CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the electric system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the existing municipal light and electric power generation, transmission, and distribution system of the City; authorizing the issuance and sale of municipal light and power revenue bonds for the purposes of providing funds to pay part of the cost of carrying out that system or plan, providing for the reserve fund requirement (if any), 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 and authorizing their issuance as either senior lien parity bonds or as junior lien bonds; creating a Junior Lien Debt Service Fund, and certain other funds and accounts relating thereto; and ratifying and confirming certain prior acts.
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WHEREAS, The City of Seattle (the "City") owns, operates, and maintains a municipal light and electric power generation, transmission, and distribution system (the "Light System"), which Light System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City needs to acquire and construct certain additions, improvements, betterments to, and extensions of the Light System (the "Plan of Additions") as described in this ordinance, and has a need 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 municipal light and power revenue bonds (as identified in Exhibit A to this ordinance, the "Outstanding Parity Bonds") having a charge and lien upon Gross Revenues of the Light System available after payment of Operating and Maintenance Expense ("Net Revenue") prior and superior to all other charges whatsoever; and
WHEREAS, pursuant to the Outstanding Parity B...
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