HomeMy WebLinkAbout013 13
STATE OF WASHINGTON
COUNTY OF JEFFERSON
A RESOLUTION of the Board of County )
Commissioners of Jefferson County, )
Washington, declaring the official intent of the )
County to reimburse capital expenditures in )
connection with the construction of the Port )
Hadlock Wastewater System from proceeds of )
a future borrowing. )
RESOLUTION NO. 13-13
WHEREAS, Jefferson County (the "County") intends to make expenditures in
connection with the construction of the Port Hadlock Wastewater System (the "Project") from
funds that are available but that are not (and aze not reasonably expected to be) reserved,
allocated on a long-term basis, or otherwise set aside for those expenditures, and reasonably
expects to be reimbursed for those expenditures from proceeds of bonds or other obligations
("bonds") issued to finance those expenditures; and
WHEREAS, certain federal regulations relating to the use of proceeds of tax-exempt
bonds to reimburse the issuer of the bonds for certain expenditures made before the issue date of
the bonds require, among other things, that not later than 60 days after payment of the original
expenditure the County (or any person designated by the County to do so on its behalf) declare a
reasonable official intent to reimburse those expenditures from proceeds of bonds; NOW,
THEREFORE,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
JEFFERSON COUNTY, WASHINGTON, as follows:
Section 1. Description of Expenditures to be Made. The County intends to make
(and/or, not more than 60 days before the date of this declazation, has made) expenditures, and
Page 1
sizvoasa_~
reasonably expects to reimburse itself for those expenditures from proceeds of bonds, for the
Project.
Section 2. Maximum Principal Amount of Bonds Expected To Be Issued for the
Project. The County expects that the maximum principal amount of bonds that will be issued to
finance the Project will be $23,000,000.
Section 3. Declaration Reasonable. The Boazd of County Commissioners of the
County has reviewed its existing and reasonably foreseeable budgetazy and financial
circumstances and has determined that the County reasonably expects to reimburse itself for
expenditures for the Project from proceeds of bonds because the County has no funds available
that already are, or are reasonably expected to be, reserved, allocated on a long-term basis, or
otherwise set aside by the County for those expenditures on the Project.
Section 4. Limitations on Uses of Reimbursement Amounts. The County will not,
within one yeaz after the expected reimbursement, use amounts corresponding to proceeds
received from bonds issued in the future to reimburse the County for previously paid
expenditures for the Project in any manner that results in those amounts being treated as
replacement proceeds of any tax-exempt bonds, i.e., as a result of being deposited in a reserve
fund, pledged fund, sinking fund or similar fund (other than a bona fide debt service fund) that is
expected to be used to pay principal of or interest on tax-exempt bonds, nor will the County use
those amounts in any manner that employs an abusive arbitrage device to avoid arbitrage
restrictions.
Section 5. Date of Declazation. This declazation of official intent shall be dated as of
the date of adoption of this resolution.
Page 2
stz~oasa_~
Section 6. Ratification and Confirmation. Any actions of the County or its officers
prior to the date thereof and consistent with the terms of this resolution are hereby ratified and
confirmed.
Section 7. Effective Date. This resolution shall become effective immediately upon
its adoption.
ADOPTED by the Board of County Commissioners of Jefferson County, Washington, at
a regular open public meeting thereof, this L~~day of ¢ ,3 2013.
• ~ . •.
~ '~
~~ 5
Y ~.,~~ * F~y.
~ ~~~ ~ N
~.
• ~, r ~''' , / , ~
.,.%
1 ' ~/
r ~ 4
~- i~`' '~y, f
~~ ~f
~~SQN ~'~-fie
/ATTEST: p
u ~; an c. ~~'LI~'! ~'i G~ C
Raina Randall,
Deputy Clerk of the Board
BOARD OF COUNTY COMMISSIONERS,
JEFFERSON CjQUNTY, WASHINGTON
John~ustin, Chairman
// /
i
A, /
David
~~
Phil Johnson, Member
Page 3
512]0484.1
Department of Public Works
O Consent Agenda
Page 1 of 2
Jefferson County
Board of Commissioners
Agenda Request
To: Board of Commissioners
Philip Morley, County Administrator
From: Frank Gifford, Public Works Director ~~
Agenda Date: February 25,2013
Subject: Reimbursement Resolution for the Port Hadlock Wastewater
Facility
Statement of Issue:
The purpose of the resolution is to state that the County intends to make expenditures in
connection with the sewer project and will reimburse these expenditures from bond proceeds
or other obligations.
Although this action preserves the option for the County to issue bonds in the future to
reimburse itself for expenditures on the project, it is not necessarily a decision to sell bonds
for reimbursement.
Analysis/Strategic Goals/Pro's It Con's:
This action is a pro forma requirement under the tax code for tax-exempt bonds that cover
hard costs as well as bonding against connection fees or LID assessments.
Fiscal Impact/Cost Benefit Analysis:
The maximum principle amount of bonds expected to be issued for the project is given as
$23,000,000 in the resolution. The action does not mean that the County will issue bonds for
the given amount. This amount is based on the estimate of remaining project costs and the
maximum amount the County would need to bond for all amounts that are not yet confirmed
to be received from other sources.
The project continues to aggressively seek additional grants and low-interest loans to lower
project costs.
Department of Public Works
O Consent Agenda
Page 2 of 2
Recommendation:
It is the Public Works Department's recommendation that the Board adopt the resolution.
Department Contact: Jcel Peterson, Project Manager, 385-9173
Reviewed By:
r ,, / _,~
Ll~l3
Philip Morey, County Adminis rator Date