Drafter
Clerk 10/29/2015
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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 aggregate original principal amount not to exceed $28,800,000 to provide financing for the Building for Culture Program and to pay costs of issuing the bonds; 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:
Pursuant to Motion 14406, the county council previously reviewed and approved the Building for Culture Program.
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 aggregate original principal amount not to exceed $28,800,000 to provide financing for the Building for Culture Program and to pay costs of issuing the bonds.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used in this ordinance have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended:
"Bond Account" means, with respect to each Series of Bonds, the bond redemption account established therefor pursuant to section 14 of this ordinance.
"Bonds" means the limited tax general obligation bonds of the county in an aggregate original principal amount not to exceed $28,800,000, authorized to be issued in one or more Series by this ordinance to provide financing for the Building for Culture Program and to pay costs of issuing the Bonds. Each Series of Bonds may be issued as Tax-Exempt Bonds or Taxable Bonds, as provided in section 10 of this ordinance.
"Building for Culture Program" means the partnership between the county and 4Culture to provide capital grant funding to arts, cultur...
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