File #: 2004-0090    Version:
Type: Motion Status: Passed
File created: 2/23/2004 In control: Budget and Fiscal Management Committee
On agenda: Final action: 5/24/2004
Enactment date: Enactment #: 11926
Title: A MOTION accepting a bid for the purchase of the county's Limited Tax General Obligation (Public Transportation Sales Tax) Bonds, 2004, in the aggregate principal amount of $49,695,000, and establishing certain terms of such bonds, all in accordance with Ordinance 14887.
Sponsors: Larry Gossett
Indexes: Bonds, Budget, Transportation
Attachments: 1. Motion 11926.pdf, 2. A. [Attach here a copy of EXHIBIT A. OFFICIAL NOTICE OF BOND SALE], 3. 2004-0090 Revised Staff Report, 4. 2004-0090 Staff Report 4-28-04, 5. 2004-0090 Transmittal Letter.doc, 6. A. Exhibit A Official Notice of Bond Sale , 7. Attachment 4 to 4-28-04 Staff Report, 8. Attachment 5 to 4-28-04 Staff Report, 9. B. Exhibit B Underwriter's Bid, 10. B. [Attach here a copy of EXHIBIT B. UNDERWRITER'S BID], 11. C. Exhibit C Other Bids, 12. C. [Attach here a copy of EXHIBIT C. OTHER BIDS RECEIVED]
Drafter
Clerk 05/24/2004
title
A MOTION accepting a bid for the purchase of the county's Limited Tax General Obligation (Public Transportation Sales Tax) Bonds, 2004, in the aggregate principal amount of $49,695,000, and establishing certain terms of such bonds, all in accordance with Ordinance 14887.
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WHEREAS, the county council by Ordinance 14887 passed May 3, 2004 (the "Bond Ordinance"), authorized the issuance and sale of limited tax general obligation (public transportation sales tax) bonds (the "Bonds") of the county in the aggregate principal amount of not to exceed $50,000,000 for the purpose of financing portions of the Public Transportation Fund Capital Improvement Program of the county; and
WHEREAS, the Bond Ordinance provided that the Bonds be sold as determined by the county's manager of finance and business operations (the "Finance Manager") in consultation with the county's financial advisors; and
WHEREAS, the Finance Manager has determined that the Bonds be sold by competitive bid; and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated May 18, 2004 (the "Preliminary Official Statement"), has been prepared for the public sale of the Bonds, the official notice of such sale (the "Notice of Sale") has been duly published, and bids have been received in accordance with the Notice of Sale; and
WHEREAS, after the Finance Manager's review and analysis of the bids received, the council, deems it necessary and desirable to authorize the sale of the Bonds in the principal amount of $49,695,000 to ABN AMRO Financial Services, Inc., of New York, New York (the "Underwriter"), as the bidder offering the lowest true interest cost therefor;
WHEREAS it is in the best interest of the county that the Bonds be sold to the Underwriter on the terms set forth in the Bond Ordinance and this motion;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Definitions. Except as expressly authorized herein, capi...

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