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Record No: CB 119924    Version: 1 Council Bill No: CB 119924
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/23/2020
Ordinance No: Ord 126224
Title: AN ORDINANCE relating to the solid waste system of The City of Seattle; providing for the defeasance of the claim or lien of certain of the City's outstanding solid waste system revenue bonds and payment of the administrative costs of such defeasance; providing for and authorizing the purchase of certain obligations and for the use and application of the money derived from those investments; authorizing the execution of a defeasance trust agreement to establish a defeasance escrow; authorizing the call for redemption prior to their maturity of those outstanding bonds that are to be defeased; and ratifying and confirming certain prior acts.
Sponsors: Teresa Mosqueda
Supporting documents: 1. Ex A – Outstanding Solid Waste System Parity Bonds, 2. Summary and Fiscal Note, 3. Signed Ordinance 126224, 4. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the solid waste system of The City of Seattle; providing for the defeasance of the claim or lien of certain of the City's outstanding solid waste system revenue bonds and payment of the administrative costs of such defeasance; providing for and authorizing the purchase of certain obligations and for the use and application of the money derived from those investments; authorizing the execution of a defeasance trust agreement to establish a defeasance escrow; authorizing the call for redemption prior to their maturity of those outstanding bonds that are to be defeased; and ratifying and confirming certain prior acts.
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WHEREAS, The City of Seattle ("City") owns, maintains, and operates a solid waste collection, transportation, and disposal system as part of Seattle Public Utilities ("Solid Waste System"), which Solid Waste System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City has previously authorized and issued, and may from time to time in the future authorize and issue, solid waste system revenue bonds having a charge and lien on the Net Revenue of the Solid Waste System prior and superior to any other charges whatsoever ("Parity Bonds"), which are designated as defeasible under this ordinance ("Defeasible Bonds"); and
WHEREAS, it is advantageous to the City and its ratepayers to provide for the application of available Net Revenue or other available funds (other than proceeds of Tax-Advantaged Bonds) to defease outstanding Defeasible Bonds whenever the Director of Finance determines that such defeasance will achieve a long-term cost savings or other benefit to the City or its ratepayers, all as permitted under chapter 39.53 RCW; and
WHEREAS, the City has determined that it is in the best interest of the City and its ratepayers to authorize, subject to the provisions of this ordinance,...

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