SEATTLE CITY COUNCIL - Record No: CB 118839

• Record No: CB 118839
• Version: 2
• Council Bill No: CB 118839
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/21/2016
• Ordinance No: Ord 125197
• 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 other City purposes approved by ordinance, to refinance certain outstanding City-guaranteed bonds of the Seattle Chinatown-International District Preservation and Development Authority, to provide a portion of the funds necessary to replace the Mercer Arena, and to pay the costs of issuance of the bonds; providing for certain terms, conditions, and covenants and the manner of sale of the bonds; authorizing certain agreements for the use of proceeds of the Bonds; and ratifying and confirming certain prior acts.
• Sponsors: Tim Burgess
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125197, 3. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/28/2016	2	City Clerk	attested by City Clerk
11/28/2016	2	Mayor	returned
11/28/2016	2	Mayor	returned unsigned
11/22/2016	2	City Clerk	submitted for Mayor's signature
11/21/2016	1	City Council	passed	Pass
11/16/2016	1	Select Budget Committee	pass as amended	Pass
11/7/2016	1	City Council	referred
10/20/2016	1	Council President's Office	sent for review
10/7/2016	1	City Clerk	sent for review
9/26/2016	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 other City purposes approved by ordinance, to refinance certain outstanding City-guaranteed bonds of the Seattle Chinatown-International District Preservation and Development Authority, to provide a portion of the funds necessary to replace the Mercer Arena, and to pay the costs of issuance of the bonds; providing for certain terms, conditions, and covenants and the manner of sale of the bonds; authorizing certain agreements for the use of proceeds of the Bonds; and ratifying and confirming certain prior acts.
body
WHEREAS, The City of Seattle, Washington ("City"), has determined that it is in its best interest that certain capital improvement program projects or other City projects identified in this ordinance be financed by the issuance of limited tax general obligation bonds of the City in principal amount not to exceed $139 million; and
WHEREAS, the City has determined that it is in its best interest to refinance all or a portion of the outstanding Special Obligation Refunding Bonds, 2007 of the Seattle Chinatown-International District Preservation and Development Authority (SCIDPDA) to reduce SCIDPDA's borrowing costs and reduce the amount of outstanding public development authority indebtedness guaranteed by the City; and
WHEREAS, pursuant to Ordinance 125088, passed on July 25, 2016, the City has determined that it is in its best interest to provide $5 million to be used in the replacement of the Mercer Arena ("Mercer Arena Project") and the City has determined that it is in its best interests to finance a portion of such amount through the issuance of the general obligation bonds authorized by this ordinance; and
WHEREAS, RCW 39.36.020 ...