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Section 2 . The property described in Attachment A hereto <br /> with respect to which the City intends to assist in enabling the <br /> Lessor to obtain reimbursement for Lessor's interim construction <br /> financing is property having a reasonably expected economic life <br /> of at least one (1) year. <br /> Section 3 . Payment for the property described in Attachment <br /> A hereto will be initially paid from a construction loan secured <br /> by Lessor from a bank. The City has no obligations for repayment <br /> of said construction loan. <br /> Section 4 . The City declares that the funds described in <br /> Section 3 of this Resolution are not reasonably expected to be <br /> allocated on a long-term basis, reserved, or otherwise available <br /> pursuant to its budget for financing of the property described in <br /> Attachment A hereto. <br /> Section 5. The principal and interest payable under the <br /> Lease is expected to be paid from property tax revenues of the <br /> City. <br /> Section 6. The City declares that it has not provided for, <br /> and does not intend to provide for, payment of the property <br /> described in Attachment A hereto by budget or other allocations <br /> that are inconsistent with this Resolution. <br /> Section 7 . The City hereby directs that this Resolution be <br /> continuously available for inspection by the general public at the <br /> City Clerk' s Office in City Hall, 3002 Wetmore Avenue, Everett <br /> Washington, during normal business hours on every business day <br /> beginning 10 days after the date of adoption of this Resolution <br /> and ending on the date of commencement of the rental payment <br /> obligations under the Lease. <br /> Section 8 . The purpose of this resolution is to preserve the <br /> tax exempt status of the interest component of lease rental <br /> payments under the Lease, in the event the Lease is determined to <br /> be a reimbursement bond for federal tax purposes. The City itself <br /> makes no determination as to the status of the lease as a <br /> reimbursement bond. <br /> ADOPTED at a regular meeting of the City Council of the City <br /> of Everett, this 29 day of May, 1991. <br /> Councilperson Introducing Resolution <br /> ( d'ukiid'//7( <br /> Council Preside t <br /> K:\KR\EVT.RBR <br />