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Record No: CB 120224    Version: 1 Council Bill No: CB 120224
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 certain transportation 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; and ratifying and confirming certain prior acts.
Sponsors: Alex Pedersen
Attachments: 1. Ex A - Description of 2022 Transportation Projects, 2. Ex B - Form of Continuing Disclosure Agreement
Supporting documents: 1. Summary and Fiscal Note
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 certain transportation 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; 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 transportation-related 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 $103 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 percent 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. In this ordinance, the following capitalized terms shall have the meanings set forth in this section.
"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 lawyer or a firm of lawyers, selected by the City, of nationally recognized standing in matters pertaining to bonds...

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