FIN 2019-05-13 Item 2A - Resolution - Appoint Finance Director as Designated Official for Bond Expenditures

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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, APPOINTING THE FINANCE DIRECTOR FOR THE PURPOSE OF DESIGNATING CERTAIN EXPENDITURES FOR REIMBURSEMENT FROM BONDS THAT MAY BE AUTHORIZED AND APPROVED BY THE CITY FOR ISSUANCE IN THE FUTURE. WHEREAS, the City of Tukwila, Washington (the "City") issues tax-exempt obligations, including bonds, notes, and leases from time to time for the purpose of financing its governmental activities; and WHEREAS, the United States Department of the Treasury has promulgated Regulations limiting the ability of the City to use the proceeds of tax-exempt obligations for reimbursement of prior expenditures; and WHEREAS, 26 C.F.R. Section 1.150-2 of the Regulations permits the City to appoint one or more officials for the purpose of identifying and qualifying capital projects for reimbursement purposes; and WHEREAS, any such declaration of official intent to reimburse must not be made as a matter of course or in an amount substantially in excess of the amount expected to be necessary for the proposed project; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY RESOLVES AS FOLLOWS: Section 1. The City Council hereby appoints and designates the Finance Director a "Designated Official," as the official responsible for issuing statements of official intent in compliance with Treasury Regulation 26 C.F.R. Section 1.150-2. Section 2. Upon a determination by the Designated Official that the costs of a particular capital project may be reimbursed from the proceeds of tax-exempt obligations of the City, the Designated Official is authorized and directed to execute a certificate of official intent, substantially in the form attached hereto as Exhibit A. Each W:\Legislative Development\Finance Director as Designated Official re Bond expenditures 4-15-19 VC:bjs Review and analysis by Barbara Saxton Page 1 of 2 3