Ordinance 2587-02 - Laserfiche WebLink

of which taxes are required to be used for the financing, design, construction, operation and maintenance of the Regional Center; WHEREAS, RCW 35.57.030, subject to certain restrictions, authorizes the District to issue 30- year general obligation bonds and, as authorized by RCW 35.57.080 and subject to certain restrictions, also to issue 30-year revenue bonds to fund the revenue-generating facilities that it operates; WHEREAS, the City also is authorized by RCW 67.28.120 individually or jointly with any other municipality to acquire and to operate tourism-related facilities, including public stadium facilities, convention center facilities, and performing arts center facilities; WHEREAS, pursuant to RCW 67.28.080(1), the "acquisition" of tourism-related facilities includes, but is not limited to, acquisition, construction, and paying or securing the payment of all or any portion of general obligation bonds, leases, revenue bonds or other obligations issued or incurred to acquire and construct tourism-related facilities; WHEREAS, RCW 67.28.130 authorizes the City to convey or lease any lands, properties or facilities to any other municipality for the development by such other municipality of tourism- related facilities; to provide for the joint use of such lands, properties or facilities; or to participate in the financing of all or any part of the public facilities on such terms as may be fixed by agreement between the respective legislative bodies; WHEREAS, RCW 67.28.180 grants to the City itself the power to issue general obligation bonds to carry out the purposes of Chapter 67.28 RCW, including acquisition and construction of tourism-related facilities; WHEREAS, the City Council finds that it is mutually beneficial for the City and the District for the District to obtain short and long term financing for the Regional Center on the most favorable terms possible; WHEREAS, the City Council finds that City's participation in the financing of the Regional Center will enable the District to obtain financing on favorable terms and, because of the mutual economic investments to be made in the Regional Center by the City and the District, will benefit both the District and the City; WHEREAS, the City is acquiring the land on which the Regional Center will be constructed, which land will be leased to the District on a long-term ground lease, and the City pursuant to the ground lease will have the right to acquire ownership of the Regional Center at the expiration of the ground lease term; WHEREAS, the City and the District, as public agencies, have authority pursuant to Chapter 39.34 RCW to enter into interlocal agreements to provide for the finance, design, construction, maintenance, and operation of a Regional Center through the joint and cooperative exercise of their respective powers,privileges, and authority; and