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Record No: CB 119919    Version: 1 Council Bill No: CB 119919
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/23/2020
Ordinance No: Ord 126219
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 for other City purposes approved by ordinance, to provide one or more loans to the Pike Place Market Preservation and Development Authority for the financing of certain improvements, and to pay the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; creating the 2021 Multipurpose LTGO Bond Fund (Taxable); and ratifying and confirming certain prior acts.
Sponsors: Teresa Mosqueda
Attachments: 1. Ex B – Form of Continuing Disclosure Agreement, 2. Ex A - Description of 2021 Projects v1
Supporting documents: 1. Ex A - Description of 2021 Projects v2, 2. Summary and Fiscal Note, 3. Signed Ordinance 126219, 4. Affidavit of Publication
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 for other City purposes approved by ordinance, to provide one or more loans to the Pike Place Market Preservation and Development Authority for the financing of certain improvements, and to pay the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; creating the 2021 Multipurpose LTGO Bond Fund (Taxable); and ratifying and confirming certain prior acts.
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WHEREAS, The City of Seattle, Washington (the "City"), has determined that it is in its best interest that certain capital projects (as identified in this ordinance, the "Projects") be financed by the issuance of limited tax general obligation bonds of the City in a principal amount not to exceed $212.7 million; and
WHEREAS, pursuant to a memorandum of understanding with the Pike Place Market Preservation and Development Authority (the "PPMPDA"), the City has agreed to make one or more loans (the "PPMPDA Loan(s)") in an aggregate amount not to exceed $6.0 million to be used to support capital improvements to the PPMPDA, to be financed through the issuance of the City's limited tax general obligation bonds. Proceeds of the Bonds will be loaned to PPMPDA pursuant to one or more written loan agreements authorized herein to be negotiated and executed upon issuance of the associated bonds; and
WHEREAS, the series of bridges and roadways comprising the West Seattle Bridge have suffered severe structural damage and will require significant funding to prevent collapse and to perform such engineering and design work as may be necessary or desirable to determine whether and how to repair or replace all or a portion of the...

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