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72 <br /> February 19,1992 <br /> WHEREAS, the City Council has heretofore approved the predesign <br /> reportthe Water Treatment Plant Expansion Project, <br /> includingor ;three-phase construction plan (the "Project"), <br /> Phase I of ewhich Project involves the expansion of the Water <br /> Treatment Plant to a sustained production capacity of 100 <br /> million gallons per day and installing certain other <br /> improvements:and <br /> WHEREAS, certain predesign and engineering work, as well as <br /> construction of fluoridation system has heretofore been <br /> authorized by the City in furtherance of Phase I of the <br /> Project:a. <br /> WHEREAS, the City intends to ultimately finance Phase I of the <br /> Project through the issuance of v sewer and water revenue bonds <br /> sometime in 1992, and the City intends and has previously <br /> planned to reimburse expenditures towards Phase I of the <br /> Project through the issuance of such bonds;. <br /> NOW, THEREFORE,BE IT RESOLVE0 BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT,WASHINGTON: <br /> Section 1. The City reasonably expects to reimburse the Phase <br /> Ierevenue <br /> described herein with the proceeds of water and <br /> sewer <br /> e'.bonds (the "Bonds") to be issued by the City. <br /> Themaximumprincipal a we <br /> amount of water and srevenue bonds <br /> expected to be ic.ued otowards Phase I ofthe Project is <br /> $13,000,000. <br /> Section 2. The expenditures with respect to which the Issuer <br /> reasonably expects to be reimbursed from the proceeds of the <br /> Bonds are for Phase I of the Project. Phase z will increase <br /> the sustained production capacity of. the Everett Water <br /> Treatment Plant to 100 million gallons per day and install <br /> certain other improvements. <br /> Section 3. This declaration of official intention is made <br /> pursuant to Section 1.103-113 of the Income TWO Regulations <br /> promulgated by the United States Department of the Treasury. <br /> Section 4. A11 past acts in furtherance of the intent of this <br /> resolution are hereby ratified and confirmed. <br /> Section.5. This resolution shall be in full force and effect <br /> from and after its adoption. <br /> Poll was called with all councilmen voting yes. <br /> Notion carried. <br />• <br />