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526 <br /> 1,62, <br /> December 28,1088 <br /> """ "I918'rn"Lthte ItiTnceirgalmbWs t°.:= <br /> at 0:30 a.m. Dec. 28, <br /> City Hall, Vice President Langus presiding. Upon roll.call it was <br /> found that Mayor Moore and all councilmembers were present except <br /> Ci <br /> President Siva who was excused. <br /> ',,:irgitguil:PbmeerlitaPhn2nt;tairn'intlton:t1747"ed <br /> 1 .1 <br /> ATTORNEY COMMENTS <br /> Bruce Jones, City Attorney, said before the council today was the <br /> p revised resolution for establishing costs of providing increases in <br /> the LID Guaranty Fund es recommended by councilmenbers at the last <br /> Meeting. <br /> RESOLUTION-GUARANTY FUND <br /> =gang tn=mretI.,,VT174 me foliate:bY C"nci'm'mb" <br /> WHEREAS, the City Council of the City of Everett finds that <br /> LID financing for public works projects has increased significantly <br /> over the pest few years, to the extent that Everett has more LID <br /> bonds and notes outstanding than any other city in the State of <br /> Washington;and <br /> W1MREAS, as a result of this increased financial activity, <br /> the margin of the LID Guaranty Fund to outstanding LID debt is 8.2% <br /> while Harper-McClean, the City's LID financial advisor has advised <br /> that said margin should be 10% in order to proAde adequate <br /> marketability of the City,future LID bonds and notes;and <br /> WHEREAS, the City Council has considered objections from <br /> property owners within LID 726 regarding adding the cost of <br /> increasing the Guaranty Fund to LID 726; <br /> 1,111XREFORE,THE CITY COUNCIL OF THE CITY OF EVERETT DOES <br /> The City Council hereby establishes a policy of requiring <br /> each LID to include an additional cost for increasing the Lip <br /> P Guaranty Fund unless otherwise limited by special benefit. As an <br /> alternative or in addition'property owners may at their initiative <br /> provide Letters of Credit or similar security to secure bond <br /> payments. For COO'S coming to closure in 1088 add 0%1 in 1800 add <br /> 8%;in 1991 add 10%. <br /> Roll was called with all councilmembers voting yes except President <br /> Niva who was excused. <br /> Notion carried. <br /> CONSENT AGENDA ITEMS <br /> 11=treept tin=tmgrf.'oll'otweinho"dTrl'ent=rite%,C"nc'''emb" <br /> ,1 <br />