Req.#10073
SUBSTITUTE
O"INANCE NO. 27249
2 AN ORDINANCE authorizing the sale of limited tax general obligation bonds, in
the aggregate principal amount of not to exceed $56,000,000, for the
3 purpose of refinancing costs of acquiring land for and constructing the
City's new regional Convention Center; providing the form and certain
4 terms of the bonds; and authorizing ongoing disclosure in connection with
the bonds.
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6 WHEREAS the City has acquired property for and commenced
7 construction of a new regional convention center ("Convention Center'), and
8 WHEREAS pursuant to RCW 67.28 and Ordinance Nos. 26065, 23934,
9 and 19129, the City has levied a lodging tax at the rate of 7 percent, which may
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be used to pay the cost of developing tourism-related facilities, and
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12 WHEREAS pursuant to Ordinance No. 26954, passed by the City
13 Council on June 4, 2002, the City authorized its Limited Tax General Obligation
14 Bond Anticipation Notes (Tax-Exempt Commercial Paper), Series 2B ("2002
15 LTGO Notes") to finance costs of the Convention Center and related support
16 facilities, including parking facilities, and
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WHEREAS the City now desires to refinance costs of the Convention
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Center paid from proceeds of a portion of the 2002 LTGO Notes, and
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20 WHEREAS it appears to the City Council that it is in the best interest of
21 the City that limited tax general o...
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