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File #: 2009-0461    Version:
Type: Motion Status: Passed
File created: 8/31/2009 In control: Budget and Fiscal Management Committee
On agenda: 11/23/2009 Final action: 11/23/2009
Enactment date: Enactment #: 13098
Title: A MOTION of the county council accepting a bid for the purchase of the county's Unlimited Tax General Obligation Refunding Bonds, 2009, Series A, in the aggregate principal amount of $19,570,000, and establishing certain terms of such bonds and the plan of refunding, all in accordance with Ordinance 16657.
Sponsors: Larry Gossett
Indexes: Bonds
Attachments: 1. Mot 13098.pdf, 2. 2009-0461 Fiscal Note.xls, 3. 2009-0461 transmittal letter.doc, 4. A. Official Notice of Bond Sale, 5. B. Winning Bid Piper Jaffray - Minneapolis, MN's Bid King County $19,320,000 Unlimited Tax General Obligation Refunding Bonds, 2009, Series A, 6. C. $19,570,000 King County, Washington Unlimited Tax General Obligation Refunding Bonds, 2009, Series A Maturity Dates, Principal Amounts and Interest Rates, 7. D. Description of the Refunded 2001 Bonds, 8. E. Government Obligations, 9. Staff Report 09-01-09
Staff: Hamacher, Patrick
Title
A MOTION of the county council accepting a bid for the purchase of the county's Unlimited Tax General Obligation Refunding Bonds, 2009, Series A, in the aggregate principal amount of $19,570,000, and establishing certain terms of such bonds and the plan of refunding, all in accordance with Ordinance 16657.
Body
WHEREAS, pursuant to Ordinance 16657 (the "Bond Ordinance"), the county council authorized the issuance of one or more series of its unlimited tax general obligation refunding bonds 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), and
WHEREAS, the Bond Ordinance provided that such bonds may be publicly sold in one or more series, any of which may be sold in a combined offering with other bonds of the county, either by negotiated sale or by competitive bid, as determined by the Finance Director in consultation with the county's financial advisor, and
WHEREAS, the Finance Director has determined that a series of the bonds authorized pursuant to the Bond Ordinance, to be designated as the county's Unlimited Tax General Obligation Refunding Bonds, 2009, Series A (the "Bonds") be sold by competitive bid as provided herein, and
WHEREAS, none of the bonds authorized by the Bond Ordinance are currently outstanding, and
WHEREAS, a preliminary official statement dated November 13, 2009, has been prepared for the public sale of the Bonds, the official Notice of such sale dated November 13, 2009 (the "Notice"), has been duly published, and bids have been received in accordance with the Notice, and
WHEREAS, the attached bid of Piper Jaffray 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 sold to Piper Jaffray on the terms set forth in the Notice, the attached bid, the Bond Ordin...

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