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RESOLUTION NO.3465
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 City of 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 10,2015 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 City Council 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 only for a temporary period and itis necessary to reimburse the Issuer for the
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 with the proceeds of the Obligations
for the Expenditures with respect to the Project made on and after February 10,2015,which date is no
more than 60 days prior to the date hereof.The Issuer reasonably expects on the date hereof that it will
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 $330,000.00.
4.The Issuer willmake a reimbursementallocation,which is a written allocation by the Issuer that evidences
the Issuer's use of proceeds of the Obligations to reimburse an Expenditure,no laterthan 18 months after
the later of the date on which the Expenditure is paid or the Project is placed inservice 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 10,2015.
ATTEST:/'^Dick Deane,Mayor
obart Taylor,/Finance Director
APPENDIX A
>^Purchase capital items namely rolling stock under the 2015 lease/purchase program.
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