HomeMy WebLinkAboutReg 2003-02-18 Item 5B - Resolution - Intent to Reimburse Capital Expenditures for Tukwila Village / South Park Bridge TransferCAS Number: 03-015
Initials ITEM NO.
Meeting Date Prepared by 1 Mayor's review I Council review
2/10/03 AD 1 CwJ 1 _C 1
I 2/18/03 AD 1 V 1 LY e,
1908 1 1 t 1
1 1 1
ITEM INZU filON
Original Agenda Date:
03 -015
Agenda Item Title: A resolution showing intent to reimburse capital expenditures for Tukwila Village and
South Park Bridge transfer.
Original Sponsor: Council Admin. X
I Timeline: Approve at 2/18/03 Regular Meeting
Sponsor's Summary: Resolution required to allow bond proceeds to reimburse expenditures made prior to
bond sale.
Recommendations:
Sponsor: Approve as submitted.
Committee: N/A
Administration: Same as sponsor.
Cost Impact (if known): N/A
Fund Source (if known): N/A
Meeting Date
2/10/03
2/18/03
Meeting Date
2/10/03
2/18/03
Attachments
Staff report dated 2/6/03
Proposed resolution
Proposed Resolution Final Format
February 10, 2003
Action
Discussed at C.O.W.; Council concensus existed to forward item
to 2/18/03 "Regular meeting.
City of Tukwila
Washington
Resolution No.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, DECLARING ITS OFFICIAL INTENT TO
REIMBURSE CAPITAL EXPENDITURES IN CONNECTION WITH
THE TUKWILA VILLAGE PROJECT AND THE SOUTH PARK
BRIDGE TRANSFER TO KING COUNTY FROM PROCEEDS OF A
FUTURE BORROWING.
WHEREAS, the City of Tukwila, Washington (the "City intends to make
expenditures for the projects identified below, 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 reasonably expects to be
reimbursed for those expenditures from proceeds of bonds or other obligations
"bonds issued to finance those expenditures; and
WHEREAS, certain federal regulations (the "federal reimbursement regulations
relating to the use of proceeds of tax exempt 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, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. Description of Projects 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 projects:
A. Tukwila Village This project is a continuation of a major effort to revitalize
Tukwila International Boulevard with temporary funding available from the General
and /or Arterial Street funds.
B. South Park Bridge Transfer This project relates to the transfer of the Bridge
to King County in exchange for Tukwila assuming their pool in Tukwila along with a
$3,000,000 payment to King County. Temporary funding for this payment is from the
Arterial Street Fund.
Section 2. Maximum Principal Amount of Obligations Expected to be Issued
for the Projects. The City expects that the maximum principal amount of bonds that
will be issued to finance these projects will be $6,000,000.
Section 3. Declaration Reasonable. The City Council has reviewed its existing
and reasonably foreseeable budgetary and financial circumstances and has
determined that the City reasonably expects to reimburse itself for expenditures for
the projects 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 projects.
Section 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.
Section 5. Date of Declaration. This declaration of official intent shall be dated
as of the date of adoption of this resolution.
Section 6. 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 7. Effective Date. This resolution shall be in full force and effect from
and after its adoption and approval.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, at a regular meeting thereof this day of
2003.
ATTEST /AUTHENTICATED:
Jane E. Cantu, CMC, City Clerk
APPROVED AS TO FORM BY:
Filed with the City Qerk:
Passed by the City Council:
Office of the City Attorney Resolution Number:
Pam Carter, Council President