Laserfiche WebLink
City of Tukwila My WebLink |HelpSearch Tips |About |Sign Out
(g) Record Retention. The City will retain its records of all accounting and <br />monitoring it carries out with respect to the Bonds for at least three years after the <br />Bonds mature or are redeemed (whichever is earlier); however, if the Bonds are <br />redeemed and refunded, the City will retain its records of accounting and monitoring at <br />least three years after the earlier of the maturity or redemption of the obligations that <br />refunded the Bonds. <br />(h) Compliance with Federal Tax Certificate. The City will comply with the <br />provisions of the Federal Tax Certificate with respect to the Bonds, which are <br />incorporated herein as if fully set forth herein. The covenants of this section will survive <br />payment in full or defeasance of the Bonds. <br />(i) Bank Qualification. The Finance Director is hereby authorized to designate <br />the Bonds as "qualified tax-exempt obligations" under Section 265(b)(3) of the Code for <br />investment by financial institutions if the City does not reasonably expect to issue more <br />than $10,000,000 of qualified tax-exempt obligations in the calendar year in which the <br />Bonds are issued. <br />Section 10. Debt Service Fund and Provision for Tax Levy Payments. The <br />City hereby authorizes the creation of a fund or account to be used for the payment of <br />debt service on the Bonds (the "Debt Service Fund"). No later than the date each <br />payment of principal of or interest on the Bonds becomes due, the City shall transmit <br />sufficient funds, from the Debt Service Fund or from other legally available sources, to <br />the Bond Registrar for the payment of such principal or interest. Money in the Debt <br />Service Fund may be invested in legal investments for City funds, but only to the extent <br />that the same are acquired, valued and disposed of at Fair Market Value. Any interest <br />or profit from the investment of such money shall be deposited in the Debt Service <br />Fund. <br />The City hereby irrevocably covenants and agrees for as long as any of the Bonds are <br />outstanding and unpaid that each year it shall include in its budget and levy an <br />ad valorem tax upon all the property within the City subject to taxation in an amount that <br />will be sufficient, together with all other revenues and money of the City legally available <br />for such purposes, to pay the principal of and interest on the Bonds as the same shall <br />become due. <br />The City hereby irrevocably pledges that the annual tax provided for herein to be levied <br />for the payment of such principal and interest shall be within and as a part of the <br />property tax levy permitted to cities without a vote of the electorate, and that a sufficient <br />portion of each annual levy to be levied and collected by the City prior to the full <br />payment of the principal of and interest on the Bonds will be and is hereby irrevocably <br />set aside, pledged and appropriated for the payment of the principal of and interest on <br />the Bonds. The full faith, credit and resources of the City are hereby irrevocably <br />pledged for the annual levy and collection of such taxes and for the prompt payment of <br />the principal of and interest on the Bonds when due. <br />W: Word Processing\Ordinances\LTGO Bonds-Street improvements 5-31-17 <br />PM:bjs Page 12 of 16 <br />22 <br />