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Record No: CB 119104    Version: 1 Council Bill No: CB 119104
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/20/2017
Ordinance No: Ord 125460
Title: AN ORDINANCE relating to the electric system of The City of Seattle; authorizing and providing for the issuance and sale, from time to time in multiple series, of municipal light and power refunding revenue bonds for the carrying out the current or advance refunding of all or a portion of the City's outstanding municipal light and power revenue bonds pursuant to an approved refunding plan, providing for the reserve requirement (if any), and paying the administrative costs of carrying out such refundings and paying costs of issuance of the refunding bonds; describing the lien of those refunding bonds and authorizing their issuance as either senior lien parity bonds or as junior lien bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; rescinding the authorization to issue any future refunding parity bonds under Ordinance 121941 (as amended by Ordinance 122838, as amended and restated by Ordinance 124335, and as further amended by Ord...
Sponsors: Lisa Herbold
Attachments: 1. Ex A - Outstanding Parity Bonds, 2. Ex B - Form of Continuing Disclosure Agreement
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ord_125460, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the electric system of The City of Seattle; authorizing and providing for the issuance and sale, from time to time in multiple series, of municipal light and power refunding revenue bonds for the carrying out the current or advance refunding of all or a portion of the City's outstanding municipal light and power revenue bonds pursuant to an approved refunding plan, providing for the reserve requirement (if any), and paying the administrative costs of carrying out such refundings and paying costs of issuance of the refunding bonds; describing the lien of those refunding bonds and authorizing their issuance as either senior lien parity bonds or as junior lien bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; rescinding the authorization to issue any future refunding parity bonds under Ordinance 121941 (as amended by Ordinance 122838, as amended and restated by Ordinance 124335, and as further amended by Ordinance 124916); 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.
body
WHEREAS, The City of Seattle (the "City") owns, operates, and maintains a municipal light and electric power generation, transmission, and distribution system (the "Light System") which Light System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City currently has outstanding certain municipal light and power revenue bonds (as identified in Exhibit A, the "Outstanding Parity Bonds") having a charge and lien upon Gross Revenues of the Light System available after payment of the Operating and Maintenance Expense ("Net Revenue") prior and superior to all other charges whatsoever, which Outstanding Parity Bonds are designated as Refundable Bonds pursuan...

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