HomeMy WebLinkAbout05-93 RESOLUTION NO. 5-93
A RESOLUTION of the City Council of the City
of Port Angeles, Washington regarding the
issuance of bonds to finance the
acquisition, construction and equipping
of improvements to the City's solid waste
disposal facility.
WHEREAS, the City of Port Angeles, Washington (the
"City"), intends to issue bonds to finance the acquisition,
construction and equipping of improvements to the City's solid
waste disposal facility (the "Reimbursement Bonds"); and
WHEREAS, the Federal Internal Revenue Code requires
that the City declare its intent to reimburse its expenditures
with the proceeds of tax exempt bonds;
NOW, THEREFORE, be it resolved by the City Council of
the City of Port Angeles, Washington, 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.
Section 2. This declaration of official intention is
made pursuant to Section 1.103-18 of the income tax regulations
promulgated by the United States Department of the Treasury.
Section 3. The maximum principal amount of debt
expected to be issued for the purposes described herein is
$3,005,000, of which $1,600,000 will be to reimburse the City for
expenditures made prior to the issuance of the Reimbursement
Bonds.
Section 4. The expenditures with respect to which the
City reasonably expects to be reimbursed from the proceeds of
Reimbursement Bonds are for acquiring, constructing and equipping
a solid waste disposal facility.
Section 5. This resolution shall become effective
immediately upon its passage and approval as required by law.
-1-
APPROVED by the City Council of the City of Port
Angeles, Washington, at a regular meeting thereof held this 19th
day of January, 1993. ~~~ .~/
ATTEST:
Becky J.~Upt~n, -C~-Cl~rk
APPROVED AS TO FORM:
Cra' ~ ~Ki , ' y y
res.sew.
-2-