Port of Seattle - Intermediate Lien Revenue Bonds - Series 2019 (AMT)

Sep 15, 2026

Official Statement for the Port of Seattle’s Intermediate Lien Revenue Bonds, Series 2019 (AMT), issued to finance or refinance aviation capital improvements, capitalize interest, fund the Intermediate Lien Reserve Account, and pay issuance costs. Provides key bond ratings, tax matters opinion regarding federal income tax exclusion and AMT treatment, scheduled interest payment dates, redemption before maturity, and book-entry procedures via DTC. Describes pledge and security from Available Intermediate Lien Revenues, issuance and legal counsel involvement, and cites offering terms and related reference information.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages432

Reading Time18 h 9 min

AccessFree to download

Ratings and Tax Matters

Ratings of the Series 2019 Bonds

Opinion of Bond Counsel and Tax Matters

Offering Terms and Issuance Details

Purpose of the Bonds and Use of Proceeds

Interest Payment Schedule and Redemption

Book-Entry System and Transfer Mechanics

Security, Pledge, and Parity Obligations

Legal and Administrative Information

Approving and Disclosure Counsel

Pricing, CUSIP References, and Investor Notice

BOOK-ENTRY ONLY Moody’s Rating: “A1” NEW ISSUE S&P’s Rating: “A+” Fitch’s Rating: “AA-”See “RATINGS” herein In the opinion of K&L Gates LLP, Bond Counsel, assuming compliance with certain covenants of the Port, interest on the Series 2019 Bonds is excludable from gross income for federal income tax purposes under existing law, except for interest on any Series 2019 Bond for any period during which such Series 2019 Bond is held by a “substantial user”of the facilities financed or refinanced by the Series 2019 Bonds, or a “related person” to such “substantial user,”within the meaning of Section 147(a) of the Internal Revenue Code of 1986, as amended (the “Code”). Interest on the Series 2019 Bonds is an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals. See “TAX MATTERS”herein. $457,390,000 Intermediate Lien Revenue Bonds, Series 2019 (AMT) Dated: Date of delivery Due: As shown on inside cover page The Port of Seattle (the “Port”) is issuing its Intermediate Lien Revenue Bonds, Series 2019 (AMT) (the “Series 2019 Bonds”) (i) to finance or refinance capital improvements to aviation facilities as described herein (the “2019 Projects”),(ii) capitalize interest on all or a portion of the Series 2019 Bonds,(iii) to make a deposit to the Intermediate Lien Reserve Account, and (iv) to pay costs of issuing the Series 2019 Bonds. Interest on the Series 2019 Bonds from their date of delivery is payable on each April 1 and October 1, commencing on October 1, 2019. The Series 2019 Bonds are subject to redemption prior to their scheduled maturities, as described herein. The fiscal agent of the State of Washington, currently U.S. Bank National Association, is the registrar, authenticating agent and paying agent for the Series 2019 Bonds. When issued, the Series 2019 Bonds will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Series 2019 Bonds. Purchases of beneficial interests in the Series 2019 Bonds will be made in book-entry form, in denominations of $5,000 and integral multiples thereof within a maturity. Purchasers will not receive certificates representing their interests in the Series 2019 Bonds, except as described herein. So long as DTC or its nominee is the registered owner of the Series 2019 Bonds, payments of principal of and interest on the Series 2019 Bonds will be made directly to DTC or to such nominee. Disbursements of such payments to DTC’s Direct Participants are the responsibility of DTC, and disbursements of such payments to the Beneficial Owners are the responsibility of the Direct Participants and the Indirect Participants as more fully described herein. Maturity Dates, Principal Amounts, Interest Rates, Yields, Prices, and CUSIP Numbers on Inside Cover Page The Series 2019 Bonds are payable from and are secured by a pledge of Available Intermediate Lien Revenues of the Port as defined and described herein, on a parity with the Port’s outstanding Intermediate Lien Parity Bonds and any future Intermediate Lien Parity Bonds as described herein. The Series 2019 Bonds and any outstanding and future revenue bonds issued on a parity of lien with the Series 2019 Bonds are referred to in this Official Statement as the “Intermediate Lien Parity Bonds.” The Series 2019 Bonds are not general obligations of the Port or the State of Washington or of any political subdivision of the State of Washington. Neither the full faith and credit of the Port nor the taxing power of the Port is pledged to the payment of the Series 2019 Bonds. The Series 2019 Bonds are offered when, as and if issued, subject to receipt of the approving legal opinion of K&L Gates LLP, Seattle, Washington, Bond Counsel to the Port. Pacifica Law Group LLP, Seattle, Washington, is serving as Disclosure Counsel to the Port. Certain legal matters will be passed upon for the Underwriters by

FAQs

What is the purpose of the Port of Seattle Intermediate Lien Revenue Bonds, Series 2019 (AMT)?

The bonds finance or refinance aviation capital improvements, capitalize interest, fund the Intermediate Lien Reserve Account, and pay costs of issuing the bonds.

Are interest payments on the Series 2019 Bonds excluded from federal gross income for tax purposes?

Under existing law and assuming covenant compliance, interest is excludable from gross income for federal income tax purposes, with exceptions for bonds held by a “substantial user” of the financed facilities or related persons.

How do investors receive principal and interest payments for the Series 2019 Bonds?

Payments are made directly to DTC (or its nominee) while the bonds are held in book-entry form, with DTC distributing payments to Direct Participants and, in turn, to Beneficial Owners.

Sep 15, 2026

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