SEATTLE CITY COUNCIL - Record No: CB 118717

• Record No: CB 118717
• Version: 1
• Council Bill No: CB 118717
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 7/11/2016
• Ordinance No: Ord 125075
• Title: AN ORDINANCE providing for certain remedial actions with respect to the City's Limited Tax General Obligation Improvement and Refunding Bonds, 2007, including providing for the defeasance and redemption of certain of those bonds that are currently outstanding; creating a new fund for the expenditure of disposition proceeds; authorizing the execution of a defeasance trust agreement and the carrying out of a defeasance plan and directing the use of additional disposition proceeds; authorizing certain transfers necessary to carry out the foregoing; authorizing the purchase of certain investments and the use of their proceeds; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
• Sponsors: Tim Burgess
• Supporting documents: 1. Att 1 - Defeasance Trust Agreement, 2. Summary and Fiscal Note, 3. Signed Ord 125075, 4. Affidavit of Publication
• Related files: CB 118713, CB 118718

Date	Ver.	Action By	Action	Result
7/15/2016	1	City Clerk	attested by City Clerk
7/15/2016	1	Mayor	returned
7/15/2016	1	Mayor	Signed
7/12/2016	1	City Clerk	submitted for Mayor's signature
7/11/2016	1	City Council	passed	Pass
7/6/2016	1	Affordable Housing, Neighborhoods, and Finance Committee	pass	Pass
7/5/2016	1	City Council	referred
6/29/2016	1	Council President's Office	sent for review
6/21/2016	1	City Clerk	sent for review
6/21/2016	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________

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AN ORDINANCE providing for certain remedial actions with respect to the City's Limited Tax General Obligation Improvement and Refunding Bonds, 2007, including providing for the defeasance and redemption of certain of those bonds that are currently outstanding; creating a new fund for the expenditure of disposition proceeds; authorizing the execution of a defeasance trust agreement and the carrying out of a defeasance plan and directing the use of additional disposition proceeds; authorizing certain transfers necessary to carry out the foregoing; authorizing the purchase of certain investments and the use of their proceeds; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
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WHEREAS, pursuant to Ordinance 119155, passed by the City Council on September 21, 1998, and Resolution 29858, adopted by the City Council on October 28, 1998, The City of Seattle, Washington (the "City"), issued its $60,805,000 Limited Tax General Obligation Bonds, 1998, Series F (the "1998F Bonds"), to pay part of the cost of the City's acquisition of a public parking facility in downtown Seattle consisting of the Garage Unit of Pacific Place, a condominium (the "Garage"); and
WHEREAS, pursuant to Ordinance 122286, passed by the City Council on November 20, 2006, and Resolution 30980, adopted by the City Council on April 18, 2007 (collectively, the "2007 Bond Legislation"), the City issued its $95,550,000 Limited Tax General Obligation Improvement and Refunding Bonds, 2007 (the "2007 Bonds"); and
WHEREAS, pursuant to an allocation set forth in Resolution 30980, the City allocated a portion of the 2007 Bonds (the "2007 Garage Refunding Bonds") to refinancing costs of the Garage that had been previously financed by the 1998F Bonds by refunding all of the then-outstanding 1998F Bonds, leaving no unrefunded 1998F Bonds remaining outstanding; and
WHEREAS, pursuant to the ...