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Record No: CB 120197    Version: 1 Council Bill No: CB 120197
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/22/2021
Ordinance No: Ord 126482
Title: AN ORDINANCE relating to the drainage and wastewater system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the existing drainage and wastewater system; authorizing the issuance and sale of drainage and wastewater revenue bonds in one or more series for the purposes of paying part of the cost of carrying out that system or plan, providing for the reserve requirement, and paying the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; describing the lien of those bonds; amending certain definitions set forth in Ordinance 125455, the Omnibus Refunding Ordinance; authorizing the issuance of drainage and wastewater system refunding revenue bonds; and ratifying and confirming certain prior acts.
Sponsors: Teresa Mosqueda
Attachments: 1. Ex A - Outstanding Drainage and Wastewater System Parity Bonds, 2. Ex B – Form of Continuing Disclosure Agreement, 3. Ex C – Outstanding Subordinate Obligations Designated as Refundable Bonds
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 126482, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the drainage and wastewater system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the existing drainage and wastewater system; authorizing the issuance and sale of drainage and wastewater revenue bonds in one or more series for the purposes of paying part of the cost of carrying out that system or plan, providing for the reserve requirement, and paying the costs of issuance of the bonds; providing parameters for the bond sale terms including conditions, covenants, and other sale terms; describing the lien of those bonds; amending certain definitions set forth in Ordinance 125455, the Omnibus Refunding Ordinance; authorizing the issuance of drainage and wastewater system refunding revenue bonds; and ratifying and confirming certain prior acts.
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WHEREAS, The City of Seattle (the "City") owns, maintains, and operates a system of sanitary sewerage and storm and surface water drainage as part of Seattle Public Utilities (the "Drainage and Wastewater System"), which Drainage and Wastewater System has from time to time required various additions, improvements, betterments, and extensions; and
WHEREAS, the City desires to acquire and construct a system or plan of further additions, improvements, and betterments to, and extensions of the Drainage and Wastewater System (the "Plan of Additions") as described in this ordinance, and has a need to borrow funds to pay a portion of the costs of carrying out such Plan of Additions; and
WHEREAS, the City currently has outstanding certain drainage and wastewater revenue bonds (as identified in Exhibit A to this ordinance, the "Outstanding Parity Bonds"). Pursuant to the ordinances authorizing their issuance (the "Outstanding Parity Bond Ordinances"), the City has reserved the right to issue additional bonds ("Future Parity Bonds") having a charge and lien on the net re...

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