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The city council of the city takes note of the following facts and makes the following findings and determinations:

A. Section 149(a) of the Internal Revenue Code of 1986, as amended, requires municipal bonds and obligations offered to the public having a maturity of more than one year to be in registered form as a condition of the exclusion from gross income for federal income tax purposes of the interest on those bonds and obligations.

B. RCW 39.46.030 authorizes cities to establish a system of registering the ownership of their bonds or obligations as to principal and interest, or principal only.

C. It is in the city’s best interest to establish a system of registering the ownership of the city’s bonds and obligations in the manner permitted by law. (Ord. 1139-17 § 2, 2017; Ord. 527 § 2, 1984).