HomeMy WebLinkAbout93-080 RESOLUTION NO. 93-_~ -
A RESOLUTION OF THE CITY cOUNCIL OF THE CITY OF PORT
TOWNSEND DECLARING THE INTENTION OFT HE CITY COUNCIL TO
ISSUE TAX EXEMPT BONDS TO FINANCE THE PURCHASE OF
INTERESTS IN REAL PROPERTY IN THE REPLAT OF BISHOP PARK
ADDITION TO THE CITY OF PORT TOWNSEND
Current regulations of the Internal Revenue Service
require the City to declare its intentfon to reimburse
expenditures with the proceeds of tax exempt bonds; and
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
interests in real property acquired for the public
purpose of 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
· ed in the following sentence with the
of the expenditures' descrlb___~ ~li~ation bonds (,,Rei_mburseme~nt_
proceeds of tax exempt gener~ ~ = _._
~- cit~, The Cl~y
BondS") to be issued by un= {- .--=
costs of purchasing Lot 47 and of acqulrz~w
Bishop Park Addition to the City of
d Lot 49 of the Replat of ......... t of the Rei~ursement
an ' rlncl al
Port Townsend. The maxlmum_p. ~ ~c %00 . The expendztures
Bonds expected to be issueo zs ~_~w
with respect to which the city reasonably expects to be reimbursed
from the proceeds of the Rei~ursement Bonds will be made from the
capital improvement Fund and the Sto~ 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.
· . - '~ -= ~e ~ Po~ To, send and si~ed
Adopted by ~e Cl~y ~c~ o~_ ~--- ~, 1993.
by the Mayor ~is ~/~.. oaY °z -~=~
John M. Clise
.. Donnas ~cLerran
~avid A~ Grove City ~ttorneY
city Clerk