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91-092 - King County - Open Space Acquisition Bond Funds
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91-092 - King County - Open Space Acquisition Bond Funds
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Last modified
12/28/2010 4:17:40 PM
Creation date
10/4/2010 8:58:16 AM
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Interlocal Agreements
Contract No (example 17-139)
91-092
Contractor (example *sabey*)
King County
Description (example *tourism*)
Open Space Acquisition Bond Funds
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901 -319AG <br />6 <br />of Projects will jeopardize the financial viability of the <br />Projects as currently approved and the tax exempt status of <br />interest on the Bonds. The City, therefore, certifies that as to <br />its Projects, it has reviewed its real property acquisition <br />procedures, commits to all reasonable action and will proceed <br />with due diligence to ensure that its Projects are expeditiously <br />completed in accordance with the Project Implementation schedule, <br />and that it will give highest priority to those properties where <br />there is a particular threat of conversion to a more intensive <br />use or increases in acquisition costs. <br />Section 4.3. Maintenance in Perpetuity. The City and any <br />successor in interest, agree to maintain the lands and facilities <br />constituting the Projects acquired with Bond Proceeds provided <br />pursuant to this Agreement, the Election Ordinance and the Bond <br />Ordinance for the purposes set forth herein in perpetuity. If <br />the City changes the status or use of lands or facilities <br />acquired with Bond Proceeds pursuant to this Agreement to any <br />other purpose or use, the City shall pay the County an amount <br />acceptable to the County in cash to provide for replacement of <br />the open space land or facilities or substitute other property <br />which King County determines, through its normal legislative <br />process, to be consistent with the purpose of King County <br />Ordinance 9071. In either case, the value of the property shall <br />be established at the time of the change in status or use, based <br />on the changed status or use and not based on its value as public <br />green space, green belt, open space, park or trail. In no event <br />
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