CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the municipal water system of The City of Seattle; amending Ordinance 125713 to increase the authorized principal amount of municipal water system 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 municipal water system; extending the initial authorization date for those bonds; and ratifying and confirming certain prior acts.
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WHEREAS, by Ordinance 125713, passed on November 19, 2018, (the "2018 Water Bond Ordinance") The City of Seattle, Washington (the "City"), provided for the issuance of not to exceed $68.1 million principal amount of Municipal Water 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, the City has not yet issued any of the bonds authorized by the 2018 Water Bond Ordinance, but has since that time accumulated additional capital needs, as reflected in the adopted Capital Improvement Plan previously approved by Council, that are expected to arise during 2021 and which will exceed the amount originally authorized in 2018; and
WHEREAS, the City deems it desirable to increase the authorized principal amount of municipal water system revenue bonds to provide funding for the water system's current capital needs and to extend date by which such bonds must be issued; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Definitions. The definitions of capitalized terms set forth in the recitals to this ordinance are incorporated by this reference. The meaning of capitalized terms used and not otherwise defined in this ordinance shall be as set forth in Ordinance 125713.
Section 2. Amendment to Section 2 of Ordina...
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