Drafter
Clerk 3/12/2007
Title
AN ORDINANCE relating to contracting indebtedness; providing for the issuance and sale of one or more series of taxable limited tax general obligation refunding bonds of the county (secured also by hotel/motel taxes) in the aggregate principal amount of not to exceed $7,000,000 to refund all or a portion of the county's outstanding Limited Tax General Obligation Bonds (Taxable), 1997, Series E, and providing for one or more series of tax-exempt limited tax general obligation refunding bonds of the county (secured also by hotel/motel taxes) in the aggregate principal amount of not to exceed $54,000,000 to refund all or a portion of the county's outstanding Limited Tax General Obligation Refunding Bonds, 1997, Series F; providing for the form, terms, covenants and other provisions of such refunding bonds; providing for the sale of the bonds and the disposition of the proceeds of sale; 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.
Body
PREAMBLE:
The county has previously issued its Limited Tax General Obligation Bonds (Taxable), 1997 Series E (the "1997E Bonds"), and Limited Tax General Obligation Refunding Bonds, 1997, Series F (the "1997F Bonds"). The County has an opportunity to refund all or a portion of those bonds, thereby realizing savings to its taxpayers.
It is deemed necessary and advisable that the county now authorize the issuance and sale of one or more series of its taxable limited tax general obligation refunding bonds (the "Taxable Bonds") in an outstanding aggregate principal amount not to exceed $7,000,000 to undertake the refunding of the 1997E Bonds and one or more series of its tax-exempt limited tax general obligation refunding bonds (the "Tax-Exempt Bonds") in an outstanding aggregate principal amount not to exceed $54,000,000 to undertake the refunding of...
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