RES 2007-19 DECLARATIONS BY FINANCE DIRECTORRESOLUTION NO. 2007-19
A RESOLUTION of the City of Bainbridge Island, Washington,
designating the Finance and Administrative Services Director as the
official authorized to make declarations of official intent on behalf of the
City.
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON, DOES
HEAP -BY RESOLVE AS FOLLOWS:
Section 1. Findings.
1.1. The City of Bainbridge Island, Washington (the "City"), from time to time may
reasonably expect to snake expenditures for capital projects (or certain extraordinary working
capital expenditures) 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 would reasonably expect to be reimbursed for those expenditures from
proceeds of bonds or other obligations issued to finance those expenditures.
1.2. Certain federal regulations (the "federal reimbursement regulations") relating to
the use of proceeds of tax exempt bonds or other obligations ("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.
Section 2. Designation of Official to Declare Official Intent. The Finance and
Administrative Services Director of the City is designated to make declarations of official intent,
substantially in the form attached to this resolution as Exhibit A or in such other form as shall be
prescribed by Treasury Regulation Section 1.150-2 (as it may be amended or superseded), on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 the federal reimbursement regulations.
Section 3. Effective Date; Ratification and Confirmation. This resolution shall be in full
force and effect from and after its adoption and approval. All actions of the City or its officers
prior to the date thereof and consistent with the terms of this resolution are ratified and
confirmed.
PASSED by the City Council this 291" day of August, 2007.
APPROVED by the Mayor this 30°i day of August, 2007.
ATTEST/AUTHENTICATE:
Oi lni
Rosalind Lassoff, City Clerk
FILED WITH THE CITY CLERK:
PASSED BY THE CITY COUNCIL:
RESOLUTION NO.:
Darlene Kordonowy, Mayev
August 20, 2007
August 29, 2007
2007-19
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Exhibit A
Declaration of Official Intent to
Reimburse Expenditures from Proceeds of Bonds
I, the undersigned [insert namel , am the duly appointed, qualified and acting
Finance and Administrative Services Director of City of Bainbridge Island, Washington (the "City"), and,
as such, have been designated by the City to make declarations of official intent on behalf of the City
when necessary or appropriate for any purpose under, and in compliance with, the requirements of certain
federal regulations (the "federal reimbursement regulations") relating to the use of proceeds of tax exempt
bonds or other obligations ("bonds") to reimburse the City for capital expenditures (and certain
extraordinary working capital expenditures) made by the City before the issue date of the bonds. On
behalf of the City, I make the following declaration of official intent under the federal reimbursement
regulations:
1. Description of Project 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 project,
property, or program (the "Project'):
[Insert general functional description of the Project or, alternatively, identify the name and functional
purpose of the -fund or account from which the expenditures will be made:]
2. Maximum Principal Amount of Obligations Expected to be Issued for the Project. The
City expects that the maximum principal amount of bonds that will be issued to finance the Project will
be $
3. Declaration Reasonable. I have reviewed the existing and reasonably foreseeable
budgetary and financial circumstances of the City, and have determined that the City reasonably expects
to reimburse itself for expenditures for the Project 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 Project.
4. Limitations on Uses of Reimbursement Amounts. The City will not, within 1 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.
Date of Declaration. This declaration of official intent is dated 20
CITY OF BAINBRIDGE ISLAND, WASHINGTON
By
Finance and Administrative Services Director