Appropriation Order (Additional Land Acquisition Costs) - December 2024 — File 24-1722

141148600v.1 AN ORDER MAKING AN APPROPRIATION OF $14,400,000 TO PAY ADDITIONAL COSTS OF PURCHASING THE PARCEL OF LAND IN THE CITY KNOWN AS 90 WASHINGTON STREET AND AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $14,400,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION Ordered: Section 1. That the Mayor’s request for approval of the City Council to appropriate $14,400,000 to pay additional costs of purchasing the parcel of land in the City known as 90 Washington Street, as determined by the Middlesex County Superior Court in the matter of Cobble Hill Center LLC vs. Somerville Redevelopment Authority (1981CV02669), including the payment of all costs incidental and related thereto, and authorizing the Mayor and the City Treasurer to issue not exceeding $14,400,000 bonds of the City to meet said appropriation, and pending the issuance thereof the making of temporary borrowings for such purposes to meet said appropriation is hereby approved, and further, that the Mayor and the City Treasurer are the officers authorized to issue and sell said bonds or bond anticipation notes in accordance with the provisions set forth herein and in Chapter 44 and Chapter 121B of the General Laws of Massachusetts or any other enabling authority. Section 2. The bonds shall bear such rate or rates of interest as shall be determined by the Mayor and the City Treasurer. They shall be general obligations of the City and each of the bonds shall recite that every requirement of law relating to its issue has been duly complied with and that such bond is within every debt and other limit prescribed by law and that the full faith and credit of the City are pledged to the payment of the principal thereof and interest thereon. Said bonds shall be sold by the City Treasurer with the approval of the Mayor, in a competitive offering or through a negotiated sale, as the Mayor and City Treasurer shall determine to be in the best interests of the City. If sold in a competitive offering, the bonds shall be sold at not less than ninety-eight percent of their face amount and accrued interest on the basis of the lowest net or true interest cost to the City. If the bonds are sold by negotiation, the purchase agreement shall be subject to the approval of the Mayor and the City Treasurer, and their execution thereof shall be deemed as conclusive evidence of such approval. Section 3. The City hereby expresses its official intent pursuant to §1.150-2 of the Federal Income Tax Regulations, Title 26 (the “Regulations”), to reimburse expenditures paid sixty days prior to and anytime after the date of passage of this Order in the maximum amount and for the projects defined in Section 1 with the proceeds of bonds, notes, or other obligations authorized to be issued by the City. The bonds shall be issued to reimburse such expenditures not later than 18 months after the later of the date of the expenditure or the substantial completion of the project, or such later date the Regulations may authorize, but in no instance later than 3 years from the date of the expenditure or expenditures being reimbursed. The City hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The City Treasurer or her designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds, and to amend this declaration.

141148600v.1 Section 4. The Mayor and the City Treasurer are hereby authorized, on behalf of the City to enter into agreements or otherwise covenant for the benefit of bondholders, to provide information on an annual or other periodic basis to the Municipal Securities Rulemaking Board (the “MSRB”) and to provide notices to the MSRB of material events as enumerated in Securities and Exchange Commission Exchange Act Rule 15c2-12, as amended, as may be necessary, appropriate or desirable to effect the sale of the bonds and notes authorized by this Order. Any agreements or representations to provide information to the MSRB made prior hereto are hereby confirmed, ratified and approved. Section 5. The amount appropriated herein may be expended subject to approval of the Mayor and City Treasurer for costs of issuance of the bonds and additional fees associated with the provision of credit enhancement, including letters of credit or municipal bond insurance deemed necessary or desirable by them in connection with the issuance of the bonds and they are authorized to execute such reimbursement agreements, remarketing agreements, standby bond purchase agreements or other customary agreements as are normally required in connection therewith.