RESOLUTION 31674
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A RESOLUTION relating to contracting indebtedness; confirming, ratifying and approving certain terms of the issuance and sale of The City of Seattle, Washington, Drainage and Wastewater System Improvement and Refunding Revenue Bonds, 2016, for the purposes set forth in Ordinance 124914 and in Ordinance 124338, as amended by Ordinance 124914; confirming, ratifying and approving actions taken and to be taken to provide for the refunding of certain outstanding bonds of the Drainage and Wastewater System of the City; confirming, ratifying and approving the notice of bond sale and other actions taken and to be taken in connection with the issuance of the bonds and their sale to the purchaser; and ratifying and confirming the actions of the Director of Finance and other City officials relating to the issuance and sale of the bonds.
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WHEREAS, pursuant to Ordinance 124914 (the "New Money Ordinance"), the City authorized the issuance and sale of not to exceed $140 million of its Drainage and Wastewater System revenue bonds in one or more series: (a) to pay part of the cost of carrying out the Plan of Additions (as defined in the New Money Ordinance); (b) to provide for a deposit to the Reserve Subaccount; (c) to capitalize interest on, if necessary, and pay the costs of issuance of the bonds; and (d) for other Drainage and Wastewater System purposes approved by ordinance; and
WHEREAS, pursuant to Ordinance 124338, as amended by Ordinance 124914 (the "Omnibus Refunding Bond Ordinance"), the City authorized the issuance of Drainage and Wastewater System revenue bonds for the purpose, among other things, of paying all or a part of the costs of refunding certain of the City's outstanding Drainage and Wastewater System revenue bonds; and
WHEREAS, pursuant to Ordinance 122637 and Resolution 31050 (together, the "Refunded Bond Legislation"), the City previously issued its Drainage and Wastewater Revenue Bonds, 2008 and reserved the right to call, ...
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