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HomeMy WebLinkAboutResolution No. 2024-01 - Reimbursement From BondingRESOLUTION NO.2024-01 A RESOLUTION OF THE PASCO PUBLIC FACILITIES DISTRICT BOARD OF DIRECTORS DECLARING THE OFFICIAL INTENT OF THE PASCO PUBLIC FACILITIES DISTRICT TO REIMBURSE, FROM PROCEEDS OF A FUTURE BORROWING, CAPITAL EXPENDITURES MADE IN CONNECTION WITH THE ACQUISITION, CONSTRUCTION, AND EQUIPPING OF AN AQUATICS FACILITY. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE PASCO PUBLIC FACILITIES DISTRICT as follows: Section 1. The Pasco Public Facilities District ("PPFD") intends to make expenditures in connection with the acquisition, construction, and equipping of an aquatics facility ("Project"), from funds that are available but that are not (and are not reasonably expected to be) reserved, allocated on a long-term basis, or otherwise set aside for those expenditures, and reasonably expects to be reimbursed for those expenditures from proceeds of bonds or other obligations ("bonds") issued to finance those expenditures. Section 2. Certain federal regulations relating to the use of proceeds of tax-exempt bonds to reimburse the issuer°of the bonds for certain expenditures made before the issue date of the bonds require, among other things, that not later than 60 days after payment of the original expenditure PPFD (or any person designated by PPFD to do so on its behalf) declare a reasonable official intent to reimburse those expenditures from proceeds of bonds. Section 3. PPFD intends to make (and/or, not more than 60 days before the date of this declaration, has made) expenditures, and reasonably expects to reimburse itself for those expenditures from proceeds of bonds, for the Project. Section 4. PPFD expects that the maximum principal amount of bonds that will be issued to finance the Project will be $45,000,000. Section 5. The Pasco Public Facilities District Board of Directors has reviewed its existing and reasonably foreseeable budgetary and financial circumstances and has determined that PPFD reasonably expects to reimburse itself for expenditures for the Project from proceeds of bonds because PPFD has no funds available that already are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside by PPFD for those expenditures on the Project. Section 6. PPFD will not, within one year after the expected reimbursement, use amounts corresponding to proceeds received from bonds issued in the future to reimburse PPFD for previously paid expenditures for the Project in any manner that results in those amounts being treated as replacement proceeds of any tax-exempt bonds, for example, as a result of being deposited in a reserve fund, pledged fund, sinking fund, or similar fiend (other than a bona fide debt service fund) that is expected to be used to pay principal of or interest on tax-exempt bonds, FG: 102230784.1 nor will PPFD use those amounts in any manner that employs an abusive arbitrage device to avoid arbitrage restrictions. Section 7. This declaration of official intent shall be dated as of the date of passage of this resolution. Section 8. Any actions of PPFD or its officers prior to the date thereof and consistent with the terms of this resolution are ratified and confirmed. Section 9. This resolution shall take effect and be in force immediately following its adoption. PASSED by the Pasco Public Facilities District Board of Directors, of Pasco, Washington, this 16'h day of January, 2024.` PASCO PUBLIC FACILITIES DISTRICT MarkMorrissette, Bo• �d President ATTEST: 4' Caroline Bowdi4h, Secretary/Treasurer Pasco Public Facilities District APPROVED AS TO FORM: Fvsr6l P� Foster Garvey PC U Bond Counsel for PPFD FG: 102230784.1