HomeMy WebLinkAbout92-017RESOLUTION NO. 92-17
A RESOLUTION OFT HE CITY COUNCIL OFT HE CITY OF PORT TOWNSEND
DECL~ING ITS INTENT TO ISSUE TAX-EXEMPT ~E BONDS TO
FINANCE THEWASTEWATERTREATMENT P~.
The City Council intends to issue bonds in April
1992 to expand the Wastewater Treatment Plant;
and
Recent Internal Revenue Service regulations require
that the City declare its intent to reimburse its
expenditures with the proceeds of tax exempt bonds;
N 0 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 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. The City intends to finance the
expansion of the wastewater treatment plant to include secondary
treatment. The maximum principal amount of bonds expected to be
issued is six million dollars. The expenditures with respect to
which the City reasonably expects to be reimbursed from the
proceeds of revenue 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 o3~-~T~Treasury.
Adopted this 3rd da~.~Ma~1992.
Mayor John Clise
ATTEST:~~
David A. Grove, City Clerk
APPROVED AS TO FO~:
Dennis McLerran, City Attorney