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2011 Ordinance, the "Outstanding Bond Ordinances"), in the original principal amount of <br />$3,850,000 (the "2014 Bond"); and <br />WHEREAS, the 2014 Ordinance provides that the City may redeem the 2014 Bond <br />on any date on or after December 1, 2019 (the "2014 Refunding Candidate," and <br />together with the 2011 Refunding Candidates, the "Refunding Candidates"); and <br />WHEREAS, after due consideration, the Council has determined it is in the best <br />interest of the City to authorize the issuance of one or more series of limited tax general <br />obligation and refunding bonds in the aggregate principal amount of not to exceed <br />$7,200,000, to pay and/or reimburse the City for all or a portion of the costs of the <br />Project, to refund and defease all or a portion of the Refunding Candidates for debt <br />service savings, and to pay costs of issuance for the bonds; and <br />WHEREAS, the City has issued a request for proposals from various financial <br />institutions to purchase the bonds authorized herein; and <br />WHEREAS, the Council wishes to delegate authority to the Finance Director <br />(the "Designated Representative"), for a limited time, to select one or more proposals <br />that are in the best interest of the City (if any); to approve the issuance from time to <br />time, on a single date or on multiple dates, of one or more series of bonds; to designate <br />each series of bonds as tax-exempt or taxable; to select the Refunding Candidates for <br />redemption; and to approve the interest rates and the terms of the bonds within the <br />parameters set by this ordinance; and <br />WHEREAS, the Council now wishes to authorize the issuance of the bonds and <br />sale of the bonds to the successful respondent(s) subject to the terms and conditions <br />set forth in this ordinance; <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, <br />WASHINGTON, HEREBY ORDAINS AS FOLLOWS: <br />Section 1. Definitions. As used in this ordinance, the following words shall have <br />the following meanings: <br />Acquired Obligations mean the Government Obligations, if any, acquired by the <br />City under the terms of this ordinance and the Escrow Agreement to effect the <br />defeasance and refunding of the Refunded Bonds, but only to the extent that the same <br />are acquired at Fair Market Value. <br />Bond Counsel means Pacifica Law Group LLP, Seattle, Washington, or an <br />attorney at law or a firm of attorneys, which is admitted to practice law before the <br />highest court of any state in the United States of America or the District of Columbia and <br />nationally recognized and experienced in legal work relating to the issuance of tax- <br />exempt bonds who is or are selected by the City. <br />CC:\Legislative Development\LTGO-Refunding Bond 2020—PW facilities 4-20-21 <br />VC:bjs Review and analysis by Barbara Saxton Page 2 of 13 <br />30 <br />