HomeMy WebLinkAboutRES 3900CITY OF RENTON,WASIDNGTON
RESOLUTION NO.~O
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 will issue utility revenue bonds to provide funds for these capital
projects;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.The City of Renton,Washington (the "City")reasonably expects to
reimburse the expenditures described herein with the proceeds of debt 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 are for the acquisition,construction and
equipping of the following:
•Water:Highland 565 in the amount of$3,280,000;
•Wastewater:Central Plateau in the amount of $2,225,000;
•Surface Water:SW 34th in the amount of $1,335,000 and Renton Village
in the amount of $1,115,000;plus the payment of issuance costs.
RESOLUTION NO.3900
SECTION ID.The maximum principal amount of debt obligations expected to be
issued for the project described in Section IT is $8 million.The expenditures to be reimbursed
from bond proceeds will be made from the Utilities Funds.
PASSED BY THE CITY COUNCIL this 13th dayof August ,2007.
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Michele Neumann,Deputy City Clerk
APPROVED BY THE MAYOR this 13th
d:p ed as to form:,
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Lawrence J.Warren,City Attorney
RES:1288:07123/07:ch
day of August
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Kathy Keolker,Mayor
,2007.