CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
AN ORDINANCE relating to contracting indebtedness; amending Ordinance 124053 to lower the amount of bonds authorized to be issued thereunder and amending Exhibit A to Ordinance 124053 to adjust the projects listed thereon.
WHEREAS, by Ordinance 124053, the City provided for the issuance and sale of limited tax general obligation bonds to pay all or part of the cost of financing elements of the City's capital improvement program, including the projects listed on Exhibit A
attached to Ordinance 124053; and
WHEREAS, the City wishes to lower the amount of bonds authorized to be issued by Ordinance 124053 and to amend the list of projects and the amounts allocated to those projects by amending Exhibit A to Ordinance 124053; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Definitions . The meaning of capitalized terms used and not otherwise defined in this ordinance shall be as set forth in Ordinance 124053.
Section 2. Amendment to Section 3 of Ordinance 124053 . Section 3 of Ordinance 124053 is amended to read as follows (additions are underlined and deletions are enclosed in double parentheses and struck through).
Section 3. Authorization and Description of Bonds . For the purposes of paying all or part of the costs of the Projects, issuing and selling the Bonds, and for other City purposes approved by ordinance, the City is authorized to borrow money
on the credit of the City and issue limited tax general obligation bonds evidencing indebtedness in the maximum principal amount of not to exceed $(( 96 )) 59 million. The general indebtedness to be incurred shall be
within the limit of up to 1.5% of the value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein. The Bonds may be issued in one or more series; may be combined with other
general obligation bonds authorized separately; shall be designated Limited Tax General Obligation Bonds and shall have such year and series or other designation as determined by the Director of Finance or as specified by the Bond Resolution consistent
with the provisions of this ordinance; shall be dated as specified by the Bond Resolution; shall be in Authorized Denominations or such other denominations within a maturity as specified by the Bond Resolution; shall be numbered separately, in the
manner and with any additional designation as the Bond Registrar deems necessary for the purpose of identification; and shall bear interest payable on the dates as specified by the Bond Resolution at such rate or rates as specified and approved by the
Bond Resolution, which rate or rates may be fixed or variable, except that (i) if the interest rate on the Bonds is fixed, the net interest cost shall not exceed a weighted average rate of 10% per annum, and (ii) if the interest rate on the Bonds is
variable, the net interest cost during the initial interest rate period for the initial series of Bonds shall not exceed a weighted average rate of 10% per annum. The Bonds shall mature on the dates and in years and amounts as specified by the Bond
Resolution, except that the final maturity of any series of Bonds shall not exceed 30 years from the date of issuance. All or some of the Bonds may be Term Bonds, as specified by the Bond Resolution.
The City may issue the Bonds of any series as either tax-exempt or taxable for federal income tax purposes (including Tax Credit Subsidy Bonds), as shall be determined in the Bond Resolution.
On the date of issuance of each series, the expected life of the capital facilities to be financed with the proceeds of that series of the Bonds shall exceed the final maturity of the Bonds.
Section 3. Amendment of Exhibit A to Ordinance 124053 . Exhibit A of Ordinance 124053 is amended to read as set forth in Exhibit A to this ordinance (additions are underlined and deletions are enclosed in double parentheses and struck
through).
Section 4. General Authorization . The Mayor and the Director of Finance and each of the other appropriate officers of the City are each authorized and directed to do everything as in their judgment may be necessary, appropriate, or desirable
in order to carry out the terms and provisions of, and complete the transactions contemplated by, this ordinance.
Section 5. Severability . The provisions of this ordinance are declared to be separate and severable. If a court of competent jurisdiction, all appeals having been exhausted or all appeal periods having run, finds any provision of this
ordinance to be invalid or unenforceable as to any person or circumstance, such offending provision shall, if feasible, be deemed to be modified to be within the limits of enforceability or validity. However, if the offending provision cannot be so
modified, it shall be null and void with respect to the particular person or circumstance, and all other provisions of this ordinance in all other respects, and the offending provision with respect to all other persons and all other circumstances, shall
remain valid and enforceable.
Section 6. Ratification of Prior Acts . Any action taken consistent with the authority of this ordinance, after its passage but prior to the effective date, is ratified, approved, and confirmed.
Section 7. Section Headings . The section headings in this ordinance are used for convenience only and shall not constitute a substantive portion of this ordinance.
Section 8. Effective Date . This ordinance shall take effect and be in force 30 days after its approval by the Mayor, but if not approved and returned by the Mayor within ten days after presentation, it shall take effect as provided by Seattle
Municipal Code Section 1.04.020.
Passed by the City Council the ____ day of _________, 2013, and signed by me in open session in authentication of its passage this _____ day of __________, 2013.
President ______________ of the City Council
Approved by me this ____ day of _________, 2013.
Michael McGinn, Mayor
Filed by me this ____ day of _________, 2013.
Monica Martinez Simmons, City Clerk
(Seal)
Attachment
Exhibit A -Description of Projects
EXHIBIT A
DESCRIPTION OF PROJECTS*
Description |
Approximate Principal Amount |
|
|
((Bridge Seismic (BTG))) |
(($ 6,928,043)) |
((Mercer West (CPT))) |
((11,173,000)) |
((South Park Bridge)) |
((10,000,000)) |
((Seawall (CPT) |
6,200,000))
|
Golf |
((7,370,846)) $ 1,810,158 |
Rainier Beach Community Center |
6,600,000 |
Magnuson Park Building 30 |
5,215,000 |
Magnuson Park Building 11 |
5,850,000 |
Fire Facilities |
12,726,000 |
B&O IT |
7,632,000 |
Financial IT Upgrades |
5,886,000 |
Data Center |
2,625,000 |
((Police)) Video Mobile Data Terminals |
4,479,196 |
North Precinct |
4,250,000 |
Issuance Costs and Pricing Adjustments |
((2,732,553)) 1,712,201 |
Total |
$((93,817,638)) 58,785,555 |
*Includes
issuance costs and pricing adjustments. |
|
Michael Van Dyck/Hugh Spitzer/Ben Noble FAS LTGO Bonds 2013 Amend ORD March 20, 2013 Version #2