1991/07/03 Council Minutes - Laserfiche WebLink

E; C 329 F July 3,1991 l''i C Lease, upon completion of construction for the purpose of enabling Lessor to pay or reimburse its construction financing costs. SECTION 4:. The property described in the Lease hereto with respect to which the City intends to assist in enabling the Lessor to obtain reimbursement for Lessor's interim construction financing is property having a reasonably expected economic life of at least one(1)year. SECTION 5. Payment for the property described in the Lease will be initially paid from a construction loan secured by Lessor from a bank. The City has no obligations for repayment of said construction loan. SECTION 6: The City declares that the funds described in Section 5 of this Resolution are not reasonably expected to be allocated on a long-term basis, reserved, or therwise available pursuant to its budget for financing of the property described in the Lease. „. SECTION 7: The principal and interest payable under the Lease is expected to be paid from property tax and other general tax '-..)' (:), revenues of the City. SECTION 8: The City declares that it has not provided for, and does not intend te provide for, payment of the Lease hereto by , budget or other allocations that are inconsistent vdth this , Resolution. I ,, SECTION 9: The City hereby directs that this Resolution be contnuouslavailable for inspection by te general public at the iy h eltY Clerk's Office in City Nall, 3002 wetmore Avenue, f Everett, Washington, during normal business hours on every business day beginning 10 days after the date of adoption of this Resolution and ending on the date of commencement of the ' rental payment obligations under the Lease. . , SECTION 10: A purpose of this Resolution is to preserve the tax TgneTtthe'tILla::', 111 tter=t-g:ntn.:',IeWterrritld Pt7mgt: reimbursement,bond for federal tax purposes. The City itself makes no determination as to the status of the Lease as a C reimbursement bond. 1 1