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The City of Seattle
Ordinance /
Council Bill /
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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 or reimbursing part of the cost of carrying out that system or plan and other utility purposes, 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; and ratifying and confirming certain prior acts.
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Recitals:
The City of Seattle (the “City”) owns, operates, and maintains 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.
The City needs to acquire and construct certain additions, improvements, betterments to, and extensions of the Municipal Water 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 water system revenue bonds (as identified in Exhibit A, 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 Municipal Water System prior and superior to all other charges whatsoever.
Pursuant to the Outstanding Parity Bond Ordinances, the City reserved the right to issue additional bonds (“Future Parity Bonds”) having a lien and charge on Net Revenue o...
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