King County - File #: 2007-0479

• File #: 2007-0479
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 9/24/2007
• In control: Capital Budget Committee
• Final action: 10/15/2007
• Enactment date: 10/23/2007
• Enactment #: 15925
• Title: AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $46,000,000 to provide long-term financing for the PeopleSoft/Oracle Upgrade Projects and the Solid Waste Projects; providing for the disposition of the proceeds of sale of such bonds; 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.
• Sponsors: Bob Ferguson, Dow Constantine
• Indexes: Bonds
• Staff: Soo Hoo, Wendy

Date	Ver.	Action By	Action	Result
10/15/2007	2	Metropolitan King County Council	Hearing Held
10/15/2007	2	Metropolitan King County Council	Passed	Pass
10/3/2007	1	Capital Budget Committee	Amended	Pass
10/3/2007	1	Capital Budget Committee	Recommended Do Pass Substitute Consent	Pass
9/24/2007	1	Metropolitan King County Council	Introduced and Referred

Drafter
Clerk 10/10/2007
title
AN ORDINANCE authorizing the issuance and public sale of one or more series of limited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $46,000,000 to provide long-term financing for the PeopleSoft/Oracle Upgrade Projects and the Solid Waste Projects; providing for the disposition of the proceeds of sale of such bonds; 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.
body
PREAMBLE:
The county council has previously reviewed and approved expenditures for the PeopleSoft/Oracle Upgrade Projects and the Solid Waste Projects.
It is deemed necessary and advisable that the county now authorize the issuance of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $46,000,000 to provide long-term financing for such projects.
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 meaning is plainly intended.
"Arbitrage and Tax Certification" means, with respect to each series of the Bonds, the certificate executed by the Finance Director pertaining to the county's expectations with respect to the use, investment and rebate, if any, of the proceeds thereof for purposes of Sections 141 and 148 of the Code.
"Bond Fund" means, with respect to each series of the Bonds, the bond redemption account established therefor pursuant to Section 12 hereof.
"Bond Sale Motion" means a motion of the council adopted at the time of sale of each series of the Bonds that establishes, with respect thereto, the following, among other things: the year and series designation, dates, principal amounts and maturity dates, the i...