September 18, 2003

Taxpayers to Benefit from Bond Sale
Council Approves Refinancing of Bonds to Advantage of Interest Rates

The Metropolitan King County Council today took advantage of lower interest rates by approving the sale of $108 million in Limited Tax General Obligation Bond Anticipation Notes to provide interim financing for several county capital improvement projects.

“King County continues to receive the highest possible rating from Moody’s, and we will get very favorable rates for this note sale even with the current economic downtown,” said Councilmember Larry Phillips, Chair of the Budget and Fiscal Management Committee. “The financial market’s confidence in King County is a reflection of the sound fiscal policies approved by this Council.”

The projects financed by the bond sale include the Kent Pullen Regional Communications and Emergency Coordination Center (KPRCECC), the King County Courthouse Seismic Upgrade, demolition of the North Rehabilitation Facility, the integrated Jail Security Project, and remodeling of the health facility within the King County Jail.

“This sale will ensure that the effort to strengthen the county’s infrastructure continues,” said Phillips. “And it’s being done in a very prudent way by taking advantage of very favorable interest rates.”

Read more about this legislation on the King County Council’s LEGISEARCH system and type in “2003-0333”