3431RESOLUTION NO.3431
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOSES LAKE
DECLARING ITS INTENTION TO REIMBURSE ITSELF FROM THE PROCEEDS OF
ONE OR MORE TAX-EXEMPT FINANCINGS FOR CERTAIN EXPENDITURES
MADE AND/OR TO BE MADE IN CONNECTION WITH THE ACQUISITION,
CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL IMPROVEMENTS
RECITALS:
1.The Cityof Moses Lake (the Issuer)is a political subdivision organized and existing under the laws of the
State of Washington.
2. The Issuer has paid, beginning no earlier than February 11,2014 and will pay, on and after the date
hereof, certain expenditures (the Expenditures)in connection with the capital project (the Project),as
more fully described in Appendix A attached thereto.
3. The CityCouncil of the Issuer (the Board) has determined that the money previously advanced no more
than 60 days prior to the date hereof and to be advanced on and after the date hereof to pay the
Expenditures are available onlyfora temporary period and itis necessary to reimburse the Issuer forthe
Expenditures from the proceeds of one or more issues of tax-exempt obligations (the Obligations).
RESOLVED:
1.The Board hereby declares the Issuer's intentto reimburse the Issuer withthe proceeds ofthe Obligations
forthe Expenditures with respect to the Project made on and after February 11,2014,whichdate is no
more than 60 days priorto the date hereof. The Issuer reasonably expects on the date hereof that itwill
reimburse the Expenditures with the proceeds of the Obligations.
2. Each Expenditure (was and)will be (a) of a type properly chargeable to capital account under general
federal income tax principles (determined in each case as of the date of the Expenditure) and (b)
complies with all applicable Literary Fund regulations.
3.The maximum cost of the Project is expected to be $565,000.00.
4. The Issuerwill make a reimbursement allocation, which isa writtenallocation bythe Issuerthat evidences
the Issuer's use of proceeds ofthe Obligationsto reimburse an Expenditure,nolaterthan 18 months after
the later ofthe date on whichthe Expenditure is paid or the Project is placed in service or abandoned,but
in no event more than three (3) years after the date on which the Expenditure is paid. The Division
recognizes that exceptions are available for certain "preliminary expenditures,"costs of issuance,certain
de minimis amounts,expenditures by"small issuers"(based on the year of issuance and not the year of
expenditure)and expenditures for construction projects of at least 5 years.
5. The Lessee reasonably expects to reimburse the expenditures with proceeds of a lease.
Adopted by the City Council on February 11,2014.
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ATTEST://Dick Deane,Mayor
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APPENDIX A
Purchase capital items namely rolling stock under the 2014 lease/purchase program.