Drafter
Clerk 05/24/2011
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A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Bond Anticipation Notes, 2011, Series B in the aggregate principal amount of $82,295,000 and establishing certain terms of such notes in accordance with Ordinance 16785.
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WHEREAS, pursuant to Ordinance 16785 (the "Ordinance"), the county council authorized the issuance of one or more series of its limited tax general obligation bonds in an outstanding aggregate principal amount not to exceed $95,000,000 to provide long-term financing for the ABT Project, defined and described in the Ordinance, and further authorized the issuance and public sale of one or more series of its limited tax general obligation bond anticipation notes in an outstanding aggregate principal amount not to exceed $95,000,000 to provide interim financing for such project pending the issuance of the bonds, and
WHEREAS, the Ordinance provided that such bond anticipation notes may be sold at public sale, either by negotiated sale or by competitive bid, in one or more series 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 such bond anticipation notes, to be designated as the county's Limited Tax General Obligation Bond Anticipation Notes, 2011, Series B in the aggregate principal amount of $82,295,000 (the "Notes"), be sold as provided herein, and
WHEREAS, currently, none of the bonds authorized by the Ordinance are outstanding. Currently, $60,215,000 of the bond anticipation notes authorized by the Ordinance are outstanding, all of which will be repaid and retired with proceeds of the Notes on the date of issuance of the Notes. The aggregate principal amount of all such bonds and bond anticipation notes (including the Notes) to be outstanding on the date of issuance of the Notes will be $82,295,000, which amount does not exceed $95,000,...
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