Ord 2615 - South Correctional Entity (SCORE)

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WHEREAS, pursuant to an ordinance adopted by the City Council, the City pledged its full faith and credit toward the payment of its allocable proportion of the debt service due on the 2009 SCORE Bonds issued by the Authority; and WHEREAS, the 2009 SCORE Bonds are subject to defeasance and/or redemption prior to their stated maturity dates; and WHEREAS, after due consideration it appears to the Board of Directors of the Authority that the 2009 SCORE Bonds may be defeased and/or redeemed prior to maturity by proceeds of refunding bonds (the "Refunding Bonds") and other legally available funds for overall debt service savings; and WHEREAS, the City now desires to pledge its full faith and credit to the City's allocable portion of the Refunding Bonds and to amend and restate the Original Interlocal Agreement to provide for such refunding and other matters as provided herein; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY ORDAINS AS FOLLOWS: Section 1. Definitions. Terms defined in the recitals of this ordinance are incorporated as if fully set forth herein. Terms not otherwise defined in this ordinance shall have the meanings set forth in the Interlocal Agreement (defined herewith in Section 2). Section 2. Approval of Interlocal Agreement. A. The City hereby approves the Amended and Restated SCORE Interlocal Agreement substantially in the form attached hereto as Exhibit A and incorporated herein by this reference (the "Interlocal Agreement"). The Mayor is hereby authorized and directed to execute the Interlocal Agreement, on behalf of the City, with such changes as determined to be appropriate by such representative and in the best interest of the City. On the Effective Date, the Interlocal Agreement shall amend and restate, in its entirety, the Original Interlocal Agreement. B. The Mayor is hereby designated, together with his or her designee, as the "Designated Representative" for purposes of the Interlocal Agreement. The Interlocal Agreement may be further amended from time to time as provided therein. The City hereby authorizes and confirms the authority vested in the Administrative Board as provided in the Interlocal Agreement. Section 3. City Contributions. A. The Authority has proposed to issue one or more series of refunding bonds (the "Refunding Bonds"), the proceeds of which will be used, together with other legally available funds, to refund the outstanding 2009 SCORE Bonds for overall debt service savings. W: Legislative Development\SCORE facility -amendment to ILA 9-27-19 VC:bjs Review and analysis by Barbara Saxton Page 2 of 4