SEATTLE CITY COUNCIL - Record No: CB 119396

• Record No: CB 119396
• Version: 1
• Council Bill No: CB 119396
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/19/2018
• Ordinance No: Ord 125713
• Title: AN ORDINANCE relating to the municipal water system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the existing municipal water system; authorizing the issuance and sale of water system revenue bonds in one or more series for the purposes of paying part of the cost of carrying out that system or plan, providing for the reserve requirement, and paying the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; describing the lien of the bonds; creating certain accounts of the City relating to the bonds; and ratifying and confirming certain prior acts.
• Sponsors: Sally Bagshaw
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125713, 3. 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; adopting a system or plan of additions and betterments to and extensions of the existing municipal water system; authorizing the issuance and sale of water system revenue bonds in one or more series for the purposes of paying part of the cost of carrying out that system or plan, providing for the reserve requirement, and paying the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; describing the lien of the bonds; creating certain accounts of the City relating to the bonds; 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 desires to acquire and construct a system or plan of further additions, improvements, and betterments to, and extensions of the Municipal Water System (the "Plan of Additions") as described in this ordinance, and needs to borrow funds to pay a portion of the costs of carrying out such Plan of Additions; and
WHEREAS, the City currently has outstanding certain water system revenue bonds (as identified in Exhibit A, the "Outstanding Parity Bonds") and pursuant to the Parity Bond Ordinances permitted the future issuance of additional bonds ("Future Parity Bonds") having a charge and lien on the net revenue of the Municipal Water System on a parity of lien with those Outstanding Parity Bonds, upon satisfaction of certain conditions (the "Parity Conditions"); and
WHEREAS, the City has determined that it is in the best interest of the City and its ratepayers to authorize the issuance and sale, subject to th...