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Record No: CB 119922    Version: 1 Council Bill No: CB 119922
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/23/2020
Ordinance No: Ord 126222
Title: AN ORDINANCE relating to the drainage and wastewater system of The City of Seattle; amending Ordinance 125454, as amended by Ordinance 125712, to increase the authorized principal amount of drainage and wastewater revenue bonds to be issued for the purposes of paying all or part of the cost of carrying out the system or plan of additions and betterments to and extensions of the existing drainage and wastewater system; extending the initial authorization date of those bonds; and ratifying and confirming certain prior acts.
Sponsors: Teresa Mosqueda
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 126222
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the drainage and wastewater system of The City of Seattle; amending Ordinance 125454, as amended by Ordinance 125712, to increase the authorized principal amount of drainage and wastewater revenue bonds to be issued for the purposes of paying all or part of the cost of carrying out the system or plan of additions and betterments to and extensions of the existing drainage and wastewater system; extending the initial authorization date of those bonds; and ratifying and confirming certain prior acts.
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WHEREAS, by Ordinance 125454, passed on November 20, 2017, The City of Seattle, Washington (the "City"), provided for the issuance of not to exceed $210,000,000 principal amount of Drainage and Wastewater System Bonds (the "Bonds") for the purposes of paying all or part of the cost of carrying out the Plan of Additions, providing for the Reserve Requirement for the Parity Bonds, and issuing and selling the Bonds; and
WHEREAS, by Ordinance 125712, passed on November 19, 2018, the City amended Ordinance 125454 (as amended, the "Amended 2018 DWW Bond Ordinance"), to increase the authorized principal amount of drainage and wastewater revenue bonds in order to take advantage of a loan made available from the U.S. Environmental Protection Agency through the Water Infrastructure Finance and Innovation Act ("WIFIA") program, and made certain other necessary technical amendments to take advantage of the WIFIA Program; and
WHEREAS, on April 24, 2020, the City issued its $192,181,651 par amount Drainage and Wastewater System Improvement Revenue Bond, 2020A (Ship Canal Water Quality Project - N18106WA) to evidence the loan from the WIFIA Program and $157,818,349 remains available for issuance under the Amended 2018 DWW Bond Ordinance; and
WHEREAS, the City deems it desirable to further amend the Amended Ordinance to increase the authorized principal amount of drainage ...

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