King County - File #: 2015-0209

• File #: 2015-0209
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/1/2015
• In control: Budget and Fiscal Management Committee
• Final action: 7/27/2015
• Enactment date: 7/30/2015
• Enactment #: 18089
• Title: AN ORDINANCE relating to contracting indebtedness; providing for the issuance and sale of one or more series of limited tax general obligation bonds and bond anticipation notes of the county in the aggregate principal amount of not to exceed $150,000,000 outstanding at any time, for the purpose of financing the Capital Improvement Program for Solid Waste Facilities and the Solid Waste Transfer and Waste Management Plan; providing for the form, terms, covenants and other provisions of the bonds and notes; providing for sale of the bonds and notes and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond and note proceeds and for the payment of the bonds and notes; and providing for the annual budgeting and levy of taxes to pay the principal thereof and interest thereon.
• Sponsors: Joe McDermott
• Indexes: Bonds, Budget, Solid Waste
• Staff: Hamacher, Patrick

Date	Ver.	Action By	Action	Result
7/27/2015	1	Metropolitan King County Council	Hearing Held
7/27/2015	1	Metropolitan King County Council	Passed	Pass
7/22/2015	1	Budget and Fiscal Management Committee	Deferred
6/1/2015	1	Metropolitan King County Council	Introduced and Referred

Drafter
Clerk 05/27/2015
title
AN ORDINANCE relating to contracting indebtedness; providing for the issuance and sale of one or more series of limited tax general obligation bonds and bond anticipation notes of the county in the aggregate principal amount of not to exceed $150,000,000 outstanding at any time, for the purpose of financing the Capital Improvement Program for Solid Waste Facilities and the Solid Waste Transfer and Waste Management Plan; providing for the form, terms, covenants and other provisions of the bonds and notes; providing for sale of the bonds and notes and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond and note proceeds and for the payment of the bonds and notes; and providing for the annual budgeting and levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
The county has adopted a Capital Improvement Program for Solid Waste Facilities and a Solid Waste Transfer and Waste Management Plan. There are costs involved with carrying out both of these capital programs, and the county does not have sufficient funds readily available to accomplish the programs.
It is deemed necessary and advisable that the county authorize the issuance and sale of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $150,000,000 outstanding at any time, to provide funds to pay for the cost of carrying out the Capital Improvement Program for Solid Waste Facilities and the Solid Waste Transfer and Waste Management Plan. It is also deemed necessary and advisable that the county authorize the issuance and sale of one or more series of its bond anticipation notes pending issuance of such 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 me...