SEATTLE CITY COUNCIL - Record No: CB 120685

• Record No: CB 120685
• Version: 1
• Council Bill No: CB 120685
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/21/2023
• Ordinance No: Ord 126940
• Title: AN ORDINANCE relating to the electric system of The City of Seattle; amending Ordinance 125460, as amended by Ordinance 125987, to incorporate, ratify, and confirm certain contingent amendments thereto that were to become effective upon the occurrence of certain events that have since occurred and making certain other technical amendments; and ratifying and confirming certain prior acts.
• Sponsors: Teresa Mosqueda
• Supporting documents: 1. Summary and Fiscal Note, 2. Amendment 1 to CB 120685, 3. Signed Ordinance 126940, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
12/1/2023	1	City Clerk	attested by City Clerk
12/1/2023	1	Mayor	returned
12/1/2023	1	Mayor	Signed
11/29/2023	1	City Clerk	submitted for Mayor's signature
11/21/2023	1	City Council	passed	Pass
11/14/2023	1	Select Budget Committee	pass as amended	Pass
10/24/2023	1	City Council	referred
10/19/2023	1	Council President's Office	sent for review
10/18/2023	1	City Clerk	sent for review
9/26/2023	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the electric system of The City of Seattle; amending Ordinance 125460, as amended by Ordinance 125987, to incorporate, ratify, and confirm certain contingent amendments thereto that were to become effective upon the occurrence of certain events that have since occurred and making certain other technical amendments; and ratifying and confirming certain prior acts.
body
WHEREAS, The City of Seattle (the "City") owns, operates, and maintains a municipal light and electric power generation, transmission, and distribution system (the "Light System") and currently has outstanding certain municipal light and power revenue bonds (as identified in Exhibit A, the "Outstanding Parity Bonds") having a charge and lien upon Gross Revenues of the Light System available after payment of the Operating and Maintenance Expense ("Net Revenue") prior and superior to all other charges whatsoever, which Outstanding Parity Bonds are designated as Refundable Bonds; and
WHEREAS, pursuant to Ordinance 125460, as amended by Ordinance 125987 (the "Omnibus Refunding Ordinance"), the City has authorized the issuance of municipal light and power revenue bonds for the purpose of refunding Outstanding Parity Bonds or Outstanding Junior Lien Bonds, as defined in this ordinance; and
WHEREAS, the Omnibus Refunding Ordinance contains certain contingent amendments that were to take effect upon the earlier of: (a) the date on which the City obtained consents of the requisite percentage of Registered Owners of the Parity Bonds then outstanding, in accordance with the provisions of the applicable Outstanding Parity Bond Documents; or (b) the date on which certain identified Outstanding Parity Bonds were redeemed or defeased; and
WHEREAS, as of August 11, 2023, the Owners of more than 60 percent in aggregate principal amount of the Parity Bonds currently outstanding have consented to certain amendm...