HomeMy WebLinkAboutRes 1523 - Reimburse Capital Expenditures for Arterial Street Projects 1 A py
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Resolution No. /5 3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, DECLARING ITS OFFICIAL
INTENT TO REIMBURSE CAPITAL EXPENDITURES IN
CONNECTION WITH ARTERIAL STREET PROJECTS 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.
1 Capital Overlay Projects This is a continuation of the City's desire to
provide a viable arterial street network in Tukwila.
2. South 144TH (42ND Avenue South to Military Road) This project is
related to the program to upgrade the vehicle and pedestrian traffic around the
Tukwila Village Project.
3 Tukwila International Boulevard This is a restatement of the project in
Resolution No 1514, dated February 3, 2003 Section 1 A., Tukwila Village.
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 $4,000,000
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.
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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 TU ILA, WASHINGTON,
at a r meeting thereof this 2r` day of
2003 Sod
ATTEST/ AUTHENTICATED l
Pam Carter, Council President
an E. Cantu, CMC, City Clerk
APPROVED AS TO FORM BY
Filed with the City Clerk. 65 Z2 63
rf ic re ty Passed by the City Council. D� -,27— 0 Oe of t Attorney Resolution Number-