PORT OF SEATTLE 

 

MEMORANDUM

 

 

COMMISSION AGENDA 

 

Item No. 

6a 

 

Date of Meeting 

June 9, 2009 

DATE:

 

June 4, 2009 

 
TO:

 

Tay Yoshitani, Chief Executive Officer 

 
FROM:

 

Elizabeth Morrison, Sr. Manager, Corporate Finance 

 
SUBJECT:

 

Amend Resolution No. 3619, Second Reading and Final Passage of Resolution 
No. 3619, as amended, authorizing the issuance and sale of Revenue Bonds, 
Series 2009A and Series 2009B in the aggregate principal amount of not to 
exceed $425,000,000. 

 

BACKGROUND

On June 2, 2009, the Commission moved approval of First Reading of Resolution No. 3619.  
Since First Reading there have been changes to the resolution to establish the parameters under 
which authority is delegated to the Port’s Chief Executive Officer to approve the sale of the 
Bonds and other changes that are administrative in nature. 

 

AMENDMENTS TO RESOLUTION NO. 3619 

The Resolution is amended to reflect parameters under which the Chief Executive Officer can 
approve the sale of Bonds.  Specifically, the maximum par amount of Bonds is $425,000,000.  
The maximum interest rate is 8.5%.  The delegation expires in 60 days.  The maximum rate of 
8.5% can still provide a Customer Facility Charge (CFC) of $6.50 when the Consolidated Rental 
Car Facility opens in 2012. 

There have been several other changes, primarily to provide additional clarity that some of the 
Bonds may be issued as Capital Appreciation Bonds.  These and other “clean-up” changes are 
administrative in nature and do not change the material elements of the Resolution. 

 

NEXT STEPS 

Staff is finalizing documents in preparation of releasing the offering document.  Marketing of the 
Bonds will begin at that time and we except to formally price the Bonds the week of June 22.  
Staff will not proceed with the formal pricing unless there is confidence that the sale of Bonds, 
together with up to $100 million of a line of credit, will provide sufficient funding for the CRCF.   

 

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