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File #: 2009-0460    Version:
Type: Ordinance Status: Passed
File created: 8/31/2009 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/14/2009
Enactment date: 9/23/2009 Enactment #: 16657
Title: AN ORDINANCE providing for the issuance of one or more series of unlimited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $45,000,000 to refund all or a portion of the county's Unlimited Tax General Obligation Refunding Bonds, 2000 and Unlimited Tax General Obligation Bonds, 2001 (Harborview Medical Center); providing for the public 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.
Sponsors: Larry Gossett
Indexes: Bonds, Harborview
Attachments: 1. 16657.pdf, 2. 2009-0460 Fiscal Note.xls, 3. 2009-0460 Transmittal Letter.doc, 4. Revised Staff Report , 5. Staff Report 09-01-09
Staff: Hamacher, Patrick
Drafter
Clerk 09/09/2009
title
AN ORDINANCE providing for the issuance of one or more series of unlimited tax general obligation bonds of the county in an outstanding aggregate principal amount not to exceed $45,000,000 to refund all or a portion of the county's Unlimited Tax General Obligation Refunding Bonds, 2000 and Unlimited Tax General Obligation Bonds, 2001 (Harborview Medical Center); providing for the public 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.
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PREAMBLE:
The county has previously issued its Unlimited Tax General Obligation Refunding Bonds, 2000, and Unlimited Tax General Obligation Bonds, 2001 (Harborview Medical Center). 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 unlimited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $45,000,000 to undertake such refunding.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION1. Definitions. The following words and terms as used in this ordinance shall have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended.
"Arbitrage and Tax Certification" means the certificate executed by the Finance Director pertaining to the county's expectations with respect to the use, investment and rebate, if any, of Bond proceeds for purposes of Sections 141 and 148 of the Code.
"Bond Fund" means the bond redemption account authorized to be established for each series of the Bonds pursuant to Section 13 hereof.
"Bond Register" means the registration books maintained by the Bond Registrar for purposes of iden...

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