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HomeMy WebLinkAboutOrd 2464 - $2,250,000 Limited Tax General Obligation Bonds with Bank of the West (Urban Renewal Land Acquisition and Redevelopment)�"� ,� � plr.✓ City of'Tukwila Washington Cover page to Ordinance 2464 The full text of the ordinance follows this cover page. AN ORDINANCE OF' THE CITY COUNCIL, OF THE CITY OF TUKWILA, WASHINGTON, RELATING TO CONTRACTING INDEBTEDNESS; AUTHORIZING THE ISSUANCE OF THE CITY'S NOT TO EXCEED $2,,250,0010 010 PRINCIPAL AMOUNT ILIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTE, 2614 (TAXABLE NON-REVOILWINIG LIINE OF CREDIT), TO PROVIDE INTERIM FINANCING TO CARRY OUT LAND ACQUISITION AND CAPITAL COSTS OF REDEVELOPMENT ACTIVITIES WITHIN THE CITY'S URBAN RENT WAL. AREA, AND PAY THE COSTS OIL ISSUANCE AND SALE OF THE NOTE; FIXING THE DATE, FORM, MATURITY, INTEREST RATE, TERMS AND COVENANTS OF THE NOTE; APPROVING THE SALE AND DELIVERY OF THE NOTE TO THE BANK IDENTIFIED HEREIIN; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE, Ordinance 2464 was amended or repealed by the following ordinances. REPEALED 7Secfiorni(s) Amended Amended by Card # SectiOh(s) Repealed Repealed by Card (part), 5 2472 Citv of Tukwila Washington Ordinance No. 2464 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, RELATING TO CONTRACTING INDEBTEDNESS; AUTHORIZING THE ISSUANCE OF THE CITY'S NOT TO EXCEED $2,250,000 PRINCIPAL AMOUNT LIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTE, 2014 (TAXABLE NON - REVOLVING LINE OF CREDIT), TO PROVIDE INTERIM FINANCING TO CARRY OUT LAND ACQUISITION AND CAPITAL COSTS OF REDEVELOPMENT ACTIVITIES WITHIN THE CITY'S URBAN RENEWAL AREA, AND PAY THE COSTS OF ISSUANCE AND SALE OF THE NOTE; FIXING THE DATE, FORM, MATURITY, INTEREST RATE, TERMS AND COVENANTS OF THE NOTE; APPROVING THE SALE AND DELIVERY OF THE NOTE TO THE BANK IDENTIFIED HEREIN; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY ORDAINS AS FOLLOWS: Section 1. Findings and Determinations. The City takes note of the following facts and makes the findings and determinations set forth below. Capitalized terms have the meanings given in Section 2. A. Authority and Description of Project. The City has previously passed Ordinance No. 1898 designating an urban renewal area and finding that certain blighted property exists within that area requiring the exercise of community renewal powers under Chapter 35.81 RCW. The City is in need of funds to carry out those community renewal powers including, but not limited to, land acquisition, demolition, site preparation and other related redevelopment powers and costs incidental thereto. The City Council therefore finds that it is in the best interests of the City to issue the Note and the Bonds to finance the Project, W: Word Processing \Ordinances \LTGO Note -Bank of the West for Urban Renewal 11 -19 -14 PM:bjs Page 1 of 9 B. Plan of Financing. Pursuant to applicable law, including, without limitation, Chapters 35.37, 35.81, 35A.40, 39.36, 39.44 and 39.46 RCW, the City is authorized to issue general obligation bonds for the purpose of financing the Project. The total expected cost of the Project is approximately $6,100,000, which is expected to be made up of proceeds of the Bonds authorized herein, additional limited tax general obligation bonds, and such other loans, grants and other money of the City as may be available. Pending the issuance of the Bonds authorized herein and obtaining other available sources of funds, the City is in need of interim financing in the form of the Note authorized herein. C. Debt Capacity. The maximum amount of indebtedness authorized by this ordinance is $2,250,000. Based on the following facts, this amount is to be issued within the amount permitted to be issued by the City for general municipal purposes without a vote: 1. The assessed valuation of the taxable property within the City as ascertained by the last preceding assessment for City purposes for collection in the calendar year 2014 is $4,756,373,688. 