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Resolution 988CITY OF EDMONDS, WASHINGTON RESOLUTION NO.988 A RESOLUTION of City of Edmonds, Washington, designating the City Finance Director or Public Works Director as the officials authorized to make declarations of official intent on behalf of the City to reimburse certain expenditures from the proceeds of bonds. WHEREAS, the City of Edmonds, 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 EDMONDS, WASHINGTON, as follows: Section 1. Designation of Officials to Declare Official Intent. The City Finance Director or the Public Works Director of the City, individually and not collectively, are designated to make declarations of official intent on behalf of the City, substantially in the form attached to this resolution as Exhibit A or in such other form as shall be prescribed by Treasury regulations and as may be necessary or appropriate from time to time 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. Effective Date. This resolution shall be in full force and effect from and after its adoption and approval. The foregoing resolution was ADOPTED by the City Council of the City of Edmonds, Washington, at a regular open public meeting thereof this 14 of November, 2000. Mayor ATTEST: � k!/a,.v�. �• l.�.s-cam City Clerk APPROVED AS Foster Pdiper & Shefelman PLLC Bond Counsel to the City 50184116.01 2 EXHIBIT A CITY OF EDMONDS, WASHINGTON Declaration of Official Intent to Reimburse Expenditures from Proceeds of Bonds I, the undersigned, am the duly appointed, qualified and acting City Finance Director or Public Works Director of the City of Edmonds, 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: 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 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. 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 50184116.01 A-1 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 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 and shall be effective on the date set forth below. CITY OF EDMONDS, WASHINGTON By: Its Finance Director or Public Works Director Dated: 50184116.01 A-2 CERTIFICATION I, the undersigned, City Clerk of the City of Edmonds, Washington (the "City"), hereby certify as follows: 1. The attached copy of Resolution No. 988 (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 November 14, 2000, as that resolution appears on the minute book of the City; and the Resolution is now in full force and effect; and 2. A quorum of the members of the City Council was present throughout the meeting and a majority of those members present voted in the proper manner for the passage of the Resolution. IN WITNESS WHEREOF, I have hereunto set my hand this 17th day of November, CITY OF EDMONDS, WASHINGTON SANDRA CHASE, City Clerk 50184116.01