SEATTLE CITY COUNCIL - Record No: CB 118840

• Record No: CB 118840
• Version: 1
• Council Bill No: CB 118840
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/21/2016
• Ordinance No: Ord 125198
• Title: AN ORDINANCE relating to the electric system of The City of Seattle; authorizing the issuance and sale of municipal light and power revenue bonds for the purposes of providing funds for certain additions and betterments to and extensions of the existing municipal light and power plant and system of the City, paying the costs of issuance of those bonds, and providing for the reserve fund requirement; providing for the terms, conditions, covenants, and manner of sale of those bonds; describing the lien of those bonds; and ratifying and confirming certain prior acts.
• Sponsors: Tim Burgess
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125198, 3. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/28/2016	1	City Clerk	attested by City Clerk
11/28/2016	1	Mayor	Signed
11/28/2016	1	Mayor	returned
11/22/2016	1	City Clerk	submitted for Mayor's signature
11/21/2016	1	City Council	passed	Pass
11/16/2016	1	Select Budget Committee	pass	Pass
11/7/2016	1	City Council	referred
10/20/2016	1	Council President's Office	sent for review
10/7/2016	1	City Clerk	sent for review
9/26/2016	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; authorizing the issuance and sale of municipal light and power revenue bonds for the purposes of providing funds for certain additions and betterments to and extensions of the existing municipal light and power plant and system of the City, paying the costs of issuance of those bonds, and providing for the reserve fund requirement; providing for the terms, conditions, covenants, and manner of sale of those bonds; describing the lien of those bonds; and ratifying and confirming certain prior acts.
body
WHEREAS, The City of Seattle, Washington ("City"), owns, operates, and maintains an electric system ("Light System"); and
WHEREAS, the City has need to acquire and construct certain additions and betterments to and extensions of the Light System described in the system or plan adopted by this ordinance ("Plan of Additions"); and
WHEREAS, the City has outstanding certain revenue bonds ("Outstanding Parity Bonds") having a charge and lien upon Gross Revenues of the Light System prior and superior to all other charges whatsoever, except reasonable charges for maintenance and operation of the Light System; and
WHEREAS, pursuant to the respective ordinances and resolutions listed in Exhibit A to this ordinance, the City issued its municipal light and power revenue bonds described in Exhibit A, and provided for the issuance of additional bonds having a lien and charge on Gross Revenues of the Light System on a parity of lien with those bonds ("Parity Bonds") upon compliance with certain conditions; and
WHEREAS, after due consideration, the City finds that it is necessary and in the best interest of the City and its ratepayers to issue municipal light and power revenue bonds as Parity Bonds to pay part of the cost of the Plan of Additions, pay costs of issuance of those bonds, and provide for the reserve fund requirement; ...