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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: <br /> Amended and Restated X Briefing COUNCIL BILL# <br /> Interlocal Agreement between Proposed Action Originating Department Finance <br /> the City of Everett and the Consent Contact Person Susy Haugen <br /> Everett Public Facilities X Action Phone Number 425-257-8612 <br /> District for a Contingent Loan First Reading FOR AGENDA OF July 11,2018 <br /> Agreement Relating to the Second Reading <br /> Everett Public Facilities Third Reading <br /> District's 2018 Bond refinance Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> Administration <br /> Council President <br /> Location Preceding Action Attachments Department(s) Approval <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: The Everett Public Facilities District(EPFD)has an opportunity <br /> to refinance its outstanding 2007 Revenue Bonds and extend the final maturity to 2041. The result of the <br /> refinance will reduce its annual debt service requirements and significantly improve the EPFD's financial <br /> position. The EPFD has requested the City to assist in this refinance with a contingent loan agreement to <br /> lower its borrowing costs. Under the contingent loan agreement,the City would be required to fund the <br /> EPFD's debt service in the event that the EPFD lacked sufficient funds at the time of payment. Any <br /> advances made by the City would be in the form of a loan to the EPFD. <br /> The City and EPFD have entered into a number of Interlocal Agreements in prior years relating to the <br /> financing of the Everett Events Center. In an effort to simplify the record,the attached Agreement <br /> consolidates the prior agreements and provides for the new Contingent Loan Agreement in one document. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Authorize the Mayor to sign the Amended and Restated Interlocal Agreement between the City of Everett <br /> and the Everett Public Facilities District for a contingent loan agreement relating to the Everett Public <br /> Facilities District's 2018 Bond refinance <br /> 7 <br />