HomeMy WebLinkAbout92-115RESOLUTION NO. ~'//~-
A RESOLUTION OF THE CITY COUNCIL OF PORT
TOWNSEND DECLARING ITS INTENT TO ISSUE TAX-
EXEMPT BONDS TO FINANCE CERTAIN GENERAL
GOVERNMENT EXPENSES.
WHEREAS, the City Council intends to issue bonds in the spring
of 1993 to finance certain general government expenses; 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 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 building improvement at the Police Station,
replacement of Police and Fire equipment, furnace installation at
the City shop, repair to the Library foundation, completion of
Gateway Park, City Dock and Tidal Park. The maximum principal
amount of Reimbursement Bonds expected to be issued is $206,000.
The expenditures with respect to which the City reasonably expects
to be reimbursed from the proceeds of Reimbursement Bonds will be
made from the Storm and Surface Water Revenue Fund. 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.
Adopted this 21st day of December, 1992.
ATTEST:
City Clerk