Drafter
Clerk 02/02/2009
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A MOTION accepting a bid for the purchase of the county's Limited Tax General Obligation (Public Transportation Sales Tax) Refunding Bonds, 2009, in the aggregate principal amount of $48,535,000, and establishing certain terms of such bonds, and providing for the call, payment and redemption of the outstanding 1998A Bonds to be refunded, all in accordance with Ordinance 16231.
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WHEREAS, the county council by Ordinance 16231 passed September 8, 2008 (the "Bond Ordinance"), authorized the issuance and sale of limited tax general obligation (public transportation sales tax) refunding bonds (the "Bonds") of the county in the aggregate principal amount of not to exceed $103,000,000 to, among other things, currently refund all or a portion of the county's outstanding Limited Tax General Obligation (Public Transportation Sales Tax) Refunding Bonds, 1998, Series A (the "Refunded 1998A Bonds"), consistent with Ordinance 13128 authorizing those bonds (the "Refunded 1998A Bonds Ordinance"), and
WHEREAS, the Bond Ordinance provided that the Bonds be sold 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, the Finance Director has determined that the Bonds be sold by competitive bid, and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated January 23, 2009 (the "Preliminary Official Statement"), has been prepared for the public sale of the Bonds, the official notice of such sale (the "Notice of Sale") has been duly published, and bids have been received in accordance with the Notice of Sale, and
WHEREAS, after the Finance Director's review and analysis of the bids received, the council, deems it necessary and desirable to authorize the sale of the Bonds in the principal amount of $48,535,000 to Hutchinson, Shockey, Erley & Co. of Chicago, Illinois (the "Underwriter"), as the bidder offe...
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