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Record No: CB 119673    Version: 1 Council Bill No: CB 119673
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/25/2019
Ordinance No: Ord 125986
Title: AN ORDINANCE relating to contracting indebtedness; authorizing and providing for the issuance and sale of limited tax general obligation bonds to pay all or part of the costs of various elements of the City's capital improvement program and for other City purposes approved by ordinance, and to pay the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; creating the 2020 Multipurpose LTGO Bond Fund (Tax-Exempt) and 2020 Multipurpose LTGO Bond Fund (Taxable); amending Ordinance 124924 and Ordinance 125715; and ratifying and confirming certain prior acts.
Sponsors: Sally Bagshaw
Attachments: 1. Ex A - Description of 2020 Projects, 2. Ex B - Form of Continuing Disclosure Agreement, 3. Ex C-1 – Amended Description of 2016 Projects, 4. Ex C-2 – Amended Description of 2017 Projects
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125986, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to contracting indebtedness; authorizing and providing for the issuance and sale of limited tax general obligation bonds to pay all or part of the costs of various elements of the City's capital improvement program and for other City purposes approved by ordinance, and to pay the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; creating the 2020 Multipurpose LTGO Bond Fund (Tax-Exempt) and 2020 Multipurpose LTGO Bond Fund (Taxable); amending Ordinance 124924 and Ordinance 125715; and ratifying and confirming certain prior acts.
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WHEREAS, The City of Seattle, Washington (the "City"), has determined that it is in its best interest that certain capital projects (as identified in this ordinance, the "Projects") be financed by the issuance of limited tax general obligation bonds of the City in a principal amount not to exceed $65.3 million; and
WHEREAS, RCW 39.36.020 authorizes the City to incur indebtedness without the assent of the voters of the City so long as such indebtedness does not result in a total nonvoted indebtedness of the City in excess of 1.5% of the value of taxable property within the City as computed in accordance with RCW 39.36.030; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Definitions. As used in this ordinance, the following capitalized terms shall have the following meanings.
"Authorized Denomination" means $5,000 or any integral multiple thereof within a maturity of a Series, or such other minimum authorized denominations as may be specified in the applicable Bond Documents.
"Beneficial Owner" means, with regard to a Bond, the owner of any beneficial interest in that Bond.
"Bond" means one of the limited tax general obligation bonds issued pursuant to this ordinance.
"Bond Counsel" means a la...

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