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Record No: CB 119109    Version: 1 Council Bill No: CB 119109
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/20/2017
Ordinance No: Ord 125457
Title: AN ORDINANCE relating to contracting indebtedness; authorizing the issuance and sale, from time to time in multiple series, of limited tax general obligation refunding bonds and unlimited tax general obligation refunding bonds for the purpose of carrying out the current or advance refunding of all or part of the City's outstanding limited tax general obligation bonds, carrying out the current or advance refunding of all or part of the City's outstanding unlimited tax general obligation bonds pursuant to an approved refunding plan, and to pay the administrative costs of carrying out such refundings and the costs of issuance of the refunding bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; rescinding the authorization to issue any future general obligation refunding bonds under Ordinance 121651 (as previously amended by Ordinance 122286, and as previously amended and restated by Ordinance 124343); authorizing the Director of Finan...
Sponsors: Lisa Herbold
Attachments: 1. Ex A - Description of Refundable LTGO and UTGO Bonds, 2. Ex B - Form of Continuing Disclosure Agreement
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ord_125457, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to contracting indebtedness; authorizing the issuance and sale, from time to time in multiple series, of limited tax general obligation refunding bonds and unlimited tax general obligation refunding bonds for the purpose of carrying out the current or advance refunding of all or part of the City's outstanding limited tax general obligation bonds, carrying out the current or advance refunding of all or part of the City's outstanding unlimited tax general obligation bonds pursuant to an approved refunding plan, and to pay the administrative costs of carrying out such refundings and the costs of issuance of the refunding bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; rescinding the authorization to issue any future general obligation refunding bonds under Ordinance 121651 (as previously amended by Ordinance 122286, and as previously amended and restated by Ordinance 124343); authorizing the Director of Finance to enter into agreements providing for the disposition of the refunding bond proceeds; and ratifying and confirming certain prior acts.
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WHEREAS, The City of Seattle, Washington (the "City") has previously authorized and issued, and may from time to time in the future authorize and issue, limited tax general obligation bonds and unlimited tax general obligation bonds designated as refundable under this ordinance (the "Refundable Bonds"), which Refundable Bonds may be refunded in order to achieve a cost savings or other benefit to the City as permitted under chapter 39.53 RCW; and
WHEREAS, the City Council has determined it to be in the best interest of the City and its taxpayers that it authorize the issuance and sale, subject to the provisions of this ordinance, of limited tax general obligation refunding bonds and unlimited tax general obligation refunding bonds (collectively, the "Bonds"), ...

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