ORDINANCE NO. 457
AN ORDINANCE of the City Council of the City of Lakewood, Washington, relating to borrowing and the lending of money to the Local Improvement District No. E1108 Funds, created for the purpose of installing half-street improvements including, but not limited to, road widening, curb, gutter, sidewalk, storm drainage, street lighting, landscaping and related street improvements, and authorizing interfund loans pending the issuance of bonds authorized by Ordinance No. 391, or other permanent financing.
WHEREAS, pursuant to Ordinance No. 391 (the ?Formation Ordinance?), the City of Lakewood, Washington (the ?City?) formed Local Improvement Districts No. E1108 (?the LID?) for the purpose of installing half-street improvements including, but not limited to road widening, curb, gutter, sidewalk, storm drainage, street lighting, landscaping and related street improvements (the ?Improvements?); and
WHEREAS, the total estimated cost and expense of the improvements in LID No. E1108 was declared in the Formation Ordinance to be $964,939; and
WHEREAS, the City desires and deems it to be in the best interest of the City that temporary loans be made from available City funds for the purpose of providing on an interim basis money with which to pay costs of constructing the Improvements in the LID described in the Formation Ordinance up to the amount related above; and,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKEWOOD, WASHINGTON, DO ORDAIN as follows:
Section 1. Authorization of Borrowing and Interfund Loans. Pending the receipt of the proceeds of the bonds authorized pursuant to Ordinance No. 391, or other permanent financing, the Assistant City Manager of the City is authorized to provide as needed for temporary loans (the ?Loans?) to the City?s Local Improvement Funds, for District No. E1108, created by the Formation Ordinance, from the City?s Surface Water Management Fund No. 401 or other available and appropriate funds of the City, for the purpose of paying interim construction costs of Improvements in the LID. The Loans shall be in the aggregate principal amount not to exceed $964,939, which is intended to be assessed against the property specifically benefited by the improvements in the LID. The Loans shall bear interest annually at a rate of 5% due upon repayment from the proceeds of bonds or other permanent financing. The terms of the Loans shall not exceed three years.
The City Council finds that making the Loans is in the best interest of the City and will not adversely affect a lending fund.
Section 2. Ratification. All actions previously taken consistent with or in furtherance of the provisions and purposes of this ordinance are ratified and confirmed.
Section 3. Effective Date. This ordinance shall take effect and be in full force from and after its passage and five (5) days following its publication as required by law.
PASSED by the City Council of the City of Lakewood, Washington, at a regular open public meeting thereof this 1st day of October, 2007.
Claudia B. Thomas, Mayor
Alice M. Bush, MMC, City Clerk
Heidi Ann Wachter, City Attorney
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