RESOLUTION NO. J.dd/- 3 A RESOLUTION of the City Council of the City of Issaquah, Washington, approving the formation of Issaquah Community Properties, a Washington nonprofit corporation, and the initial members of the board of directors of the corporation, and approving the issuance and sale of bonds by Issaquah Community Properties on behalf of the City to finance road, water, sewer and park improvements, and other capital improvements, for the City of Issaquah; and approving the issuance of those bonds for purposes of Section 147(f) of the Internal Revenue Code of 1986. WHEREAS, Issaquah Community Properties (the "Corporation") has been formed as a Washington nonprofit corporation, as set forth in the Articles of Incorporation of the Corporation on file with the City Clerk (the "Aricles"); and WHEREAS, the initial members of the Board of Directors of the Corporation are the persons listed on the attached Exhibit A; and WHEREAS, the purpose of the Corporation is, among other things, to assist in the erection and maintenance of public buildings, monuments, facilities, housing, utilities or works, and to undertake other activities that lessen the burdens of governent, including but not limited to the needed improvements listed on Exhibit B attached hereto and other capital improvements (collectively, the "Project") for the City ofissaquah (the "City"); and WHEREAS, the Corporation plans to finance the Project by the issuance of bonds in the estimated amount of not- to-exceed $67,000,000 on behalf of the City; and WHEREAS, the Issaquah City Council published notice of a hearing on the proposed issuance of bonds by the Corporation consistent with the requirements (if applicable) of Internal Revenue Service regulations issued in connection with the Tax Equity and Fiscal Responsibility Act of 1982 (Section 147(f) of the Internal Revenue Code of 1986); and WHEREAS, a hearing on the proposed issuance of bonds by the Corporation was held before the City Council on November 6, 2000, and all persons who desired to do so were afforded the opportunity to speak; 5017543302-1-
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ISSAQUAH, WASHINGTON, as follows: Section 1. Approval of Formation of Corporation and Initial Board. The City Council hereby approves the formation of the Corporation for the purposes provided in the Articles. The City further approves the appointment of the initial members of the Board of Directors of the Corporation as listed on Exhibit A. Section 2. Approval of Project and Financing Plan. For the purpose of complying with the requirements of Revenue Ruling 63-20 of the U.S. Deparment of Treasury (as compiled and supplemented by Revenue Procedure 82-26 of the U.S. Deparment of Treasury), the City Council hereby acknowledges and approves the Corporation's plans to finance its acquisition, construction and equipping of the Project by the issuance of its tax-exempt revenue bonds in the aggregate principal amount of not to exceed $67,000,000 (the "Bonds"), which Bonds are hereby approved. The Corporation's construction of the Project will lessen the City's governental burden of providing such services, and wil benefit the public and the welfare of the residents of the City. The Bonds shall not be deemed to constitute obligations, either general, special or moral, of the State of Washington, the City of Issaquah or of any other political subdivision of the State, or pledge of the faith and credit of the State, the City or of any other political subdivision of the State. Neither the State, the City or any other political subdivision of the State shall be obligated, directly, indirectly or contingently, to levy any taxes or appropriate or expend any funds whatsoever for the payment of the Bonds. The City agrees that at or prior to the time that the Bonds (or any other bonds or obligations of the Corporation that refund or refinance the Bonds) are retired, the City will accept delivery of full legal and unencumbered title to Project for no additional consideration. Section 3. Approval of Bonds Under Section 147(0 ofinternal Revenue Code. For the purpose of complying with the requirements (if applicable) of Section 147(t) of the Internal Revenue Code of 1986, as amended, the City Council approves the issuance of the Bonds. 50 i 75433 02-2-
Section 4. Effective Date. This resolution shall be effective immediately upon its adoption. PASSED by the City Council this.5 -- day of ~,2001. APPROVED: ~ FRËt~~;:,~ un L-PR~SIDENT APPROVED by the Mayor this ~ tl day of l: ~,2001. ( /.~g II". i. /,..)'1' 1~"..~l,tV. \ ' A VA FRISINGER, MI( OR FILED this l, d day of ÇJ ~,2001. ATTEST: ~ ~ LIN A RUEHLE, CITY CLERK APPROVED AS TO FORM: HE CITY ATTORNEY RESOLUTION NO. J.061-3 50175433.02-3-
CERTIFICATE I, the undersigned, City Clerk of the City of Issaquah, Washington (the "City"), DO HEREBY CERTIFY: 1. That the attached Resolution No. i4~/-.3 (the "Resolution") is a true and correct copy of a resolution of the City Council of the City, as finally adopted at a meeting of the City Council held on the 5th day of Februar, 2001, and duly recorded in my offce. 2. That said meeting was duly convened and held in all respects in accordance with law, and to the extent required by law, due and proper notice of such meeting was given; that a quorum of the City Council was present throughout the meeting and a legally suffcient number of members of the City Council voted in the proper manner for the passage of said Resolution; that all other requirements and proceedings incident to the proper passage of said Resolution have been duly fulfilled, caried out and otherwise observed, and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Issaquah, Washington this l, ri day of Februar, 2001. ~~ /~ It~ City Clerk SOI7S4330i -4-
EXHIBIT A Initial Board Members of Corporation Sara Loveland National Development Council 51 East 420d Street, Suite 300 New York, NY 10017 Scott Rodde National Development Council 1500 3rd Street, Suite 3 Napa, CA 94558 Haaim Rashed National Development Council 1932 1 sl Avenue, Suite 800 Seattle, W A 98101 S0J7543302 EXHIBIT A
EXHIBIT B Description of Project The Project shall consist of the following facilties together with such other improvements to be constructed and dedicated to the City pursuant to the Issaquah Highlands Development Agreement dated June 19, 1996 (Rec. # 9606251228), as amended, and associated plans, plats and approvals related to infrastructure and capital facilities: South SPAR Road Phase 2 Water Supply Pump Station 742 Water Reservoir Pump 1250 Water Reservoir Regional Water Facilities Traffc Signal (l Park Drive Road and South SPAR Park Drive Road Gilman Sewer Other roads, sewer, water, dry utilities, and parks as needed. SOI754J302 EXHIBIT B
. DISTRIBUTION SCHEDULE City of Issaquah. Ordinance # Resolution # UJt//- J /-~/-C)r 2-.; i-~ l, 2 - l, i. -. Z-5"~j Date submitted to City Clerk Date passed by City Council Signed by Mayor Signed by Council President Signed by City Clerk Date posted Date(s) published Date effective ebject:) ~l....~ ~if~%z~~ r t1 ~~U ~~;uds c"c3-u ~ ':) ~ Copies of executed document distributed as follows: / Ord/~Ie (original) (+. u UÆ.) -- Copies for posting I MR&SC (35A.39.010) IIMC Code Publishing Co. District Court, Judge Ottinger Lynn Moberly, City Prosecutor Hearing Examiner City Attorney o~;,/ If t (i/,( :L).!c'",; j"1lj;fur (65) Cl-'l+th v-) c!(! u-.l I w(n-t9.rt's.) Certified Copies provided as follows: \ 1- ~ Building Department Code Compliance Offcer Finance Department r1'u Fire Department Parks Department Planning Department Police Department (Chief + 2) Public Works Department ~ ) P '-I 13~ Public Works O&M (Shop) ~~~ To King County for recording: (Signed) Yes, No (Date) z - 7- " i cc: City Attorney Ord/Res # 2001-.3 S\FORMS\O.-Res.Distr.Sched.doc Rev. 4-