SEATTLE CITY COUNCIL - Record No: CB 119919

• Record No: CB 119919
• Version: 1
• Council Bill No: CB 119919
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/23/2020
• Ordinance No: Ord 126219
• 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 for other City purposes approved by ordinance, to provide one or more loans 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 parameters for the bond sale terms including conditions, covenants, and other sale terms; creating the 2021 Multipurpose LTGO Bond Fund (Taxable); and ratifying and confirming certain prior acts.
• Sponsors: Teresa Mosqueda
• Supporting documents: 1. Ex A - Description of 2021 Projects v2, 2. Summary and Fiscal Note, 3. Signed Ordinance 126219, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
12/1/2020	1	City Clerk	attested by City Clerk
12/1/2020	1	Mayor	returned
12/1/2020	1	Mayor	Signed
11/24/2020	1	City Clerk	submitted for Mayor's signature
11/23/2020	1	City Council	passed	Pass
11/18/2020	1	Select Budget Committee	pass as amended	Pass
10/19/2020	1	City Council	referred
10/14/2020	1	City Clerk	sent for review
10/14/2020	1	Council President's Office	sent for review
9/29/2020	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 for other City purposes approved by ordinance, to provide one or more loans 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 parameters for the bond sale terms including conditions, covenants, and other sale terms; creating the 2021 Multipurpose LTGO Bond Fund (Taxable); 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 projects (as identified in this ordinance, the "Projects") be financed by the issuance of limited tax general obligation bonds of the City in a principal amount not to exceed $212.7 million; and
WHEREAS, pursuant to a memorandum of understanding with the Pike Place Market Preservation and Development Authority (the "PPMPDA"), the City has agreed to make one or more loans (the "PPMPDA Loan(s)") in an aggregate amount not to exceed $6.0 million to be used to support capital improvements to the PPMPDA, to be financed through the issuance of the City's limited tax general obligation bonds. Proceeds of the Bonds will be loaned to PPMPDA pursuant to one or more written loan agreements authorized herein to be negotiated and executed upon issuance of the associated bonds; and
WHEREAS, the series of bridges and roadways comprising the West Seattle Bridge have suffered severe structural damage and will require significant funding to prevent collapse and to perform such engineering and design work as may be necessary or desirable to determine whether and how to repair or replace all or a portion of the...