve Account, and to pay the costs of issuing ...
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