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CITY OF EVERETT, WASHINGTON <br />ORDINANCE NO. 4082-25 <br />AN ORDINANCE of the City of Everett, Washington, relating to <br />contracting indebtedness; providing for the issuance, sale, and delivery of one or <br />more series of limited tax general obligation bonds in an aggregate principal amount <br />not to exceed $28,000,000 to provide funds (1) to pay or reimburse the costs of <br />various Projects, including the Everett Municipal Building Project, the Bridge <br />Improvements, the Riverfront Trail Improvements, the LIFT Parks & Trails <br />Improvements, and other capital improvements, and (2) to pay the costs of issuance <br />of the Bonds; fixing or setting parameters with respect to certain terms and <br />covenants of the Bonds; appointing the City's designated representative to approve <br />the Sale Terms of the sale of each Series of the Bonds; and providing for other <br />related matters. <br />BE IT ORDAINED BY THE CITY OF EVERETT as follows: <br />Section 1. Findings and Determinations. The City takes makes the findings and <br />determinations set forth below. Capitalized terms have the meanings given in Section 2. <br />(a) Authority and Description of Projects. The City is in need. of completing the Projects <br />as defined in Section 2), the total expected cost of which is estimated to be approximately $77.1 <br />million, which is expected to be paid from proceeds of the Bonds and other available money of the <br />City. Because the City does not have sufficient funds currently available and budgeted for these <br />Projects, the City Council finds that it is in the best interests of the City to issue the Bonds to carry <br />out the Projects. Pursuant to applicable law, including without limitation chapters 35.37, 35.40, <br />39.36, 39.44, 39.46, and 39.52 RCW, the City is authorized to issue general obligation bonds for the <br />purpose of financing the Projects. <br />(b) Findings with Respect to LIFT Bonds. The City previously passed Ordinance No. <br />2997-07, creating the Everett Riverfront Revenue Development Area and received approval on <br />September 13, 2007 from the Community Economic Revitalization Board to use the Local <br />Infrastructure Financing Tool under chapter 39.102 RCW to finance certain public improvements <br />within the Revenue Development Area (the "LIFT Public Improvements"), which included the LIFT <br />Parks & Trails Improvements (as defined in Section 2). In Ordinance No. 3539-17, passed on April <br />12, 2017, the City Council found that the City had satisfied all statutory preconditions to imposing <br />the LIFT Tax (including without limitation, the conditions set forth in RCW 39.102.040 and <br />82.14.475) and began imposing the local option sales and use tax under RCW 82.14.475, which <br />constitutes the State Contribution under the LIFT Program. On March 5, 2025, the City Council <br />approved Resolution No. declaring its intent to issue general obligation bonds pursuant to RCW <br />39.102.150 after an opportunity for public comment. Pursuant to RCW 39.102.150, the City is <br />authorized to issue general obligation bonds for the purpose of financing the LIFT Public <br />Improvements. The City hereby dedicates the LIFT Revenues and revenues from other local public <br />sources to retiring such indebtedness. <br />1 <br />