Resolution 757RESOLUTION NO. 757
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EDMONDS, WASHINGTON, RELATING TO THE
FINANCES OF THE CITY AND LOCAL IMPROVEMENT
DISTRICT NO. 213 AND, AMONG OTHER THINGS,
ADOPTING A PLAN FOR INTERIM FINANCING,
AUTHORIZING AND DIRECTING AN INTERFUND LOAN
UPON THE TERMS AND CONDITIONS HEREINAFTER SET
FORTH AND PROVIDING FOR THE REPAYMENT THEREOF;
AND RATIFYING AND CONFIRMING ALL ACTIONS
HERETOFORE TAKEN IN FURTHERANCE OF THE
PURPOSES OF THIS RESOLUTION.
WHEREAS, by Ordinance No. 2878, the Edmonds City Council
(the "Council ") established Local Improvement District No. 213
( "LID No. 21311) for the purpose of installing water and sewer
improvements and restoring affected streets and sidewalks, which
work is progressing; and
WHEREAS, the City is in need of $300,000 on an interim
basis to pay a part of the cost of the construction and restoration
in LID No. 213, and does not have funds readily available for that
purpose; and
WHEREAS, on and after January 6, 1993, sufficient money
will be available in the City's Capital Improvement Fund No. 325 to
make a loan of $300,000 to the City's Local Improvement Fund,
District No. 213, pending the receipt of sufficient assessments or
proceeds of LID No. 213 bonds or notes to repay such loan; NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
0063422.01
Section 1. The total estimated cost of the construction
and renovation in LID No. 213 as estimated by Ordinance No. 2878
was declared to be $545,178.64 and it is found that the sum of
$300,000 is required to complete such work which will be
accomplished before summer.
Section 2. The Council finds and declares that there
will be sufficient money on or after January 6, 1993, in the City's
Capital Improvement Fund No. 325 to make a loan in the principal
amount of $300,000 to the Local Improvement Fund, District No. 213.
The Finance Director is hereby authorized and directed at any time
after January 6, 1993, to transfer as a temporary interfund loan
the sum of $300,000 from the Capital Improvement Fund No. 325 to
the Local Improvement Fund, District No. 213, such loan to bear
interest at the rate of 3.0% per annum (being the interest rate
applicable to the City's Water and Sewer Revenue and Refunding
Bonds, 1993, maturing in 1993) from the date made to the date of
repayment, it being further found and declared that no insolvency
of the lending fund will result from such loan transaction.
Section 3. The Finance Director is further authorized
and directed to transfer from the Local Improvement Fund, District
No. 213 to the Capital Improvement Fund No. 325, as money becomes
available from the collection of assessments or the sale of notes
and bonds, sufficient money to repay in full the principal of and
interest on such loan which it is anticipated will accomplished
before June 30, 1993.
Section 4. Actions heretofore taken prior to the
effective date of this resolution, which will be effective
immediately upon adoption, in furtherance of the interfund loan
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transaction which is the subject of this resolution are hereby
ratified and confirmed in all respects.
RESOLVED this 22nd day of December, 1992.
APPROVED:
Ma or, La ra a 1
ATTEST /AUTHENTICATED:
'ity=ClZerk, Rhonda J. March
FILED WITH THE CLERK: December 17, 1992
PASSED BY THE CITY COUNCIL: December 22, 1992
RESOLUTION NO. 757
0063422.01
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