HomeMy WebLinkAbout37-11 - Res. Authorizing Treasurer to Designate Certain Expenditures for Potential Reimbursement•
RESOLUTION NO. :31 a ( I
A RESOLUTION of the Board of Commissioners of Mason Count Washington,
Y
authorizing the County Treasurer to designate certain expendituress . g for potential
reimbursement from bonds that may be authorized and approved for issuance by
the Board of Commissioners in the future.
WHEREAS, Mason County, Washington (the "County")issues tax-exempt and tax -
advantaged. p
obligations from time to time (including bonds, leases and lines of credit) fo
r the
purpose of financing its governmental activities; and
WHEREAS, the United States Department of the Treasury promulgated has romul ated regulations
limiting the ability of the County to use the proceeds of tax-exempt and taxable Build America
merlca
Bond obligations for reimbursement of prior expenditures; and
WHEREAS, the regulations permit the County to appoint one or more officials for the
purpose of identifying and qualifying capital projects for reimbursement .�
u� oses;
p
THE BOARD OF COMMISSIONERS OF MASON COUNTY, WASHINTGTON DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Appointment of County Treasurer. Pursuant to U.S. Treasury Regulation
Section 1.150-2(e)(1), the Board of Commissioners (the "Board") hereby designates and
appoints the County Treasurer as the responsible official for the purpose of issuing statements of
official intent in compliance with Treasury Regulation Section 1.150-2
SECTION 2 Statements of Official Intent. Upon a determination by the County
Treasurer that the costs of a particular capital project may be reimbursed from the proceeds of a
tax-exempt or tax -advantaged obligations) of the County, the County Treasurer is authorized
and directed to execute a certificate of official intent, substantially in the form attached hereto as
Exhibit A. Each certificate so executed shall become a part of the official records of the County
available for public inspection and review.
No capital projects will be undertaken unless such projects have been previously
approved in the customary manner by the Board, and the execution of any intent certificate shall
not obligate the County to issue any debt all of which shall require separate and additional
official approval by the Board.
1
51131562.1
Adopted by the Board of Commissioners of Mason County, Washington at a regular
meeting held on 301,1E. , 2011.
ATTEST:
ACC
on Goudy, C
of the and
APPROVED AS TO FORM:
Tim Whit- -:.,Deputy Prosecuting Attorney
MASON COUNTY, WASHINGTON
Lyn
By
ng Erickson,
airman and Commissioner
Tim Sheldon, Commissioner
By
-2-
Lingle, C iissioner
51131562.1
EXHIBIT A
FORM OF OFFICIAL INTENT CERTIFICATE
Pursuant to Resolution No. of the Board of Commissioners of Mason County,
Washington (the "County '), the undersigned, County Treasurer hereby states as follows:
SECTION 1. The County reasonably expects to reimburse the expenditures described
herein with the proceeds of debt to be incurred by the County (the "Reimbursement Bonds").
SECTION 2. The maximum principal amount of Reimbursement Bonds expected to be
issued is $
[Select one version of Section 3J
SECTION 3. The expenditures with respect to which the County reasonably expects to
be reimbursed from the proceeds of Reimbursement Bonds are for
[insert general functional description of the property, project or program].
OR
SECTION 3. The expenditures with respect to which the County reasonably expects to
be reimbursed from the proceeds of Reimbursement Bonds will be made from
[insert name of fund or account from which the expenditure will be made
and description of the functional purpose of the fund, for example, capital improvement
program].
Dated this day of , 20 .
Treasurer of Mason County, Washington
Exhibit A - 1
5113156' I