Resolution No. 03-06 CITY OF TIGARD, OREGON
RESOLUTION NO. 03-O(D
A RESOLUTION MAKING A REIMBURSEMENT DECLARATION AND AUTHORIZING
SUBSEQUENT REIMBURSEMENT DECLARATIONS.
WHEREAS,the City intends to construct a new water reservoir and related improvements to
serve the 550 foot service level and is currently incurring design and preliminary engineering
costs; and,
WHEREAS, the City reasonably expects to finance the reservoir with water revenue bonds or
other tax-exempt obligations; and,
WHEREAS, Federal tax law requires the issuer of tax-exempt obligations to declare its intention
if the issuer expects to spend its funds 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 550 Foot reservoir and Related Improvements
Project with the proceeds of tax-exempt obligations. The City does not expect to issue more than
$1,000,000 of tax-exempt obligations to reimburse the City for project costs.
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.
SECTION 3. This resolution takes effect upon passage by the City Council.
tA
PASSED: This/ day of 2003.
ayo - City Tigard
ATTEST:
�ti vzc.- fits
City Recorder, City of Tigard
RESOLUTION NO. 03-010
Page 1