Resolution 17-014 SHA Revenue Bonds CITY OF SPOKANE VALLEY
SPOKANE COUNTY,WASHINGTON
RESOLUTION NO. 17-014
A RESOLUTION OF THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY,
WASHINGTON, APPROVING THE ISSUANCE BY THE SPOKANE HOUSING
AUTHORITY OF ITS REVENUE BONDS, (WILBUR AND COOK
PORTFOLIO), SERIES 2017; AND PROVIDING FOR OTHER MATTERS
PROPERLY RELATING THERETO.
WHEREAS, the City of Spokane Valley, Washington (the "City") is a noncharter code city duly
organized and existing under and by virtue of the Constitution and the laws of the state of Washington;
and
WHEREAS, the Spokane Housing Authority (the "Authority"), a public body corporate and
politic of the state of Washington, intends to issue its Revenue Bonds (Wilbur and Cook Portfolio),
Series 2017 (the "Bonds"), in the aggregate principal amount of not to exceed $40,000,000 and to loan
the proceeds thereof to Wilbur and Cook Affordable Portfolio, LLLP, a Washington limited liability
limited partnership(the"Borrower") of which the Authority is the general partner, in connection with the
acquisition and rehabilitation of three existing apartment projects: 3818 North Cook Street and 3724
North Cook Street, Spokane, Washington, containing a total of one hundred seventy-two (172) units of
housing; and 2400 North Wilbur Road, Spokane Valley, Washington, containing a total of two hundred
seven(207)units of housing; and the payment of issuance costs with respect to the Bonds; and
WHEREAS, a public hearing was held by the Authority pursuant to the requirements of Section
147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), with respect to the Bonds, on
May 22, 2017, in Spokane, Washington, following timely notice being published in a newspaper of
general circulation throughout the City; and
WHEREAS, the City Council has received a written summary of the public hearing in which no
public comments were received; and
WHEREAS, the City Council is the elected legislative body of the City with respect to the
approval of the Bonds for purposes of Section 147(f)(2)(A)(ii)of the Code.
NOW, THEREFORE, be it resolved by the City Council of the City of Spokane Valley, Spokane
County, Washington as follows:
Section 1. Approval. Pursuant to the request of the Authority, the City Council hereby
approves the issuance by the Authority of the Bonds, a portion of the proceeds of which will be loaned to
the Borrower to finance the apartment project located in the City of Spokane Valley (and not the portion
located in the City of Spokane).
This approval is intended to comply with the requirements of Section 147(f)(2)(A)(ii) of the
Code in order to permit the issuance of the Bonds. In providing this approval, the City shall take no
financial responsibility and incur no financial liability with respect to the Authority's issuance or
repayment of the Bonds.
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Section 2. Effective Date. This resolution shall take effect immediately upon adoption.
ADOPTED this August 8, 2017.
CITY OF SPOKANE VALLEY, WASHINGTON
10 1 K n
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L.R. Higgins, or /
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LA' 1 it, ' 1.
liristine Bainbridge, MMC, City Cie k
APPROVED AS TO FORM:
• 14
Office of he City Attorney
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