Drafter
Clerk 07/13/2015
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AN ORDINANCE authorizing the issuance and sale of one or more series of limited tax general obligation bonds of the county in an aggregate principal amount not to exceed $37,500,000 to refinance for savings a portion of the county's obligations under the lease transaction entered into by the county with CDP-King County III for the acquisition and construction of King Street Center; providing for the use of the bond proceeds to refund a portion of the lease revenue bonds issued by CDP-King County III and to pay costs of issuing the bonds; pledging the annual levy of taxes to pay principal of and interest on the bonds; and approving certain matters related thereto.
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PREAMBLE:
As authorized by Ordinance 12754, adopted by the county council on May 27, 1997, the county entered into a lease dated June 12, 1997, and amended on March 8, 2007, with CDP-King County III, a Washington nonprofit corporation ("CDP"), for King Street Center (the "Lease"). To finance the costs of acquiring, constructing and equipping King Street Center, CDP issued its Lease Revenue Bonds (King Street Center Project), 1997, in the original aggregate principal amount of $78,275,000 (the "1997 CDP Bonds"). As authorized by Ordinance 15451, adopted by the county council on May 9, 2006, the county approved a plan for refinancing a portion of the 1997 CDP Bonds through the issuance by CDP of its Lease Revenue Refunding Bonds (King Street Center Project), 2007 (the "2007 CDP Bonds").
As provided in Section 4 of the Lease, the county is obligated to pay Monthly Rent (as defined in the Lease), which was applied by CDP to pay the principal of or interest on the 1997 CDP Bonds until their retirement and which is applied by CDP to pay the principal of and interest on the 2007 CDP Bonds.
The 2007 CDP Bonds were issued pursuant to the Indenture of Trust, dated as of June 1, 1997, by and between CDP, as issuer, and Mellon Bank, F.S.B., as trustee, as amended by ...
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