8b. Presentation - Adoption of General Obligation Bonds Series 2022
Item No. 8b_supp Meeting Date: November 16, 2021 General Obligation Bonds, Series 2022 November 16, 2021 1 Request Adoption of Resolution No. 3796 Sale and Issuance of General Obligation (G.O.) Bonds Draft Plan of Finance anticipates the use of G.O. bonds to fund $292 million of capital investments for: Maritime and Economic Development Northwest Seaport Alliance (NWSA) North Harbor 2022 bonds to provide first tranche 2 Purpose of the Bonds Purpose Description Amount ($ million) Refund for savings G.O. bonds issued in 2011 estimated $2 million $24.4 present value savings Refinance for debt Commercial Paper issued to fund long-term 17.7 management investments at T91 eligible for G.O. bonds Funding for capital projects First tranche of G.O. funding described in the 75.0 (1) Draft Plan of Finance Total Funding $117.1 (1) estimate 3 Fund Capital Investments Under Construction: In Design: Completion of Terminal 5 Modernization Pier 66 Shore Power Terminal 91 Berths 6 & 8 Terminal 91 Uplands Development (Phase I) Fishermen's Terminal Maritime Innovation Center Flexibility to use bond proceeds on projects as needed Actual use requires project authorization 4 Resolution No. 3796 Similar in all material respect to Delegation Limits: other G.O. Bond resolutions Maximum Par Amount: $135.0 million Provides delegation to Executive Maximum Interest Rate: 4.5% Director or Chief Financial Officer to Minimum Savings Rate: 2.0% approve bond sale Bond sale must occur within six Tax status: taxable for investors (1) months of adoption Provides funding for issuance Exceeding limits requires further related costs authorization Bonds to be sold competitively (2) (1) Option for a tax-exempt private activity series (2) Option for negotiated sale 5 Next Steps Meetings with credit rating agencies December 7 Bond sale anticipated in mid-January 6
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