2. As of November 1, 2014, the City has limited tax general obligation indebtedness, consisting of bonds, notes, leases and conditional sales contracts outstanding in the principal amount of $21,307,728, which is incurred within the limit of up to 11/2% of the value of the taxable property within the City permitted for general municipal purposes without a vote. 3. As of November 1, 2014, the City has no unlimited tax general obligation indebtedness for general municipal purposes; for City-owned water, artificial light, and sewers; and for acquiring or developing open space, park facilities, and capital facilities associated with economic development. Section 2. Definitions. As used in this ordinance, the following capitalized terms have the following meanings: A. "Authorized Increment" means $100,000 or any greater amount. B. "Authorized Officer means the Finance Director. C. "Bank" means Bank of the West, a California banking corporation organized under the laws of the State of California. D. "Bonds" means the limited tax general obligation bonds to be issued pursuant to Section 3.A of this ordinance. E. "Business Day' means any day except a Saturday, Sunday, or other day, as determined by the Bank, on which commercial banks are authorized or required by law to close. W: Word Processing \Ordinances \LTGO Note-Bank of the West for Urban Renewal 11-19-14 PM:bjs Page 2 of 9 F. "City' means the City of Tukwila, Washington, a municipal corporation duly organized and existing under the laws of the State of Washington. G. "City Council' means the legislative authority of the City, as duly and regularly constituted from time to time. H. "Date of Delivery' means the date of the delivery of the Note to the Bank. I. "Draw" means each incremental draw upon the Note in an Authorized Increment. J. "Draw Request" means a request for a Draw submitted to the Bank by the person authorized in Section 4 to make Draws on behalf of the City, in a form attached to the Line of Credit Agreement. K. "Event of Default" means an event described as an event of default under the Line of Credit Agreement. L. "Fixed Rate" means the higher of (1) the Federal Funds Rate then in effect plus 0.5 %, or (2) Bank's prevailing Prime Rate then in effect. M. "Interest Rate" means, at the option of the City as designated at the time of making each Draw on each Draw Request, either (1) a Fixed Rate, or (2) a Variable Rate. N. "LIBOR" means the rate per annum (rounded upward, if necessary, to the nearest 1/1000 of 1 %) determined pursuant to the following formula: LIBOR equals Base LIBOR divided by (100% minus the LIBOR Reserve Percentage). For such purposes, (1) "Base LIBOR" means the rate per annum for United States dollar deposits quoted by the Bank as the Inter -Bank Market Offered Rate, with the understanding that such rate is quoted by the Bank for the purpose of calculating effective rates of interest for loans making reference thereto, on the first day of a Variable Rate Term for delivery of funds on said date for a period of time approximately equal to the number of days in such Variable Rate Term and in an amount approximately equal to the principal amount to which such Variable Rate Term applies. The City understands and agrees that the Bank may base its quotation of the Inter -Bank Market Offered Rate upon such offers or other market indicators of the Inter -Bank Market as the Bank in its discretion deems appropriate including, but not limited to, the rate offered for U.S. dollar deposits on the London Inter -Bank Market; and (2) "LIBOR Reserve Percentage" means any reserve percentage, as may be prescribed by the Board of Governors of the Federal Reserve System (or any successor) for "Eurocurrency Liabilities" (as defined in Regulation D of the Federal Reserve Board, as amended), adjusted by the Bank for expected changes in such reserve percentage during the applicable Variable Rate Term. O. "Line of Credit Agreement" means a written agreement between the City and the Bank setting forth certain terms and conditions of the issuance, sale and delivery of the Note, and the terms of the line of credit evidenced thereby. W: Word Processing \Ordinances \LTGO Note -Bank of the West for Urban Renewal 11 -19 -14 PM:bjs Page 3 of 9 P. "Maturity Date" means December 1, 2017, which date shall be extended to December 1, 2018 in accordance with Section 5. Q. "Note" means the "City of Tukwila, Washington Limited Tax General Obligation Bond Anticipation Note, 2014 (Taxable Non-Revolving Line of Credit)" authorized by this ordinance. R. "Note Repayment Account" means the Limited Tax General Obligation Bond Anticipation Note Repayment Account, 