King County - File #: 2006-0162

• File #: 2006-0162
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 4/10/2006
• In control: Operating Budget Committee
• Final action: 5/8/2006
• Enactment date: 5/11/2006
• Enactment #: 15451
• Title: AN ORDINANCE approving a plan for refinancing bonds issued by CDP-King County III in 1997 to finance the acquisition and construction of King Street Center and amending the county's lease for King Street Center.
• Sponsors: Dow Constantine
• Indexes: Bonds
• Staff: Hamacher, Patrick

Date	Ver.	Action By	Action	Result
5/8/2006	2	Metropolitan King County Council	Passed	Pass
4/26/2006	1	Operating Budget Committee	Amended	Pass
4/26/2006	2	Operating Budget Committee	Recommended Do Pass Substitute Consent	Pass
4/10/2006	1	Metropolitan King County Council	Introduced and Referred

Drafter
Clerk 05/01/2006
Title
AN ORDINANCE approving a plan for refinancing bonds issued by CDP-King County III in 1997 to finance the acquisition and construction of King Street Center and amending the county's lease for King Street Center.
Body
PREAMBLE:
Pursuant to Ordinance 12754, passed by the county council on May 27, 1997, the county has entered into a lease dated June 12, 1997, with CDP-King County III, a Washington nonprofit corporation ("CDP"), for the King Street Center (the "Lease"). Ordinance 12754 also approved the plan proposed by CDP for financing the costs of acquiring, constructing and equipping the King Street Center, which plan included the issuance of tax-exempt bonds secured by a pledge of the county's payments under the Lease. CDP issued such bonds in June 1997 in the original aggregate principal amount of $78,275,000. The King Street Center project was completed in 1999 and the county then began making payments to CDP under the Lease.
CDP now proposes to refinance those bonds and thereby reduce the county's payments of rent under the Lease. To comply with the requirements of federal tax law relating to issuance of the refunding bonds, the county wishes to approve CDP and its plan of refunding.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Approval of Refunding Bonds. The council hereby acknowledges the intent of CDP to refund all or a portion of CDP's Lease Revenue Bonds, 1997 (King Street Center Project), currently outstanding in the aggregate principal amount of $72,450,000 (the "Bonds"), by the issuance of a refunding series of lease revenue bonds in an amount not to exceed $79,000,000 (the "Refunding Bonds"). For the purpose of complying with the requirements of Revenue Ruling 63-20, 1963-1C.B.24, as supplemented by Revenue Procedure 82-26, 1982-1C.B.476, the county hereby acknowledges and approves (i) CDP and the issuance of the Refunding Bonds on substantially the same terms as the Bonds and with a f...