Drafter
Clerk 09/29/2016
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A MOTION authorizing the execution and delivery of a continuing covenant agreement in connection with the remarketing of the county's Junior Lien Sewer Revenue Bonds, 2015 Series A and B, in the aggregate principal amount of $100,000,000, establishing certain terms of those bonds, all in accordance with Ordinance 18141, as amended by Ordinance _____; and rescinding Motion 14459.
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WHEREAS, pursuant to Ordinance 18141, adopted by the council on October 26, 2015, the council authorized the issuance of its junior lien sewer revenue bonds in the aggregate principal amount of $100,000,000 ("the Bonds"), and
WHEREAS, pursuant to Motion 14459, passed by the council on November 16, 2015, the county authorized the sale of the Bonds to Morgan Stanley & Co. LLC, and
WHEREAS, pursuant to Ordinance _____, adopted by the council on __________, 2016, the council amended Ordinance 18141 to remove the time restriction on remarketing the Bonds, and
WHEREAS, the Bonds are subject to mandatory tender for purchase on November 16, 2016, and the council wishes to authorize the remarketing of the Bonds and the execution and delivery of a continuing covenant agreement with State Street Public Lending Corporation, and
WHEREAS, in accordance with Ordinance 18141, as amended by Ordinance _____, the council wishes to provide for certain terms of the Bonds, as set forth herein;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Definitions. Capitalized words that are used in this motion but not defined in this motion have the meanings set forth in Ordinance 18141, as amended by Ordinance _____, for all purposes of this motion, unless some other meaning is plainly intended. The words and terms defined in the preamble to this motion, as used in this motion, have the meanings assigned such terms in the preamble to this motion, for all purposes of this motion, unless some other meaning is plainly intended. The following words and terms as ...
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