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RESOLUTION NO. 2 5 $ 7
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, AUTHORIZING THE FINANCE DIRECTOR TO MAKE
DECLARATION OF OFFICIAL INTENT ON BEHALF OF THE CITY OF AUBURN
4 AS MAY BE NECESSARY OR APPROPRIATE FROM TIME TO TIME FOR ANY
PURPOSE UNDER, AND IN COMPLIANCE WITH, THE REQUIREMENTS OF THE
5 FEDERAL REIMBURSEMENT REGULATIONS.
7 WHEREAS, the City of Auburn from time to time may
8 reasonably expect to make expenditures for capital projects
9 (or certain extraordinary working capital expenditures) from
funds that are available but that are not (and are not
10
reasonably expected to be) reserved, allocated on a long-term
basis or otherwise set aside for those expenditures, and would
reasonably expect to be reimbursed for those expenditures from
14 proceeds of bonds or other obligations issued to finance those
15 expenditures; and
WHEREAS, certain federal regulations (the "federal
]7 reimbursement regulations") relating to the use of proceeds of
18 tax exempt bonds or other obligations ("bonds") to reimburse
·
]9 the issuer of the bonds for expenditures made before the issue
20 date of the bonds require, among other things, that not later
than 60 days after payment of the original expenditure the
22 City of Auburn (or any person designed by the City of Auburn
23 to do so on its behalf) declare a reasonable official intent
24 to reimburse those expenditures from proceeds of bonds.
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Resolution No. 2557
S~tember 13, 1994
Page 1
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, IN A REGULAR MEETING DULY ASSEMBLED, HEREWITH
RESOLVES AS FOLLOWS:
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Section 1. The Finance Director of the City of Auburn is
5
6 designated to make declarations of official intent on behalf
of the City of Auburn as may be necessary or appropriate from
7
time to time for any purpose under, and in compliance with,
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the requirements of the federal reimbursement regulations.
9
lO Section 2. The Mayor is hereby authorized to implement
11 such administrative procedures as may be necessary to carry
out the directives of this legislation.
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DATED and SIGNED this 19th day of September, 1994.
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CITY OF AUBURN
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17 MAYOR ATTEST:
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Robin Wohlhueter,
20 City Clerk
22 ~FORM:
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24
Michael J. Reynolds,
25 Acting City Attorney
R~olution No. ~57
September 13, 1994
Page 2