RESOLUTION 31586
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A RESOLUTION relating to contracting indebtedness; confirming, ratifying and approving certain terms of the issuance and sale of The City of Seattle, Washington, Water System Improvement and Refunding Revenue Bonds, 2015, for the purposes set forth in Ordinance 124340 and in Ordinance 121939 (as amended by Ordinance 122837 and amended and restated by Ordinance 124339); confirming, ratifying and approving actions taken and to be taken to provide for the refunding of certain outstanding bonds of the Water System of the City; and confirming, ratifying and approving actions taken and to be taken by the Director of Finance and other City officials relating to the issuance and sale of the bonds to the purchaser thereof.
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WHEREAS, pursuant to the New Money Ordinance (defined herein), the City authorized the issuance and sale of not to exceed $49 million of its Water System revenue bonds in one or more series: (a) to pay part of the cost of carrying out the Plan of Additions (as defined in the New Money Ordinance); (b) to provide for the Reserve Requirement; (c) to capitalize interest on, if necessary, and pay the costs of issuance of the bonds; and (d) for other Water System purposes approved by ordinance; and
WHEREAS, pursuant to the Omnibus Refunding Ordinance (defined herein), the City authorized the issuance of Water System revenue bonds for the purpose, among other things, of paying all or a part of the costs of refunding the City's outstanding Water System revenue bonds; and
WHEREAS, to accomplish the refunding of the Refunded Bonds (defined herein), it is necessary and advisable that certain Acquired Obligations (defined herein) bearing interest and maturing at such time or times as necessary to accomplish the Refunding Plan (defined herein) be purchased out of a portion of the proceeds of the Bonds (defined herein) and other money of the City, if necessary; and
WHEREAS, the Bond Ordinances (defined herein) authorize the...
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