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