RES 2010-01 REIMBURSE CAPITAL EXPENDITURES IN CORRECTION WITH PURCHASE OF POLICE CARSRESOLUTION NO. 2010- 1
SOLUTION : of the City Council of the City of Bainbridge
Island, Washington, declaring :its official intent to- 'reimburse
capital expenditures in correction with the purchase of police
vehicl s and ongineering survey equipment from proceeds of a
f tore' borro ing.
WHEREAS, S, the City of Bainbridge Island, Washington (the "City") intends to make
expenditures for the Project id ntified . below) from funds that are available but that are not (arid
are not reasonably expected to be) reserved, allocated on ,a long-term basis, or Otherwise set aside
for those expenditure.s, and reasonably expects to be reimbursed for those expenditures from the
proceeds of bonds, short -team obligations, loans, notes, or other obligations (collectively referred
to herein as "bonds") issued to finance those expenditures; and
WHEREAS, 'certain' federal regulations (the `federal reimburserrrent regulations")
relating to the use of proceeds of tax-exempt 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 sixty days after payment of 'the original expenditure the City or any person designated
by the City to do so oh its behalf) declare a reasonable official intent to reimburse those
expenditures from proceeds of bonds; now, herefore,
BE IT RESOLVED BY THE CITY COUNCIL of THE CITY of B.A.INB I GE
ISLAND, WASHINGTON, ASFOLLOWS:
Section 1. Description of Project for Which Expenditures_are to be Made.. The City
intends to male (and/or, not more than sixty 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 purchase and- outfitting of police vehicles and for the purchase of
survey equipment and related software (the"'Project")..,
Section 2. Maximum Principal ou .t of Obligations Expected to be. Issued for the
Project. The City expects that the maximum principal amount of bonds Haat will be issued to
finance the Project is expected to be not more than $161,455.
Section 3. Declaration Reasonable. The City Council has reviewed its exi
Project ect in any manner that results in those amounts being treated as replacement proc ds of any
tax-exempf bonds, i.e., as a result of- being deposited 'n a reserve fund, pledged fuha, sinking
fund or similar fund other than a bona fide debt service f .nd that is expected to be &ed to pay
principal of or interest on tak .exern t bonds. for will the City use those amounts in 6hy marmer
that employs an abusive arbitrage device to avoid arbitrage restrictions.
Section 5. Date of Declaration. This declaration of official intent shall be datl-s of the
date of adoption of this resolution.
Section 6. Ratification and Confirmation. Any actions of the -pity or its offic`s prior to
the date- thereof and consistent with the terms of this resolution are ratified and confirr d.
Section 7. Effective Date. This resolution shall be in full forrce and effect frd4 and after
its adoption and approval.
PAS SED by the City Council this 13 th day of J'anuary, 2010',
APPROVED by the City Council this 13th day of January, 2010.
Bob Scales, Mayor
ATT ST AUTHENTICATE
Rosalind D. Lasseff, Citi rierk
FILED WITH THE CITY CLERK: January , 2010
PASSED BY THE CITY COUNCIL: January 13, 2010
RESOLUTION NO. 2010-01