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File #: 2018-0323    Version:
Type: Motion Status: Passed
File created: 7/23/2018 In control: Metropolitan King County Council
On agenda: Final action: 7/23/2018
Enactment date: Enactment #: 15185
Title: A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Bonds, 2018, Series A, in the aggregate principal amount of $12,175,000, and establishing certain terms of such bonds in accordance with Ordinance 18737.
Sponsors: Dave Upthegrove
Indexes: Bonds
Attachments: 1. Motion 15185.pdf, 2. A. Official Notice of Sale, 3. B. Winning Bid, 4. C. Bond Maturity Dates, Principal Amounts and Interest Rates
Drafter
Clerk 07/23/2018
title
A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Bonds, 2018, Series A, in the aggregate principal amount of $12,175,000, and establishing certain terms of such bonds in accordance with Ordinance 18737.
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WHEREAS, pursuant to Ordinance 18737 (the "Ordinance"), the county council authorized the issuance of one or more series of its limited tax general obligation bonds in an aggregate original principal amount not to exceed $14,000,000 to provide financing for the Colman Dock Passenger Terminal and Float Replacement Project and the Youth Sports Facility Grants Project, defined and described in the Ordinance, and to pay costs of issuing the bonds, and
WHEREAS, the Ordinance provided that such bonds may be issued as Tax-Exempt Bonds or Taxable Bonds and sold at public sale, either by competitive bid or negotiated sale, in one or more series as determined by the Finance Director in consultation with the county's financial advisors, and
WHEREAS, the Finance Director has determined that a series of such bonds, to be designated as the county's Limited Tax General Obligation Bonds, 2018, Series A, in the aggregate principal amount of $12,175,000 (the "Bonds"), be issued as Tax-Exempt Bonds and sold to provide financing for the Colman Dock Passenger Terminal and Float Replacement Project and the Youth Sports Facility Grants Project as provided herein, and
WHEREAS, currently, none of the bonds authorized by the Ordinance are outstanding, and
WHEREAS, a preliminary official statement dated July 16, 2018, has been prepared for the public sale of the Bonds, the official notice of such sale dated July 16, 2018 (the "Notice"), has been duly prepared, and bids have been received in accordance with the Notice, and
WHEREAS, the attached bid of RBC Capital Markets to purchase the Bonds is the best bid received for the Bonds, and it is in the best interest of the county that the B...

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