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Record No: CB 119101    Version: 1 Council Bill No: CB 119101
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/20/2017
Ordinance No: Ord 125458
Title: AN ORDINANCE relating to the solid waste system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the solid waste system; authorizing the issuance and sale of solid waste system revenue bonds, in one or more series, for the purposes of paying part of the cost of carrying out that system or plan, providing for the reserve requirement 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 ratifying and confirming certain prior acts.
Sponsors: Lisa Herbold
Attachments: 1. Ex A – Outstanding Solid Waste System Parity Bonds, 2. Ex B – Form of Continuing Disclosure Agreement
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ord_125458, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the solid waste system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the solid waste system; authorizing the issuance and sale of solid waste system revenue bonds, in one or more series, for the purposes of paying part of the cost of carrying out that system or plan, providing for the reserve requirement 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 ratifying and confirming certain prior acts.
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WHEREAS, The City of Seattle (the "City") owns, maintains, and operates a solid waste collection, transportation, and disposal system as part of Seattle Public Utilities (the "Solid Waste System"), which Solid Waste System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City desires to acquire and construct a system or plan of further additions, improvements, and betterments to and extensions of the Solid Waste 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 solid waste revenue bonds (as identified in Exhibit A, the "Outstanding Parity Bonds") and pursuant to the Parity Bond Ordinances permitted the future issuance of additional bonds ("Future Parity Bonds") having a charge and lien on the net revenue of the Solid Waste System on a parity of lien with those Outstanding Parity Bonds, upon satisfaction of certain conditions (the "Parity Conditions"); and
WHEREAS, the City has determined that it is in the best interest of the City and its ratepayers to authorize the issuance and sale, subject to the provisions of this ordinance, of solid waste ...

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