Drafter
Clerk 08/17/2021
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AN ORDINANCE authorizing the issuance and sale of one or more series of unlimited tax general obligation bonds of the county in an aggregate principal amount not to exceed $1,740,000,000 to finance public health, safety and seismic improvements to Harborview Medical Center, and to pay the costs of issuing the bonds, as authorized by county ordinance and approved by the qualified electors of the county at an election held on November 3, 2020; authorizing the issuance and sale of one or more series of unlimited tax general obligation refunding bonds to refund outstanding unlimited tax general obligations of the county, and to pay the costs of issuing the bonds; providing for the disposition of the proceeds of the sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
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PREAMBLE:
At an election held in King County, Washington ("the county") on November 3, 2020, the number and proportion of the qualified electors of the county required by law for the adoption thereof voted in favor of a proposition authorizing the county to issue its general obligation bonds in the aggregate principal amount of not to exceed $1,740,000,000 or so much thereof as may be issued under the laws governing the indebtedness of counties, for the purpose of providing funds to pay for public health, safety and seismic improvements for Harborview Medical Center (the "Improvements," as authorized by and defined in Ordinance 19117 of the county, passed by the Metropolitan King County Council ("the county council") on June 23, 2020 ("the Election Ordinance")).
The county council deems it necessary and advisable that the county now issue and sell from time to time one or more series of the voter-authorized bonds in the aggregate principal amount of not to exceed $1,740,000,000 to finance the Improvements (...
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