Drafter
Clerk 07/19/2010
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A MOTION of the county council approving a bid for the county's Sewer Revenue and Refunding Bonds, 2010, in the aggregate principal amount of $334,365,000 and establishing certain terms of such bonds and a plan of refunding, all in accordance with Ordinance 16868.
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WHEREAS, the county council by Ordinance 16868 passed on June 28, 2010 (the "Bond Ordinance"), authorized the issuance and sale of bonds of the county payable from sewer revenues, as follows: (i) not to exceed $475,000,000 principal amount of 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 (the "Project Bonds") and (ii) not to exceed $1,000,000,000 principal amount of bonds to refund certain outstanding bonds payable from sewer revenues (the "Refunding Bonds"), and
WHEREAS, the Bond Ordinance authorizes such bonds to be sold in one or more series, as Parity Bonds or Parity Lien Obligations (as such terms are defined in the Bond Ordinance), as Tax-Exempt Bonds, Tax-Benefited Bonds or otherwise, 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 $300,000,000 principal amount of Project Bonds (the "Project Portion") and $34,365,000 principal amount of Refunding Bonds (the "Refunding Portion") be sold in a series of Parity Bonds in the aggregate principal amount of $334,365,000 to be designated as the county's Sewer Revenue and Refunding Bonds, 2010 (the "Bonds"), structured as Tax-Exempt Bonds, and sold by competitive bid, and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated July 8, 2010, has been prepared for the sale of the Bonds, the Official Notice of Bond Sale (the "Notice") has been distributed, and b...
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