HomeMy WebLinkAbout93-077WHEREAS,
RESOLUTION NO. 93- ~ 7
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 REAL
PROPERTY IN EISENBEIS ADDITION TO THE CITY OF PORT
TOWNSEND
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 improvement
projects and also wishes to finance the purchase of real
property acquired for the public purpose of enhancing
traffic safety and controlling and treating stormwater,
N O W T H E R E F O R E
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND as
follows:
The City of Port Townsend reasonably expects to reimburse a portion
of the expenditures described in the following sentence with the
proceeds of tax exempt general obligation bonds ("Reimbursement
Bonds") to be issued by the City. The City intends to finance the
costs of purchasing Lots 3 and 4 in Block 62 of Eisenbeis Addition
to the City of Port Townsend. The maximum principal amount of the
Reimbursement Bonds expected to be issued is $ ~,~00 . The
expenditures with respect to which the City reasonably expects to
be reimbursed from the proceeds of the Reimbursement Bonds will be
made from the Capital Improvement Fund and the Storm and Surface
Water Utility funds. 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 C0~ncil of thq Cit~,~ Per, Townsend and signed
by the Mayor this ~/~ day of J~y~ ~ f, 1993.
' ...... Dennis McLerran
City Clerk City Attorney
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