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A MOTION of the county council approving a purchase contract for the county's Sewer Improvement and Refunding Revenue Bonds, 2016, Series B, in the aggregate principal amount of $499,655,000, establishing certain terms of such bonds, and approving a plan of refunding from certain proceeds of such bonds, all in accordance with Ordinance 18111 and Ordinance 18116.
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PREAMBLE
Pursuant to Ordinance 15385 and Motion 12389, the county council authorized the issuance of the county's Sewer Revenue and Refunding Bonds, 2006 (Second Series) ("the 2006 Bonds") to finance the construction of improvements to the System, to refund certain outstanding obligations of the System for debt service savings, and to pay the costs of issuing the 2006 Bonds.
The county reserved the right to redeem the 2006 Bonds maturing on or after January 1, 2018, in whole or in part at any time on or after January 1, 2017, at the price of par plus accrued interest, if any, to the date fixed for redemption.
There are presently outstanding $120,895,000 aggregate principal amount of 2006 Bonds maturing on January 1 of each of the years 2018 through 2026, inclusive, 2031, and 2036, bearing interest at rates ranging from 4.125% to 5.00% ("the Refunded 2006 Bonds").
Pursuant to Ordinance 16868 and Motion 13272, the county council authorized the issuance of the county's Sewer Revenue and Refunding Bonds, 2010 ("the 2010 Bonds") to finance the construction of improvements to the System, to refund certain outstanding bonds of the System, to pay capitalized interest, to fund a deposit to the Parity Bond Reserve Account, and to pay the costs of issuing the 2010 Bonds.
The county reserved the right to redeem the 2010 Bonds maturing on or after January 1, 2021, in whole or in part, at any time on or after July 1, 2020, at the price of par plus accrued interest, if any, to the date fixed for redemption.
There are presently outstanding $133,780,000 aggregate principal amount of certain 2010 Bonds maturing...
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