Laserfiche WebLink
City of Tukwila My WebLink |HelpSearch Tips |About |Sign Out
LiA/HV <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />TUKWILA, WASHINGTON, AUTHORIZING THE ISSUANCE <br />AND SALE OF A LIMITED TAX GENERAL OBLIGATION BOND <br />OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO <br />EXCEED $2,350,000 TO REFUND THE CITY'S OUTSTANDING <br />LIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION <br />NOTE, 2014 (TAXABLE NON -REVOLVING LINE OF CREDIT) <br />AND TO PAY THE COST OF ISSUING THE BOND; PROVIDING <br />THE FORM OF THE BOND; AUTHORIZING THE SALE OF THE <br />BOND TO CASHMERE VALLEY BANK; AND PROVIDING FOR <br />OTHER MATTERS RELATING THERETO; PROVIDING FOR <br />SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. <br />WHEREAS, the City of Tukwila, Washington (the "City"), has outstanding its <br />Limited Tax General Obligation Bond Anticipation Note, 2014 (Taxable Non -Revolving <br />Line of Credit), issued on December 9, 2014 pursuant to Ordinance No. 2464 passed <br />by the City Council (the "Council") on December 1, 2014, as amended by Ordinance <br />No. 2472 passed by the Council on March 16, 2015 (as amended, the "Note <br />Ordinance"), in the original principal amount of $2,250,000 (the "Note"); and <br />WHEREAS, the Note is scheduled to mature on December 1, 2017; and <br />WHEREAS, the Note Ordinance authorizes the City to prepay all or a portion of the <br />outstanding principal on the Note in advance of its maturity date at any time; and <br />WHEREAS, after due consideration it appears that it is in the best interest of the <br />City to pay at maturity or prepay the Note from proceeds of a limited tax general <br />obligation bond issued in the principal amount of not to exceed $2,350,000 (the <br />"Bond"); and <br />WHEREAS, the City has received the offer of Cashmere Valley Bank (the <br />"Purchaser") set forth in Exhibit A attached hereto (the "Proposal"), to purchase the <br />Bond; and <br />W: Word Processing\Ordinances\LTGO Bond -2017 Cashmere Valley Bank 10-10-17 <br />PM:bjs <br />Page 1 of 8 <br />5 <br />