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File #: 2015-0470    Version: 1
Type: Ordinance Status: Passed
File created: 11/2/2015 In control: Budget and Fiscal Management Committee
On agenda: Final action: 11/23/2015
Enactment date: 11/24/2015 Enactment #: 18180
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 aggregate original principal amount not to exceed $29,000,000 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.
Sponsors: Dave Upthegrove, Larry Phillips, Jane Hague
Indexes: Bonds
Attachments: 1. Ordinance 18180.pdf, 2. 2015-0470 legislative review form.pdf, 3. 2015-0470 transmittal letter.docx, 4. 2015-0470 fiscal note.xls, 5. 2015-0470_SR_Bldg4Culture_Bond_Sale.docx, 6. 2015-0470_ATT4_Motion_14406_with_Attachment_A.pdf, 7. Historic_Seattle_Letter_of_Support.pdf, 8. Letter from Seattle Opera.pdf, 9. map of project locations.pdf, 10. Seattle Symphony Remarks.pdf, 11. Comments from Lara Lavi.pdf, 12. Building For Culture updated debt service schedule 11 19 15 ar.xlsx
Drafter
Clerk 10/30/2015
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 aggregate original principal amount not to exceed $29,000,000 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 $29,000,000 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 $29,000,000, 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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