SEATTLE CITY COUNCIL - Record No: CB 120687

• Record No: CB 120687
• Version: 1
• Council Bill No: CB 120687
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/21/2023
• Ordinance No: Ord 126942
• Title: AN ORDINANCE relating to the municipal water system of The City of Seattle; amending Ordinance 126716 to increase the authorized principal amount of municipal water system revenue bonds to be issued for the purposes of paying all or part of the cost of carrying out the system or plan of additions and betterments to and extensions of the existing municipal water system; extending the initial authorization date for those bonds; and ratifying and confirming certain prior acts.
• Sponsors: Teresa Mosqueda
• Supporting documents: 1. Signed Ordinance 126942, 2. 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	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 municipal water system of The City of Seattle; amending Ordinance 126716 to increase the authorized principal amount of municipal water system revenue bonds to be issued for the purposes of paying all or part of the cost of carrying out the system or plan of additions and betterments to and extensions of the existing municipal water system; extending the initial authorization date for those bonds; and ratifying and confirming certain prior acts.
body
WHEREAS, by Ordinance 126716, passed on November 29, 2022 (the "2023 Water Bond Ordinance") The City of Seattle, Washington (the "City") provided for the issuance of not to exceed $81 million principal amount of Municipal Water System Bonds (the "Bonds") for the purposes of paying all or part of the cost of carrying out the Plan of Additions, providing for the Reserve Requirement for the Parity Bonds, and issuing and selling the Bonds; and
WHEREAS, the City has not yet issued any of the bonds authorized by the 2023 Water Bond Ordinance, but has since that time has accumulated additional capital needs, as reflected in the adopted Capital Improvement Plan previously approved by Council, that have arisen or are expected to arise during 2024 and which will exceed the amount originally authorized in the 2023 Water Bond Ordinance; and
WHEREAS, the City deems it desirable to increase the authorized principal amount of municipal water system revenue bonds to provide funding for the water system's capital needs; and
WHEREAS, the City deems it desirable to extend the date by which such bonds must be issued; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Definitions. The definitions of capitalized terms set forth in the recitals to this ordinance are incorporated by this reference. The meaning of capitalized terms used and not otherwise defined in this ordinance shall be as set fo...