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Record No: CB 120198    Version: 1 Council Bill No: CB 120198
Type: Council Bill (CB) Status: Passed at Full Council
Current Controlling Legislative Body Select Budget Committee
On agenda: 11/22/2021
Ordinance No:
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, to provide loans to one or more public development authorities of the City for certain eligible capital purposes, 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 2022 Multipurpose LTGO Bond Fund; amending Ordinance 126219; and ratifying and confirming certain prior acts.
Sponsors: Teresa Mosqueda
Attachments: 1. Ex A – Description of 2022 Projects, 2. Ex B - Form of Continuing Disclosure Agreement, 3. Ex C - Amended Description of 2021 Projects
Supporting documents: 1. Summary and Fiscal Note
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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, to provide loans to one or more public development authorities of the City for certain eligible capital purposes, 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 2022 Multipurpose LTGO Bond Fund; amending Ordinance 126219; 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 the capital projects described 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 $127.3 million; and
WHEREAS, the Historic Seattle Public Development Authority ("Historic Seattle PDA") has requested assistance from the City in the form of one or more loans in aggregate amount not to exceed $1.8 million (the "Historic Seattle PDA Loan"), to finance a portion of the cost of a seismic retrofit of the Good Shepherd Center, an unreinforced masonry ("URM") building that has been deemed "Critical Risk" in the City's URM assessment. The City has determined that it is consistent with the City's Debt Management Policies set forth in Resolution 31553 that this loan be financed through the issuance of the City's limited tax general obligation bonds, proceeds of which will be loaned to the Historic Seattle PDA pursuant to one or more written loan agreements to be negotiated and executed upon issuance of the associated bonds; and
WHEREAS, RCW 39.36.020 authorizes the City to incur indebtedness without the assent of the voters ...

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