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, providing for the reserve requirement, and paying the costs of issuance of the bonds; providing for certain terms, conditions, covenants and the manner of sale of the bonds; describing the lien of the bonds; creating certain accounts of the City relating to the bonds; amending certain provisions set forth in the Omnibus Refunding Bond Ordinance relating to drainage and wastewater refunding revenue bonds; and ratifying and confirming certain prior acts.
Bill passed and sure was Senate. We've gone through our agenda for the day and there's one more text. There's one more. Oh, I'm sorry I'm on the back base. Please read agenda item number six and you can read the short version please. And item six, cancel 118 947 relating to the drainage and wastewater systems of the City of Seattle Committee recommends the bill pass. HERBOLD Thank you. Council Bill 11 8947 is the 2017 drainage in wastewater bond ordinance. The Drainage and Wastewater System Bond Ordinance was submitted to council outside of the annual budget process in order to take care take advantage of favorable market conditions. The proposal authorizes a 30 year fixed rate bond issuance of $205 million in mid 2017 to pay for 18 months of drainage in wastewater capital improvements, issuance costs and deposits into space. Debit Debt Service Reserve Fund proceeds from the bond sale will fund capital programs like ESPs combined sewer overflow projects, sediment remediation and gasworks, park and the Duwamish River, sewer pipe rehabilitation, flooding prevention and other long term drainage and wastewater investments. The bond size is consistent with the 2017 adopted budget. The proposed issuance has been reviewed and approved by the city's Debt Management Policy Advisory Committee, and all of the projects that are proposed to be funded with this bond issuance have been also improved , approved by. RCP, their capital improvement program. Thank you, Councilman Herbold. Any further questions? This legislation, please call the roll on the passage of the bill. Whereas I. O'BRIEN So what. I picture. Burgess Gonzalez I Herbold Johnson President Harrell I. Might am favorite unopposed. Bill passed and chair will sign it. Is there any further business to come in for the council? Yes. I believe I will. Make a motion that council member, whereas be excused from the May 30th 2017 meeting is their second. All those in favor of councilmember words being excused from the May 30th meeting vote i. I oppose. The ayes have it. And then I would like to be excused from the May 22nd full council meeting. So moved in seconded that I be excused from the May 22nd full council meeting. All those in favor say i. I. No. Got one? No. The nos don't get it. Thank you very much. And with that, it wouldn't have a great day. And we stand adjourned.