HomeMy WebLinkAbout93-052RESOLUTION NO. ~$- ~'~-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT
TOWNSEND DECLARING THE CITY COUNCIL'S INTENT TO ISSUE
TAX EXEMPT BONDS TO FINANCE PURCHASE OF REAL PROPERTY
AT THE SOUTHWESTERLY CORNER OF WATER AND ADAMS
STREETS.
WHEREAS, the City Council intends to issue general obligation bonds in 1993 for various
capital improvement projects and also wishes to finance a portion of the purchase of real
property at the southwesterly corner of Water and Adams Streets through such bonds; and
WHEREAS, recent Internal Revenue Service regulations require that the City declare its intent
to reimburse its expenditures with the proceeds of tax exempt bonds;
NOW, THEREFORE, 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
improvements described in the following sentence with the proceeds of bonds to be issued by
the City ("Reimbursement Bonds"). The City intends to finance a portion of the purchase price
of real property located at the southwesterly corner of Water and Adams Streets. The maximum
principal amount of Reimbursement Bonds expected to be issued is $ qtS~ ~ ~ . The
expenditures with respect to which the City reasonably expects to be reimbursed from the
proceeds of Reimbursement Bonds will be made from the Capital Improvement Fund and Storm
and Surface Water Utility funds.. This declaration of official intention is made pursuant to
Section 1.103-18 of the Income Tax Regulations promulgated by the U.S. Department of the
Treasury.
City Council and signed by thfA~ayol[this 3,$dhday of May, 1993. This
Approved by the effective five days after passage and ~n,~.~$' provided by law.
Ordinance shall become
, ~a Clise, Mayor
Attest: Approved as to form:
David Grove, Clerk/Treasurer Dennis McLerran, City Attorney