2014, of the City created for the payment of the principal of and interest on the Note. S. "Note Register means the registration records for the Note maintained by the Note Registrar. T. "Note Registrar" means the City Finance Director, whose duties include registering and authenticating the Note, maintaining the Note Register, transferring ownership of the Note, and paying the principal of and interest on the Note. U. "Project" means capital expenditures relating to the exercise of community renewal powers under Chapter 35.81 RCW within the urban renewal area designated by the City in Ordinance No. 1898 including, but not limited to, land acquisition, demolition, site preparation and other redevelopment activities, and any incidental costs associated with the foregoing, all as deemed necessary and advisable by the City Council. The term "land" includes all real property and all appurtenant improvements, structures and interests therein. V. "Record Date" means the Note Registrar's close of business on the 15th day of the month preceding an interest payment date. With respect to redemption of a Note prior to its maturity, the Record Date shall mean the Note Registrar's close of business on the date on which the Note Registrar provides notice of prepayment. W. "Registered Owner" means the person in whose name the Note is registered on the Note Register. X. "System of Registration" means the system of registration for the City's bonds and other obligations set forth in Ordinance No. 1338 of the City. Y. "Urban Renewal Project Fund' means the Facilities Fund 302 of the City designated for the purpose of carrying out the Project. Z. "Variable Rate" means a rate per annum that is fixed for a one, three or six month period, as designated by the City in connection with any Variable Rate Draw, based on 100% of LIBOR at the start of each period, plus 1.0%. No LIBOR period designated by the City may extend beyond the Maturity Date. W: Word Processing \Ordinances\LTGO Note-Bank of the West for Urban Renewal 11-19-14 PM:bjs Page 4 of 9 AA. "Variable Rate Period' means a one, three or six month period with respect to a Draw which is to bear interest at a Variable Rate, to commence on a Business Day and continue for one, three or six months, as applicable, during which the entire outstanding principal balance of such Draw shall bear interest determined in relation to LIBOR as adjusted as provided herein. If any Variable Rate Period would end on a day which is not a Business Day, then such Variable Rate Period shall be extended, if necessary, to the next day that is followed by a Business Day, and further provided that, if on the first day of the last Variable Rate Period applicable hereto the remaining term of this Note is less than one month, said Variable Rate Period shall be in effect only until the scheduled maturity date thereof. Section 3. Authorization of Indebtedness. A. The Bonds. The City shall borrow money on the credit of the City and issue negotiable limited tax general obligation bonds evidencing that indebtedness in the amount of not to exceed $2,250,000 for general City purposes to provide the funds for the Project and to pay the costs of issuance and sale of the Bonds. The general indebtedness to be incurred shall be within the limit of up to 11A% of the value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein. B. The Note. Pending the issuance of the Bonds and the resale of the redeveloped properties, the City is authorized to issue the Note in the principal amount not to exceed $2,250,000 for the Project. The Note shall be designated the Limited Tax General Obligation Bond Anticipation Note, 2014 (Taxable Non-Revolving Line of Credit) of the City. It shall be issued in registered form, numbered R-1, dated its date of delivery to the Bank and mature on the Maturity Date. The aggregate amount of Draws on the Note shall not exceed $2,250,000. The Note shall not be a revolving facility; amounts that are drawn under the Note and repaid may not be drawn again. Section 4. Terms of the Note. A. Principal; Designation of Officer to Make Draws on Note. The City Council determines that it is in the best interest of the City that the Finance Director (or her designee) be authorized to make Draws on the Note in such Authorized Increments and at such times, and bearing interest at