HomeMy WebLinkAbout2472 Resolution RESOLUTION NO. 2472
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PASCO, WASHINGTON, DECLARING THE CITY'S INTENT TO
REIMBURSE CERTAIN RELATED CAPITAL EXPENDITURES WITH
TAX-EXEMPT PROCEEDS.
WHEREAS, the City of Pasco, Washington (the "City"), anticipates
receiving up to $1,650,000 of tax-exempt bond proceeds from Franklin County,
Washington (the "County"), to finance various capital projects within the City;
and
WHEREAS, the City further anticipates incurring capital expenditures on
such projects before the County's bond proceeds are transferred to the City;
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO,
WASHINGTON, AS FOLLOWS:
The City Council reasonably expects that the City will proceed with the
acquisition, construction and/or installation of: (i) approximately 8,000 lineal
feet of City street, together with related utilities infrastructure (known as the
Oregon Avenue Area L.I.D.); (ii) Home Run Road, together with related utilities
infrastructure; (iii) intersection improvements on Road 32; and (iv)
improvements to expand the City's process water disposal system (collectively,
the "Project"). Based on representation of County officials, the City Council
further expects that bonds will be issued to finance all or a portion of the costs
of the Project, that certain Project expenditures will be made before the bonds
are issued, and that available money in the City's general fund will be used to
pay Project costs before such bonds are issued. The City intends to reimburse
such fund or funds with bond proceeds to the extent allowed under Treasury
Regulation Section 1.150-2. The City Council expects that the maximum
principal amount of bonds issued to reimburse such preliminary expenditures
will be $1,650,000.
ADOPTED by the City Council of the City of Pasco, Washington, at a
regular meeting thereof held on September 7, 1999.
Charles D. Kilbu ayor
-L ATTEST: APPROVED AS TO FORM:.) _ C��e, 4
t.-. Z
Catherine D. Seaman, Leland B. rr, City Attor y
Deputy City Clerk