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File #: 2020-0241    Version:
Type: Motion Status: Passed
File created: 7/21/2020 In control: Metropolitan King County Council
On agenda: Final action: 7/21/2020
Enactment date: 7/22/2020 Enactment #: 15652
Title: A MOTION of the county council accepting bids for the purchase of the county's Sewer Improvement and Refunding Revenue Bonds, 2020, Series A (the "2020A Bonds"), in the aggregate principal amount of $179,530,000, the county's Sewer Refunding Revenue Bonds, 2020, Series B (Taxable) (the "2020B Bonds"), in the aggregate principal amount of $186,745,000 and establishing certain terms of such bonds, all in accordance with Ordinance 19112.
Sponsors: Jeanne Kohl-Welles
Indexes: Bonds, Wastewater
Attachments: 1. Motion 15652, 2. A. Official Notice of Sale, 3. B-1. Winning Bid for 2020A Bonds, 4. B-2. Winning Bid for 2020B Bonds, 5. C-1. All Remaining Bids Received for 2020A Bonds, 6. C-2. All Remaining Bids Received for 2020B Bonds, 7. D-1. Description of the 2020A Bonds, 8. D-2. Description of the 2020B Bonds

Drafter
Clerk 07/21/2020
title
A MOTION of the county council accepting bids for the purchase of the county's Sewer Improvement and Refunding Revenue Bonds, 2020, Series A (the "2020A Bonds"), in the aggregate principal amount of $179,530,000, the county's Sewer Refunding Revenue Bonds, 2020, Series B (Taxable) (the "2020B Bonds"), in the aggregate principal amount of $186,745,000 and establishing certain terms of such bonds, all in accordance with Ordinance 19112.
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PREAMBLE
Pursuant to Ordinance 19112 passed on June 23, 2020 (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 not to exceed $825,000,000, to provide funds for acquiring and constructing improvements to the sewer system, and in addition authorized the issuance of sewer revenue bonds and limited tax general obligation bonds (payable from sewer revenues) for the purpose of refunding outstanding obligations of the county payable from sewer revenues.
The Ordinance provides that such bonds may be publicly sold in one or more series, as Parity Bonds or Parity Lien Obligations, by negotiated sale, competitive bid or to the federal government or another purchaser, as determined by the Finance Director in consultation with the county's financial advisor.
The Finance Director has determined that two series of bonds authorized pursuant to the Ordinance, designated as the county's Sewer Improvement and Refunding Revenue Bonds, 2020, Series A (the "2020A Bonds") in the aggregate principal amount of $179,530,000 and Sewer Refunding Revenue Bonds, 2020, Series B (Taxable) in the aggregate principal amount of $186,745,000 (the "2020B Bonds" and, together with the 2020A Bonds, the "Bonds"), be sold as provided herein.
The Bonds are the first two series of bonds issued pursuant to the Ordinance.
Pursuant to the Ordinance, a preliminary official statement dated July 14...

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