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Home My WebLink AboutRES 2785 i ' s Amended by Re;oiu`tion No. 2835 CITY OF RENTON, WASHINGTON RESOLUTION NO. 2785 A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, ADOPTING A SCHEDULE OF EXPENDITURE OF BOND PROCEEDS RECEIVED FROM KING COUNTY FOR THE ACQUISITION OF OPEN SPACE PROJECTS. WHEREAS, the City of Renton anticipates receiving approximately $2, 941, 560 of principal proceeds of the "King County, Unlimited Tax General Obligation Bonds (Open Space) , 1990" for the purpose of acquiring certain open space projects; and WHEREAS, in order to provide the County with reliable information on the expenditure of such bond proceeds it is necessary for the Renton City Council to adopt a resolution establishing and approving an expenditure schedule for such proceeds so that the county may rely on such schedule in complying with applicable tax-exempt bond provisions of the Internal Revenue Code of 1986, as amended. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO RESOLVE AS FOLLOWS: SECTION I. The above recitals are found to be true and correct in all respects. SECTION II. The expenditure schedule for the proceeds of the "King County, Unlimited Tax General Obligation Bonds (Open Space) , 1990" to be received by the City, attached hereto as Exhibit "A, " is approved and adopted as such expenditure schedule for the City for the purpose of King County's compliance with applicable tax- exempt bond provisions (including Sections 103 and 148) of the Internal Revenue Code of 1986, as amended. 1 RESOLUTION NO. 2785 PASSED BY THE CITY COUNCIL this 26th day of February, 1990. '--(7)16161/1/ :d 4 Marilyn tersen, City Clerk APPROVED BY THE MAYO•_his 26th day of February, 1990. 1 _ \►► J Ea C ymer, Mayo Approved to form: ;4150:0...44— Lawren e War , City Attorney RES.79:2/15/90 2 RESOLUTION NO. 2785 aUBURBAN CITIES OPEN SPACE PROGRAM CITY OF: RENTON • QUARTERLY CASH FLC1 PROJECTIONS PROJECT: Honey Creek Trail EXHIBIT A BOND PROCEEDS* : $396,927 ALLOCATED BOND PRINCIPAL: $375,846 PROJECT PHASES Bond Proceeds Cash Flows Administration Acquisition Design Construction Total QUARTER 1st/90 • 5197,934 14,165 183,769 197,934 2nd/90 98,993 8,165 90,828 98,993 3rd/90 100,000 6;083 93,917 100,000 4th/90 1st/91 2nd/91 3rd/91 4th/91 1st/92 2nd/92 3rd/92 4th/92 PROJECT & $396,927 28,413 368,514 396,927 PHASE TOTALS =--- *NOTE: "BOND PRCCEEDS" equals the total allocated bond principal plus the expected interest earnings. Actual earnings will b! determined by the bond sale, and by the rate of spending. RESOLUTION NO. 2785 SUBURBAN i,I,TIES OPEN SPACE PROGRAM CITY OF: RENTON QUARTERLY CASH FLOW PROJECTIONS PROJECT: Lake Washington Waterfront EXHIBIT A SONO PRCCEEDS* : $158,771 ALLOCATED 30ND PRINCIPAL: $150,339 • PROJECT PHASES Bond Proceeds Cash Flows Administration Acquisition Design Construction Total QUARTER 1st/90 2nd/90 3rd/90 4th/90 1st/91 2nd/91 31,754 5,544 26,210 31,754 3rd/91 127,017 5,569 121,448 • 127,017 4th/91 • 1st/92 • 2nd/92 - - 3rd/92 4th/92 PROJECT & $158,771 $11,113 $147,658 _-_ ` $158,771 — — PHASE TOTALS -- ----- ------_�_w— - - --------- - — *NOTE: "SCND PRCCEEDS" equals the total allocated bond principal plus the expected interest earnings. Actual earnings will E determined by the bond sale, and by the rate of spending. • RESOLUTION NO. 2785 SUBURBAN CITIES OPEN SPACE PROGRAM CITY OF: RENTON QUARTERLY CASH FLOW PROJECTIONS PROJECT: Cedar River Trail EXHIBIT A BOND PROCEEDS" : $2,127,458 ALLOCATED 3CND PRINCIPAL: $2,014,472 PROJECT PHASES Bond Proceeds Cash Flows Administration Acquisition Design Construction Total QUARTER 1st/90 2nd/90 3rd/90 8,330 8,330 8,330 4th/90 30,566 8,330 22,236 30,566 1st/91 42,104 8,750 33,354 42,104 2nd/91 135,484 8,896 33,354 93,234 135,484 3rd/91 271,067 9,188 22,255 239,624 271,067 4th/91 304,443 9,188 22,255 273,000 304,443 1st/92 393,612 14,472 14,300 364,840 393,612 2nd/92 399,603 14,713 20,050 364,840 399,603 3rd/92 127,085 15,195 20,050 91,840 127,085 4th/92 137,882 15,195 2,811 119,876 137,882 1st/93 138,641 15,954 2,811 119,876 138,641 2nd/93 138,641 15,954 2,811 119,876 138,641 PROJECT & $2,127,458 144,165 196,287 1,787,006 2,127,458 PHASE TOTALS --- ---- w - - *NOTE: "BOND PROCEEDS" equals the total allocated bond principal plus the expected interest earnings. Actual earnings will be determined by the bond sale, and by the rate of spending. RESOLUTION NO. 2785 SUBURBAN CITIES OPEN SPACE PROGRAM CITY OF: RENTON QUARTERLY CASH FLOW PROJECTIONS PROJECT: Springbrook Trail EXHIBIT A BOND PROCEEDS* : $423,388 ALLOCATED BONO PRINCIPAL: $400,903 PROJECT PHASES Bond Proceeds Cash Flows Administration Acquisition Design Construction Total QUARTER 1st/90 2nd/90 3rd/90 8,082 8,082 8,082 4th/90 315,306 11,918 303,388 315,306 lst/91 100,000 9,637 90,363 100,000 2nd/91 3rd/91 F 4th/91 1st/92 2nd/92 3rd/92 • 4th/92 PROJECT & $423,388 $ 29,637 $393,751 $423,388 PHASE TOTALS *NOTE: "BOND PROCEEDS" equals the total allocated bond principal plus the expected interest earnings. Actual earnings will be determined by the bond sale, and by the rate of spending.