Resolution 5124 - Laserfiche WebLink

/*S6 ZmA RESOLUTION NO. 5124 A RESOLUTION of the City Council of the City of Everett,Washington, appointing the Finance Director of the City to serve as the responsible official for the purpose of designating 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 Everett, Washington(the "City), issues tax-exempt obligations from time to time, (including e.g., bonds and leases) 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; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, as follows: Section 1. Appointment of Finance Director. Pursuant to U.S. Treasury Regulation Section 1.103-18(f),the City Council hereby designates and appoints the Finance Director of the City as the responsible official for the purpose of issuing statements of official intent in compliance with Treasury Regulations Section 1.103-18. Section 2. Statements of Official Intent. Upon a determination by the Finance Director that the costs of a particular capital project may be reimbursed from the proceeds of a tax-exempt obligation(s) of the City, the Finance Director 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.