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February 5, 2013

City to sell $290M bonds for seawall

SEATTLE — Mayor Mike McGinn yesterday submitted legislation to the City Council to authorize the sale of $290 million in bonds to help fund the seawall replacement.

The bonds will be sold in multiple series, timed to meet the cash-flow needs of the project, with the first series to be issued in April. About $240 million will be used for the $300 million seawall project and $50 million to rehabilitate city-owned piers.

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