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File #: 2007-0191    Version:
Type: Motion Status: Passed
File created: 3/26/2007 In control: Operating Budget, Fiscal Management and Mental Health Committee
On agenda: 1/28/2008 Final action: 1/28/2008
Enactment date: Enactment #: 12691
Title: A MOTION of the county council approving a purchase contract for the county's Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenue), 2008, in the aggregate principal amount of $236,950,000 and establishing certain terms of such bonds and a plan of refunding, all in accordance with Ordinance 15779.
Sponsors: Bob Ferguson
Indexes: Bonds, Sewage
Attachments: 1. 12691.pdf, 2. 2007-0190, 0191, 0192, 0193, 0194, 0195 Staff Report for 05-09-07 OBFMMHC.doc, 3. 2007-0191 Fiscal Note.xls, 4. 2007-0191 Transmittal Letter.doc, 5. A. $236,950,000 King County, Washington Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenues), 2008 Bond Purchase Contract, 6. A. (Bond Purchase Agreement-Notice of Bond Sale), 7. B. (Winning Bid for the Bonds)
Staff: Hamacher, Patrick
Drafter
Clerk 3/12/2007
Title
A MOTION of the county council approving a purchase contract for the county's Limited Tax General Obligation Refunding Bonds (Payable from Sewer Revenue), 2008, in the aggregate principal amount of $236,950,000 and establishing certain terms of such bonds and a plan of refunding, all in accordance with Ordinance 15779.
Body
WHEREAS, the county council by Ordinance 15779 passed on May 21, 2007 (the "Bond Ordinance"), authorized the issuance and sale of limited tax general obligation bonds of the county, payable from sewer revenue, in the aggregate principal amount of not to exceed $440,000,000 to refund certain sewer revenue bonds of the county, 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 division (the "Finance Director") in consultation with the county's financial advisors, and
WHEREAS, the Finance Director has determined that a series of such bonds in the aggregate principal amount of $236,950,000 to be designated as the county's Limited Tax General Obligation Refunding Bonds (payable from Sewer Revenue), 2008 (the "Bonds"), be sold by negotiated sale, and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated January 22, 2008, has been prepared for the sale of the Bonds, and the Finance Director has negotiated the sale of the Bonds to Goldman, Sachs & Co., Citigroup Global Markets, Inc., Lehman Brothers Inc., Siebert Brandford Shank & Co., L.L.C., and Wachovia Bank National Association (the "Underwriters"), and
WHEREAS, it is in the best interest of the county that the Bonds be sold to the Underwriters on the terms set forth in the attached bond purchase contract, the Bond Ordinance, and this motion, and
WHEREAS, in accordance with the Bond Ordinance, the council wishes to ratify and confirm certain terms of the Bonds and authorize ...

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