Drafter
Clerk 10/16/2015
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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 $183 million to refinance for savings the county's obligations under the lease/lease-back transaction entered into by the county with NJB Properties for the construction of facilities for Harborview Medical Center; providing for the use of the bond proceeds to refund all or a portion of the lease revenue bonds issued by NJB Properties and to pay costs of issuing the county's bonds; pledging the annual levy of taxes to pay principal of and interest on the county's bonds; and approving certain matters related thereto.
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PREAMBLE:
As authorized by Ordinance 15043, pursuant to RCW 36.39.205 incorporating by reference chapter 35.42 RCW, and K.C.C. chapter 4.56, the county entered into a lease/lease-back transaction with NJB Properties, a Washington nonprofit corporation ("NJB"), for the permitting, design and construction on county-owned land of the Harborview Medical Center. The transaction included (i) the county's lease of a site to NJB pursuant to a Ground Lease dated as of November 1, 2006 (the "Ground Lease"), (ii) NJB's lease back to the county of the buildings that NJB caused to be constructed on those sites (the "Premises") pursuant to a Project Lease Agreement dated as of November 1, 2006 (the "Project Lease"), and (iii) NJB's issuance of its Lease Revenue Bonds (King County, Washington Project), 2006 Series A in the original aggregate principal amount of $179,285,000 (the "NJB 2006A Bonds") and Lease Revenue Bonds (King County Washington Project), 2006 Series B (Taxable) in the original aggregate principal amount of $10,435,000 (the "NJB 2006B Bonds" and together with the NJB 2006A Bonds, the "NJB Bonds") to finance the costs of the project. As provided in Section 4.3 of the Project Lease, the county's obligation thereunder to pay Monthly Rent (a...
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