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RESOLUTION NO. 90;7"7
A RESOLUTION of the City Council of the City of
Bremerton, Washington, authorizing the Director of Financial
Services and the Finance Officer to designate certain expenditures
for potential reimbursement from bonds that may be authorized
and approved for issuance by the City Council in the future.
WHEREAS, the City of Bremerton, Washington (the "City") issues tax-exempt
obligations from time to time, (including bonds, leases and lines of credit) 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, the regulations permit the City to appoint one or more officials for
the purpose of identifying and qualifying capital projects for reimbursement purposes;
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Appointment of Director of Financial Services and Finance
Officer. Pursuant to U.S. Treasury Regulation Section 1. 150-2(e)(1), the City Council hereby
designates and appoints the Director of Financial Services and the Finance Officer of the City as
the responsible officials for the purpose of issuing statements of official intent in compliance
with Treasury Regulation Section 1.150-2.
SECTION 2. Statements of Official Intent. Upon a determination by the
Director of Financial Services or the Finance Officer that the costs of a particular capital project
may be reimbursed from the proceeds of a tax-exempt obligation(s) of the City, the Director of
Financial Services or the Finance Officer is authorized and directed to execute a certificate of
official intent, substantially in the form attached hereto as Exhibit A. Each certificate so
executed shall become a part of the official records of the City available for public inspection
and review.
No capital projects will be undertaken unless such projects have been previously
approved in the customary manner by the City Council, and the execution of any intent
certificate shall not obligate the City to issue any debt, all of which shall require separate and
additional official approval by the City Council.
SECTION 3. Severability. If anyone or more sections, subsections, or
sentences of this Resolution are held to be unconstitutional or invalid, such decision shall not
affect the validity of the remaining portion ofthis Resolution and the same shall remain in full
force and effect.
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Reimbursing Resolution
SECTION 4. Effective Date. This Resolution shall take effect and be in force
immediately upon its passage.
zt PASSED by the City Council of the City ofBremerton, Washington, thisdJ4.6
day of 'A, A "I j ,2007.
resident
APPROVED AS TO FORM:
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Reimbursing Resolution
EXHIBIT A
FORM OF OFFICIAL INTENT CERTIFICATE
Pursuant to Resolution No. _ of the City Council of the City of Bremerton,
Washington (the "City"), the undersigned, [Director of Financial Services][Finance Officer] of
the City hereby states as follows:
SECTION 1. 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 2. The maximum principal amount of Reimbursement Bonds expected to be
issued is $
[Select one version of Section 3J
SECTION 3. The expenditures with respect to which the City reasonably expects to be
reimbursed from the proceeds of Reimbursement Bonds are for
[ insert
general functional description of the property, project or program].
OR
SECTION 3. The expenditures with respect to which the City reasonably expects to be
reimbursed from the proceeds of Reimbursement Bonds will be made from
[insert name of fund or account from which the expenditure will be made
and description of the functional purpose of the fund, for example, capital improvement
program].
Dated this _ day of
,20_
[Director of Financial Services]
[Finance Officer]
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