036-20 - Resolution - Reimbursement of Real Property ExpendituresRESOLUTION NO. 036-20
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 Kitsap County, identified as Kitsap County Tax Parcel Nos. 022301-1-014-2008,
022301-1-006-2008, 4625-000-003-0103, 4625-000-004-0003, 012301-3-035-2000, 022301-1-
059-2004, commonly referenced as the Bethel Road Corridor Properties (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 111, Fund 304 and Fund 423 for the acquisition real property; and
WHEREAS, the maximum principal amount of Reimbursement Obligations expected to
be issued for the property described in Section 2 is $1,431,000; now therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON, HEREBY RESOLVES
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 8t" day of September 2020.
ATTEST:
Brandy inearson, MMC, City Clerk
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Mayor