the Interest Rates, as she may in her discretion determine are necessary or convenient to carrying out the Project. A Draw Request may be made on any Business Day and will be funded on the same Business Day if received by the Bank prior to the time set forth in the Line of Credit Agreement. Principal of the Note is due in full on the Maturity Date, subject to the provisions of Section 5. Principal may be prepaid prior to the Maturity Date as set forth in Section 6. B. Interest. Each Draw shall bear interest at the Interest Rate selected by the City from the Date of each Draw, which shall be computed on the basis of a year of 360 days for the actual number of days elapsed. The City Finance Director shall designate the Fixed Rate or the applicable Variable Rate Period with respect to each Draw in the Draw Request. So long as no Event of Default has occurred and is continuing, interest W: Word Processing \Ordinances \LTGO Note-Bank of the West for Urban Renewal 11-19-14 PM: bjs Page 5 of 9 shall accrue on each Draw at the applicable Interest Rate. Upon the occurrence of an Event of Default and until such default is cured, the Bank may, at its option, impose the Default Rate. Interest on the outstanding principal amount of the Note will be paid quarterly, beginning April 1, 2015, and each April 1, June 1, September 1 and December 1 thereafter, to and including the Maturity Date. If the first day of a calendar month is not a Business Day, the payment shall be due on the next succeeding Business Day. The City may elect to convert any Fixed Rate Draw to a Variable Rate as set forth in the Line of Credit Agreement, and may convert any Variable Rate Draw to a different Variable Rate Period or to a Fixed Rate at the expiration of any Variable Rate Period. Unless the City affirmatively elects a new Variable Rate Period in writing received by the Bank on or before 2:00 p.m. (Pacific Time) on the last Business Day of a Variable Rate Period for a specific Draw, the Interest Rate for such Draw shall be renewed for a successive Variable Rate Period of the same length as the expiring Variable Rate Period. Notwithstanding the foregoing, the Finance Director may consent to different terms in the Line of Credit Agreement regarding the Variable Rate Periods and indices available and regarding conversion of interest rate modes, if she deems the terms in the Line of Credit Agreement to be in the City's best interests. C. Commitment Fee. The City agrees to pay a commitment fee of 0.50% on the average daily balance of the unused portion of the commitment amount (i.e., the maximum stated amount of the Note, less the sum of all Draws) calculated on the basis of a 360-day year and the actual days elapsed. The commitment fee shall be payable quarterly in arrears on each interest payment date, commencing on April 1, 2015. D. Finding. The City Council finds and determines that the rate or rates of interest, the standards for the indices for the variable interest rates, and the commitment fee described in this ordinance are in the best interest of the City. Section 5. Term Out Provision. If, on the Maturity Date, the City is unable to pay the principal of or interest on the Note then due and payable in full and no Event of Default has occurred and is continuing, the Maturity Date shall be extended for a term of one year, to December 1, 2018. This period shall be referred to as the "Term Out Period." Interest on the outstanding principal amount shall accrue from and after December 1, 2017 at a rate equal to the Fixed Rate plus 2.0%, calculated on the basis of a year of 360 days for the actual number of days elapsed. Interest and Principal shall be due and payable in four approximately equal quarterly installments, on April 1, 2018, June 1, 2018, September 1, 2018 and December 1, 2018. The maximum term of the Note issued under this ordinance shall not be extended beyond December 1, 2018 without written approval by the Bank accepted by the City Council. W: Word Processing \Ordinances \LTGO Note-Bank of the West for Urban Renewal 11-19-14 PM:bjs Page 6 of 9 Section 6. Prepayment. The City reserves the right to prepay all or a portion of the outstanding principal of the Note in advance of the Maturity Date at any time with no prepayment penalty. If on the date selected for prepayment, a Variable Rate Period is