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RESOLUTION NO.2167
A RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF
MOSES LAKE TO REIMBURSE CERTAIN CAPITAL EXPENDITURES FROM
PROCEEDS OF LEASE-PURCHASE AGREEMENTS
RECITALS:
1.The Cityof Moses Lakeintends to acquirecertain equipment and other property generally de
scribed as monitors and testing equipment,radios and communications devices,computer hard
ware and software, cars and trucks, and tools inthe approximate amount of $622,806.57.
2. The City of Moses Lakemay pay certain capital expendituresin connection withthe property prior
to its receiptof proceeds of the lease-purchase agreement(s) described below("Lease Purchase
Proceeds")for such expenditures.
3. The Cityof Moses Lake reasonably anticipatesthat itwill make expenditures withrespect to the
property inthe principal amount not exceeding the amount stated above forwhichthe Cityof
Moses Lake may or expects to enter intoone or more Lease-Purchase Agreements with Banc
One Leasing Corporation.
4. The Treasury Department and Internal Revenue Service Regulations do not allowthe proceeds of
a tax-exempt borrowing to be spent on working capital.
RESOLVED:
1.The City Council of the City of Moses Lake finds and determines that the foregoing recitals are
true and correct.
2.This resolution is adopted by the City Council ofthe City of Moses Lake for the purpose of estab
lishing compliance with the requirements ofSection 1.150-2 of Treasury Regulations.This resolu
tion does not bind the City of Moses Lake to make any expenditure,incur any indebtedness,or
proceed with the purchase of any property.
3.The City Council of the City of Moses Lake expects the city willpay certain capital expenditures in
connection with the property priorto the receipt of the Lease Purchase Proceeds for the property.
4.The City Council ofthe City of Moses Lake declares its official intent to use the Lease Purchase
Proceeds to reimburse itself for property expenditures.
Adopted by the City Council on March 9,1999
ATTEST:Mayor
Finance Director