Resolution No. 01-25 CITY OF TIGARD,OREGON
RESOLUTION NO.01-O f
A RESOLUTION MAKING A REIMBURSEMENT DECLARATION AND AUTHORIZING
SUBSEQUENT REIMBURSEMENT DECLARATIONS.
WHEREAS,the City intends to construct a City library,and the City is setting aside City, fiends
to firarce the initial costs ofthe Iibrary;and,
WHEREAS,the City reasonably expects to finance the library with general obligation bonds or
other tax-exe.npt obligations;and,
WHEREAS,Federal tax law requires the issuer of tax-exempt obligations to declare its intention
if the issuer expects to spend its fiends on a project and later reimburse itself for those
expenditures from the proceeds of tax-exempt obligations;
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1.Reimbursement Declaration. The City hereby declares its intention to reimburse
expenditures it makes from City funds for the City library with the proceeds of tax-exempt
obligations. The City does not expect to issue more than$5,000,000 of tax-exempt obligations
to reimburse the City for library tests.
SECTION 2.Delegation to Make Future Declarations. The City's Finance Director or the person
designated by the Finance Director to act on behalf of the City under this Resolution are hereby
authorized to make future declarations of the City's intention to reimburse expenditures,without
additional action by the City Council.
1"Ld
PASSED: This 2-� day of M 2001.
M yor-City f ' and
ATTEST:
City Recorder,City of Tigard
RESOLUTION NO.01-1�)_S
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