in effect with respect to a Draw that is to be prepaid, the City agrees to pay the Bank's breakage cost, as set forth in the Line of Credit Agreement. Section 7. Note Repayment Account. The Note Account is hereby created within the City's general obligation bond repayment fund, and is designated as the Limited Tax General Obligation Bond Anticipation Note Account, 2014. The Note Account may be drawn upon solely to pay the principal of and interest on the Note and to pay any other amounts due and owing to the Bank with respect to the Note. Principal of and interest on the Note, and commitment fees when due, shall be payable in lawful money of the United States of America by check, warrant, wire transfer or automatic clearinghouse funds, to the Registered Owner of the Note on the applicable Record Date. Section 8. Security for the Note; Pledge of Taxes. The Note constitutes a general indebtedness of the City and is payable from fax revenues of the City and such other money as is lawfully available and pledged by the City for the payment of principal of and interest on the Note. The City irrevocably pledges to redeem the Note on or before its stated maturity from the proceeds of the Bonds, from the proceeds of additional short term obligations or from other money of the City legally available for such purpose. For as long as the Note is outstanding, the City irrevocably pledges that it shall, in the manner provided by law within the constitutional and statutory limitations provided by law without the assent of the voters, include in its annual property tax levy amounts sufficient, together with proceeds of the Bonds, other short term obligation proceeds and other money that is lawfully available, to pay principal of and interest on the Note as the same become due. The full faith, credit and resources of the City are pledged irrevocably for the prompt payment of the principal of and interest on the Note and such pledge shall be enforceable in mandamus against the City. Section 9. Form and Execution of the Note. A. Form of the Note; Signatures and Seal. The Note shall be prepared in a form consistent with the provisions of this ordinance and Washington law. The Note shall be signed by the Mayor and the City Clerk (either or both of whose signatures may be manual or in facsimile) and the seal of the City or a facsimile reproduction thereof shall be impressed or printed thereon. If any officer whose manual or facsimile signature appears on the Note ceases to be an officer of the City authorized to sign Notes before the Note bearing his or her manual or facsimile signature is authenticated by the Note Registrar, or issued or delivered by the City, the Note nevertheless may be authenticated, issued and delivered and, when authenticated, issued and delivered, shall be as binding on the City as though that person had continued to be an officer of the City authorized to sign Notes. The Note also may be signed on behalf of the City by any person who, on the actual date of signing of the Note, is an officer of the City authorized to sign Notes, although he or she did not hold the required office on its Date of Delivery. W: Word Processing \Ordinances \LTGO Note-Bank of the West for Urban Renewal 11-19-14 PM:bjs Page 7 of 9 B. Authentication. Only if the Note bears a Certificate of Authentication in substantially the following form, manually signed by the Note Registrar, shall it be valid or obligatory for any purpose or entitled to the benefits of this ordinance: "Certificate of Authentication. This Note is the fully registered City of Tukwila, Washington, Limited Tax General Obligation Bond Anticipation Note, 2014 (Taxable Non-Revolving Line of Credit)." The authorized signing of the Certificate of Authentication shall be conclusive evidence that the Note so authenticated has been duly executed, authenticated and delivered and is entitled to the benefits of this ordinance. Section 10. Registration and Transfer. The Note shall be issued only in registered form as to both principal and interest and the ownership of the Note shall be recorded on the Note Register. The Finance Director of the City shall serve as the Note Registrar and shall keep, or cause to be kept, at her office in Tukwila, Washington, sufficient books for the registration of the Note, which shall contain the name and mailing