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RESOLUTION NO. 4649 0118V."114 <br /> *4&" mj <br /> A RESOLUTION of the City Council of the City of <br /> Everett, Washington, finding a substantial <br /> need for using the 106% limit factor under <br /> Chapter 84.55 RCW with regard to the levying of <br /> general property taxes and authorize same to be <br /> used. <br /> WHEREAS, the City Council of the City of Everett is considering its budget for <br /> the calendar year 1999; and <br /> WHEREAS, the City Council, in the course of considering the budget for 1999 is <br /> reviewing all sources of revenue and examining all anticipated expenses and <br /> obligations; and <br /> WHEREAS, the qualified electors of the City voted approval in 1995 of an <br /> additional regular property tax in an amount equal to $0.43 per thousand dollars <br /> of the assessed value of property in the City for funding an emergency medical <br /> services program; and <br /> WHEREAS, RCW 84.55.0101 (Chapter 3, Q 204; Referendum 47, a 204) <br /> requires that the Everett City Council make a finding of"substantial need" <br /> pursuant to setting a regular property tax levy in excess of the rate of inflation; <br /> and <br /> WHEREAS, without a finding of substantial need, the regular property tax <br /> increase in 1999 would be limited to the rate of inflation as defined by RCW <br /> 84.55.005(1) (Chapter 3, Q 201; Referendum 47, a 201) to be the "...percentage <br /> change in the implicit price deflator for personal consumption expenditures for <br /> the United States ..." for the year before the taxes are payable; and <br /> WHEREAS, the general property tax proposed herein is limited by statute to <br /> $3.60 per thousand dollars of assessed valuation; and <br /> WHEREAS, the qualified electors of the City voted approval in 1987 of a <br /> proposition to levy regular property taxes for 20 years not to exceed $0.228 per <br /> thousand dollars of assessed value for the purpose of expanding the main library <br /> and constructing a branch library; and <br /> WHEREAS, the City of Everett will be required to pay the sum of $172,679 <br /> during the year 1999 upon its General Obligation 1982 Housing Authority Bond <br /> for payment of principal and interest; and <br /> WHEREAS, the City of Everett will be required to pay the sum of $645,707 <br /> during the year 1999 upon its General Obligation 1988 Senior Housing/Center <br /> Bonds for payment of principal and interest; and <br />