FIN 2017-10-17 COMPLETE AGENDA PACKET

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(3) Words importing persons shall include firms, associations, partnerships (including limited partnerships), trusts, corporations and other legal entities, including public bodies, as well as natural persons; (4) Any headings preceding the text of the several articles and sections of this ordinance, and any table of contents or marginal notes appended to copies hereof, shall be solely for convenience of reference and shall not constitute a part of this ordinance, nor shall they affect its meaning, construction or effect; and (5) All references herein to "articles," "sections" and other subdivisions or clauses are to the corresponding articles, sections, subdivisions or clauses hereof. Section 2. Authorization of the Bond. (a) For the purpose of paying at maturity or prepaying the Note and paying costs of issuance of the Bond, the City is hereby authorized to issue and sell a limited tax general obligation bond in the principal amount not to exceed $2,350,000 (the "Bond"). (b) The Bond shall be a general obligation of the City and shall be designated "City of Tukwila, Washington, Limited Tax General Obligation Bond, 2017 (Taxable)" or other such designation as set forth in the Bond and approved by the Finance Director. The Bond shall be dated as of its date of delivery to the Purchaser, shall be fully registered as to both principal and interest, shall be in one denomination, and shall mature on the Maturity Date. The Bond shall bear interest from its dated date or the most recent date to which interest has been paid at the Interest Rate then in effect, as the same may be adjusted pursuant to the Proposal and set forth herein. The Interest Rate shall reset on each Adjustment Date, and shall remain in effect until but not including the next Adjustment Date. Interest on the principal amount of the Bond shall be calculated per annum on a 30/360 basis, or as otherwise provided in the Bond. Principal of the Bond shall be payable on the Maturity Date and interest on the Bond shall be paid semi- annually on June 1 and December 1, beginning June 1, 2018, to the Maturity Date or prior prepayment. Section 3. Registration, Exchange and Payments. (a) Registrar/Bond Registrar. The Finance Director shall act as Bond Registrar. The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver the Bond if transferred or exchanged in accordance with the provisions of the Bond and this ordinance and to carry out all of the Bond Registrar's powers and duties under this ordinance. (b) Registered Ownership. The City and the Bond Registrar may deem and treat the Registered Owner of the Bond as the absolute owner for all purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. Payment of the Bond shall be made only as described in subsection (d) below. All such payments made as described in subsection (d) below shall be valid and shall satisfy the liability of the City upon the Bond to the extent of the amount so paid. W: Word Processing\Ordinances\LTGO Bond -2017 Cashmere Valley Bank 10-10-17 PM:bjs 8 Page 4 of 8