HomeMy WebLinkAboutRES 4088RESOLUTION NO. 4088
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON DESIGNATING
CERTAIN EXPENDITURES FOR POTENTIAL REIMBURSEMENT FROM
BONDS OR OTHER OBLIGATIONS THAT MAY BE AUTHORIZED AND
APPROVED FOR ISSUANCE BY THE CITY IN THE FUTURE.
WHEREAS, the City of Renton, Washington (the "City") intends to issue tax-exempt
obligations from time to time 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 require that a municipality declare its intent to issue tax-
exempt bonds to reimburse the municipality for prior expenditures before the expenditures
are incurred;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DOES
RESOLVE AS FOLLOWS:
Section I. Pursuant to U.S. Treasury Regulation Section 1.150-2(e), the City reasonably
expects to reimburse the expenditures described herein with the proceeds of bonds or other
obligations to be incurred by the City (the "Reimbursement Bonds").
Section II. The expenditures with respect to which the City reasonably expects to be
reimbursed from the proceeds of Reimbursement Bonds include the acquisition (including
land), construction, improvement, and equipping of library facilities.
Section III. The maximum principal amount of debt obligations expected to be issued
for the projects described in Section II is $18,000,000.
RESOLUTION NO. 4088
Section IV. The adoption of this resolution shall not obligate the City to issue the bonds.
The issuance of the bonds shall require separate and additional official approval by the City
Council.
PASSED BY THE CITY COUNCIL this 21st day of March , 2011.
Bonnie I. Walton, City Clerk
APPROVED BY THE MAYOR this 21st day of March 2011.
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Denis Law, Mayor
Approved as to form:
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Deanna Gregory, tfondMCounsel
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