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Record No: CB 119100    Version: 1 Council Bill No: CB 119100
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/20/2017
Ordinance No: Ord 125461
Title: AN ORDINANCE relating to the solid waste system of The City of Seattle; authorizing the issuance and sale, from time to time in multiple series, of solid waste system refunding revenue bonds, for the purpose of carrying out the current or advance refunding of all or a portion of the City's outstanding solid waste system 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 121940 (as amended by Ordinance 122498, as amended and restated by Ordinance 124915); authorizing the Director of Finance to enter into agreements providing for the disposition of the Refunding proceeds; and ratifying...
Sponsors: Lisa Herbold
Attachments: 1. Ex A – Refundable Solid Waste System Bonds, 2. Ex B – Form of Continuing Disclosure Agreement
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ord_125461, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the solid waste system of The City of Seattle; authorizing the issuance and sale, from time to time in multiple series, of solid waste system refunding revenue bonds, for the purpose of carrying out the current or advance refunding of all or a portion of the City's outstanding solid waste system 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 121940 (as amended by Ordinance 122498, as amended and restated by Ordinance 124915); authorizing the Director of Finance to enter into agreements providing for the disposition of the Refunding proceeds; and ratifying and confirming certain prior acts.
body
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 has previously authorized and issued, and may from time to time in the future authorize and issue, solid waste system revenue bonds having a charge and lien on the Net Revenue of the Solid Waste 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 Ordinances, the City permitted the future issuance of additional bonds ("Future Parity Bonds") having a charge and lien on the net revenue o...

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