RESOLUTION 31665
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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, Limited Tax General Obligation Improvement and Refunding Bonds, 2016A and Limited Tax General Obligation Improvement Bonds, 2016B (Taxable) for the purposes set forth in Ordinance 124924 and in Ordinance 121651 (as amended by Ordinance 122286 and amended and restated by Ordinance 124343); confirming, ratifying and approving actions taken and to be taken to provide for the refunding of certain outstanding general obligation bonds of the City; confirming, ratifying and approving the notice of bond sale and other actions taken in connection with the issuance of the bonds and their sale to the purchaser; and ratifying and confirming the actions of the Director of Finance and other City officials relating to the issuance and sale of the bonds.
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WHEREAS, pursuant to the New Money Ordinance (defined herein), the City authorized the issuance and sale of not to exceed $134.2 million of its limited tax general obligation bonds in one or more series to pay all or part of the cost of the Projects (defined herein), and to pay the costs of issuance and sale of those bonds, and for other City purposes approved by ordinance; and
WHEREAS, pursuant to Ordinance 124737 of the City, passed on March 27, 2015, the City previously entered into the Development Agreement with Pike Place Market Preservation and Development Authority, 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/PC1-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 the City's Limited Tax General Obligation Improvement Bonds, 2015B (Taxable) and has determined to fund the second portion...
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