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44V* <br /> RESOLUTION NO. 4424 <br /> A RESOLUTION authorizing the use of bonds or <br /> other external financing to reimburse City capital <br /> expenditures. <br /> WHEREAS, the City Council wants to retain the ability to use bonds or other <br /> external financing markets for the purpose of capital improvements at city golf <br /> courses; and <br /> WHEREAS, any final decision by the City Council to use external markets for this <br /> purpose will be confirmed by ordinance; and <br /> WHEREAS, federal law requires a resolution of intent of the City Council to <br /> utilize external financing in order to retain that option; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT THAT: <br /> SECTION 1. The City of Everett, Washington reasonably expects to reimburse <br /> the expenditures described herein with the proceeds of debt to be <br /> incurred by the City. <br /> SECTION 2. The expenditures with respect to which the City reasonably expects <br /> to be reimbursed from the proceeds of bonds or other external <br /> financing will be related to improvements at city golf courses, <br /> including related costs. <br /> SECTION 3. The estimated principal amount of debt obligations expected to be <br /> issued for the project described in Section 2 is $6,000,000. <br /> Counc ember Introducing`' -solution <br /> Passed and Approved this 23rd day of April , 1997. <br /> Council President <br />