General Obligation & Refunding Bonds,
Series 2024
May 14, 2024
1
Item No. 8h supp
Meeting Date: May 14, 2024
Adoption of Resolution No. 3822
• Sale and Issuance of General Obligation (G.O.) & Refunding Bonds
• Draft Plan of Finance anticipates the use of G.O. bonds to fund $351
million of Non-Airport capital investments:
– Maritime
– Economic Development
– Northwest Seaport Alliance (NWSA) North Harbor
• 2024 G.O. bonds to provide partial funding
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Purpose of the Bonds
3
Refunding G.O. bonds issued in 2015 -
estimated to provide $3.6 million in (net
present value) debt service savings
The refunding may or may not proceed
depending on market conditions
Refund for Savings
~$100 million
(1)
Partial funding of Non-Airport CIP, as outlined in
the Draft Plan of Finance
Funding for Capital Projects
~$200 million
(1)
(1) estimate
Fund Non-Airport Capital Investments
Under Construction:
• Terminal 91 Berths 6 & 8
• Fishermen’s Terminal Maritime Innovation Center
• Completion of Terminal 5 Modernization
• Other NWSA (North Harbor) capital projects
In Design:
• Terminal 91 Uplands Development (Phase I)
• Other NWSA (North Harbor) capital projects
Flexibility to redirect bond proceeds to other tax levy
and GO Bond funded projects identified in the Draft
Plan of Finance
Actual spending on projects is subject to appropriate
authorization
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Resolution No. 3822
• Similar in all material respect to other
G.O. Bond resolutions
– Provides approval delegation to Executive
Director, Deputy Executive Director or
Chief Financial Officer
• Bonds may be issued in multiple
series
– Tax-exempt (governmental)
– Tax-exempt (private-activity)
– Taxable
• Delegation Limits:
– Maximum Par Amount: $325.0 million
– Maximum Interest Rate: 6.0%
– Minimum Savings Rate: 3.5%
– Bond sale must occur within one year, by
April 23, 2025
Exceeding limits requires further
authorization
• Bonds to be sold competitively
(1)
• Provides funding for bond issuance
costs
5
(1) Option for negotiated sale
Next Steps
• Publish bond disclosure document
• Bond sale timing will depend on market conditions
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