King County v. Taxpayers of King County

Appellants, Taxpayers of King County, appeal a summary judgment in favor of King County holding valid a bond sale authorized by King County ordinances 4341 and 6808. We affirm the summary judgment as to all issues presented.

In 1979, the citizens of King County approved ordinance 4341, a measure authorizing issuance of $50 million of King County unlimited tax levy general obligation bonds to provide funds to purchase development rights to protect and preserve farm and open space lands. An initial attempt to sell 20-year obligation bonds at a net effective interest rate of 8.4436 percent was…