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
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City Clerk
APPROVED AS
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Bond Counsel to the City
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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
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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:
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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
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