RESOLUTION 31666
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A RESOLUTION relating to contracting indebtedness; providing for the issuance and sale of The City of Seattle, Washington, Unlimited Tax General Obligation Improvement Bonds, 2016; specifying the amounts, maturities, interest rates and other terms of the bonds; providing for the application of bond proceeds to pay or reimburse all or part of the costs related to the design, construction, renovation, improvement and replacement of the seawall and associated public infrastructure, and the payment of the costs of issuance and sale of the bonds; and ratifying, confirming and approving the notice of bond sale and the actions of the Director of Finance relating to the sale of the bonds.
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WHEREAS, at an election held on November 6, 2012, pursuant to Ordinance 123922, the requisite proportion of voters of the City passed Proposition 1 and approved the issuance of not to exceed $290,000,000 principal amount of bonds for the purpose of providing funds necessary to carry out the design, construction, renovation, improvement and replacement of the seawall along Elliot Bay and associated public infrastructure, and the collection of excess property taxes in amounts sufficient to pay the principal of and interest on those bonds; and
WHEREAS, pursuant to Ordinance 124125, the City authorized the issuance of not to exceed $290,000,000 of its unlimited tax general obligation bonds in one or more series to pay all or part of the cost of the Project, as defined in that ordinance, the costs of issuance and sale of those bonds, and other City purposes; and
WHEREAS, pursuant to Resolution 31453 the City issued its $50,000,000 aggregate principal amount Unlimited Tax General Obligation Improvement Bonds, 2013 using a portion of the Bond Authorization (defined below), leaving $240,000,000 of the Bond Authorization unissued; and
WHEREAS, pursuant to Resolution 31513 the City issued its $16,400,000 aggregate principal amount Unlimited Tax General Obligati...
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