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HomeMy WebLinkAboutR-1683 - Designating the City Administrator and the Finance Director of the City as the officials authorized individually to make declarations of official inteCITY OF MARYSVILLE,WASHINGTON RESOLUTION NO.1(:;8"5 A RESOLUTION of the city of Marysville, Washington,designating the city Administrator and the Finance Director of the city as the officials authorized individually to make declarations of official intent on behalf of the City. WHEREAS,the city of Marysville,Washington (the "City")from time to time may reasonably expect to make expenditures for capital projects (or certain extraordinary working capital expenditures) 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 would reasonably expect to be reimbursed for those expenditures from proceeds of bonds or other obligations issued to finance those expenditures; and WHEREAS,certain federal regulations (the "federal reimbursement regulations")relating to the use of proceeds of tax exempt bonds or other obligations ("bonds")to reimburse the issuer of the bonds for 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 the city or any person designated by the city to do so on its behalf)declare a reasonable official intent to reimburse those expenditures from proceeds of bonds;NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,as follows: 0130138.01 Section 1.Designation of City Administrator and Finance Director as Officials to Declare Official Intent.The city Administrator and the Finance Director,acting individually and not jointly,are 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 the federal reimbursement regulations, sUbstantially in the form attached to this resolution as Exhibit A. Section 2.Ratification and Confirmation.Any actions of the City or its officers prior to the date hereof and consistent with the terms of this resolution are ratified and confirmed. ADOPTED by the city council of the City of Marysville, Washington,at a regular open pUblic meeting thereof,this 9th day of May,1994. Mayor ATTEST: /4Ql~AI=4 =------~lerk APPROVED AS TO FORM: City Attorney 0130138.01 -2- I,MARY P.SWENSON,City Clerk of the City of Marysville, Washington,certify that the attached copy of Resolution No.__ is a true and correct copy of the original resolution adopted on the 9th day of May,1994 as that resolution appears on the Minute Book of the City. DATED this day of May,1994. MARY P.SWENSON,City Clerk 0130138.01 .# J EXHIBIT A Declaration of Official Intent to Reimburse Expenditures from Proceeds of Bonds I,the undersigned am a duly appointed,qualified and acting official of the City of Marysville,Washington (the "city"),and, as such,have been designated by the City Council 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 Project 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"): (Insert general functional description of the Project or,alternatively,identify the name and functional purpose of the fund or account from which the expenditures will be made:] Amount of The City that will 2.Maximum Principal Issued for the'Project. principal amount of bonds Project will be $_ Obligations Expected to be expects that the maximum be issued to finance the 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. 0130138.01 A-I 4.Limitations on Uses of Reimbursement Amounts.The city will within one 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 intent is made on the date set forth below. CITY OF MARYSVILLE,WASHINGTON (Date) A-2 (Name) (Title) ,---------------------------------------------------------- EXHIBIT A Declaration of Official Intent to Reimburse Expenditures from Proceeds of Bonds I,the undersigned am a duly appointed,qualified and acting official of the City of Marysville,Washington (the "city"),and, as such,have been designated by the city Council 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 Project 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"): [Insert general functional description of the Project or,alternatively,identify the name and functional purpose of the fund or account from which the expenditures will be made:] 2.Maximum Principal Amount of Issued for the -Project.The City principal amount of bonds that will Project will be $__ Obligations Expected to be expects that the maximum be issued to finance the 3.Declaration Reasonable.I have reviewed the existing and reasonably foreSeeable bUdgetary and financial circumstances Cif 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. 0130138-01 A-1 _._---------------------------------------. is a true and correct copy of the original resolution adopted on the 9th day of May, 1994 as that resolution appears on the Minute of May,1994. 0130138.01 Book of the city. DATED this I /)~day I,MARY P.SWENSON,City Clerk of the city of Marysville, Washington,certify that the attached copy of Resolution No.~~