Resolution 267RESOLUTION NO. 267
A RESOLUTION OF THE CITY OF EDMONDS, WASHINGTON,
STATING THE INTENTION OF THE CITY COUNCIL OF SAID
CITY TO AUTHORIZE THE ISSUANCE AND SALE OF UP TO
$100,000 PAR VALUE OF COUNCILMANIC "GENERAL
OBLIGATION BONDS"OF SAID CITY AS THE CITY'S SHARE
OF FUNDS NECESSARY FOR THE ACQUISITION OF REAL
PROPERTY AND CONSTRUCTION AND/OR ALTERATION OF
EXISTING IMPROVEMENTS THEREON PURSUANT TO HUD
FILE No. NFP -WA -10-19-1001.
WHEREAS, the City of Edmonds, Washington, has determined
a need for a "neighborhood facility, and
WHEREAS, the U.S. Department of Housing and Urban
Development has grant funds available for such "neighborhood
facilities," and
WHEREAS, the City of Edmonds' share, together with such
grant monies as are available in order to acquire the necessary
real property and commence construction and/or alteration of
improvements existing thereon, will be up to $100,000, and
WHEREAS, the City of Edmonds, Washington, does not
have available sufficient funds for its share of the cost of
said proposal at this time, but will be required to issue
councilmanic bonds for its share of said costs, and
WHEREAS, the U.S. Department of Housing and Urban Develop-
ment requires that the City of Edmonds evidence its intent to
provide its share of the financing necessary for said project,
now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDMONDS:
Section 1. That it is the intention of the City Council
of the City of Edmonds to provide up to $100,000 for the
purpose of providing a neighborhood facility in conjunction with
a grant for such facility to be received from the U.S. Department
of Housing and Urban Development, pursuant to application
No. NFP -WA -10-19-1001. Said monies are to be used for the
acquisition of real property and the improvements located thereon,
which property is commonly known as 220 Admiral Way, Edmonds,
Washington, together with construction and/or alteration of
existing improvements on said property.
Section 2.
That the City's share of the cost of
acquisition and development shall not exceed $100,000 and said
funds shall be obtained by the issuance of up to $100,000 par
value of General Obligation Bonds, which bonds shall be issued
within the limit up to 3/4 of 1% of the value of the taxable
property within the City permitted without a vote of the
electors within the City for general municipal purposes.
Section 3. That the ordinance authorizing the issuance
and setting the date of sale of said bonds shall be processed
and said bonds issued and sold as soon after notification
from the U.S. Department of Housing and Urban Development of
approval of the application for grant funds has been received
as the laws of the State of Washington relating to such matters
allow.
APPROVED:
-tel t
d �
MAYOR -
ATTEST:
CITY CLERK
PASSED: September 5, 1972
FILED WITH THE CITY CLERK: September 5, 1972