SEATTLE CITY COUNCIL - Record No: CB 118540

• Record No: CB 118540
• Version: 1
• Council Bill No: CB 118540
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/23/2015
• Ordinance No: Ord 124924
• Title: AN ORDINANCE relating to contracting indebtedness; authorizing and providing for the issuance and sale of limited tax general obligation bonds to pay all or part of the costs of various elements of the City's capital improvement program and other City purposes approved by ordinance, to provide a contribution to the Pike Place Market Preservation and Development Authority for the financing of certain improvements, and to pay the costs of issuance of the bonds; providing for certain terms, conditions and covenants and the manner of sale of the bonds; amending Ordinance 123480 (as previously amended by Ordinance 124341 and Ordinance 124637); and ratifying and confirming certain prior acts.
• Sponsors: Nick Licata
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ord 124924

Date	Ver.	Action By	Action	Result
12/1/2015	1	City Clerk	attested by City Clerk
12/1/2015	1	Mayor	returned
12/1/2015	1	Mayor	Signed
11/30/2015	1	City Clerk	submitted for Mayor's signature
11/23/2015	1	City Council	passed	Pass
11/16/2015	1	Select Budget Committee	pass	Pass
10/26/2015	1	City Council	referred
10/20/2015	1	City Clerk	sent for review
9/28/2015	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to contracting indebtedness; authorizing and providing for the issuance and sale of limited tax general obligation bonds to pay all or part of the costs of various elements of the City's capital improvement program and other City purposes approved by ordinance, to provide a contribution to the Pike Place Market Preservation and Development Authority for the financing of certain improvements, and to pay the costs of issuance of the bonds; providing for certain terms, conditions and covenants and the manner of sale of the bonds; amending Ordinance 123480 (as previously amended by Ordinance 124341 and Ordinance 124637); and ratifying and confirming certain prior acts.
body
WHEREAS, The City of Seattle, Washington (the "City"), has determined that it is in its best interest that certain capital improvement program projects hereafter identified, be financed by the issuance of limited tax general obligation bonds of the City in principal amount not to exceed $134.2 million; and
WHEREAS, pursuant to Ordinance 124737 of the City, passed on March 27, 2015, the City entered into the Development Agreement with Pike Place Market Preservation and Development Authority (the "Pike PDA"), which provides for, among other things, the City to make a grant of $34,000,000 for the development of certain portions of the projects known as Market Front/PC-1 North (including public parking and public plaza space), and the City previously funded the first portion of this grant contribution, in the amount of $28 million, through the issuance of limited tax general obligation bonds in 2015, and is in need of funds with which to fund the remaining portion of this grant contribution; and
WHEREAS, RCW 39.36.020 authorizes the City to incur indebtedness without assent of the voters of the City so long as such indebtedness does not result in a total nonvoted indebtedness of the City i...