Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Ordinance 21-078, authorizing the issuance and sale of tax-exempt Limited Tax General Obligation Bonds of the county in an original principal amount not to exceed $40,000,000 to refund a portion of the county’s Limited Tax General Obligation Refunding Bonds, 2011, Series B; providing for the disposition of the proceeds of sale of the bonds; 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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DEPARTMENT: Finance
ORIGINATOR: Nathan Kennedy
EXECUTIVE RECOMMENDATION: Approve Ken Klein 9/23/21
PURPOSE: To provide authority to issue and sell county tax-exempt limited tax general obligation (LTGO) bonds in an original principal amount not to exceed $40,000,000 to refund the county’s LTGO Bonds, 2011, Series B, specifically the Campus Redevelopment Initiative and Snohomish County Airport portions.
BACKGROUND: The county will achieve significant debt service savings by refunding the LTGO Bonds, 2011, Series B (Campus Redevelopment Initiative and Snohomish County Airport portions), originally issued in the aggregate amount of $39,650,000, of which $37,695,000 is currently outstanding.
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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Debt Principal (estimated at maximum) |
40,000,000 |
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TOTAL |
40,000,000 |
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REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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Bond Proceeds |
40,000,000 |
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TOTAL |
40,000,000 |
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DEPARTMENT FISCAL IMPACT NOTES: Click or tap here to enter text.
CONTRACT INFORMATION:
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ORIGINAL |
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CONTRACT# |
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AMOUNT |
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AMENDMENT |
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CONTRACT# |
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AMOUNT |
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Contract Period
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ORIGINAL |
START |
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END |
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AMENDMENT |
START |
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END |
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OTHER DEPARTMENTAL REVIEW/COMMENTS: Approved Finance Nathan Kennedy 9/22/21/Special DPA Daniel Gottleib