Chapter 3.56
OFFICIALS AUTHORIZED TO DECLARE OFFICIAL INTENT

Sections:

3.56.010  Designation of city manager and finance director as officials to declare official intent.

3.56.010  Designation of city manager and finance director as officials to declare official intent.

The city manager and the finance director, acting individually and not jointly, are designated to make declarations of official intent on behalf of the city as may be necessary or appropriate from time to time for any purpose under, and in compliance with, the requirements of the federal reimbursement regulations, substantially in the form of Exhibit A.

Exhibit A

Declaration of Official Intent to Reimburse Expenditures from Proceeds of Bonds

I, the undersigned am a duly appointed, qualified and acting official of the City of Ocean Shores, Washington (the "City"), and, as such, have been designated by the City Council to make declarations of official intent on behalf of the City when necessary or appropriate for any purpose under, and in compliance with, the requirements of certain federal regulations (the "federal reimbursement regulations") relating to the use of proceeds of tax exempt bonds or other obligations ("bonds") to reimburse the City for capital expenditures (and certain extraordinary working capital expenditures) made by the City before the issue date of the bonds. On behalf of the City, I make the following declaration of official intent under the federal reimbursement regulations:

1. Description of Project for Which Expenditures are to be Made. The City intends to make (and/or, not more than 60 days before the date of this declaration, has made) expenditures, and reasonably expects to reimburse itself for those expenditures from proceeds of bonds, for the following project, property or program (the "Project"):

______________________________

______________________________

[Insert general functional description of the Project or, alternatively, identify the name and functional purpose of the fund or account from which the expenditures will be made:]

2. Maximum Principal Amount of Obligations Expected to be Issued for the Project. The City expects that the maximum principal amount of bonds that will be issued to finance the project will be $__________.

3. Declaration Reasonable. I have reviewed the existing and reasonably foreseeable budgetary and financial circumstances of the City, and have determined that the City reasonably expects to reimburse itself for expenditures for the Project from proceeds of bonds because the City 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 City for those expenditures on the Project.

4. Limitations on Uses of Reimbursement Amounts. The City will within one year after the expected reimbursement, use amounts corresponding to proceeds received from bonds issued in the future to reimburse the City 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 City use those amounts in any manner that employs an abusive arbitrage device to avoid arbitrage restrictions.

5. Date of Declaration. This declaration of official intent is made on the date set forth below.

CITY OF OCEAN SHORES,

WASHINGTON

_________________________

(Date)

_________________________

(Name)

_________________________

(Title)

(Ord. 568 § 1, 1994)