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11 -133 <br />Council Approval 10/17/11 <br />CITY OF TUKWILA— TUKWILA METROPOLITAN PARK DISTRICT <br />INTERLOCAL AGREEMENT FOR <br />LOAN AND REPAYMENT <br />THIS INTERLOCAL AGREEMENT made and entered into, pursuant to the <br />Interlocal Cooperation Act, Chapter 39.34 of the Revised Code of Washington, on the <br />A day of ©r�.L' 2011, by and between the CITY OF TUKWILA, a <br />municipal corporation of the State of Washington (hereinafter referred to as "City and the <br />TUKWILA METROPOLITAN PARK DISTRICT, a municipal corporation of the State of <br />Washington (hereinafter referred to as "Park District <br />WITNESSETH: <br />WHEREAS, by Resolution No. 1738, the City Council of the City of Tukwila, <br />Washington asked the voters to create a metropolitan park district whose boundaries <br />would be coextensive with the boundaries of the City of Tukwila, including the authority <br />to levy a general tax on property not to exceed 15 cents per thousand dollars of <br />assessed valuation each year as statutorily provided; and <br />WHEREAS, on August 16, 2011, the voters of Tukwila approved the formation of <br />a metropolitan park district as required and now known as the Tukwila Metropolitan <br />Park District "Park District and <br />WHEREAS, the general taxes levied by the Park District pursuant to RCW <br />35.61.210 will not be collected and available to fund Park District operations until May 1, <br />2013, and a loan from the City of Tukwila is needed during the interim period to fund <br />Park District operations and shall be repaid by the Park District using its general tax <br />revenues once those become available; and <br />WHEREAS, by Resolution No. 1746, the City has declared its intent to enter into <br />an interlocal agreement with the Park District to evidence the City's commitment to loan <br />funds to the Park District as interim financing until the Park District's general tax <br />revenues become available; and <br />WHEREAS, in consideration for the City's commitment to loan funds as interim <br />financing, upon the terms and conditions set forth herein, the Park District has declared <br />its intent to enter into an interlocal agreement with the City, by Resolution No. 5, to <br />repay the City pursuant to the financial covenants set forth herein; <br />NOW THEREFORE in consideration of the mutual covenants hereinafter <br />contained, the parties hereto covenant and agree as follows: <br />INTERLOCAL AGREEMENT i 6Yt a,� <br />Page 1 of 6 U <br />