HomeMy WebLinkAboutR-2019-120 Yakima Convention Center Expansion; Reimbursement of Expenses from Bond ProceedsA RESOLUTION
RESOLUTION NO. 2019-120
of the City of Yakima, Washington, appointing certain officials for the
purpose of designating certain expenditures for reimbursement from the
proceeds of bonds or other obligations that may be authorized and
approved by the City Council for issuance in the future
WHEREAS, the City of Yakima, Washington (the "City") issues tax-exempt obligations,
including bonds, notes and leases, from time to time for the purpose of financing its governmental
activities, and
WHEREAS, the United States Department of the Treasury has published regulations
(the "Regulations") governing 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, and
WHEREAS, any such declaration of official intent to reimburse must not be made as a
matter of course or in an amount substantially in excess of the amount expected to be necessary
for the proposed project;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
Section 1 The City Council hereby appoints and designates the City Manager and the
City Director of Finance and Budget, including anyone acting in such positions on an interim basis,
as the "Designated Officials" responsible for issuing declarations of official intent in compliance
with U.S Treasury Regulation Section 1.150-2
Section 2. Upon a determination by a Designated Official that the costs of a particular
capital project may be reimbursed from the proceeds of tax-exempt obligations to be issued by
the City, each Designated Official 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
law
Section 3. This resolution will take effect from and after its adoption as provided by
ADOPTED BY THE CITY COUNCIL this 3rd day of December, 2019
YAK)
ATTEST. /
City Clerk
athy C•ffey, �'y��•r
EXHIBIT A
FORM OF
CERTIFICATE OF OFFICIAL INTENT
Pursuant to Resolution No [ 1 of the City Council of the City of Yakima, Washington
(the "City"), the undersigned [ ] of the City hereby certifies as follows
Section 1. The undersigned is a "Designated Official" of the City as defined in
Resolution No [ ] for the purposes of this Certificate of Official Intent.
Section 2 The City reasonably expects to reimburse the expenditures described
herein with the proceeds of debt to be incurred by the City (the "Reimbursement Bonds")
Section 3 The maximum principal amount of the Reimbursement Bonds expected to
be issued is $[ ].
Section 4 The expenditures with respect to which the City reasonably expects to be
reimbursed from the proceeds of the Reimbursement Bonds will be made from the City's [name
of fund] for project costs related to [identify the project]
Dated this day of
CITY OF YAKIMA, WASHINGTON
[Title]
1
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEM ENT
Item No. 6.H.
For Meeting of: December 3, 2019
ITEM TITLE: Resolution for reimbursement of expenses from bond proceeds for
Yakima Convention Center Expansion
SUBMITTED BY: Steve Groom, Director of Finance and Budget
SUMMARY EXPLANATION:
This resolution enables the city to take necessary steps to ensure that appropriate expenditures of the
convention center expansion project could be reimbursed from debt, should any be expended prior to
issuance of the debt.
Rules and procedures exist to document reimbursable expenses since it is common for the
timing of the debt issuance to not coincide exactly with some of the preliminary expenditures.
This authorizes the City Manager or Director of Finance and Budget to execute a certificate of
intent when costs of the convention center expansion project are made that should be reimbursed
from debt issuance.
ITEM BUDGETED: NA
STRATEGIC PRIORITY: Public Trust and Accountability
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Adopt Resolution
ATTACHMENTS:
Description Upload Date Type
r Memo 10/29/2019 r Memo
D esolution 10/31/2019 Resolution
D eimbursement Mules summary - Pacifica oup 10/29/20190 r Memo