HomeMy WebLinkAboutRES 3938CITY OF RENTON,WASHINGTON
RESOLUTION NO.3938
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF RENTON,WASHINGTON APPROVING CERTAIN
EXPENDITURES FOR REIMBURSEMENT FROM THE
PROCEEDS OF DEBT TO BE ISSUED IN THE FUTURE.
WHEREAS,the City anticipates constructing large capital projects for the purpose of
maintaining its ability to provide needed utility services; and
WHEREAS,the City may issue municipal bonds to provide funds for these capital
projects (hereinafter,"Reimbursement Bonds");and
WHEREAS,some expenses on the projects will be incurred by the City prior to the
issuance of said bonds;and
WHEREAS,federal law requires that the City declare its intent to reimburse its
expenses from the planned sale of bonds.
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON DOES HEREBY RESOLVE:
SECTION I.
SECTION II.
The above findings are true and correct in all respects.
The City of Renton,Washington (the "City")may reimburse the
expenditures described herein with the proceeds of debt to be incurred by the City (the
"Reimbursement Bonds").
SECTION III.The expenditures with respect to which the City reasonably
expects to be reimbursed from the proceeds of Reimbursement Bonds are for the acquisition,
construction and equipping the New Maintenance Facility as described in the 2008 Capital
Improvement Plan in the approximate amount of$12.5 million.
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RESOLUTION NO.3938
SECTION IV.The maximum principal amount of debt obligations expected to be
issued for the project described in Section III is $12.5 million.The expenditures to be
reimbursed from bond proceeds will be made from the City's Capital Funds.
PASSED BY THE CITY COUNCIL this 7th day of April ,2008.
Bonnie I.Walton,City Clerk
APPROVED BY THE MAYOR this 7th
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Lawrence J.Warren,City Attorney
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day of April
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Denis Law,Mayor
,2008.