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Escrow Agent means U.S. Bank National Association, and its successors and <br />assigns. <br />Escrow Agreement means the Escrow Deposit Agreement between the City and <br />the Escrow Agent. <br />Fair Market Value means the price at which a willing buyer would purchase the <br />investment from a willing seller in a bona fide, arm's length transaction, except for <br />specified investments as described in Treasury Regulation § 1.148-5(d)6), including <br />United States Treasury obligations, certificates of deposit, guaranteed investment <br />contracts, and investments for yield restricted defeasance escrows. Fair Market Value <br />is generally determined on the date on which a contract to purchase or sell an <br />investment becomes binding, and, to the extent required by the applicable regulations <br />under the Code, the term "investment" shall include a hedge. <br />Federal Tax Certificate means the certificate executed by the City setting forth the <br />requirements of the Code for maintaining the tax exemption of interest on the Tax - <br />Exempt Bonds, and attachments thereto. <br />Finance Director means the duly appointed and acting Finance Director of the City <br />or the successor to such officer. <br />Government Obligations mean those obligations now or hereafter defined as such <br />in Chapter 39.53 RCW. <br />Interest Rate means the fixed rate of interest for each series of Bonds as approved <br />by the Designated Representative and set forth in the applicable Bond and in the Bond <br />Purchase Contract. <br />Maturity Date means the date of final maturity for a series of Bonds, as set forth <br />therein. <br />Mayor or City Mayor means the elected Mayor of the City, or the successor to the <br />duties of that office. <br />Outstanding Bond Ordinances mean the 2011 Ordinance and the 2014 <br />Ordinance. <br />Project means the capital project described in Section 2 of this ordinance. <br />Project Bond means the Limited Tax General Obligation Bond authorized to be <br />issued pursuant to this ordinance to pay all or a portion of the costs of the Project and to <br />pay costs of issuance for such Bond. <br />Project Fund means the account created pursuant to Section 7 of this ordinance. <br />CC:\Legislative Development\LTGO-Refunding Bond 2020—PW facilities 4-20-21 <br />VC:bjs Review and analysis by Barbara Saxton Page 4 of 13 <br />32 <br />