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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