Ord 2615 - South Correctional Entity (SCORE)

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B. The City hereby irrevocably covenants and agrees to pay its capital contribution in the percentage provided for in the Interlocal Agreement, which is equal to the City's allocated owner percentage as shown in the following chart (the "Owner Percentage"), to pay debt service on the Refunding Bonds as the same shall become due and payable and to pay administrative expenses of the Authority with respect to the Refunding Bonds (the "Capital Contribution"). The Owner Percentage allocated to the City is as follows: Owner City Owner Percentage Auburn 34.94% Renton 40.96 Tukwila 9.64 Des Moines 6.02 Burien 4.82 SeaTac 3.62 Total 100.00% C. The authorization contained in this ordinance is conditioned upon the issuance of Refunding Bonds not exceeding the aggregate principal amount of $56,000,000 without obtaining additional Council approval. D. The City recognizes that it is not obligated to pay the Capital Contribution of any other Member City; the Capital Contribution of the City shall be limited to its Owner Percentage allocable share of such obligations; all such payments shall be made by the City without regard to the payment or lack thereof by any other jurisdiction; and the City shall be obligated to budget for and pay its Capital Contribution unless relieved of such payment in accordance with the Interlocal Agreement. E. The City's obligation to pay its Capital Contribution shall be an irrevocable full faith and credit obligation of the City, payable from property taxes levied within the constitutional and statutory authority provided to cities without a vote of the qualified electors on all of the taxable property within the City and other sources of revenues available therefor. The City hereby obligates itself and commits to budget for and pay its Capital Contribution and to set aside and include in its calculation of outstanding nonvoted general obligation indebtedness an amount equal to the principal component of its Capital Contribution for so long as any Refunding Bonds issued by the Authority remain outstanding. F. All payments with respect to the Refunding Bonds shall be made to SCORE in its capacity as administrator and servicer of the Refunding Bonds to be issued by the Authority. Section 4. General Authorization; Ratification. The Mayor, the City Finance Director, the City Clerk, and other appropriate officers of the City are authorized and directed to undertake all action necessary for the prompt execution and delivery of the Interlocal Agreement and the issuance of the Refunding Bonds by the Authority, and to execute all closing certificates, agreements, contracts and documents required to effect W: Legislative Development\SCORE facility -amendment to ILA 9-27-19 VC:bjs Review and analysis by Barbara Saxton Page 3 of 4