Legislation Details

Record No: CB 121326    Version: 1 Council Bill No: CB 121326
Type: Council Bill (CB) Status: In Committee
Current Controlling Legislative Body Select Budget Committee
On agenda:
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 or reimburse all or a portion 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 2027 Multipurpose LTGO Bond Fund; amending Ordinance 125197, as previously amended by Ordinances 125456, 125715, 125986, and 127344; Ordinance 125456, as previously amended by Ordinance 126938; Ordinance 125715, as previously amended by Ordinance 126938; Ordinance 125986; Ordinance 126219, as previously amended by Ordinances 126288, 126479, 126938, and 127146; Ordinance 126479, as previously amended by Ordinance 127146; Ordinance 126714; Ordinance 126938; and Ordinance 127146; and ratifying and confirming certain prior acts.
Sponsors: Dan Strauss
Attachments: 1. Ex B – Form of Continuing Disclosure Certificate, 2. Ex C-1 – Description of 2017 Projects, 3. Ex C-2 – Description of 2018 Projects, 4. Ex C-3 - Amended and Restated Exhibit A to Ordinance 125715 (Description of 2019 Projects), 5. Ex C-4 – Description of 2020 Projects, 6. Ex C-5 – Description of 2021 Projects, 7. Ex C-6 – Description of 2022 Projects, 8. Ex C-7 – Description of 2023 Projects, 9. Ex C-8 - Amended and Restated Exhibit A to Ordinance 126938 (Description of 2024 Projects), 10. Ex C-9 – Description of 2025 Projects
Supporting documents: 1. Ex A – Description of 2027 Projects, 2. Summary and Fiscal Note, 3. Summary Att 1 – 2027 Multipurpose LTGO Bond Issuance Projects and Debt Service
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The 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 a portion 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 2027 Multipurpose LTGO Bond Fund; amending Ordinance 125197, as previously amended by Ordinances 125456, 125715, 125986, and 127344; Ordinance 125456, as previously amended by Ordinance 126938; Ordinance 125715, as previously amended by Ordinance 126938; Ordinance 125986; Ordinance 126219, as previously amended by Ordinances 126288, 126479, 126938, and 127146; Ordinance 126479, as previously amended by Ordinance 127146; Ordinance 126714; Ordinance 126938; and Ordinance 127146; and ratifying and confirming certain prior acts.
body
Recitals:
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 $114.6 million.
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. 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 $5,00...

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