HomeMy WebLinkAbout93-082RESOLUTION NO. 93 - ~'
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PORT TOWNSEND DECLARING THE INTENTION OF
THE CITY COUNCIL TO ISSUE TAX EXEMPT BONDS TO
FINANCE THE PURCHASE OF POLICE VEHICLES
WHEREAS, Current regulations of the Internal Revenue Service
require the City to declare its intention to reimburse expenditures
with the proceeds of tax exempt bonds; and
WHEREAS, The City Council intends to issue tax exempt general
obligation bonds in 1993 for various capital expenditures including
the acquisition of vehicles for law enforcement,
NOW, THEREFORE, BE IT RESOLVED, that:
Section 1. The city of Port Townsend reasonably expects to
reimburse a portion of the expenditures described in the following
sentence with proceeds of tax exempt general obligation bonds
("Reimbursement Bonds") to be issued by the city. The City intends
to finance the costs of purchasing of two fully equipped police
vehicles. The maximum principal amount of the Reimbursement Bonds
expected to be issued is $32,000.00. The expenditures from the
proceeds of the Reimbursement Bonds will be made from the 1993 G O
Bond Projects Fund with cash borrowed from the Storm and Surface
Water Fund by interfund loan. This official declaration of
intention is made pursuant to Section 1.103-18 of the Income Tax
Regulations promulgated by the U. S. Department of the Treasury.
Adopted by the City Coun~he ~ty of Port Townsend and signed
by the Mayor this 6th ~y of ~~.
Attest: ~
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~~ . ~r~oved as to form: ...
Da'vid A Gr0ve, 'C'ity Ci~~