HomeMy WebLinkAbout13-05 RESOLUTION NO. 13-05
A RESOLUTION of the City Council of the City of Port Angeles,
Washington, declaring its intent to reimburse certain expenditures 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
declare, on behalf of the City, the City's official intent to reimburse certain expenditures with
oceeds 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
follows:
Section 1. The City has appropriated, and reasonably expects to appropriate, funds from
Ihe Water, Wastewater, and Electric Funds to pay costs of the following utility improvements within
Ihe City's western urban growth ama:
water system extensions to provide domestic and fire flow service,
electric utility improvements to provide residential, commemial and industrial
service,
· sanitary sewer system extensions, and
conduit for fiber optic service.
Section 2. The City reasonably expects to reimburse the Water, Wastewater, and Electric
Funds for such expenditures from the proceeds of tax-exempt debt to be incurred by the City (the
"Reimbursement Bonds").
Section 3. The maximum principal amount of Reimbursement Bonds expected to be
issued for the projects described in Section 1 is $3,270,000.
Section 4. This resolution shall become effective immediately upon its passage and
ipproval as required by law.
PASSED by the City Council of the City of Port Angeles at a regular meeting of said
MAYOR
~TTEST:
B~cky-J. V~(}n, C~/y Clerk
~PP~VED AS TO FORM:..,
.71, .
William E. Bloor, City A~omey
G :\LegalBackup\ORDINANCES&RESOLUTIONS\R2005-12 WUG A-Financing 071905 wpd
July 19, 2005
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