HomeMy WebLinkAbout1261CITY OF KENT, WASHINGTON
RESOLUTION NO. lc:2bl
Council of the City of
to various local
A RESOLUTION of the City
Kent, Washington, relating
improvement districts of the
ratifying interfund loans.
City and authorizing and
WHEREAS, the City of Kent, Washington (the "City"), has
created Local Improvement Districts Nos. 329, 331, 333 and 335
(the "Districts") for the purpose of making various improvements
within those Districts; and
WHEREAS, it is the intention of the City Council to
construct the improvements in each of those Districts and to
authorize, issue and sell its local improvement district bonds
(the "Bonds") or, pending the receipt of the proceeds of those
Bonds, to issue and sell its local improvement district bond
anticipation notes (the "Notes") to pay all or part of the cost
of carrying out those improvements in those Districts; NOW,
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KENT,
WASHINGTON, as follows:
Section 1. Authorization and Ratification of Interfund
Loans for LIDs Nos. 329, 331, 333 and 335. For the purpose of
paying all or a part of the costs of carrying out the
improvements within each of the Districts pending the receipt of
the proceeds of the issuance and sale of the Bonds and/or Notes
or of prepaid special benefit assessments, the following
interfund loans are authorized and approved:
From the General Fund to the Local Improvement Fund,
District No. 329, in the maximum aggregate amount of
$182,325;
From the General Fund and/or the Sewer Fund to the
Local Improvement Fund, District No. 331, in the maximum
aggregate amount of $540,900;
From the General Fund to the Local Improvement Fund,
District No. 333, in the maximum aggregate amount of
$130,000;
From the General Fund, Water Fund and/or Sewer Fund to
the Local Improvement Fund, District No. 335, in the maximum
aggregate amount of $1,261,704,
each of those interfund loans to be repaid on or before issuance
of the respective Bonds and/or Notes, from the proceeds of those
Bonds and/or Notes or from prepaid special benefit assessments.
Any interfund loans made prior to the date of adoption of this
resolution are ratified and affirmed.
Section 2. Interest Rates. Each of the interfund loans
authorized by Section 1 shall bear interest at a variable rate,
adjusted the fifteenth and last day of each month, equal to the
interest rate of the State of Washington Local Government
Investment Pool on the fifteenth and last day of each month.
The initial interest rate on the date of each interfund loan
shall be determined as of the last preceding interest payment
adjustment date.
The foregoing resolution was ADOPTED by the City Council of
the City of Kent, Washington, at a regular open public meeting
thereof this 2nd day of October, 1990.
KELLEHER, MAYOR
ATTEST:
~~
MARIE JENSEN, CITY CLERK
APPROVED AS TO FORM:
ER PEPPER &
ial Counsel
JH0-116"
LMAN,
ond Counsel
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