Item 6a Memo
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. COMMISSION AGENDA Tay Yoshitani, Chief Executive Officer June 4, 2009 Page 2 of 2 REQUESTED ACTION Amend Resolution No. 3619, Second Reading and Final passage of Resolution No. 3619 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.
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