Drafter
Clerk 07/28/2008
Title
AN ORDINANCE relating to contracting indebtedness; providing for the issuance and sale of one or more series of limited tax general obligation refunding bonds of the county (secured also by public transportation sales taxes) in the aggregate principal amount of not to exceed $103,000,000 to currently refund all or a portion of the county's outstanding Limited Tax General Obligation (Public Transportation Sales Tax) Refunding Bonds, 1998, Series A, and to advance refund all or a portion of the county's outstanding Limited Tax General Obligation (Public Transportation Sales Tax) Bonds, 2004; providing for the form, terms, covenants and other provisions of such refunding bonds; providing for the sale of the bonds and the disposition of the proceeds of sale; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon; and pledging public transportation sales tax revenues as additional security for the bonds.
Body
PREAMBLE:
The Municipality of Metropolitan Seattle ("Metro") was created by public vote in 1958 to exercise certain powers conferred by Chapter 35.58 of the Revised Code of Washington ("RCW"). In 1972, pursuant to RCW 35.58.245, the voters approved adding metropolitan public transportation functions to Metro's powers, and, in accordance with RCW 35.58.240, Metro adopted a comprehensive plan for public transportation for the Seattle metropolitan area, which plan has been amended from time to time (the "Comprehensive Plan"). To provide funds for the operation, maintenance and capital needs of Metro's public transportation system, Metro levied a sales tax pursuant to RCW 82.14.045 and as approved by the voters at elections held in 1972 and 1980.
Metro issued several series of its limited sales tax general obligation bonds secured by the pledge of the voter-approved sales tax, as authori...
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