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 or reimburse 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 2025 Multipurpose LTGO Bond Fund; amending Ordinance 126219 (as previously amended by Ordinances 126288, 126479, and 126938) and Ordinance 126479; and ratifying and confirming certain prior acts.
body
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 $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 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.
"Bo...
Click here for full text