COMMISSION 
AGENDA MEMORANDUM                        Item No.          8h 
ACTION ITEM                            Date of Meeting       April 26, 2022 
DATE:     March 25, 2022 
TO:        Stephen Metruck, Executive Director 
FROM:    Elizabeth Morrison, Director, Corporate Finance 
Scott Bertram, Manager Corporate Financial Analysis 
SUBJECT:  Resolution No. 3801    Issuance and Sale of Intermediate Lien Revenue and
Refunding  Bonds  in  the  Aggregate  Principal  Amount  of  Not-to-Exceed
$1,000,000,000. 
ACTION REQUESTED 
Request adoption of Resolution No. 3801: A Resolution of the Commission of the Port of Seattle
authorizing the issuance and sale of Intermediate Lien revenue and refunding bonds in one or
more series in the aggregate principal amount of not to exceed $1,000,000,000, for the purposes
of financing capital improvements to aviation facilities and refunding certain outstanding
revenue bonds of the Port; setting forth certain bond terms and covenants; and delegating
authority to approve final terms and conditions and the sale of the bonds. 
EXECUTIVE SUMMARY 
Commission authorization is requested to issue Intermediate Lien revenue and refunding bonds
(the "Bonds") in an amount estimated not to exceed $1,000,000,000 (including a reserve fund
deposit, capitalized interest, and cost of issuance) to fund the costs of capital improvements at
the Airport (Exhibit A) and to refund up to $309,945,000 of outstanding Intermediate Lien
revenue bonds, Series 2012A & B (the "2012 Bonds") and $99,785,000 of outstanding
Intermediate Lien revenue bonds, Series 2013 (the "2013 Bonds"), for debt service savings.
JUSTIFICATION 
As part of the Port's debt management program, the Port monitors opportunities to reduce debt
service. Current low interest rates and anticipation of rising interest rates provide a favorable
refunding opportunity. The 2012 Bonds funded or refunded Airport capital improvements and
are callable on August 1, 2022, and the current estimated present value savings of refunding the
2012 Bonds is approximately $25 million.
The 2013 Bonds refunded prior bonds for Airport capital improvements and are not callable until
2023. If the Port refunds these 2013 Bonds now, the refunding would be done on a federally
taxable basis because. Generally, the Port waits until bonds are currently callable  in order to
execute a refunding on a tax-exempt basis, but market conditions may make it advantageous to
Template revised September 22, 2016.

COMMISSION AGENDA  Action Item No. 8h                                  Page 2 of 5 
Meeting Date: April 26, 2022 
lock-in interest rates and savings this year. The estimated present value savings of refunding the
2013 Bonds on a taxable basis is approximately $4 million. Staff will continue to monitor the
market and include the refunding of the 2013 Bonds if deemed advantageous. If the 2013 Bonds
are not refunded with this transaction, they may be refunded in the future.
In addition, the Bonds will include funding for an approximately $560 million in Airport project
costs within the Airport capital improvement plan. As described in the 2022-2026 Draft Plan of
Finance, cash, grants, passenger facility charges and existing and future bond proceeds will also
provide funding.  Some of the major projects to be funded, in part, with this bond issuance
include Baggage Optimization, C1 Expansion, Concourse A Expansion and North Main Terminal
Redevelopment along with various other Airport improvements; a list of projects currently
identified for 2021 Bond funding is provided in Exhibit A. If project spending is delayed or if other
funding sources are available, e.g., Infrastructure Investment and Jobs Act grants, Bond proceeds
may be redirected to other projects within the limits established by the federal tax code; use of
any bond proceeds is identified in project authorization requests and no bond proceeds can
actually be spent on any projects without the appropriate project authorization.
The total Bond amount will also include proceeds sufficient to pay cost of issuance, fund the
required debt service reserve and pay a portion of the interest on the Bonds during construction
(capitalized interest) as appropriate. 
DETAILS 
The Bonds are being issued pursuant to the Intermediate Lien Master Resolution No. 3540 and
this Resolution No. 3801. The Bonds will be issued in multiple series based on the tax status of
the projects to be funded or the 2012 Bonds or 2013 Bonds refunded.  Three series are
anticipated.
One series will be issued as governmental bonds exempt from all federal income tax (non-
AMT) and used to refund a portion of the 2012A bonds; it also may fund costs of projects
eligible for governmental bond funding.
A second series will be issued as private activity bonds exempt from regular income tax
but subject to the Alternative Minimum Tax (AMT). This is the most common type of taxexempt
bond that the Port issues because it allows the Port to lease facilities to airport 
and seaport tenants. This series will be used to refund the 2012B bonds and to provide
funding for airport investments.
The third series of bonds will be issued as taxable debt and Investors will be subject to
federal income tax. This series will be used to refund a portion of the 2012A bonds and
the 2013 Bonds, if refunded) [I thought it was the 2013 Bonds?  see above] and to fund
new investments that are not eligible for tax-exempt bond funding or would otherwise
benefit from greater flexibility of not needing to comply with tax-exempt bond
restrictions.

