Resolution 4527 - Laserfiche WebLink

RESOLUTION NO. 952.1 A RESOLUTION of the City Council of the Cit •�� Everett, Washington, finding a substantial need for using the 106% limit factor under Cha•11r '- 84.55 RCW with regard to the levying of general property taxes and authorize same to be used. WHEREAS, the City Council of the City of Everett has met and considered its budget for the calendar year 1998, and WHEREAS, the City Council, in the course of considering the budget for 1998 has reviewed all sources of revenue and examined all anticipated expenses and obligations; and WHEREAS, the qualified electors of the City voted approval in 1995 of an additional regular property tax in an amount equal to $0.43 per thousand dollars of the assessed value of property in the City for funding an emergency medical services program, and WHEREAS, Referendum 47, passed by the voters of Washington State in November of 1997 requires that the Everett City Council make a finding of "substantial need" pursuant to setting a regular property tax levy in excess of the rate of inflation; and WHEREAS, without a finding of substantial need, the regular property tax increase would be limited to the rate of inflation; and WHEREAS, the general property tax proposed herein is limited by statute to $3.60 per thousand dollars of assessed valuation, and such limitation will have the effect of reducing the potential revenues, and WHEREAS, the qualified electors of the City voted approval of a proposition to levy regular property taxes for 20 years not to exceed $0.228 per thousand dollars of assessed value for the purpose of expanding the main library and constructing a branch library, and WHEREAS, the City of Everett will be required to pay the sum of$107,204 during the year 1998 upon its General Obligation 1982 Housing Authority Bond (Fund 210/239) for payment of principal and interest, and WHEREAS, the City of Everett will be required to pay the sum of $711,172 during the year 1998 upon its General Obligation 1988 Senior Housing/Center Bonds (Fund 210/229 $310,300 and Fund 210/239 $400,872) for payment of principal and interest