HomeMy WebLinkAboutR-2080 - Designating the Finance Director as the official authorized to make declarations of official intent to reimburse certain funds advanced for projects o.....
CITY OF MARYSVILLE, WASHINGTON
RESOLUTION NO.208'6
A RESOLUTION OF THE CITY OF MARYSVILLE, WASHINGTON,
DESIGNATING THE FINANCE DIRECTOR AS THE OFFICIAL
AUTHORIZED TO MAKE DECLARATIONS OF OFFICIAL INTENT TO
REIMBURSE CERTAIN FUNDS ADVANCED FOR PROJECTS ON BEHALF
OF THE CITY, AND REPEALING ANY PRIOR DECLARATIONS.
WHEREAS, the City of Marysville, Washington (the "City"), from time to time may
reasonablyexpect to make expenditures for capital projects (or certain extraordinary workingcapital
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:
Section I. Designation of Official to Declare Official Intent. The Finance Director of the
City is designated to make declarations of official intent, substantially in the form attached to this
resolution as Exhibit A or in such other form as shall be prescribed by Treasury Regulation
Section 1.103-18, 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.
Section 2. Ratification and Confirmation.Any actions of the City or its officers prior to
the date thereof and consistent with the terms of this resolution are ratified and confirmed.
Section 3. Repealer. Any prior designations of City officials authorized to make
declarations of intent pursuant to the federal reimbursement regulations are repealed.
50336737.01
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Section 4. Effective Date. This resolution shall be in full force and effect from and after
its adoption and approval.
PASSED by the City Council and APPROVED by the Mayor of the City of Marysville,
Washington, at a regular open public meeting thereof this ;2&~day of A~,2002.
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David A.Weiser, Mayor
BY----E--""""f---"!'G.&""""~_
ATTEST:
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Foster eppe Shefelman PLLC
Special Counsel and Bond Counsel
to the City
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50336737.01
EXHIBIT A
Dedaration of Official Intent to Reimburse
Expenditures from Proceeds of Bonds
I, the undersigned,Sandy Langdon, am the duly appointed,qualified and acting Finance
Director of the City of Marysville,Washington (the "City"), 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:
I.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"):
To acquire property on State Street and improvements that may be
necessary to occupy building for City use.
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 $3,000,000.00.
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 I 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.
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5. Date of Declaration.This declaration of official intent is dated ~f>:J,{"
CITY OF MARYSVILLE,W ASHlNGTON
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50336737.01
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50336737.01
By.~>~lf\:Ce Director
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