Drafter
Clerk 11/6/2006
Title
A MOTION of the county council approving a bond purchase agreement for a series of the county's sewer revenue bonds in the aggregate principal amount of $193,435,000 and establishing certain terms of such bonds and a plan of refunding, all in accordance with Ordinance 15385.
Body
WHEREAS, the county council by Ordinance 15385 passed on March 13, 2006 (the "Bond Ordinance"), authorized the issuance and sale of the county's sewer revenue bonds in an aggregate principal amount not to exceed $150,000,000 to finance a portion of the costs of capital improvements to the county's sewer system (the "Project Bonds") and authorized the issuance and sale of the county's sewer revenue bonds in an aggregate principal amount not to exceed $200,000,000 to refund certain outstanding sewer revenue bonds (the "Refunding Bonds"), and
WHEREAS, the Bond Ordinance provided that such bonds be sold in one or more series and by negotiated sale or competitive bid as determined by the county's director of finance and business operations (the "Finance Director") in consultation with the county's financial advisors, and
WHEREAS, in May of this year, the county sold a first series of such bonds in the aggregate principal amount of $124,070,000, representing $100,000,00 of Project Bonds and $24,070,000 of Refunding Bonds, and
WHEREAS, the Finance Director has determined that a second series of such bonds in the aggregate principal amount of $193,435,000 (the "Bonds") be sold by negotiated sale, representing $50,000,000 principal amount of Project Bonds and $143,435,000 principal amount of Refunding Bonds, and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated October 27, 2006, has been prepared for the sale of the Bonds and the Finance Director has negotiated the sale of the Bonds to Citigroup Global Markets, Inc., Merrill Lynch & Co., A.G. Edwards and Siebert Brandford Shank & Co., LLC (the "Underwriters"), and
WHER...
Click here for full text