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A1 Spokane County Promissory NotePROMISSORY NOTE - 0 - Interest Payable from Road District Regular Property Tax Collection Distributions REC.[TALS (1) Pursuant: to RCW 36.32.120(6), the Board of County Commissioners of Spokane County has the care of County property and the management of County funds and business. (2) Pursuant to chapter 35.02 RCW, the City of Spokane Valley has been incorporated having an "official date of incorporation" of March 31, 2003. (3) Pursuant to RCW 35.02.270, Spokane County may make interest free loans to newly incorporated cities during the interim period between the date the newly elected officials take office until the "official date of incorporation." (4) Pursuant to RCW 35.02.180, territory included within a newly incorporated city shall be removed from the road district as of the "official date of incorporation." (5) Whenever any territory forming a part of an incorporated city is part of a road district and road district regular property taxes are collectable on property within such territory, the same shall, when collected by the county treasurer, be paid to such city and placed in the city street. fund. (6) The City of :Spokane Valley will experience a cash flow shortage and as a result thereof has requested that. Spokane County loan it from the County Current Expense fund No. 010 $1;000;000.00 in installments of $300,000.00 upon execution of this Promissory Note, $250,000.00 on January 10, 2003, $250,000.00 on February 10, 2003 and $200,000.00 on March 10, 2003. All interest earned on moneys loaned by Spokane County shall be paid to the Spokane County on March 31, 2003. (7) The City of Spokane Valley will agree to repay the $1,000,000.00 by authorizing the Spokane County Treasurer to automatically transfer and deposit all collected Road District taxes that would otherwise go to the City of Spokane Valley under RCW 35.02.140 after March 31, 2003 to the Spokane County Current Expense Fund No. Ola until such date as said deposits equal $1,000,000.00. NOW, THEREFORE, for and in consideration of Spokane County loaning, interest free, to the City of Spokane Valley from Spokane County Current Expense Fund No. 010 $1,000.000.00 in installments of $300,000.00 upon execution of this Promissory Note, $250,000.00 on January 10, 2003, $250,000.00 on February 10, 2003 and $200,000.00 on March 10, 20031, the City of Spokane Valley, having offices for the transaction of business at 11707 East Sprague Avenue, Suite 106, Spokane Valley, \Washington 99206, promises (1) to pay Spokane County all interest earned on such installments on or before March 31, 2003, and (2) to pay to Spokane County the sum of $1,000,000.00 as follows: The Spokane County Treasurer shall automatically deposit in the Spokane County Current Expense Fund No. 010 all Spokane County Road District regular property taxes that are collected after March 31, 2003 on any property within the City of Spokane Valley until such date as such deposits equal $1,000,000.00. DATED this —J -t14, = clay of Deep er-, 2002. ATTEST: City Clerk By: Clerk CITY OF SPO i`fE rAi LEY: By: Its: �q!