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September 26,2001 <br /> RESOLUTION-ARENA <br /> Moved by Cousaimember Pape,seconded by Councilmember Campbell to <br /> adapt Resolution Na SIO7 approvingcertain <br /> expenditures far <br /> imbursement from the proceeds of debt to be issued for arena site land <br /> acquisition,demolition,site preparation,and associated costs as follows, <br /> Section I.The City of Everett,Washington(the"City")reasonably expects to <br /> reimburse the expenditures described herein with the proceeds of debt to be <br /> incurred by the City(the"Reimbursement Bonds'). <br /> Section 2.The expenditures with respect to whish the City reasonably aspects to • <br /> be reimbursed from the proceeds of Reimbursement Bands are for land <br /> acquisition,demolition,site prepared,end asoeiatd ants for property to be <br /> used by the City's Public Facilities District Sr a regional center(event center <br /> arena). <br /> Section 3.The maximum principal amount of debt obligations expected to be '�) <br /> issued for the project described n Section Zia 315,000,000.00. led <br /> Couailmember lope stated that this agenda item came before the Budget and <br /> Finance Committee with a recommendation for approval. <br /> Courmihnemba Oversheet questioned the expeatd reason and Flows of money <br /> and apeefcally whet impact migh[the recent change in financial markets have. <br /> Debra Bryant.Finance Director,stated that this reimbursement resolution a going <br /> to allow for the City of recover some of the expenses that the City has already <br /> incurred in obtaining property.In October au agenda iter for the bond issuance <br /> will be brought forward.The City is paying a tax-exempt rate interest on that <br /> issue.The City will be able to have less interest expense as a result of the recent <br /> economic conditions.As the interest rata go down the City will be paying less. <br /> The resolution seta forth a sixty-day time limit Tints is of the essence.Pee every <br /> week that this is postponed the City will Lose a week of expenses that the City has <br /> incurred. <br /> Councilmenber Overstreet shted that.there is nothing that says that the City has <br /> bengagein thisif itis robs the City'sfianaal advantage to do so.He askedif <br /> 3 <br /> 422 <br />