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Home My WebLink AboutR-2008-103 Bond Reimbursement AuthorizationRESOLUTION NO. R-2008-103 A RESOLUTION of the City Council of the City of Yakima, Washington, appointing the Director of Finance and Budget or the Treasury Services Officer of the City 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 Yakima, Washington (the "City") issues tax-exempt obligations from time to time, (including bonds, leases and lines of credit) 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; THE CITY COUNCIL OF THE CITY OF YAKIMA, WASHINGTON DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Appointment of Director of Finance and Budget and Treasury Services Officer. Pursuant to U.S. Treasury Regulation Section 1.150-2(e)(1), the City Council hereby designates and appoints the Director of Finance and Budget or the Treasury Services Officer of the City as the responsible officials for the purpose of issuing statements of official intent in compliance with Treasury Regulation Section 1.150-2. SECTION 2. Statements of Official Intent. Upon a determination by the Director of Finance and Budget or the Treasury Services Officer that the costs of a particular capital project may be reimbursed from the proceeds of a tax-exempt obligation(s) of the City, the Director or Finance and Budget or the Treasury Services Officer are 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. -1- P120978 NMM20978_30L 07102/08 No capital projects will be undertaken unless such projects have been previously approved in the customary manner by the City Council, and the execution of any intent certificate shall not obligate the City to issue any debt all of which shall require separate and additional official approval by the City Council. ADOPTED at a regular meeting of the City Council of the City of Yakima this 1st day of July, 2008. ATTEST: 101 City Clerk -2- C44/ KIMAW'N+HI GTON David Edler, Mayor P:120978 NMN120978 30L 07/02/08 CERTIFICATE I, the undersigned, the duly chosen, qualified and acting City Clerk of the City of Yakima, Washington (the "City"), and keeper of the records of the City Council of the City (herein called the "Council"), DO HEREBY CERTIFY: 1. That the attached Resolution No. R-2008-103 (herein called the "Resolution") is a true and correct copy of a resolution of the City, as passed at a regular meeting of the Council held on the 2nd day of July, 2008 and duly recorded in my office. 2. That said meeting was duly convened and held in all respects in accordance with law, and to the extent required by law, due and proper notice of such meeting was given; that a quorum was present throughout the meeting and a legally sufficient number of members of the Council voted in the proper manner for the passage of the Resolution; that all other requirements and proceedings incident to the proper passage of the Resolution have been duly fulfilled, carried out and otherwise observed, and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand this 1st day of July, 2008. Deborah Moore, City Clerk City of Yakima, Washington P:120978 NMM20978 30L 07/28108 OFFICIAL INTENT CERTIFICATE Pursuant to Resolution No. R-2008-103 of the City Council of the City of Yakima, Washington (the "City"), the undersigned, Director of Finance and Budget of the City hereby states as follows: SECTION 1. 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 2. The maximum principal amount of Reimbursement Bonds expected to be issued is $600,000. SECTION 3. The expenditures with respect to which the City reasonably expects to be reimbursed from the proceeds of Reimbursement Bonds are for: construction of upgrades to and expansion of the Capitol Theatre. Dated this 7th day of July, 2008. Director of Finance and Budget K:\2025739\00081\20978_NMN\20978021Z1 BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. i 8 For Meeting Of July 1, 2008 ITEM TITLE: A Resolution appointing the Director of Finance and Budget or the Treasury Services Officer of the City 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. SUBMITTED BY: Finance Department CONTACT PERSON/TELEPHONE: Rita DeBord, Finance Director (575-6070) SUMMARY EXPLANATION: The City of Yakima issues tax-exempt obligations from time to time for the purpose of financing governmental activities. The US Department of Treasury has promulgated regulations limiting the ability of the City to use the proceeds of tax-exempt obligations for reimbursement of prior expenditures without proper notice of intent to do so. In the past, the City Council has formally authorized each reimbursement intent notification individually. The regulations permit the City to appoint one or more officials for the purpose of identifying and qualifying capital projects for reimbursement purposes — with no further action necessary by Council for the reimbursement of previous expenditures from debt proceeds. (Note: Council always has and must continue to authorize the issuance of the debt itself. This resolution simply eliminates the need for an additional Resolution authorizing expenditure reimbursements from the debt proceeds.) Resolution X Ordinance Other (Specify) Contract Mail to (name and address): Phone: Funding Source APPROVED FOR SUBMITTA City Manager STAFF RECOMMENDATION: Adopt Resolution BOARD/COMMISSION RECOMMENDATION: COUNCIL ACTION: • OFFICIAL INTENT CERTIFICATE Pursuant to Resolution No. R-2008-103 of the City Council of the City of Yakima, Washington (the "City"), the undersigned, Director of Finance and Budget of the City hereby states as follows: SECTION 1. 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 2. The maximum principal amount of Reimbursement Bonds expected to be issued is $600,000. SECTION 3. The expenditures with respect to which the City reasonably expects to be reimbursed from the proceeds of Reimbursement Bonds are for: construction of upgrades to and expansion of the Capitol Theatre. Dated this 7th day of July, 2008. Director of Finance and Budget K:\2025739\00081\20978 NMN\20978021Z1 OFFICIAL INTENT CERTIFICATE Pursuant to Resolution No. R-2008-103 of the City Council of the City of Yakima, Washington (the "City"), the undersigned, Director of Finance and Budget of the City hereby states as follows: SECTION 1. 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 2. The maximum principal amount of Reimbursement Bonds expected to be issued is $530,000. SECTION 3. The expenditures with respect to which the City reasonably expects to be reimbursed from the proceeds of Reimbursement Bonds are for: construction of a grind/overlay street project; acquisition and construction of signal light and pedestrian crossing signalizations; and acquisition of a ladder truck. Dated this 7th day of July, 2008. Director of Finance and Budget K:12025739100081120978 NMN12097802122