HomeMy WebLinkAbout050-25 - Resolution - Reimbursement of Real PropertyDocusign Envelope ID: A0901 AC5-A9CB-470E-9E8D-281 F2352F198
RESOLUTION NO. 050-25
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 and minor
renovations of real property from Warren Edward Lumsden, identified as Kitsap County Tax Parcel
No. 5392-000-002-0003 (the "Property"), commonly referenced as the 1333 Lloyd Pkwy Purchase
(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
funds that are available but that are not (and are not reasonably expected to be) reserved,
allocated on a long-term basis, or otherwise set aside for those expenditures contributions from
and reasonably expects to be reimbursed for those expenditures from proceeds of bonds or other
obligations ("bonds") issued to finance those Expenditures; and
WHEREAS, the maximum principal amount of Reimbursement Obligations expected to be
issued for the Property described herein is $2,500,000; 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 12th day of August 2025.
�.Signed by:
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Robert Putaansuu, Mayor
ATTEST:
Brandy Wallace, MMC, City Clerk