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File #: 2020-0350    Version:
Type: Motion Status: Passed
File created: 10/27/2020 In control: Metropolitan King County Council
On agenda: Final action: 10/27/2020
Enactment date: Enactment #: 15698
Title: A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Bonds, 2020, Series A, in the aggregate principal amount of $53,155,000, and accepting a bid for the purchase of the county's Limited Tax General Obligation Refunding Bonds, 2020, Series B (Taxable), in the aggregate principal amount of $74,040,000, and establishing certain terms of such bonds, all in accordance with Ordinance 19154 and Ordinance 18376.
Sponsors: Jeanne Kohl-Welles
Indexes: Bonds
Attachments: 1. Motion 15698, 2. A. Official Notice of Sale, 3. B-1. Winning Bid for the 2020A Bonds, 4. B-2. Winning Bid for the 2020B Bonds, 5. C-1. All Bids for the 2020A Bonds, 6. C-2. All Bids for the 2020B Bonds, 7. D-1. Description of the 2020A Bonds, 8. D-2. Description of the 2020B Bonds

Drafter
Clerk 10/27/2020
title
A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Bonds, 2020, Series A, in the aggregate principal amount of $53,155,000, and accepting a bid for the purchase of the county's Limited Tax General Obligation Refunding Bonds, 2020, Series B (Taxable), in the aggregate principal amount of $74,040,000, and establishing certain terms of such bonds, all in accordance with Ordinance 19154 and Ordinance 18376.
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PREAMBLE
Pursuant to Ordinance 19154 passed on September 1, 2020, the county council authorized the issuance of limited tax general obligation bonds in the 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.
Pursuant to Ordinance 18376 passed on September 27, 2016, the county council authorized the issuance of limited tax general obligation refunding bonds for the purpose of refunding outstanding obligations of the County.
Ordinance 19154 and Ordinance 18376 (collectively, the "Ordinance") provide that such bonds may be publicly sold in one or more series, 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 19154, designated as the county's Limited Tax General Obligation Bonds, 2020, Series A, in the aggregate principal amount of $53,155,000 (the "2020A Bonds"), and a series of bonds authorized pursuant to Ordinance 18376, designated as the county's Limited Tax General Obligation Refunding Bonds, 2020, Series ...

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