Drafter
Clerk 10/23/2008
Title
A MOTION of the county council approving a bond purchase agreement for the county's Junior Lien Variable Rate Demand Sewer Revenue Refunding Bonds, Series 2008A, in the aggregate principal amount of $___________, establishing certain final terms of such bonds and approving certain agreements in connection with such bonds, all in accordance with Ordinance _____.
Body
WHEREAS, the county council passed Ordinance _____ on ____________, 2008 (the "Bond Ordinance") authorizing the issuance of a series of junior lien variable rate sewer revenue bonds, in an aggregate principal amount not to exceed $47,250,000, to refund certain variable rate sewer revenue bonds; and
WHEREAS, the Finance Director has determined that such series of bonds be issued in the aggregate principal amount of $__________ and designated as the county's Junior Lien Variable Rate Demand Sewer Revenue Refunding Bonds, Series 2008A (the "Bonds"), and
WHEREAS, the Bond Ordinance authorized the sale of the Bonds to Goldman, Sachs & Co. (the "Underwriter") and provided that this council, by motion, establish certain final terms of the Bonds and approve a bond purchase agreement and certain other agreements in connection with the Bonds;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Definitions. Except as expressly authorized herein, capitalized terms used in this motion have the meanings set forth in the Bond Ordinance.
B. Approval of Bond Purchase Contract. The issuance of the Bonds, designated as set forth in the recitals of this motion, and the terms and conditions thereof as set forth in the Bond Purchase Contact attached hereto as Attachment A (the "Purchase Contract") are hereby ratified and confirmed, and the Purchase Contract is hereby approved. The Finance Director is hereby authorized to execute and deliver the Purchase Contract on behalf of the county.
C. Satisfaction of Parity Conditions. In accordance with the provisio...
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