SEATTLE CITY COUNCIL - Record No: CB 119921

• Record No: CB 119921
• Version: 1
• Council Bill No: CB 119921
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/23/2020
• Ordinance No: Ord 126221
• Title: AN ORDINANCE relating to the electric system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the existing municipal light and electric power generation, transmission, and distribution system of the City; authorizing the issuance and sale of municipal light and power revenue bonds for the purposes of providing funds to pay part of the cost of carrying out that system or plan, providing for the reserve fund requirement (if any), and paying the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; describing the lien of the bonds and authorizing their issuance as either senior lien parity bonds or junior lien bonds; and ratifying and confirming certain prior acts.
• Sponsors: Teresa Mosqueda
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 126221, 3. 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	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 the electric system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the existing municipal light and electric power generation, transmission, and distribution system of the City; authorizing the issuance and sale of municipal light and power revenue bonds for the purposes of providing funds to pay part of the cost of carrying out that system or plan, providing for the reserve fund requirement (if any), and paying the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; describing the lien of the bonds and authorizing their issuance as either senior lien parity bonds or junior lien bonds; and ratifying and confirming certain prior acts.
body
WHEREAS, The City of Seattle (the "City") owns, operates, and maintains a municipal light and electric power generation, transmission, and distribution system (the "Light System") which Light System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City needs to acquire and construct certain additions, improvements, and betterments to and extensions of the Light System (the "Plan of Additions") as described in this ordinance, and needs to borrow funds to pay a portion of the costs of carrying out such Plan of Additions; and
WHEREAS, the City currently has outstanding certain municipal light and power revenue bonds (as identified in Exhibit A, the "Outstanding Parity Bonds") having a charge and lien upon Gross Revenues of the Light System available after payment of Operating and Maintenance Expense ("Net Revenue") prior and superior to all other charges whatsoever; and
WHEREAS, pursuant to the Outstanding Parity Bond ordinances, the City reserved the right to issue additional municipal light and power revenue bonds ("Future Parity B...