Resolution 6500006.
WSS /naa
10/29/86
R: 11/04/86 65'0
RESOLUTION N0.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EDMONDS, WASHINGTON, PROVIDING FOR THE
PROVISION OF AN INTEREST FREE LOAN OF $49,083
FROM THE LID GUARANTY FUND NO. 613 TO CAPITAL
IMPROVEMENT FUND NO. 325, IN ORDER TO MAKE
PAYMENT FOR THE CITY'S SHARE OF THE CENTRAL
DISPATCHING FACILITY CONSTRUCTED PURSUANT TO
AN INTERLOCAL AGREEMENT DATED MAY 10, 1983
WHEREAS, the City of Edmonds has entered into an
interlocal agreement with the City of Lynnwood and the City of
Mountlake Terrace to construct a central dispatching facility as
a part of SNOCOM; and
WHEREAS, the City is obligated to make payment of
$62,746, representing 24.08% of the construction costs, to the
City of Lynnwood in order to reimburse them for such costs; and
WHEREAS, the City Council deems it appropriate to
commit real estate excise taxes collected in the year 1989 for
said purpose; and
WHEREAS, the LID Guaranty Fund is required to maintain
a 15% cushion to provide for the guaranteed repayment of local
improvement district obligations; and
WHEREAS, a current balance of 22% of said fund is
available for that purpose, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
Section 1. The Finance Director of the City of Edmonds
is hereby authorized to make appropriate fund transfers in order
r_
to provide for an interest free loan of $49,083 from the LID
Guaranty Fund No. 613 to the Capital Improvement Fund No. 325 and
to utilize the funds so transferred in order to reimburse the
City of Edmonds for the City's share of the central dispatching
facility for the SNOCOM building constructed pursuant to an
interlocal agreement dated May 10, 1983, between the City of
Mountlake Terrace, the City of Lynnwood and the City of Edmonds.
Said loan will constitute a portion of the $62,746 payment due.
Section 2. Said loan shall be repaid from real estate
excise tax revenues collected in the calendar year 1989.
RESOLVED this 10
day of November
. 1986.
APPROVED:
MAYOR, LARK UG TEN
ATTEST /AUTHENTICATED:
(/CITq CLERK, JACQUELINE G. PARRETT
FILED WITH THE CITY CLERK: November 5, 1986
PASSED BY THE CITY COUNCIL: November 10, 1986
RESOLUTION NO. 650
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