HomeMy WebLinkAbout2431RESOLUTION NO 2431
A RESOLUTION designating the City Treasurer as the
official to declare official intent pursuant to U. S.
Treasury Regulation Section 1.103-18
WHEREAS, the City of Bremerton from time to time may desire or
be required to make expenditures for capital projects 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 capital projects, and would reasonably expect to be
reimbursed from proceeds of bonds or other obligations issued to
finance those capital projects; and
WHEREAS, Treasury Regulation Section 1.103-18 requires, among
other things, that on or before making any suchcapital expenditure
the City of Bremerton, or any person designated by the City of
Bremerton to do so on its behalf, must declare a reasonable
official intent to reimburse those capital expenditures from
proceeds of a borrowing;
NOW, THEREFORE, BE IT RESOLVED that the City Treasurer of the
City of Bremerton is designated to make declarations of official
intent on behalf of the City of Bremerton as may be necessary or
appropriate from time to time for any purpose under, and in
compliance with, the requirements of Treasury Regulation Section
1.103-18.
ADOPTED by the City Council of the City of Bremerton this 12th day of May, 1993
EILEEN FITZ, Council President
ATTEST:
KATHLEEN McCLUSKEY, City Clerk