Drafter
Clerk 07/28/2008
Title
A MOTION of the county council approving a bid for the county's Sewer Revenue Bonds, 2008, in the aggregate principal amount of $350,000,000 and establishing certain terms of such bonds, all in accordance with Ordinance 16133.
Body
WHEREAS, the county council by Ordinance 16133 passed on June 16, 2008 (the "Bond Ordinance"), authorized the issuance and sale of bonds of the county payable from sewer revenues in the aggregate principal amount of not to exceed $900,000,000 (the "Project Bonds") to pay costs of certain capital improvements to the county's sewer system (the "System"), in accordance with the county's comprehensive water pollution abatement plan, and not to exceed $200,000,000 (the "Refunding Bonds") to refund certain outstanding sewer revenue bonds, and
WHEREAS, the Bond Ordinance provided that such bonds be sold in one or more series, either in general obligation bonds payable also from sewer revenues or in sewer revenue bonds, 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 $350,000,000 principal amount of Project Bonds be sold by competitive bid in a series of such bonds payable solely from sewer revenues in the aggregate principal amount of $350,000,000 to be designated as the county's Sewer Revenue Bonds, 2008 (the "Bonds"), and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated July 21, 2008, has been prepared for the sale of the Bonds, the Official Notice of Bond Sale (the "Notice") has been published, and bids have been received in accordance with the Notice, and
WHEREAS, the attached bid of Citigroup Global Markets Inc. (the "Purchaser") to purchase the Bonds is the best bid received for the Bonds, and it is in the best interest of the county that the Bonds be...
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