Resolution 03-042 Intent to Construct Regional Center - CenterPlace K:t48 421)00031b1C0MCO_R29FZ
RESOLUTION NO. 03-042
A RESOLUTION OF THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY,
WASHINGTON, SETTING ING FORTH ITS OFFICIAL INTENTION TO
CONSTRUCT A REGIONAL CENTER WITHIN THE BOUNDARIES OF THE
CITY; AUTHORIZING THE ISSUANCE OF TAX EXEMPT BONDS FOR
PROJECT FINANCING; AUTHORIZING APPROPRIATE OFFICIALS TO
ENTER INTO AGREEMENTS AND CONTRACTS REGARDING THE
PROJECT; AND PROVIDING FOR OTHER MATTERS PROPERLY
RELATING THERETO
CITY OF SPOKANE VALLEY
Spokane County,Washington
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SPOKANE
VALLEY, of Spokane County, Washington, as follows:
WHEREAS, the City of Spokane Valley, of Spokane County, Washington (hereinafter
the "City), is a duly organized and existing municipal corporation under and by virtue of the
Constitution and laws of the State of Washington; and
WHEREAS, the City is planning to construct a"Regional Center" as defined in RCW
Chapter 35.57 (the "Project"), and to commence work on the Project within the next thirty (30) to
forty-five (45)days and pay the costs of the Project with tax exempt financing; and
WHEREAS, the City Council of the City, (the "City Council"), has determined it is in the
best interests of the City to pay preliminary planning and initial construction costs now and repay
these costs with the proceeds of financing; and
WHEREAS, the City desires to declare its official intent to construct and install, if funds
are available, the Project;
NOW, Tl-IEREFORE, BE IT FURTHER RESOLVED by the City Council of the City of
Spokane Valley, Spokane County, Washington, as follows:
Section 1: The City reasonably expects to reimburse the expenditures described
herein with the proceeds of the debt to be incurred by the City (the "Reimbursement Bonds").
Section 2: The expenditures with respect to which the City reasonably expects to be
reimbursed from the proceeds of the Reimbursement Bonds are for the Project.
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Section 3: The maximum principal amount of debt obligations expected to be issued
for the Project referenced in Section 2 is $2,000,000.00, and the appropriate officers of the City
are hereby authorized to commence planning for the Project.
Section 4: The appropriate officials of the City are authorized to arrange for and enter
into an interfund loan, if necessary and appropriate to finance a portion of the cost of the project.
Section 5: If an interfund loan or other source of City funds is arranged to pay for a
portion of the costs of.the Project, the City Council hereby authorizes repayment of any interfund
loan with proceeds of the Reimbursement Bonds.
Section 6: The City Council hereby ratifies all acts previously taken by officials of
the City that are not inconsistent with this Resolution.
Section 7: This Resolution shall become effective immediately upon its passage.
DATED this a.2. day of 2003.
CITY OF SPOKANE VALLEY,
Spokane County Was 'ngton
Mayo
A �S7
City lerk r
(SEAL)
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CERTIFICATION
I, the undersigned City Clerk of the City of Spokane Valley, of Spokane County,
Washington, HEREBY CERTIFY that the foregoing Resolution is a full, true and correct copy of
a Resolution duly passed and adopted at a regular meeting of the City Council of the City, duly
and regularly held at the regular meeting place thereof on July aa, 2003, of which meeting all
members of said City Council had due notice, and at which a majority thereof were present, and
that at said meeting said Resolution was adopted by the following vote:
AYES, and in favor thereof, Councilmembers:
Michael DeVleming, Diana Wilhite, Rich Munson, Steve Taylor,
Gary Schimmels, Dick Denenny, Mike Flanigan
NOES, Councilmembers: none
ABSENT, Councilmembers: none
ABSTAIN, Councilmembers: none
I FURTHER CERTIFY that I have carefully compared the same with the original
Resolution on file and of record in my office; that said Resolution is a full, true and correct copy
of the original Resolution adopted at said meeting; and that said Resolution has not been
amended,modified, or rescinded since the date of its adoption, and is now in full force and
effect.
IN WITNESS WHEREOF, l have hereunto se ry hand on July 2003.
l4J-tx r 3
City Clerk
( SEAL)
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