HomeMy WebLinkAbout2785 REso v os po. 27 6 5
A RESOLUTION designating the City Treasurer as the official to
declare official intent pursuant to (i) Treasury Regulation
Section 1.150-2 with respect to qualification of reimbursement
allocations as expenditures of bond proceeds, and (ii) Treasury
Regulation Section 1.141-4 with respect to allocations of
expenditures paid from sources other than the proceeds of tax-
exempt debt.
WHEREAS, the City of Bremerton (the "City") 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-terns basis or otherwise set
aside for those capital projects, and would reasonable expect to be reimbu/sed from proceeds of
tax-exempt debt (the "Bonds") issued to finance those capital projects; and
WHEREAS, Treasury Regulation Section 1.150-2 requires, among other things, that on
or before making any capital expenditures, the City, or any person designated by the City to do
so on its behalf, must declare a reasonable official intent to reimburse such capital expenditures
from proceeds of Bonds; and
WHEREAS, the City may desire to allocate expenditures for capital projects to be paid
from sources other than the proceeds of Bonds ("Equity") to Equity for purposes of the issuance
of Bonds to finance such capital projects; and
WHEREAS, Treasury Regulation Section 1.141-4 requires, among other things, that on
or before making any capital expenditures, the City or any person designated by the City to do so
on its behalf, must declare a reasonable official intent to finance such capital expenditures from
Equity;
NOW, THEREFORE, BE IT RESOLVED that the City Treasurer of the City is
designated to make declarations of official intent on behalf of the City as may be necessary or
appropriate from time to time for any purpose under, and in compliance with, the requirements
of Treasury Regulation Section 1.150-2 and Section 1.141-4.
~ADOPTED b~2000 .the City Council of the City of Bremerton this/~'~;if.z day of
CAROL ARENDS, Council President