Drafter
Clerk 12/04/2017
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A MOTION of the county council approving a purchase contract for the county's Sewer Refunding Revenue Bonds, 2017, in the aggregate principal amount of $149,485,000, establishing certain terms of such bonds, and approving a plan of refunding from proceeds of such bonds, all in accordance with Ordinance 18587.
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PREAMBLE
Pursuant to Ordinance 16133 and Motion 12944, the county council authorized the issuance of its Limited Tax General Obligation Bonds (Payable from Sewer Revenues), 2009 ("the 2009 Bonds"), to finance the costs of certain capital improvements to the County's Sewer System (the "System") and to pay the costs of issuing the 2009 Bonds.
The county reserved the right to redeem the 2009 Bonds maturing on and after January 1, 2020, in whole or in part at any time on or after January 1, 2019, at the price of par plus accrued interest, if any, to the date fixed for redemption.
There are presently outstanding $7,745,000 aggregate principal amount of 2009 Bonds maturing on January 1, 2020, bearing interest at the rate of 5.00% ("the Refunded 2009 Bonds").
Pursuant to Ordinance 16868 and Motion 13272, the county council authorized the issuance of its 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 and 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 $47,105,000 aggregate principal amount of 2010 Bonds maturing on January 1 in each of the years 2040, 2045 and 2050, bearing interest at 5.00% ("the Refunded 2010 Bonds").
Pursuant to Ordinance 16868 and Motion 13406, t...
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