Laserfiche WebLink
231 <br /> May 29,1991 <br /> ental payment obligationsq under the L It Is <br /> further the intention of theCity to assist Lessor in finding a <br /> third party.ko acquire the Lessor's interests in (ire Station <br /> No. 2, the Lease and related ground lease, upon completion of <br /> construction, for the purpose oPenabling Lessor to pay or <br /> reimburse its construction financing costs. <br /> Section 2. The property described in Attachment A hereto with <br /> respect to which the City intends'to assist in enabling the <br /> Lessor to obtain reimbursement for Lessor's i'nteriM <br /> nstruction P n cing is property having a reasonably expactetl <br /> economic life oP oat least one(1)year. <br /> Section 3. Payment for the property tlescribed in Attachment A 'I <br /> scu <br /> hereto wil be initially paid fromconstruction loan secured I <br /> by Lessor from bank. The City hes no obligatlonsfor <br /> repayment of said construction loan. <br /> Section 4. The City declares that the funds described in <br /> Section 3 of this Resolution are not r nobly expected to be <br /> allocated longtterm bas foe vetl, oprerwrse <br /> described pursuant to its butlget Pax financing oP othe property <br /> described in Attachment A hereto. <br /> �., Section 5. The principal and Interest payableunder the Lease <br /> is expected to be paid from property tax revenues of the City. <br /> Section 6.. TheClty declares that it has not provided for, and • <br /> does t intend to provide for, payment of the property <br /> described in Attachment A hereto by budget o other allocations <br /> that are inconsistent with this Resolution. <br /> Section 7. The City hereby directs that this Resolution be <br /> ontinu0usly'avallele for inspection by the general public at <br /> the City Clerk's Office in City Hall, 3002 Wetmore Avenue, <br /> Eveett, Washington, during normal business hours on every <br /> business day beginning CO das ter the date of adoption P <br /> this Resolution and ending onthe date of commencement of the <br /> C, rental payment obligations under the Lease. <br /> Section a The purpose of this resolution Is to preserve the <br /> tax exempt status of the interest component of lease rental <br /> payments under the Lease,in the event the Lease is determined <br /> to be a reimbursement bond for federal tax purposes. The City <br /> itself makes no determination as to the status of the lease as <br /> a reimbursement bond. <br /> C, <br />' C <br />