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Record No: CB 118717    Version: 1 Council Bill No: CB 118717
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
Final Action: 7/15/2016
Ordinance No: Ord 125075
Title: AN ORDINANCE providing for certain remedial actions with respect to the City's Limited Tax General Obligation Improvement and Refunding Bonds, 2007, including providing for the defeasance and redemption of certain of those bonds that are currently outstanding; creating a new fund for the expenditure of disposition proceeds; authorizing the execution of a defeasance trust agreement and the carrying out of a defeasance plan and directing the use of additional disposition proceeds; authorizing certain transfers necessary to carry out the foregoing; authorizing the purchase of certain investments and the use of their proceeds; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
Sponsors: Tim Burgess
Supporting documents: 1. Att 1 - Defeasance Trust Agreement, 2. Summary and Fiscal Note, 3. Signed Ord 125075, 4. Affidavit of Publication
Related files: CB 118718, CB 118713
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________

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AN ORDINANCE providing for certain remedial actions with respect to the City's Limited Tax General Obligation Improvement and Refunding Bonds, 2007, including providing for the defeasance and redemption of certain of those bonds that are currently outstanding; creating a new fund for the expenditure of disposition proceeds; authorizing the execution of a defeasance trust agreement and the carrying out of a defeasance plan and directing the use of additional disposition proceeds; authorizing certain transfers necessary to carry out the foregoing; authorizing the purchase of certain investments and the use of their proceeds; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
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WHEREAS, pursuant to Ordinance 119155, passed by the City Council on September 21, 1998, and Resolution 29858, adopted by the City Council on October 28, 1998, The City of Seattle, Washington (the "City"), issued its $60,805,000 Limited Tax General Obligation Bonds, 1998, Series F (the "1998F Bonds"), to pay part of the cost of the City's acquisition of a public parking facility in downtown Seattle consisting of the Garage Unit of Pacific Place, a condominium (the "Garage"); and
WHEREAS, pursuant to Ordinance 122286, passed by the City Council on November 20, 2006, and Resolution 30980, adopted by the City Council on April 18, 2007 (collectively, the "2007 Bond Legislation"), the City issued its $95,550,000 Limited Tax General Obligation Improvement and Refunding Bonds, 2007 (the "2007 Bonds"); and
WHEREAS, pursuant to an allocation set forth in Resolution 30980, the City allocated a portion of the 2007 Bonds (the "2007 Garage Refunding Bonds") to refinancing costs of the Garage that had been previously financed by the 1998F Bonds by refunding all of the then-outstanding 1998F Bonds, leaving no unrefunded 1998F Bonds remaining outstanding; and
WHEREAS, pursuant to the ...

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