HomeMy WebLinkAbout92-114RESOLUTION NO. ~-~
A RESOLUTION OF THE CITY COUNCIL OF PORT
TOWNSEND DECLARING ITS INTENT TO ISSUE TAX-
EXEMPT BONDS TO FINANCE CONSTRUCTION OF WATER
QUALITY IMPROVEMENTS.
WHEREAS, the City Council intends to issue bonds in the spring
of 1993 to construct Water Quality Improvements; 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 water line constructions and other
improvements designed to improve water quality. The maximum
principal amount of Reimbursement Bonds expected to be issued is
$3,430,000. The expenditures with respect to which the City
reasonably expects to be reimbursed from the proceeds of
Reimbursement Bonds will be made from the Water and Sewer 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