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Record No: CB 119103    Version: 1 Council Bill No: CB 119103
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/20/2017
Ordinance No: Ord 125455
Title: AN ORDINANCE relating to the drainage and wastewater system of The City of Seattle; authorizing the issuance and sale, from time to time in multiple series, of drainage and wastewater refunding revenue bonds for the purpose of carrying out the current or advance refunding of all or a portion of the City's outstanding drainage and wastewater revenue bonds pursuant to an approved refunding plan, providing for the reserve requirement, and paying the administrative costs of carrying out such refundings and paying costs of issuance of the Refunding Parity Bonds; describing the lien of those Refunding Parity Bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; rescinding the authorization to issue any future Refunding Parity Bonds under Ordinance 121938 (as amended by Ordinances 122209 and 122637, as amended and restated by Ordinance 124338, and as further amended by Ordinance 124914); authorizing the Director of Finance to enter into agr...
Sponsors: Lisa Herbold
Attachments: 1. Ex A – Refundable Drainage and Wastewater System Bonds, 2. Ex B – Form of Continuing Disclosure Agreement
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ord_125455, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the drainage and wastewater system of The City of Seattle; authorizing the issuance and sale, from time to time in multiple series, of drainage and wastewater refunding revenue bonds for the purpose of carrying out the current or advance refunding of all or a portion of the City's outstanding drainage and wastewater revenue bonds pursuant to an approved refunding plan, providing for the reserve requirement, and paying the administrative costs of carrying out such refundings and paying costs of issuance of the Refunding Parity Bonds; describing the lien of those Refunding Parity Bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; rescinding the authorization to issue any future Refunding Parity Bonds under Ordinance 121938 (as amended by Ordinances 122209 and 122637, as amended and restated by Ordinance 124338, and as further amended by Ordinance 124914); authorizing the Director of Finance to enter into agreements providing for the disposition of the Refunding Parity Bond proceeds; and ratifying and confirming certain prior acts.
body
WHEREAS, The City of Seattle (the "City") owns, maintains, and operates a system of sanitary sewerage and storm and surface water drainage as part of Seattle Public Utilities (the "Drainage and Wastewater System"), which Drainage and Wastewater System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City has previously authorized and issued, and may from time to time in the future authorize and issue, drainage and wastewater revenue bonds having a charge and lien on the Net Revenue of the Drainage and Wastewater System prior and superior to any other charges whatsoever ("Parity Bonds"), which are designated as refundable under this ordinance (the "Refundable Bonds"); and
WHEREAS, pursuant to the Parity Bond Ordi...

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