HomeMy WebLinkAbout14-050 Bond Reimbursement Resolution 14-050
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RESOLUTION NO. 14-050
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT
TOWNSEND,WASHINGTON,AUTHORIZING THE CITY MANAGER OR
FINANCE DIRECTOR TO DESIGNATE CERTAIN EXPENDITURES FOR
POTENTIAL REIMBURSEMENT FROM BONDS THAT MAY BE
AUTHORIZED AND APPROVED FOR ISSUANCE BY THE CITY COUNCIL IN
THE FUTURE
WHEREAS, the City of Port Townsend, Washington, (the "City") issues tax-exempt and
tax-advantaged obligations from time to time (including bonds, leases and lines of credit) for the
purpose of financing its governmental activities; and
WHEREAS, the United States Department of the Treasury has promulgated regulations
limiting the ability of the City to use the proceeds of tax-exempt and taxable Build America
Bond obligations for reimbursement of prior expenditures; and
WHEREAS, the regulations permit the City to appoint one or more officials for the
purpose of identifying and qualifying capital projects for reimbursement purposes;
NOW,THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
Section 1. Appointment of City Manager and Finance Director. Pursuant to U.S.
Treasury Regulation Section 1.150-2(e)(1), the City Council hereby designates and appoints the
City Manager and Finance Director of the City as the responsible officials for the purpose of
issuing statements of official intent in compliance with Treasury Regulation Section 1.150-2.
Section 2. Statements of Official Intent. Upon a determination by the City Manager or
Finance Director that the costs of a particular capital project may be reimbursed from the
proceeds of a tax-exempt or tax-advantaged obligation(s) of the City, the City Manager or
Finance Director are authorized and directed to execute a certificate of official intent,
substantially in the form attached hereto as Exhibit A. Each certificate so executed shall become
a part of the official records of the City available for public inspection and review.
No capital projects will be undertaken unless such projects have been previously
approved in the customary manner by the City Council, and the execution of any intent
certificate shall not obligate the City to issue any debt all of which shall require separate and
additional official approval by the City Council.
Resolution 14-050
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ADOPTED by the City Council of the City of Port Townsend at a regular meeting thereof, held this
2nd day of September, 2014.
P
David King
Mayor
Attest: Approved as to form:
Joanna Sanders, CMC Steven L. Gross
City Clerk City Attorney
Resolution 14-050
Exhibit A
EXHIBIT A
FORM OF OFFICIAL INTENT CERTIFICATE
Pursuant to Resolution No. of the City Council of the City of Port Townsend,
Washington (the "City"), the undersigned, [City Manager/Finance Director] of the City hereby
states as follows:
SECTION 1. The City reasonably expects to reimburse the expenditures described herein
with the proceeds of debt to be incurred by the City (the "Reimbursement Bonds").
SECTION 2. The maximum principal amount of Reimbursement Bonds expected to be
issued is $
[Select one version of Section 31
SECTION 3. The expenditures with respect to which the City reasonably expects to be
reimbursed from the proceeds of Reimbursement Bonds are for [insert
general functional description of the property,project or program].
OR
SECTION 3. The expenditures with respect to which the City reasonably expects to be
reimbursed from the proceeds of Reimbursement Bonds will be made from
[insert name of fund or account from which the expenditure will be made and description of the
functional purpose of the fund, for example, capital improvement program].
Dated this day of , 20
[City Manager/Finance Director]