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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Project title: <br /> <br />Adopt an Ordinance Providing for the Issuance, Sale, and Delivery of One of More Series of <br />Limited Tax General Obligation Bonds in an Aggregate Principal Amount Not to Exceed <br />$28,000,000. <br />Council Bill # interoffice use <br />CB 2502-17 <br />Project: 2025 Limited Tax General Obligation Bonds <br />Partner/Supplier: NA <br /> Location: NA <br />Preceding action: NA <br />Fund: Capital Improvement Reserve Fund 162 and Bond Redemption Fund 210 <br />Agenda dates requested: <br /> <br />Briefing, 1st Reading 03/05/25 <br />2nd Reading 03/12/25 <br />3rd Reading 03/19/25 <br />Ordinance X <br />Public hearing <br /> Yes X No <br /> <br />Budget amendment: <br /> Yes X No <br /> <br />PowerPoint presentation: <br /> Yes X No <br /> <br />Attachments: <br />Ordinance <br /> <br />Department(s) involved: <br />Finance <br /> <br />Contact person: <br />Heide Brillantes, Finance <br />Director <br /> <br />Phone number: <br />(425) 257-8612 <br /> <br />Email: <br />HBrillantes@everettwa.gov <br />Initialed by: <br />HB <br />Department head <br /> <br />Administration <br /> <br />Council President <br />Fiscal summary statement: <br />The total principal amount is not to exceed $28,000,000. The debt service for the bond issue is <br />funded through the Capital Improvement Reserve Fund 162, with primary revenue sources <br />coming from the first quarter percent of the Real Estate Excise Tax (REET 1) and Local <br />Infrastructure Financing Tool (LIFT) proceeds. The payments for the debt service are recorded in <br />the Bond Redemption Fund 210 <br /> <br />Project summary statement: <br />The issuance, sale, and delivery of one or more series of limited tax general obligation bonds <br />provide funds to (1) pay or reimburse the costs of various projects including the Everett <br />Municipal Building Project, Riverfront Trail Improvement Project, Eclipse Mill Park Improvement <br />Project, and the Edgewater Bridge Improvement Project, and (2) to pay the costs of issuance of <br />the bonds. <br />Recommendation (exact action requested of Council): <br />Adopt an Ordinance Providing for the Issuance, Sale, and Delivery of One of More Series of <br />Limited Tax General Obligation Bonds in an Aggregate Principal Amount Not to Exceed <br />$28,000,000. <br /> <br />City Council Agenda Item Cover Sheet