SEATTLE CITY COUNCIL - Record No: CB 120779

• Record No: CB 120779
• Version: 1
• Council Bill No: CB 120779
• Type: Council Bill (CB)
• Status: In Committee
• Current Controlling Legislative Body: Select Budget Committee
• On agenda: 5/1/2024
• Title: AN ORDINANCE relating to public art museum facilities; authorizing a restatement of a guarantee and reimbursement agreement with the Museum Development Authority of Seattle and other parties that amends the second amended and restated guarantee and reimbursement agreement, as originally authorized by Ordinance 121950, as amended by Ordinance 122458, and as further amended by Ordinance 124429; and ratifying and confirming certain prior acts.
• Sponsors: Dan Strauss
• Supporting documents: 1. Summary and Fiscal Note, 2. Presentation

Date	Ver.	Action By	Action	Result
5/1/2024	1	Finance, Native Communities, and Tribal Governments Committee	discussed
4/30/2024	1	City Council	referred
4/1/2024	1	Council President's Office	sent for review
3/27/2024	1	City Clerk	sent for review
3/27/2024	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to public art museum facilities; authorizing a restatement of a guarantee and reimbursement agreement with the Museum Development Authority of Seattle and other parties that amends the second amended and restated guarantee and reimbursement agreement, as originally authorized by Ordinance 121950, as amended by Ordinance 122458, and as further amended by Ordinance 124429; and ratifying and confirming certain prior acts.
body
WHEREAS, Ordinance 121950 authorized a City guarantee for the debt service reserve established in connection with the Museum Development Authority of Seattle's 2005 Special Obligation Bonds (the "2005 Bonds") (issued to pay the cost of acquiring and equipping an addition to its downtown museum facilities), pursuant to the Guarantee and Reimbursement Agreement among the City, the Museum Development Authority, and other parties, which was executed and dated as of November 1, 2005; and
WHEREAS, Ordinance 121950, as amended, prohibited various actions by City officers in connection with the Guarantee and Reimbursement Agreement without future authorization by City ordinance; and
WHEREAS, Ordinance 122458 authorized certain amendments to that Guarantee and Reimbursement Agreement, memorialized in the First Amended and Restated Guarantee and Reimbursement Agreement, which was executed and dated as of October 1, 2007; and
WHEREAS, Ordinance 123893 further authorized certain specific actions that require the approval of the City Council under the terms of Ordinances 121950 and 122458, including consent to certain lease terms and certain other clarifications, waivers, and consents; and
WHEREAS, Ordinance 124429 authorized certain additional amendments to that First Amended and Restated Guarantee and Reimbursement Agreement to permit the refunding of the 2005 Bonds by the issuance by the Authority of its Special Obligation Refunding Bonds, 2014 (th...