address of the Registered Owner, The Note Registrar is authorized, on behalf of the City, to authenticate and deliver the Note in accordance with the provisions of the Note and this ordinance and to serve as the City's paying agent for the Note and to carry out all of the Note Registrar's powers and duties under this ordinance and the System of Registration. The Note may be assigned or transferred only in whole and only if endorsed in the manner provided thereon and surrendered to the Note Registrar, subject to the Bank's representations in a certificate to be provided on the Date of Delivery. Any such transfer shall be without cost to the owner or transferee and shall be noted in the Note Register. The Note may only be assigned by the Bank to another qualified investor satisfying the requirements set forth in the certificate to be signed by the Bank on the Date of Delivery and as set forth on the Note. Upon the final payment of principal of and interest on the Note, the Registered Owner shall surrender the Note to the City for destruction or cancellation in accordance with law. Section 11. Sale of the Note. The City Council has determined that the sale of the Note to the Bank, under the terms and conditions of this ordinance and the Line of Credit Agreement, is in the best interests of the City and is hereby approved and confirmed. Upon delivery of the Note to the Bank, the City shall pay to the Bank a fee of $10,000 for its attorneys' fees and shall pay the other costs of issuance. Section 12. Reporting Requirements. While the Note is outstanding, the City shall provide to the Bank a copy of or internet link to its annual financial statements within 270 days after the close of each fiscal year (with a copy of the audited financial statements to follow, if and when available). It shall also provide to the Bank a copy of or internet link to its biennial adopted budget within 60 days after adoption. Section 13. Governing Law. This ordinance, the Note and the Line of Credit Agreement shall be governed and interpreted according to the laws of Washington. Nothing in this paragraph shall be construed to limit or otherwise affect any rights or remedies of the Bank under federal law. W: Word Processing \Ordinances \LTGO Note-Bank of the West for Urban Renewal 11-19-14 PM:bjs Page 8 of 9 Section 14. General Authorization and Ratification. The appropriate officers of the City are severally authorized to take such actions and to execute such documents as in their judgment may be necessary or desirable to carry out the transactions contemplated in connection with this ordinance, and to do everything necessary for the prompt delivery of the Notes to the Bank and for the proper application, use and investment of the proceeds of the Notes. All actions taken prior to the effective date of this ordinance in furtherance of the purposes described in this ordinance and not inconsistent with the terms of this ordinance are ratified and confirmed in all respects. Section 15. Corrections by City Clerk or Code Reviser. Upon approval of the City Attorney, the City Clerk and the code reviser are authorized to make necessary corrections to this ordinance, including the correction of clerical errors; references to other local, state or federal laws, codes, rules, or regulations; or ordinance numbering and section/subsection numbering. Section 16. Severability. The provisions of this ordinance are declared to be separate and severable. If a court of competent jurisdiction, all appeals having been exhausted or all appeal periods having run, finds any provision of this ordinance to be invalid or unenforceable as to any person or circumstance, such offending provision shall, if feasible, be deemed to be modified to be within the limits of enforceability or validity. However, if the offending provision cannot be so modified, it shall be null and void with respect to the particular person or circumstance, and all other provisions of this ordinance in all other respects, and the offending provision with respect to all other persons and all other circumstances, shall remain valid and enforceable. Section 17. Effective Date. This ordinance or a summary thereof shall be published in the official newspaper of the City, and shall take effect and be in full force five days after passage and publication as provided