For immediate release:  May 11, 1999
For more information:  Barton Potter (360) 902-9033

Full Steam Ahead Now That Legal Question Is Resolved With Stadium Election

Proceeds from these sales will be used to finance a portion of the state’s $300 million contribution toward the construction of the stadium and exhibition center in Seattle. Revenues from these sales will be used for building the parking facilities and exhibition center, demolition of the Kingdome and early stages of construction of the stadium. Construction on the parking and exhibition center (in what was the south parking lot of the Kingdome) are expected to be completed by year end.

“I am pleased that the cloud over this issue has been removed and we are able to go to market with this long awaited sale.  The minute we received the decision from the U.S. Supreme Court, my office began preparing for the sale,” said State Treasurer Michael J. Murphy.

“We are delighted to be moving forward with our public partner on this exciting project,” said First & Goal, Inc. Vice Chair, Jody Patton. “The new stadium and exhibition center will be a world-class facility for the Seattle Seahawks and world-cup soccer as well as a number of consumer shows.  This would not be possible without the unique public-private partnership we have established.”

The SFC approved Resolution No. 890 accepting the winning bid on Series 1999S-1 from Salomon Smith Barney, with a bid (TIC) of 4.8352%.  There were four bids received in total on the offering; the other three bids were from Goldman Sachs with a bid (TIC) of 4.8469%, Merrill Lynch with a bid (TIC) of 4.8650%, and JP Morgan with a bid (TIC) of 4.8686%.

The SFC also approved Resolution No. 891 accepting the winning bid on Series 1999S-2 from Goldman Sachs with a bid (TIC) of 5.3616%.  The other bids received on the second offering were from JP Morgan with a bid (TIC) 5.3669%, Salomon Smith Barney with a bid (TIC) of 5.4048%, Nations Bank with a bid (TIC) of 5.4072%, and Merrill Lynch with a bid (TIC) of 5.5294%.

“It is rewarding that after many months of complex financial negotiations with our customer, Public Stadium Authority, we now have a positive tangible result for both parties,” commented Treasurer Murphy.

Bidders had the option of submitting electronic or “walk-in” bids.  Bids were submitted at 8:00 a.m. (for Series 1999S-1) and 8:30 a.m. (for Series 1999S-2).

These bond issues, which were authorized by the Committee at its December 18, 1998, meeting, had been put on hold pending the results of litigation before the U.S. Supreme Court.

Treasurer Murphy is chairman of the State Finance Committee.  The other members of the committee are Governor Locke and Lieutenant Governor Brad Owen.  Their next meeting is tentatively scheduled for May 26, 1999.

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