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1 RESOLUTION 3%0 <br /> 2 A RESOLUTION establishing the cost of providing increases in the <br /> 3 City of Everett Local Improvement District Guaranty Fund as <br /> a part of each LID. <br /> 4 <br /> 5 WHEREAS, the City Council of the City of Everett finds that LID <br /> 6 financing for public works projects has increased significantly over the <br /> 7 past few years, to the extent that Everett has more LID bonds and notes <br /> 8 outstanding than any other city in the State of Washington; and <br /> 9 WHEREAS, as a result of this increased financial activity, the margin <br /> 10 of the LID Guaranty Fund to outstanding LID debt is 8.2% while <br /> 11 Harper-McClean, the City's LID financial advisor, has advised that said <br /> 12 margin should be 10% in order to provide adequate marketability of the <br /> 13 City' s future LID bonds and notes; and <br /> 14 WHEREAS, the City Council has considered objections from property <br /> 15 owners within LID 726 regarding adding the cost of increasing the Guaranty <br /> 16 Fund to LID 726; <br /> 17 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT DOES HEREBY <br /> 18 RESOLVE: <br /> 19 The City Council hereby establishes a policy of requiring each LID to <br /> 20 include an additional cost for increasing the LID Guaranty Fund unless <br /> 21 otherwise limited by special benefit. As an alternative or in addition, <br /> 22 property owners may at their initiative provide Letters of Credit or similar <br /> 23 security to secure bond payments. For LID's coming to closure in 1989 add <br /> 24 5%; in 1990 add 8%; in 1991 add 10%. <br /> 25 <br /> 26 Rego <br /> 27 Councilperson Introducing Resolution <br /> 28 PASSED and APPROVED this old day of , 1951 . <br /> 29 <br /> 30 <br /> 'Counc Presi n <br /> 31 <br /> 32 (3504) <br />