HomeMy WebLinkAbout88-067RESOLUTION NO. 88-67
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PORT TOWNSEND PLEDGING FINANCIAL
SUPPORT OF THE EXPANSION AND RENOVATION
OF THE PORT TOWNSEND PUBLIC LIBRARY
WHEREAS, the Port Townsend City Council adopted Resolution No. 88-22 on March. l, 1988,
declaring its intent to appropriate a sum up to $150,000 to support the renovation
and expansion of the Port Townsend Public Library provided that the Washington
State Library awarded the city a grant of $300,000 and the Library Board agreed to
raise sufficient additional funds in the future years to reimburse the City each
year for interest expenses incurred, and,
WHEREAS, on June 9, 1988, the Washington State Library did award the city a grant
of $248,000 for the proposed renovation and expansion of the Port Townsend Public
Library, and,
WHEREAS, fundraising efforts directed by the Port Townsend Library Board have
collected $358,250 in cash and pledges,and,
WHEREAS, the local match required to complete the project is $552~900,1eaving an
estimated shortage of $194,650, and,
WHEREAS, the Port Townsend City Council deems it timely and proper to declare
its intent to underwrite the project in exchange for a commitment from the Library
Board to continue fund raising efforts, now, therefore,
BE IT RESOLVED, that:
The City Council agrees to appropriate up to $195,000 from funds currently held
by the city or by issuance of municipal debt in the form of councilmatic general
obligation bonds provided however, that any additional contributions and donations,
if any received after this date up through October 1, 1989, shall reduce the
City,s appropriation by the same amounts to a minium of $150,000.
PASSED by the Port Townsend City Council this 4th day o~ QctQber ~988.
Attest:
City Clerk
Appr~~v~ed as t~/f~rm: ~'
ayor