Resolution 3493 - Laserfiche WebLink

SECTION 5 : Payment for the property described in the Lease will be initially paid from a construction loan secured by Lessor from a bank. The City has no obligations for repayment of said construction loan. SECTION 6: The City declares that the funds described in Section 5 of this Resolution are not reasonably expected to be allocated on a long-term basis, reserved, or otherwise available pursuant to its budget for financing of the property described in the Lease. SECTION 7 : The principal and interest payable under the Lease is expected to be paid from property tax and other general tax revenues of the City. SECTION 8: The City declares that it has not provided for, and does not intend to provide for, payment of the Lease hereto by budget or other allocations that are inconsistent with this Resolution. SECTION 9 : The City hereby directs that this Resolution be continuously available for inspection by the general public at the City Clerk's Office in City Hall, 3003 Wetmore Avenue, Everett Washington, during normal business hours on every business day beginning 10 days after the date of adoption of this Resolution and ending on the date of commencement of the rental payment obligations under the Lease. SECTION 10: A purpose of this Resolution is to preserve the tax exempt status of the interest component of lease rental payments under the Lease, in the event the Lease is determined to be a reimbursement bond for federal tax purposes. The City itself makes no determination as to the status of the Lease as a reimbursement bond. Councilperson Introducing Re olution PASSED and APPROVED this `jA day of July, 1991. aL(VIACt" (N7171,679-CrW"- Council President Theater