Ordinance 1818-91 - Laserfiche WebLink

the amortization schedules in Exhibits B-1 and B-21,- provided that (1) the total annual principal payments identified in the amortization schedule must equal the total principal component determined in accordance with the preceding sentence; (2) the sum of the principal component of Lease Payments shall not exceed an amount which causes the total indebtedness created by this Lease, together with all other non-voted debt of the City, to exceed one and one-half percent (1 %) of the value of taxable property within the City as of the time the determination is made, or cause the total amount of lease indebtedness of the City then outstanding to exceed three-quarters of one percent ( . 075%) of the value of taxable property within the City, all in accordance with RCW 39 . 36. 023-0 and RCW 35. 42 . 200; and (3) in no event shall the Lease Payments, including both principal and interest components thereof, exceed prevailing rates for comparable space in the Everett metropolitan area on the date thereof. C. Interest Component of Lease Payments. he' parties hereto intend that tThe interest component of Lease Payments, representing interest on the principal component of Lease Payments to be set forth in Exhibit B-1, has been Shall be determined through a competitive bidding process conducted following substantial upon completion of the Improvements and their hereof. This process shall be undertaken at the direction of the City for the purpose of accomplishing the take-out financing generally described in the Request for Proposals. As part of such process, the City has Shall determined, in its sole discretion, the interest rate component to be applied to each annual amortization of the principal component of Lease Payments, the dates on which the principal components and interest components of Lease Payments shall be due (interest on each principal component to be payable semiannually, with a single principal component payable each year) and such information is shall be set forth in Exhibit B at or prior tothe Payment Obligation Commencement Date. The interest rate component of such Lease Payments does Shall not exceed the rate(s) at which the Lessor may assign this Lease at a price of 100% of the total principal portion of the Lease Payments to an assignee acceptable to and selected by the City, as of the Payment Obligation Commencement Date. D. Pledge to Pay Lease Payments. From and after the Substantial Completion Date, the City covenants to make all Lease Payments, as determined in accordance with this Section 4 . 1, at such times and in such amounts as set forth in Exhibit B-2 . The _ _ _ . _ _ - _ the Lease Payments constitutes a general obligation and indebtedness of the City. The City hereby pledges to budget and appropriate from revenues available without a vote of the City's electors, amounts sufficient, together with -6- D0T439 91/09/24