FIN 2021-04-26 Item 1B - Ordinance - Issue Debt for General Fund Portion of Public Safety Plan: Public Works Shops Project

Browse Search

2014 Ordinance means Ordinance No. 2465 passed by the Council on December 1, 2014, as amended by Ordinance No. 2472 passed by the Council on March 16, 2015, authorizing the issuance of the 2014 Bond. 2014 Refunding Candidate means the outstanding 2014 Bond. Section 2. Authorization of the Project; Findings; Authorization of the Bonds. (a) Authorization of the Project. The Project Bond is being issued to finance and/or reimburse the City for costs of acquiring, improving, developing and equipping certain capital improvements to the City's public works facilities (the "Project") and paying costs of issuance for the Project Bond. The cost of all necessary and other costs incurred in connection with the Project shall be paid from other City funds legally available for such purposes. (b) Refunding Findings. The City has established financial policies which provide, as a general rule, that the City may issue refunding bonds to refund outstanding debt when, among other reasons, such refunding results in net present value savings. The Council hereby finds it is in the best interest of the City and its taxpayers that it issue one or more series of limited tax general obligation refunding bonds to refund the Refunded Bonds for aggregate net present value debt service savings. (c) Authorization of Bonds. For the purpose of paying and/or reimbursing the City for costs of the Project, defeasing and refunding the Refunded Bonds, and paying costs of issuance, the City is hereby authorized to issue and sell one or more series of limited tax general obligation and refunding bonds in the aggregate principal amount not to exceed $7,200,000 (the "Bonds"). The Bonds authorized herein may be issued from time to time, on a single date or on multiple dates, in one or more series, as Tax - Exempt or Taxable Bonds, pursuant to the authorization set forth in this ordinance, subject to the conditions set forth in Section 10 hereof. The Bonds shall be general obligations of the City and shall be designated "City of Tukwila, Washington, Limited Tax General Obligation and Refunding Bonds, 2021" or other such designation as set forth in the Bonds and approved by the Designated Representative. Each Bond shall be dated as of its date of delivery to the applicable Purchaser, shall be fully registered as to both principal and interest, shall be in one denomination, and shall mature on the applicable Maturity Date. Each Bond shall bear interest from its dated date or the most recent date to which interest has been paid at the applicable Interest Rate. Interest on the principal amount of the Bonds shall be calculated per annum on a 30/360 basis, or as otherwise provided in the Bonds and in the Bond Purchase Contract. Principal of and interest on each Bond shall be payable at the times and in the amounts as set forth in the applicable Bond Purchase Contract and in the payment schedule attached to such Bond. CC:\Legislative Development\LTGO-Refunding Bond 2020—PW facilities 4-20-21 VC:bjs Review and analysis by Barbara Saxton Page 6 of 13 34