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Record No: Res 31677    Version: 1 Council Bill No:
Type: Resolution (Res) Status: Adopted
Current Controlling Legislative Body City Clerk
On agenda: 6/21/2016
Ordinance No:
Title: A RESOLUTION relating to contracting indebtedness; confirming, ratifying and approving certain terms of the issuance and sale of The City of Seattle, Washington, Solid Waste System Improvement and Refunding Revenue Bonds, 2016, for the purposes set forth in Ordinance 124913 and in Ordinance 124915; confirming, ratifying and approving actions taken and to be taken to provide for the refunding of certain outstanding bonds of the Solid Waste 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.
Sponsors: Bruce Harrell
Attachments: 1. Ex A - Identification of Refunded Bonds, 2. Ex B - Official Notice of Bond Sale, 3. Ex C - Bid Results
Supporting documents: 1. Signed Resn 31677

RESOLUTION 31677

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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, Solid Waste System Improvement and Refunding Revenue Bonds, 2016, for the purposes set forth in Ordinance 124913 and in Ordinance 124915; confirming, ratifying and approving actions taken and to be taken to provide for the refunding of certain outstanding bonds of the Solid Waste 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 124913 (the "New Money Ordinance"), the City authorized the issuance and sale of not to exceed $22 million of its Solid Waste 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 Solid Waste System purposes approved by ordinance; and

WHEREAS, pursuant to Ordinance 124915 (the "Omnibus Refunding Bond Ordinance"), the City authorized the issuance of Solid Waste 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 Solid Waste System revenue bonds; and

WHEREAS, the City previously issued its Solid Waste Revenue and Refunding Bonds, 2007 (the "2007 Bonds"), which were authorized pursuant to Ordinances 122498, 121254 (as amended by Ordinances 121779 and 122263), and 121940 (as amended by Ordinance 122498) (the "2007 Bond Ordinances") and Resolution 31032 (together with the 2007 Bond Ordinances, t...

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