Resolution 03-029 Improvements to Regional Entertainment Facilities K.4ae,421AJO72UMCOV/ro Ra9al
RESOLUTION NO. 03--4. 1"
A RESOLUTION OF THE CITY OF SPOKANE VALLEY, OF SPOKANE
COUNTY, WASHINGTON, SETTING FORTH ITS OFFICIAL INTENTION TO -
MAKE CERTAIN IMPROVEMENTS AND BETTERMENTS TO THE CITY'S
REGIONAL ENTERTAINMENT FACILITIES AND THE ISSUANCE OF
LIMITED TAX GENERAL OBLIGATION BONDS TO PAY PART OF THE
COST OF SUCH IMPROVEMENTS; AUTHORIZING THE DESIGNATION OF
A CITY OFFICIAL TO DETERMINE EXPENDITURES TO BE REIMBURSED
WITH PROJECT FINAINCING; AND PROVIDING FOR OTHER MATTERS
PROPERLY RELATING THERETO
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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 city operating under and by virtue of the
Constitution and laws of the State of Washington;
WHEREAS, the City, within the next 120 days, expects to incur expenses relating to the
development of plans and specifications for possible use in the construction of improvements
and betterments to Maribeau Point— CenterPlace (the "Project"), as well as initial site
development and construction on the Project;
WHEREAS, the City Council of the City, (the "Council"), has determined it is in the best
. interests of the City to pay preliminary and initial acquisition and engineering costs now and
repay these costs with the proceeds of Bonds ("Bond Proceeds") when available; and
WHEREAS, the City desires to declare its official intent to acquire; construct and install
the Project, if approved and if funds are available.
NOW, THEREFORE, BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF
THE CITY OF SPOKANE VALLEY, of 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").
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Section 2: The expenditures for engineering services, site development and
construction, for which the City reasonably expects to be reimbursed from the proceeds of the
Reimbursement Bonds, if authorized and issued, are for the Project.
Section 3: The maximum principal amount of debt obligations expected to be
reimbursed for engineering expenses for the Project referenced in Section 2 is $500,000.00. It is
also expected that the City may undertake additional planning activities and/or incur other
expenses associated with the Project, in anticipation of the issuance of Bonds, which
expenditures will be reimbursed from the proceeds of the Reimbursement Bonds.
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Section 4: The Council hereby designates the City Manager as the appropriate
official of the City ("Official"), to determine which expenses may be reimbursed from the
proceeds of the Reimbursement Bonds. All of these expenses are or will be associated with 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 Council hereby authorizes repayment of any interfund loan
with proceeds of the Reimbursement Bonds.
Section 6: The 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 /,0 day of May, 2003.
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CITY OF SPOKANE VALLEY •
Spokane County, Washington
Mayor
A I l EST:
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cAx.dU
City Clerk
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( SEAL )
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CERTIFICATION
1, 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 May /A , 2003, of which
meeting all members of said 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: — '7--
NOES, Councilmembers: 0 --
ABSENT, Councihmembers: — o —
ABSTAIN, Councilmembers: — o—
1 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.
1N WITNESS WHEREOF, I have hereunto set my hand on May ,�3 , 2003.
Afj
City Clerk
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