SEATTLE CITY COUNCIL - Record No: CB 121091

• Record No: CB 121091
• Version: 1
• Council Bill No: CB 121091
• Type: Council Bill (CB)
• Status: Full Council Agenda Ready
• Current Controlling Legislative Body: Select Budget Committee
• On agenda: 11/21/2025
• Title: AN ORDINANCE relating to the municipal water system of The City of Seattle; amending Ordinance 125714, as amended by Ordinance 126483, to incorporate the terms of certain contingent amendments thereto that were to become effective upon the occurrence of certain events that have since occurred, to delete certain provisions rendered inoperative by the amendments, and to make certain other technical amendments; and ratifying and confirming the amendments and certain prior acts.
• Sponsors: Dan Strauss
• Supporting documents: 1. Summary and Fiscal Note

Date	Ver.	Action By	Action	Result
11/17/2025	1	Select Budget Committee	pass	Pass
11/14/2025	1	Select Budget Committee	not heard in Committee
10/14/2025	1	City Council	referred
10/8/2025	1	Council President's Office	sent for review
10/8/2025	1	City Clerk	sent for review
9/23/2025	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the municipal water system of The City of Seattle; amending Ordinance 125714, as amended by Ordinance 126483, to incorporate the terms of certain contingent amendments thereto that were to become effective upon the occurrence of certain events that have since occurred, to delete certain provisions rendered inoperative by the amendments, and to make certain other technical amendments; and ratifying and confirming the amendments and certain prior acts.
body
WHEREAS, The City of Seattle (the "City") owns, operates, and maintains a municipal water system as part of Seattle Public Utilities (the "Municipal Water System"), which Municipal Water System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City currently has outstanding certain water system revenue bonds (as identified in Exhibit A, the "Outstanding Parity Bonds"). Pursuant to the ordinances authorizing their issuance (the "Outstanding Parity Bond Ordinances"), the City reserved the right to issue additional bonds having a charge and lien on the net revenue of the Municipal Water System on a parity of lien with those Outstanding Parity Bonds ("Future Parity Bonds"), and is permitted to issue such Future Parity Bonds upon satisfaction of certain conditions (the "Parity Conditions"); and
WHEREAS, pursuant to Ordinance 125714, as amended by Ordinance 126483 (as amended, the "2019 Omnibus Refunding Ordinance"), the City previously authorized the issuance of water revenue bonds for the purpose of refunding Outstanding Parity Bonds and certain outstanding subordinate loans of the Water System; and
WHEREAS, the 2019 Omnibus Refunding Ordinance contains certain contingent amendments with effective dates occurring as of the earlier of: (a) the date on which the City obtained consents of the requisite percentage of Registered Owners of the Parit...