HomeMy WebLinkAbout1098RESOLUTION NO. !r> 9 0
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A RESOLUTION of the City Council of the
City of Kent, Washington, relating to the
Washington state Public Works Trust Fund;
acknowledging the intention of the City of Kent
to enter into a loan agreement with the
Washington State Public ~larks Board for the
reconstruction of the Kent Springs Water
Transmission Main.
WHEREAS, the City of Kent has applied for a Washington
State Public Works Trust Fund loan to reconstruct approximately
20,000 linear feet of the City's Kent Springs Water Transmission
Main starting at 104th Avenue S.E. near S.E. 267tn Street thence
running southeasterly to S.E. 286th Street and ll8th Avenue S.E.
thence running northeasterly to and ending at 132nd Avenue S.E.
and S.E. 272nd Street, which will hereafter be called "the
Project"; and
WHEREAS, the Washington State Public Horks Board has
selected the Project for financing, subject to approval by the
Washington State Legislature; and
WHEREAS, RCW 43.155.070 requires that applicants must
have adopted the local option 1/4% real estate excise tax, as
described in Chapter 82.46 RCW, and the City of Kent has done so
pursuant to Ordinance 2573 (August 5, 1985); and
WHEREAS, RCW 43.155.170 requires that applicants must
have adopted a long-terr.l financing plan for public \JOrks, and the
City of Kent has adopted 1986-1990 Capital Improvement Program on
July 15, 1985; and
WHEREAS, the City of Kent will comply with all state and
local regulations, including non-discrimination in employment and
the obtainment of any applicable environmental permits; and
WHEREAS, RCW 43.155.060 requires that the project will be
put out for competitive bids and administered according to
standard local procedure; and
HHEREAS, the project will follow currently accepted
design standards; and
WHEREAS, moneys from the Public Works Trust Fund loan,
hereafter called "the loan," will be ctpplied only to the project
identified in this resolution; and
WHEREAS, the loan will not exceed 90% of costs incurred
for the project; and
WHEREAS, the loan will be for an amount not to exceed
$400,000.00; and
WHEREAS, the loan will carry a 3% annual interest rate;
and
\lHEREAS, it is understood that the project will begin
within three months from the date a loan agreement is signed; NOW
THEREFORE
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The City of Kent acknowledges its intention
to enter into a loan agreement with the Public Works Board,
provided that the terms and conditions for a Public Works Trust
Fund loan are satisfactory to both parties.
Passed at a regular meeting of the City Council of the
City of Kent Washington this rX/ day of ~ 1986 .
. I iJ
day of ~urred'i~g~~.ther--~ ~f Kent, this&.;;>_
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DAN KELLEHER, MAYOR
ATTEST:
~~ MARIE J~~~ CLERK
APPROVED AS TO FORM:
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I hereby certify that this is a true and correct copy of
Resolution No. !01~ , passed by the City Council of the City of
Kent, Washington, the c).f day of ~ , 1986.
03520-130
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