by law. PASSED BY THE CITY COUNCIL OF THE CITY,OF TUKWILA, WASHINGTON, at ) a Regular Meeting thereof this sr day of St) stc iPQ. ( , 2014. ATTEST/AUTHENTICATED: Christy y, MMC, City Clerk APPROVED AS TO FORM BY: Filed with the City Clerk: 1) 1 q Passed by the City Council: 1 1 -111 Published: 1 Effective Date: --q- /9 Ordinance Number: k*ti W: Word Processing \Ordinances\LTGO Note-Bank of the West for Urban Renewal 11-19-14 PM:bjs Page 9 of 9 CERTIFICATION I, the undersigned, City Clerk of the City of Tukwila, Washington (the "City "), hereby certify as follows: 1. The attached copy of Ordinance No. _I (the "Ordinance ") is a full, true and correct copy of an ordinance duly passed at a regular meeting of the City Council of the City held at the regular meeting place thereof on December 1, 2014, as that ordinance appears on the minute book of the City. 2. The Ordinance will be in full force and effect five days after publication in the City's official newspaper, which publication date is December 4, 2014. 3. A quorum of the members of the City Council was present throughout the meeting and a majority of the members voted in the proper manner for the passage of the Ordinance. Dated: December 1, 2014. CITY OF TUKWILA, WASHINGTON Christy O'Flaherty, MMC, City Clerk Bank of the West City of Tukwila Public Notice of Ordinance Adoption for Ordinances 2460 -2466. On December 1, 2014 the City Council of the City of Tukwila, Washington, adopted the following ordinances, the main points of which are summarized by title as follows: Ordinance 2460: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON GRANTING A NON - EXCLUSIVE FRANCHISE TO MCLEODUSA TELECOMMUNICATIONS SERVICES, LLC, LEGALLY AUTHORIZED TO CONDUCT BUSINESS IN THE STATE OF WASHINGTON, FOR THE PURPOSE OF CONSTRUCTING, OPERATING, AND MAINTAINING A TELECOMMUNICATIONS SYSTEM IN CERTAIN PUBLIC RIGHTS -OF -WAY IN THE CITY; REPEALING ORDINANCE NO. 1925; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. Ordinance 2461: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, WASHINGTON, REPEALING VARIOUS ORDINANCES AS CODIFIED AT TUKWILA MUNICIPAL CODE CHAPTER 5.44, "TOW TRUCK BUSINESSES;" PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. Ordinance 2462: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, WASHINGTON; ESTABLISHING AN EXEMPTION FROM REAL PROPERTY TAXATION FOR DEVELOPMENT OF QUALIFIED MULTI - FAMILY HOUSING; ESTABLISHING NEW REGULATIONS TO BE CODIFIED IN TUKWILA MUNICIPAL CODE CHAPTER 3.90 RELATING TO THE DESIGNATION OF A RESIDENTIAL TARGETED AREA WITHIN THE TUKWILA URBAN CENTER; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. Ordinance 2463: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, AMENDING ORDINANCE NOS. 2298 §1 (PART) AND 2258 §3, AS CODIFIED AT TUKWILA MUNICIPAL CODE SECTION 3.54.030, EXTENDING THE CITY UTILITY TAX SUNSET PROVISION; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. Ordinance 2464: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, RELATING TO CONTRACTING INDEBTEDNESS; AUTHORIZING THE ISSUANCE OF THE CITY'S NOT TO EXCEED $2,250,000 PRINCIPAL AMOUNT LIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTE, 2014 (TAXABLE NON - REVOLVING LINE OF CREDIT), TO PROVIDE INTERIM FINANCING TO CARRY OUT LAND ACQUISITION AND CAPITAL COSTS OF REDEVELOPMENT ACTIVITIES WITHIN THE CITY'S URBAN RENEWAL AREA, AND PAY THE COSTS OF ISSUANCE AND SALE OF THE NOTE; FIXING THE DATE, FORM, MATURITY, INTEREST RATE, TERMS AND COVENANTS OF THE NOTE; APPROVING THE SALE AND DELIVERY OF THE NOTE TO THE BANK IDENTIFIED HEREIN; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. Ordinance 2465: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, RELATING TO CONTRACTING INDEBTEDNESS; PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF $3,850,000 AGGREGATE PRINCIPAL AMOUNT OF LIMITED TAX GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO CARRY OUT LAND ACQUISITION AND CAPITAL COSTS OF REDEVELOPMENT ACTIVITIES WITHIN THE CITY'S URBAN RENEWAL AREA, AND TO PAY THE COSTS OF ISSUANCE AND SALE OF THE BONDS; FIXING CERTAIN TERMS AND COVENANTS OF THE BONDS; AND PROVIDING FOR OTHER RELATED MATTERS; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. The full text of these ordinances will be provided upon request. Christy O'Flaherty, MMC, City Clerk Published Seattle Times: December 4, 2014