Resolution 15-001 Reimbursement CITY OF SPOKANE VALLEY
SPOKANE COUNTY, WASHINGTON
RESOLUTION NO. 15-001
A RESOLUTION OF THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY,
WASHINGTON, DESIGNATING CERTAIN EXPENDITURES FOR
REIMBURSEMENT FROM BONDS THAT MAY BE AUTHORIZED AND APPROVED
BY THE CITY FOR FUTURE ISSUANCE, AND OTHER MATTERS RELATING
THERETO.
WHEREAS, the City of Spokane Valley, Washington (the"City") issues tax-exempt obligations,
including bonds, notes, and leases from time-to-time for the purpose of financing its governmental
activities; and
WHEREAS, the United States Department of the Treasury has promulgated Regulations limiting
the ability of the City to use the proceeds of tax-exempt obligations for reimbursement of prior
expenditures; and
WHEREAS, any such declaration of official intent to reimburse must not be made as a matter of
course or in an amount substantially in excess of the amount expected to be necessary for the proposed
project; and
WHEREAS, the passage of this Resolution allows the City, but does not require the City, to
reimburse certain expenses related to the project described below, up to the amount listed herein with
proceeds from the issuance of tax-exempt obligations; and
WHEREAS, the City expects to finance the project described below through the issuance of tax-
exempt obligations; provided, the City will only issue as much debt as determined to be appropriate under
its adopted budget and budgeting fiscal policies.
NOW THEREFORE, be it resolved by the City Council of the City of Spokane Valley, Spokane
County, Washington,as follows:
Section 1. The City reasonably expects to reimburse the expenditures described herein with
the proceeds of debt to be incurred by the City(the"Reimbursement Bonds").
Section 2. The maximum principal amount of Reimbursement Bonds expected to be issued
is $14,400,000.
Section 3. The expenditures with respect to which the City reasonably expects to be
reimbursed from the proceeds of Reimbursement Bonds will be made from a City Capital Projects Fund
for project costs related to the purchase of real property for a new City Hall facility, design and
construction of the new City Hall facility, and purchase of fixtures for the new City Hall facility.
Section 4. This Resolution shall be in full force and effect upon adoption.
Resolution 15-001 Reimbursement Page 1 of 2
Approved this 10t day of March,2015.
CITY OF SPOKANE VALLEY,WASHINGTON
Dean Grafos,Mayor
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Kristine Bainbridge, City Clerk V
APPROVED AS TO FORM:
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Office of th Ci ttorney
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Pace Ica Law Group LLP, d C u el to the
City of Spokane Valley
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