92-11 DESIGNATION OF AN OFFICIAL TO DECLARE OFFICIAL INTENT AS REQUIRED BY IRSRESOLUTION No. 92 -/f
A RESOLUTION OF THE CITY OF BAINBRIDGE ISLAND
DESIGNATING AN OFFICIAL TO DECLARE OFFICIAL
INTENT AS REQUIRED BY THE INTERNAL REVENUE SERVICE.
WHEREAS, the City of Bainbridge Island 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 ~o finance those capital
projects; and
WHEREAS, Treasury Regulation Section 1.103-18 requires, among
other things, that on or before making any such capital expenditure the City
of Bainbridge Island (or any person designated by the City of Bainbridge
Island to do so on its behalf) must declare a reasonable official intent to
reimburse those capital expenditures from proceeds of a borrowing; now,
therefore,
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND,
WASHINGTON, DOES RESOLVE AS FOLLOWS :
The Director of Finance and Administrative Services of the City of
Bainbridge Island is designated to make declarations of official intent on
behalf of the City of Bainbridge Island 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.
ATTEST/AUTHENTICATE:
Susan Kasper, City Clerk
FILED WITH THE CITY CLERK: ,/'J//J~f~,/~/3,/~'~--~
PASSED BY THE CITY COUNCIL:
RESOLUTION NUMBER: ~L-//