Drafter
Clerk 08/29/2007
Title
AN ORDINANCE approving the issuance of bonds in an aggregate amount not to exceed $35,000,000.00 by the Colorado Educational and Cultural Facilities Authority for the Northwest University Project.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. Northwest University, a Washington nonprofit corporation located at 5520 108th Ave NE, Kirkland, WA 98033 (the "Corporation") has requested the Colorado Educational and Cultural Facilities Authority (the "Issuer") to issue its Adjustable Rate Demand Revenue Bonds, Series 2007 (Northwest University Project), in the aggregate principal amount of approximately $35,000,000 (the "Bonds").
B. The proceeds of the Bonds will be used for the purposes of:
1. Financing the costs of, or refinancing certain existing indebtedness of the Corporation and/or its affiliates, the proceeds of which indebtedness were used to finance the costs of the acquisition, construction, improvement, renovation, remodeling, furnishing and equipping of certain higher educational facilities of the Corporation, including but not limited to the construction of new student residence halls, faculty housing, and a new health and sciences center, all located on the campus of the Corporation in Kirkland, Washington (the "Facilities"). (The proceeds of the Bonds will be loaned to ACSI Capital Corporation which will in turn loan the proceeds to the Corporation and the Corporation will continue to be the owner, operator and manager of the Facilities.);
2. Funding capitalized interest on a portion of the Bonds, if any;
3. Funding a debt service reserve fund, if required; and
4. Paying certain costs of issuance of the Bonds, including initial costs of any credit enhancement.
C. In order to achieve interest savings, the Corporation desires that the Bonds be issued in compliance with the requirement of the Internal Revenue Code of 1986, as amended (the "Code") so that inte...
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