Laserfiche WebLink
City of Tukwila My WebLink |HelpSearch Tips |About |Sign Out
Section 11. Defeasance. In the event that the City, in order to effect the payment, <br />retirement or redemption of any Bond, sets aside in the Debt Service Fund or in another <br />special account, cash or noncallable Government Obligations, or any combination of <br />cash and/or noncallable Government Obligations, in amounts and maturities which, <br />together with the known earned income therefrom, are sufficient to redeem or pay and <br />retire such Bond in accordance with its terms and to pay when due the interest and <br />redemption premium, if any, thereon, and such cash and/or noncallable Government <br />Obligations are irrevocably set aside and pledged for such purpose, then no further <br />payments need be made into the Debt Service Fund for the payment of the principal of <br />and interest on such Bond. The owner of a Bond so provided for shall cease to be <br />entitled to any lien, benefit or security of this ordinance except the right to receive <br />payment of principal, premium, if any, and interest from the Debt Service Fund or such <br />special account, and such Bond shall be deemed to be not outstanding under this <br />ordinance. The City shall give written notice of defeasance of the Bonds in accordance <br />with the Continuing Disclosure Certificate. <br />Section 12. Sale of Bonds. <br />(a) Bond Sale. The Council has determined that it would be in the best interest of <br />the City to delegate to the Designated Representative, for a limited time, the authority to <br />determine the method of sale for the Bonds and to approve the final interest rates, <br />maturity dates, redemption terms and principal maturities for the Bonds. <br />(b) Negotiated Bond Sale. If the Designated Representative determines that the <br />Bonds are to be sold by negotiated public sale, the Designated Representative shall <br />solicit proposals from one or more qualified underwriting firms and shall select the <br />Underwriter that submits the proposal that is in the best interest of the City. Such <br />Bonds shall be sold to the Underwriter pursuant to the terms of a Bond Purchase <br />Contract. <br />(c) Competitive Sale. If the Designated Representative determines that the <br />Bonds are to be sold at a competitive public sale, the Designated Representative shall: <br />(1) establish the date of the public sale; (2) establish the criteria by which the successful <br />bidder will be determined; (3) request that a good faith deposit accompany each bid; (4) <br />cause notice of the public sale to be given; and (5) provide for such other matters <br />pertaining to the public sale as he or she deems necessary or desirable. The <br />Designated Representative shall cause the notice of sale to be given and provide for <br />such other matters pertaining to the public sale as he or she deems necessary or <br />desirable. Such Bonds shall be sold to the Underwriter pursuant to the terms of a <br />Certificate of Award. <br />(d) Sale Parameters. Subject to the terms and conditions set forth in this Section <br />12, the Designated Representative is hereby authorized to approve the method of sale <br />and the final interest rates, aggregate principal amount, principal maturities, and <br />redemption rights for the Bonds in the manner provided hereafter so long as: <br />(1) the aggregate principal amount of the Bonds does not exceed <br />$8,800,000; <br />W: Word Processing\Ordinances\LTGO Bonds-Street improvements 5-31-17 <br />PM:bjs Page 13 of 16 <br />23 <br />