SEATTLE CITY COUNCIL - Record No: CB 119397

• Record No: CB 119397
• Version: 1
• Council Bill No: CB 119397
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/19/2018
• Ordinance No: Ord 125714
• Title: AN ORDINANCE relating to the municipal water system of The City of Seattle; authorizing the issuance and sale, from time to time in multiple series, of water system revenue bonds for the purpose of carrying out the current or advance refunding of all or a portion of the City's outstanding water system revenue bonds pursuant to an approved refunding plan, providing for the reserve requirement, and paying the administrative costs of carrying out such refundings and paying costs of issuance of those Refunding Parity Bonds; describing the lien of those Refunding Parity Bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; rescinding the authorization to issue any future Refunding Parity Bonds under Ordinance 121939 (as amended by Ordinance 122837, as amended and restated by Ordinance 124339, and as further amended by Ordinance 125183); authorizing the Director of Finance to enter into agreements providing for the disposition of the Refun...
• Sponsors: Sally Bagshaw
• Supporting documents: 1. Ex A - List of Outstanding Parity Bonds, 2. Summary and Fiscal Note, 3. Signed Ordinance 125714, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/26/2018	1	City Clerk	attested by City Clerk
11/26/2018	1	Mayor	returned
11/26/2018	1	Mayor	Signed
11/21/2018	1	City Clerk	submitted for Mayor's signature
11/19/2018	1	City Council	passed	Pass
11/14/2018	1	Select Budget Committee	pass	Pass
10/29/2018	1	City Council	referred
10/24/2018	1	Council President's Office	sent for review
10/22/2018	1	City Clerk	sent for review
9/24/2018	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the municipal water system of The City of Seattle; authorizing the issuance and sale, from time to time in multiple series, of water system revenue bonds for the purpose of carrying out the current or advance refunding of all or a portion of the City's outstanding water system revenue bonds pursuant to an approved refunding plan, providing for the reserve requirement, and paying the administrative costs of carrying out such refundings and paying costs of issuance of those Refunding Parity Bonds; describing the lien of those Refunding Parity Bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; rescinding the authorization to issue any future Refunding Parity Bonds under Ordinance 121939 (as amended by Ordinance 122837, as amended and restated by Ordinance 124339, and as further amended by Ordinance 125183); authorizing the Director of Finance to enter into agreements providing for the disposition of the Refunding Parity Bond proceeds; and ratifying and confirming certain prior acts.
body
WHEREAS, The City of Seattle (the "City") owns, maintains, and operates a municipal water system as part of Seattle Public Utilities (the "Municipal Water System"), which Municipal Water System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City has previously authorized and issued, and may from time to time in the future authorize and issue, water system revenue bonds having a charge and lien on the Net Revenue of the Water System prior and superior to any other charges whatsoever ("Parity Bonds"), which are designated as refundable under this ordinance (the "Refundable Bonds"); and
WHEREAS, pursuant to the Parity Bond Ordinances, the City permitted the future issuance of additional bonds ("Future Parity Bonds") having a charge and lien on the net revenue of...