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Record No: CB 120199    Version: 1 Council Bill No: CB 120199
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/22/2021
Ordinance No: Ord 126483
Title: AN ORDINANCE relating to the municipal water system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the existing municipal water system; authorizing the issuance and sale of water system 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 the bonds; creating certain accounts of the City relating to the bonds; amending certain definitions set forth in Ordinance 125714, the Omnibus Refunding Ordinance; authorizing the issuance of water system refunding revenue bonds; and ratifying and confirming certain prior acts.
Sponsors: Teresa Mosqueda
Attachments: 1. Ex A – List of Outstanding Parity Bonds, 2. Ex B - Form of Continuing Disclosure Agreement, 3. Ex C - List of Outstanding Subordinate Obligations Designated as Refundable Bonds
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 126483, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the municipal water system of The City of Seattle; adopting a system or plan of additions and betterments to and extensions of the existing municipal water system; authorizing the issuance and sale of water system 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 the bonds; creating certain accounts of the City relating to the bonds; amending certain definitions set forth in Ordinance 125714, the Omnibus Refunding Ordinance; authorizing the issuance of water 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 municipal water system as part of Seattle Public Utilities (the "Municipal Water System"), which Municipal Water 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 Municipal Water System (the "Plan of Additions") as described in this ordinance, and needs 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 water system 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 reserved the right to issue additional bonds ("Future Parity Bonds") having a charge and lien on the net revenue of the Municipal Water System on a parity of lien with those Outst...

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