SEATTLE CITY COUNCIL - Record No: CB 120073

• Record No: CB 120073
• Version: 1
• Council Bill No: CB 120073
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 6/14/2021
• Ordinance No: Ord 126364
• Title: AN ORDINANCE relating to financing public improvements within Local Improvement District No. 6751 (also known as the Waterfront LID); authorizing and providing for the issuance and sale of local improvement district bonds (LID Bonds, as defined herein) to provide funds to pay or reimburse a portion of the costs of the LID Improvements (as defined), to make a deposit to the Local Improvement Guaranty Fund, and to pay the costs of issuance of the bonds; pledging the LID assessments collected in the Waterfront LID and the amounts available in the Local Improvement Guaranty Fund to pay and secure the LID Bonds; providing parameters for Bond Sale Terms including conditions, covenants, and other sale terms; providing for and fixing the installment payment terms and interest rate on assessments in the Waterfront LID; amending Section 20.08.020 of the Seattle Municipal Code to conform to changes in state law; and ratifying and confirming certain prior acts.
• Sponsors: Debora Juarez
• Supporting documents: 1. Summary and Fiscal Note, 2. Central Staff Memo, 3. Presentation, 4. Signed Ordinance 126364, 5. Affidavit of Publication

Date	Ver.	Action By	Action	Result
6/18/2021	1	City Clerk	attested by City Clerk
6/18/2021	1	Mayor	returned
6/18/2021	1	Mayor	Signed
6/16/2021	1	City Clerk	submitted for Mayor's signature
6/14/2021	1	City Council	passed	Pass
6/4/2021	1	Public Assets and Native Communities Committee	pass	Pass
5/17/2021	1	City Council	referred
5/6/2021	1	Council President's Office	sent for review
4/27/2021	1	City Clerk	sent for review
4/26/2021	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to financing public improvements within Local Improvement District No. 6751 (also known as the Waterfront LID); authorizing and providing for the issuance and sale of local improvement district bonds (LID Bonds, as defined herein) to provide funds to pay or reimburse a portion of the costs of the LID Improvements (as defined), to make a deposit to the Local Improvement Guaranty Fund, and to pay the costs of issuance of the bonds; pledging the LID assessments collected in the Waterfront LID and the amounts available in the Local Improvement Guaranty Fund to pay and secure the LID Bonds; providing parameters for Bond Sale Terms including conditions, covenants, and other sale terms; providing for and fixing the installment payment terms and interest rate on assessments in the Waterfront LID; amending Section 20.08.020 of the Seattle Municipal Code to conform to changes in state law; and ratifying and confirming certain prior acts.
body
WHEREAS, The City of Seattle, Washington (the "City") is authorized, pursuant to chapter 35.43 RCW, et seq., and Chapters 20.04, 20.08, and 20.12 of the Seattle Municipal Code, to form local public improvement districts for the purpose of constructing local public improvements, to levy and collect special assessments on property specially benefited thereby in order to pay the whole or any part of the expense of such improvements, and to issue local improvement district warrants, notes, bonds, or other obligations pursuant to chapter 35.45 RCW to finance such improvements; and
WHEREAS, pursuant to Ordinance 125760 (the "LID Formation Ordinance"), passed on January 22, 2019 after the requisite public process, the City created Local Improvement District No. 6751 to finance the LID Improvements and created a local improvement fund (the "Waterfront LID Fund"), the statutory period under RCW 35.43.100 and 35.43.180 for bringing any prot...