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B. Approval of assignment of all of Contractor ' s <br /> right, title and interests in the Improvements, the Amended and <br /> Restated Ground Lease and the Amended and Restated Lease to the <br /> underwriter selected and approved by the City pursuant to Section <br /> 4 of this Ordinance. <br /> Section 7 . Authorization of Payment of Interim Rent. The <br /> City Treasurer is hereby authorized and directed to provide for the <br /> payment of a reasonable interim rent to the Contractor as may be <br /> negotiated by the City and the Contractor in accordance with the <br /> Construction Contract, provided, however, that such rent shall not <br /> exceed a rate equivalent to $13 , 000 per month. <br /> Section 8 . Assessed Value and Existing Debt. The actual <br /> value of the taxable property within the City as ascertained by the <br /> last preceding assessment for City purposes is $4 , 172 , 666, 816. The <br /> principal amount of outstanding non-voted general obligation <br /> indebtedness of the City is $15, 985, 250, as of September 1, 1991. <br /> The outstanding principal amount of lease debt pursuant to RCW <br /> 35. 42 . 200 authorized by the City as of September 1, 1991, is <br /> $11, 256, 573 . The total amount of outstanding general obligation <br /> indebtedness of the City, whether voted or non-voted and including <br /> lease debt (but not including the Amended and Restated Lease) , as <br /> of September 1, 1991, is $34 , 951, 823 . The obligation of the City <br /> represented by the principal amount of Amended and Restated Lease, <br /> when executed and delivered, shall be $1, 500, 000, which shall not <br /> cause the City to exceed any statutory debt limits. <br /> -6- K:\KR\17863-88.003\250RDINA.IOL <br />