HomeMy WebLinkAboutRES 3405 CITY OF RENTON, WASHINGTON
RESOLUTION NO. 3 4 0 5
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON
DECLARING ITS INTENT THAT CERTAIN CAPITAL
EXPENDITURES TO BE MADE SHALL BE REIMBURSED FROM
THE PROCEEDS OF TAX EXEMPT BONDS OR OTHER
OBLIGATIONS.
WHEREAS, the Waterworks Utility of the City of Renton(the"City") plans to undertake
various Capital Improvement Projects (the "Project"); and
WHEREAS, the City plans to finance the Project through the issuance of tax-exempt
bonds or other obligations of the City in an amount not to exceed $5,000,000 (the "Bonds");
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON, DOES HEREBY RESOLVE AS FOLLOWS:
1. For the purpose of complying with the provisions of the Treasury Regulation
Section 1.150-2 with respect to qualification of reimbursement allocations as expenditures of
bond proceeds, pending the issuance of the Bonds, the City may make capital expenditures in
furtherance of the Project, in anticipation of reimbursement for such expenditures from the
proceeds of the Bonds, when issued.
PASSED BY THE CITY COUNCIL this 19th day of July , 1999.
•
4 ti '.
Marilyn J. 'et- -n, City Clerk
APPROVED BY THE MAYOR this 19th day of July , 1999.
(17:04%4A-4",
Je anner, Mayor
1
RESOLUTION NO. 3 4 0 5
Ap aved as to form:
stn,-" c-PvC�•r�n.¢...—
Lawrence J. Warren, City Attorney
RES. 733:6/29/99:as.
2