Resolution 427-- L f
RESOLUTION NO. 427
A RESOLUTION OF THE CITY OF EDMONDS, WASHINGTON,
AUTHORIZING THE FINANCE. DIRECTOR TO BORROW
MONIES AND ISSUE INTEREST BEARING WARRANTS FOR
PAYMENTS OF ACQUISITION, MAINTENANCE AND REPAIR
OF THE EDMONDS ELEMENTARY SCHOOL BUILDING AND
GROUNDS.
WHEREAS, the City of Edmonds and the Edmonds
School District No. 15 have reached an agreement on the
purchase price of the Edmonds Elementary School, and
WHEREAS, certain repairs and maintenance expenses
will be incurred in order to prepare the building and grounds
for use by the City of Edmonds and the public, and
WHEREAS, the City Council intends to submit to the
voters a bond proposal for financing the cost of acquisition
and repairs of the Elementary School building and grounds,
and
WHEREAS, in the meantime, a method of financing
must be provided, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
Section 1. The Finance Director is hereby author=
ized to borrow monies as needed to provide the necessary
funds for the acquisition, maintenance and repair of the
Edmonds Elementary School building and grounds. The term of
said financing shall not exceed one year and the interest
rate shall not exceed six and one-half percent (6-1/2%) per
annum. The total amount of said loans shall not exceed the
sum of $ 612,000
Section 2. The Finance Director is authorized to
issue interest bearing warrants in conformance with the
authorization contained in Section 1 of this Resolution to
such financial institution selected to provide said interim
financing. Said warrants are to bear interest at,a rate not
to exceed six and one-half percent (6-1/2%) per annum and
shall be issued for period not to exceed one year. The
total amount of said warrants shall not exceed the sum of
$ 612,000
Section 3. The warrants shall be paid from the
proceeds of general obligation bonds to be issued at a later
date and/or other available city funds.
APPROVED:
MAYOR, H.H. Harrison
ATTEST/AUTHENTICATED:
,6tc,,( f TY CLERK,
FILED WITH THE CITY CLERK: February 15, 1979
PASSED BY THE CITY COUNCIL: February 27, 1979
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