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File #: 2020-0104    Version:
Type: Ordinance Status: Passed
File created: 2/25/2020 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/1/2020
Enactment date: 9/17/2020 Enactment #: 19154
Title: AN ORDINANCE authorizing the issuance and sale of one or more series of limited tax general obligation bonds of the county in an aggregate original principal amount not to exceed $150,000,000 to provide financing for transit operational capacity projects, the acquisition of an office facility, the acquisition of land adjacent to the airport, the jail management system project, upgrades to the FMD asset management system, the acquisition of a building for the downtown public health clinic, and open space acquisitions, and to pay costs of issuing the bonds; providing for the disposition of the proceeds of sale of the bonds; and establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; providing for the annual levy of taxes to pay the principal thereof and interest thereon.
Sponsors: Jeanne Kohl-Welles
Indexes: Bonds
Attachments: 1. Ordinance 19154, 2. 2020-0104 Legislative Review Form, 3. 2020-0104 transmittal letter, 4. 2020-0104 Fiscal Note, 5. 2020-0104_SR_LTGOBonds, 6. 2020-0104_ATT2_AMD_S1_Final, 7. 2020-0104_ATT3_Amd_T1_V2, 8. 2020-0104_RevisedSR_LTGOBonds
Staff: Bowman, Nick
Drafter
Clerk 08/26/2020
title
AN ORDINANCE authorizing the issuance and sale of one or more series of limited tax general obligation bonds of the county in an aggregate original principal amount not to exceed $150,000,000 to provide financing for transit operational capacity projects, the acquisition of an office facility, the acquisition of land adjacent to the airport, the jail management system project, upgrades to the FMD asset management system, the acquisition of a building for the downtown public health clinic, and open space acquisitions, and to pay costs of issuing the bonds; providing for the disposition of the proceeds of sale of the bonds; and establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; providing for the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
The county council has either previously reviewed and approved or expects to review and approve transit operational capacity projects, the acquisition of an office facility in downtown Kent, the acquisition of land adjacent to the airport, the jail management system project, upgrades to the facilities management division asset management system, the acquisition of a building for the downtown public health clinic, and open space acquisitions.
It is deemed necessary and advisable that the county now authorize the issuance and sale of one or more series of its limited tax general obligation bonds in an aggregate original principal amount not to exceed $150,000,000 to provide financing for those projects, and to pay costs of issuing the bonds.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The following words and terms as used in this ordinance have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended:
"Bond Account" means, with respect to each Series of Bonds, the bond redemption account established therefor pursuant to section 14...

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