Template revised September 22, 2016.

COMMISSION AGENDA  Action Item No. 8h                                  Page 3 of 5 
Meeting Date: April 26, 2022 
The table below summarizes the refunding candidates. 




Resolution No. 3801  is similar in all material respects to other Intermediate Lien Series
Resolutions and provides for a contribution to the common debt service reserve fund that
provides security for all Intermediate Lien bonds. 
The Resolution delegates to the Port's Executive Director the authority to approve interest rates,
maturity dates, redemption rights, interest payment dates, and principal maturities for the Bonds
(these are generally set at the time of pricing and dictated by market conditions at that time).
Commission parameters that limit the delegation are a maximum bond size, maximum interest
rate and expiration date for the delegated authority. If the Bonds cannot be sold within these
parameters, further Commission action would be required.  The recommended delegation
parameters are: 
Maximum size:                    $1,000,000,000 
Maximum interest rate:                  4.5% 
Expiration of Delegation of Authority: December 31, 2022 
Upon adoption, Resolution No. 3801 will authorize the Designated Port Representative (the
Executive Director or the Chief Financial Officer) to approve the Bond Purchase Contract, the
official statement, escrow agreement, if any, pay the cost of issuance and take other action
appropriate for the prompt execution and delivery of the Bonds. The Bonds will be sold through
negotiated sale to Citigroup Global Markets, Inc.;  Academy Securities, Inc.  (1),  Backstrom
McCarley Berry & Co., LLC (2), BofA Merrill Lynch; Goldman Sachs & Co. LLC, J.P. Morgan Securities
LLC; Morgan Stanley and Co. LLC.. Piper Sandler & Co. is serving as Financial Advisor, K&L Gates
LLP is serving as bond counsel and Pacifica Law Group is serving as disclosure counsel on the
transaction. 



Template revised September 22, 2016.

COMMISSION AGENDA  Action Item No. 8h                                  Page 4 of 5 
Meeting Date: April 26, 2022 
(1)   Disabled veteran owned firm 
(2)   Minority owned firm 

ATTACHMENTS TO THIS REQUEST 
(1) Draft Resolution No. 3801 
(2) Presentation 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
October 26, 2021  The Commission was briefed on the Draft Plan of Finance 
April 12, 2022  Resolution No. 3801  Issuance and Sale of Intermediate Lien Revenue and
Refunding Bonds  was introduced to the Commission 













Template revised September 22, 2016.

COMMISSION AGENDA  Action Item No. 8h                                  Page 5 of 5 
Meeting Date: April 26, 2022 

EXHIBIT A 
Checked Bag Optimization 
North Main Terminal Redevelopment 
Concourse C Building Floor Expansion 
Concourse A Expansion 
2021-25 Airfield Pavement 
Upgrades Satellite Train System (STS) Control 
Main Terminal and Concourse Low Voltage Sys Upgrade 
Post IAF Airline Realignment 
Airfield Sanitary Sewer Improv 
Restroom Upgrades Concourses B, C, D 
Checkpoint 1 Relocation and equipment 
South188th Tunnel Lighting 
N. Terminals Utilities Upgrade 
Airfield Snow Equipment 
Snow Storage Improvements 
Terminal Security Enhancements 
North Employee Parking Lot Improvements 
Telecommunication Meet Me Room 
Arrivals Roadway widening 
Apartment Sound Insulation 
Parking Revenue Infrastructure 
Parking Garage Elevators Modernization 
Perimeter Intrusion Detect Sys 
Port Shared-Lounge Concourse A 







Template revised September 22, 2016.