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The 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 and other utility purposes, providing for the reserve requirement, and paying or reimbursing 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; and ratifying and confirming certain prior acts.
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Recitals:
The City of Seattle (the “City”) owns, operates, and maintains 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.
The City needs to acquire and construct certain additions, improvements, betterments to, and/or extensions of the Drainage and Wastewater System (the “Plan of Additions”) and other Projects as described in this ordinance, and needs to borrow funds to pay a portion of those costs.
The City currently has outstanding certain drainage and wastewater revenue bonds (as identified in Exhibit A to this ordinance, the “Outstanding Parity Bonds”) which, pursuant to the ordinances authorizing their issuance (the “Outstanding Parity Bond Ordinances”), have a charge and lien on the Net Revenue (as defined below) of the Drainage and Wastewater System prior and superior to all other charges whatsoever.
Pursuant to the Outstanding Parity Bon...
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