HomeMy WebLinkAbout1187RESOLUTION NO. II S7
A RESOLUTION of the City Council of the
City of Kent, washington, relating to funding
for transportation improvement projects; and
reserving councilmanic debt capacity for 1989
and 1990 in the amount of $5.05 million to
finance a portion of the construction of the
277th Corridor Project on the south end of the
City of Kent.
WHEREAS, the City of Kent City Council has identified the
need for transportation improvements as a high priority for
expenditure for a number of years; and
WHEREAS, the construction of east-west corridors has
specifically been identified as one of the elements necessary to
alleviate traffic congestion in the City; and
WHEREAS, the City Council has previously set aside funds
from its Capital Improvement Program for determining the
feasibility and acquisition of right-of-way for the 277th Corridor
Project to implement in part the Green River Valley Transportation
Action Plan; and
WHEREAS, the City Council is determined to proceed with
construction of a portion of the 277th Corridor Project in
compliance with State and local laws; and
WHEREAS, the City Council has determined that a portion
of the cost of construction of the 277th Corridor Project should
be paid through the issuance of councilmanic debt; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The City shall proceed with the planning,
design, and construction of the 277th Corridor Project; the cost
of which will be paid for from existing Capital Improvement
Program funds already set aside for this purpose, funds from other
governmental agencies, including the City of Auburn, King County,
and the State of Washington; and the issuance of councilmanic debt
in the amount of approximately $5.05 million to be issued in two
separate obligations of $2.95 million in early 1989 and $2.1
rrillion in early 1990.
Section 2. $5.05 rrillicn in councilrranic debt capacity
for 1989 and 1990 is reserved for this purpose.
Passed at a regular rreeting of the City Council of the
City of Kent, Washington this cJ.3 day of /Lc-ue:%1'--0'7...-1988.
Concurred in by the
day of 'n./.rve·trvJ--<-'1.-J , 19 8 8 •
Mayo~ of the City of Kent,
. ') l1
\.· 1----=--~' ~-~)--"-----
this . .Jc
DAN KELLEHER, MAYOR
ATTEST:
? 6 te_ ({_ cf2 &.../
BRENDA JACOBER, CLE~K
I hereby certify that this is a true and correct copy of
Resolution No. II >f 7 , passed by the City Council of the City of
Kent, Washington, the ,-}___ { cay of fLt.--z.-enJ,-t:~. .. /, 1988.
6310-23C
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