HomeMy WebLinkAbout98-112Resolution No. 98- //
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND
AUTHORIZING REIMBURSEMENT FROM THE STATE LOCAL OPTION ASSET
LENDING PROGRAM ('LOCAL') FOR PEG STUDIO CAPITAL EQUIPMENT
EXPENDITURES FROM THE PEG ACCESS FUND
The City Council of the City of Port Townsend, Washington, does re.solve as follows:
WHEREAS, the 'Form of Reimbm'sexnent Re~lution' is one of the required (by the State
Treasurer's Office) financing documents for the LOCAL loan; and
~, the Rdmburseanent Re.solution allows the City to order, acquire, and pay for
the equipment,
NOW, TH'ERI~.I~RE, BE IT RESOLVI~, by the City CounCil for the City of Port
Townsend as follows:
1. The City of Port Townsend (the 'Local Agency') reasonably expects to reimburse
the expenditures for the broadcast-quality studio set up, editing suite, camera field pack, and
studio lighting equipment for the PF.G Access studio, with the proceeds of a financing contract
to be entered into by the Local Agency (the 'Reimbursement Obligation').
2. The expenditure~ with respect to which the Local Agency reasonably expects to be
reimbursed from the proceeds of Reimbursement Obligations will be made from the PEG Access
Fund,
3. The maximum principal amount of Reimbursement Obligations expected to be
issued for the equipment deSCribed in paragraph 2 above is ,$47,500.00.
ADOPTI~ by the City Council of the City of Port Townsend and signed by the Mayor
on this 2nd day of November, 1998.
Attest:
Pam Kolacy, City Clerk~
10/28/98 [Cable] CA§Res{Pg-OReimb.res}
Sulie ~cCulloch, Mayor