Drafter
Clerk 08/22/2011
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A MOTION of the county council approving a purchase contract for the county's Sewer Revenue and Refunding Bonds, 2011 Series B, in the aggregate principal amount of $494,270,000 and establishing certain terms of such bonds and a plan of refunding, all in accordance with Ordinance 17111.
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WHEREAS, the county council by Ordinance 17111 passed on June 20, 2011 (the "Bond Ordinance"), authorized the issuance and sale of bonds of the county payable from sewer revenues, as follows: (i) $300,000,000 aggregate 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 $1,200,000,000 aggregate 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 $70,000,000 principal amount of Project Bonds (the "Project Portion") and $424,270,000 principal amount of Refunding Bonds (the "Refunding Portion") be sold in a series of Parity Bonds in the aggregate principal amount of $494,270,000 to be designated as the county's Sewer Revenue and Refunding Bonds, 2011 Series B (the "Bonds"), structured as Tax-Exempt Bonds, by negotiated sale, and
WHEREAS, pursuant to the Bond Ordinance, a preliminary official statement dated August 11, 2011, has been prepared for the sale of the Bonds, and the Finance Director has negotiated the...
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