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A MOTION of the county council accepting a bid for the purchase of the county's Sewer Revenue Bonds, 2018, Series B, in the aggregate principal amount of $124,455,000, and establishing certain terms of such bonds, all in accordance with Ordinance 18588.
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PREAMBLE
Pursuant to Ordinance 18588 passed on October 23, 2017 (the "Ordinance"), the county council authorized the issuance of sewer revenue bonds and limited
tax general obligation bonds (payable from sewer revenues), in the aggregate principal amount of $500,000,000, to pay costs of capital improvements to the System, in accordance with the Comprehensive Plan and the Capital Improvement Budget (each as defined in the Ordinance).
The Ordinance provides that such bonds may be publicly sold in one or more series, as Parity Bonds or Parity Lien Obligations, either by negotiated sale or by competitive bid, as determined by the Finance Director in consultation with the county's financial advisor.
The Finance Director has determined that a series of bonds authorized pursuant to the Ordinance, designated as the county's Sewer Revenue Bonds, 2018, Series B in the aggregate principal amount of $124,455,000 (the "Bonds"), be sold as provided herein.
The Bonds are the second series of bonds issued pursuant to the Ordinance; the county authorized the issuance of its Sewer Revenue Bond, 2018 (WIFIA- N17107WA) (the "WIFIA Loan"), in the principal amount of not to exceed $134,500,000; the sum of the maximum principal amount of the WIFIA Loan and the aggregate principal amount of the Bonds to be issued pursuant to the Ordinance is $124,455,000 and that amount does not exceed $500,000,000.
Pursuant to the Ordinance, a preliminary official statement dated October 29, 2018, has been prepared for the public sale of the Bonds, the official notice of such sale dated October 29, 2018, and attached as Attachment A (the "Notice"), has been duly published, and bids have been received in accordance with the Notice.
The bid o...
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