HomeMy WebLinkAboutRes 1959 - Appoint Finance Director to Designate Certain Expenditures for Bonds ReimbursementCity of Tukwila
Washington
Resolution No. I a S 9
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
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certificate so executed shall become a part of the official records of the City available for
public inspection and review.
Section 3. This resolution will take effect from and after its adoption as provided
by law.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at
a Regular Meeting thereof this CH day of TIYA1 , 2019.
ATTEST/AUTHENTICATED:
APPROVED AS TO FORM BY:
Pacifica Law Group LLP, Bond o nsel
Kat Hou rdy, u
Presi
Filed with the City Clerk: S.‘-151-, 9
Passed by the City Council:' 4c j q
Resolution Number: 1 q59
Attachment A: Exhibit A —Form of Official Intent Certificate
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EXHIBIT A
FORM OF OFFICIAL INTENT CERTIFICATE
Pursuant to Resolution No. of the City Council of the City of Tukwila,
Washington (the "City"), the undersigned, Finance Director of the City, hereby states as
follows:
Section 1. The undersigned is a "Designated Official" of the City as defined in
Resolution No. for the purposes of this Official Intent Certificate.
Section 2. The City reasonably expects to reimburse the expenditures described
herein with the proceeds of debt to be incurred by the City (the "Reimbursement
Bonds").
Section 3. The maximum principal amount of Reimbursement Bonds expected to
be issued is $
Section 4. The expenditures with respect to which the City reasonably expects to
be reimbursed from the proceeds of Reimbursement Bonds will be made from the City's
[name of fund or account] for project costs related to the City's [description of the
project].
Dated this day of , 20
Name
Title