HomeMy WebLinkAboutReimburse Expenditures from Proceeds of BondsDeclaration of Official Intent to Reimburse
Expenditures from Proceeds of Bonds
I, the undersigned City Manager, am the duly appointed, qualified and acting on behalf of
the City of Pasco, Washington (the "City ") pursuant to Resolution 2025, and, as such, have been
designated by the City to make declarations of official intent on behalf of the City when
necessary or appropriate for any purpose under, and in compliance with, the requirements of
certain federal regulations (the "federal reimbursement regulations ") relating to the use of
proceeds of tax exempt bonds or other obligations ("bonds ") to reimburse the City for capital
expenditures (and certain extraordinary working capital expenditures) made by the City before
the issue date of the bonds. On behalf of the City, I make the following declaration of official
intent under the federal reimbursement regulations:
1. Description of Proiect for Which Expenditures are to be Made. The City 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 following project, property, or program (the "Project'):
New Police Station Facility
2. Maximum Principal Amount of Obligations Expected to be Issued for the Project.
The City expects that the maximum principal amount of bonds that will be issued to finance the
Project will be $9,000,000.
3. Declaration Reasonable. I have reviewed the existing and reasonably foreseeable
budgetary and financial circumstances of the City, and have determined that the City reasonably
expects to reimburse itself for expenditures for the Project from proceeds of bonds because the
City 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 the City for those expenditures on the Project.
4. Limitations on Uses of Reimbursement Amounts. The City will not, within 1
year after the expected reimbursement, use amounts corresponding to proceeds received from
bonds issued in the future to reimburse the City 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, i.e., as a result of being deposited in a reserve fund, pledged fund, sinking fund, or
similar fund (other than a bona fide debt service fund) that is expected to be used to pay principal
of or interest on tax exempt bonds. Nor will the City use those amounts in any manner that
employs an abusive arbitrage device to avoid arbitrage restrictions.
5. Date of Declaration. This declaration of official ip6ent isJdatyd4=w,18, 2014.
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Manager
CERTIFICATION
I, the undersigned, City Clerk of the City of Pasco, Washington (the "City "), hereby
certify as follows:
The attached copy of Resolution No. 2025 (the "Resolution ") is a full, true and correct
copy of a resolution duly passed at a regular meeting of the City Council of the City held at the
regular meeting place thereof on August 3, 1992, as that resolution appears on the minute book
of the City.
IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of June, 2014.
CITY OF PASCO,
5119]558.1
RESOLUTION NO. 2025
A RESOLUTION designating a responsible city official to declare the
official intent of the city to reimburse interfund loans and advances
for capital projects from proceeds of bonds and other obligations.
WHEREAS, the City of Pasco, Washington (the "City "), from time to time
may desire or be required to make expenditures for capital projects 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 capital
projects, and would reasonably expect to be reimbursed from proceeds of bonds or
other obligations issued to finance those capital projects; and
WHEREAS, Treasury Regulation § 1.103 -18 requires, among other things,
that on or before making any such capital expenditures the City (or any person
designated by the city to do so on its behalf) must declare a reasonable official
intent to reimburse those capital expenditures from proceeds of a borrowing;
NOW, THEREFORE, BE IT RESOLVED that the City Manager or the Finance
Director of the City is designated to make declarations of official intent on
behalf of the City as may be necessary or appropriate from time to time for any
purpose under, and in compliance with, the requirements of Treasury Regulation §
1.130.18.
ADOPTED by the City Council of the City of Pasco at an open regular
meeting this , 3 day of � , 1992.
JO o eFELICE
Ma
ATTEST: APPROVED AS TO FORM:
CATHERINE D. SENMAN G G . R STELLO
Deputy City Clerk City tto ney
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