126-23 - Resolution - Reimbursement of Real Property ExpendituresDocuSign Envelope ID: DA9326A6-62A5-40DB-80D6-5CDBC069280A
RESOLUTION NO. 126-23
A RESOLUTION OF THE CITY OF PORT ORCHARD, WASHINGTON, APPROVING THE
REIMBURSEMENT OF REAL PROPERTY EXPENDITURES PAID BY THE CITY PRIOR TO
THE FINANCING OF SUCH EXPENDITURES.
WHEREAS, the City of Port Orchard (the "Local Agency") reasonably expects to reimburse to
itself the expenditures described herein with the proceeds of various financing contracts to be
entered into by the Local Agency (the "Reimbursement Obligations"); and
WHEREAS, the expenditures of which the Local Agency reasonably expects to be
reimbursed from the proceeds of Reimbursement Obligations, are for the acquisition of real
property from Pontoon 1 Investments LLC, identified as Kitsap County Tax Parcel No. 4650-015-006-
0007 (the "Property"), commonly referenced as the 730 Prospect Street (the "expenditures"); and
WHEREAS, the above expenditures with respect to which the Local Agency reasonably
expects to be reimbursed from the proceeds of Reimbursement Obligations will be made from
contributions from Fund 001 for the acquisition real property; and
WHEREAS, the maximum principal amount of Reimbursement Obligations expected to be
issued for the Property described herein is $2,000,000; now therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON, HEREBY RESOLVES AS
FOLLOWS:
THAT: The City Council hereby adopts the recitals expressed above as Findings of
Fact in support of this Resolution.
THAT: The reimbursement to the City of Port Orchard for these expenditures paid
prior to the financing of such expenditures, to be made from the borrowed funds, is
approved.
PASSED by the City Council of the City of Port Orchard, SIGNED by the Mayor and attested by
the City Clerk in authentication of such passage this 19th day of December 2023.
ATTEST:
DocuSigned by:
Brandy Wallace, MMC, City Clerk
F �DocuSigned by:
Robert Putaansuu, Mayor
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