HomeMy WebLinkAbout09-03 RESOLUTION NO. 9-03
A RESOLUTION of the City Council of the City of Port Angeles,
Washington, declaring the City's intent to reimburse certain capital
expenditures of the water and wastewater utility with proceeds of tax
exempt debt to be incurred by the City.
WHEREAS, the City Council of the City of Port Angeles, Washington (the "City"),
wishes to declare, on behalf of the City, the City's official intent to reimburse certain expenditures
with proceeds of tax-exempt debt to be incurred by the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Angeles as follows:
Section 1. The City reasonably expects to reimburse the following capital expenditures
for the City' s water and wastewater utility with the proceeds of debt to be incurred by the City (the
"Reimbursement Bonds"): Peabody Street Reservoir Cover, $350,000; water line replacements,
$12,000; sewer line replacements $155,000; total, $517,000.
Section 2. The maximum principal amount of Reimbursement Bonds expected to be
issued for the projects described in Section 1 is $4,295,000.
Section 3. This resolution shall become effective immediately upon its passage and
approval as required by law.
PASSED by the City Council of the City of Port Angeles at a regular meeting of
said Council held on the 2nd day of September, 2003.
~' ......... ~Glenn Wiggins, Mayor
ATTEST:
~0'~~ d~/k~ APPR/0yED AS TO FORM:
Crai~Ii-Kn"m~son, City'A'ttom~y --
G ALegaI_Backup\ORDINANCES&RESOLUTIONShR2003-09.wpd
September 2, 2003
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