HomeMy WebLinkAbout1240RESOLUTION NO.
A RESOLUTION adopting a schedule of
expenditure of bond proceeds received from King
County for the acquisition and development of
open space projects.
WHEREAS, the city anticipates receiving approximately
$2,714,746 of principal proceeds of the "King County, Unlimited Tax
General Obligation Bonds (Open Space), 1990 11 for the purpose of
acquiring certain open space projects, and
WHEREAS, in order to provide the County with reliable
information on the expenditure of such bond proceeds, it is
necessary for the City Council to adopt a resolution establishing
and approving an expenditure schedule and authorizing the Director
of Finance to establish a system of accounts for such proceeds so
that the County may rely on such schedule in complying with
applicable tax-exempt bond provisions of the Internal Revenue Code
of 1986, as amended;
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF Kent, Washington that the expenditure schedule for the
proceeds of the "King County, Unlimited Tax General Obligation
Bonds (Open Space), 1990 11 , to be received by the City attached
hereto as Exhibit A is approved and adopted as such expenditure
schedule for the City for the purpose of King County•s compliance
with applicable tax-exempt bond provisions (including Sections 103
and 148) of the Internal Revenue Code of 1986, as amended.
ADOPTED this --~b:L-day of ~ , 1990.
Passed at a regular meeting of the City Council of the
City of Kent, Washington this ~ day of ~
1990.
1
Concurre~ Mayor of the City of Kent,
day of ~ , 1990.
this
DAN KELLEHER, MAYOR
ATTEST:
~~
MARIE JENSEN, CITY C ERK
I hereby certify that this is a true and correct copy
of Resolution No. /c9-<fO , passed by the city Council of the
City of Kent, Washington, the ~ day of'~
1990.
c_ ~---~+--~..-----(SEAL) ~ -~
MARIE JE~i CLERK
-2-
SUBURBAN CITIES OPEN SPACE PROGRAM
QUARTERLY CASH FL~ PROJECTIONS
EXHIBIT A
Bond Proceeds
Cash Flows
QUARTER
1st/90
$79,385
2nd!90
$105,847
3rd/90
$211,694
4th/90
$52,924 I
1st/91 I
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$211,694 I
2nd/91 I
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$185,232 I
3rd/91 I
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$42,339 I
4th/91 I
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1st/92 I
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2nd/92 I
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3rd/92 I
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4th/92 I
PROJECT & $889,115
Administration
$ 20,000
$ 10,000
$ 11,694
$ 11,694
$ 10,000
$ 63,388
CITY OF: KENT
PROJECT: Green River Corridor
BOND PROCEEDS* : $889,116
ALLOCATED BOND
PRINCIPAL: $841,896
PROJECT PHASES
Acquisition Design Construction Total
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I I $ 59,385 I $ 79,385
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I $ 95,847 I I $105,847
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I $180,000 I $ 20.000 I $211,694
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I $ 50,000 $ 2,924 I $ 52,924
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I $ 44,153 $155,847 I $211,694
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I $ 2,291 I $172,941 I $185,232
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$ 42,339 $ 42,339
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$370,000 $ 84,600 $371,127 $889 0 115
PHASE TOTALS ================== ================== ================== ================== ================== ==================
*NOTE: "BOND PROCEEDS" equals the total allocated bond principal plus the expected interest earnings. Actual earnings will be
determined by the bond sale, and by the rate of spending.
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------FEB-d'(-, ::7~,:1 lb: 1(:1~ llJ: Kl-l""'l""'t"':: 1) l t"'::t:.L I Ut"( I t:.L I"'IU • .::::uo.::::. :::'OOOWCJ
SVSURB~N CITIES OPEN SPACE PROGRAM·
QUARTERLY CASH FLOW PROJECTIONS
CITY OF:
PROJECT:
EXHIBIT A
OUARTER
1st/90
2nd/90
l::ent
Tukwila
3rd/90
Kent
Tul:wf La
Hh/90
Kent
Tukwila
1stt91
x:ent
Tukwila
~nd/91
Kent
Tukwil11
3rd/91
Kent
Tukwi lD
4th/9i
Kent
Tukwila
1st/92
Kent
Tukwila
2ncl/92
3rd/92
4th/92
PROJECT &
PHASE TOTALS
KENT PROCEEDS:
TUKWILA PROCEEDS:
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Bond Proceeds
Cuh Flows
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S125,523 I
S115,868.j
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$103,881 I
$95,891 I
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$103,881 I
$95,891 I
$209,927
$193,778
$209,927
$193,778
$11i!,538
$103,881
5112,538
$103,881
Admlnfs atlon
$20,000
$ 5,000
s 5,000
$'10,000
BONO PROCEEDS* :
ALLOCATED BOND
PRINCIPAL;
P R 0 J E C T P H A S E S
Acquisition Desfgn
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I $ 60,000
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$ 10,000
$ 30,000
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I $ 10,000
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I $ 1,365
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$103,881 $,5,ooo 1
1 $95,891
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S1,082,097
$998,858
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KEMT & TUKWILA
Interurban Regional Trails ProJect
Kent
$1,082,096
$1,024,627
Conatruction
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$ 45,523 I
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$ 88,881 I
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$ 68,881 I
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$189,927 I
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$204,927 I
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$102,538 I
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$111,173 I
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$ 98,881 I
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Tukwila
$998,858
$945,810
TOtal
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$125,523 I
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$103,881 I
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$103,881 I
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$209.927 I
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$209,927 I
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$112,538 I
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$112,538 I
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$103,881 I
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*NOTE: "BONO PROCEEDS 11 equals the total allo ated bond principAl plva the expected interest earnings. Actual earning!J will be
determined by the bond sale, end by the rate f spending.
SUBURBAN CITIES OPEN SPACE PROGRAM
QUARTERLY CASH FLOW PROJECTIONS
EXHIBIT A
CITY OF: KENT
PROJECT: Lake Fenwick Trail
BOND PROCEEDS* : $899,700
QUARTER
1st/90
2nd/90
3rd/90
4th/90
1st/91
2nd/91
3rd/91
4th/91
1st/92
2nd/92
3rd/92
4th/92
PROJECT &
PHASE TOTALS
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Bond Proceeds
Cash Flows Administration
ALLOCATED BOND
PRINCIPAL:
P R 0 J E C T P H A S E S
Acquisition Design
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$851,919
Construction
$121,724 $ 30,000 I $ 76,724 $ 15,000
$190,525
$206,402
$52,924
$121,724
$185,232
$21, 169
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$165,525 $ 25,000
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$ 10,000 I $157,751 $ 10,000 $ 28,651
$ 10,000 $ 42,924
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$ 5,000 $116.724
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$ 10,000 $ 10,000 $165,232
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I $ 16,169 ------------______ I _____ _
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Total
$121,724
$190,525
$206,402
$ 52,924
$121,724
$185,232
$ 21,169
*NOTE: "BOND PROCEEDS" equals the total allocated bond principal plus the expected interest earnings. Actual earnings will be
determined by the bond sale, and by the rate of spending.
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