Drafter
Clerk 04/16/2014
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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 $17,750,000 to provide long-term financing for all or part of the capital costs of the Surface Water Management Projects and the Tall Chief Acquisition Project; providing for the disposition of the proceeds of sale of the 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.
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PREAMBLE:
The county council has previously reviewed and approved expenditures for the Surface Water Management Projects and the Tall Chief Acquisition Project.
It is deemed necessary and advisable that the county now 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 $17,750,000 to provide long-term financing for all or part of the capital costs of the Surface Water Management Projects and the Tall Chief Acquisition Project.
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:
"Bond Fund" means, with respect to each series of the Bonds, the bond redemption account established therefor pursuant to section 11 of this ordinance.
"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, if applicable, a series designation, dates, principal amounts and maturity dates, the interest rates and interest payment dates, and the redemption provisions therefor.
"Bonds" means the limited tax g...
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