HomeMy WebLinkAboutResolution of Intent to Reimburse_Kittitas County_LTGO Bond 2025 KITTITAS COUNTY, WASHINGTON
RESOLUTION NO.
A RESOLUTION of the Board of County Commissioners of Kittitas
County, Washington, declaring the County's official intent to reimburse capital
expenditures from proceeds of a future borrowing.
WHEREAS, Kittitas County, Washington (the "County") intends to make expenditures
for the Project (identified below) from funds that are available but that are not (and are 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, Treasury Regulations §1.150-2 (the "federal reimbursement regulations")
relating to the use of proceeds of tax-exempt bonds to reimburse the issuer of the bonds for
capital expenditures made before the issue date of the bonds requires, among other things, that
not later than 60 days after payment of the original expenditure the County 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
KITTITAS COUNTY, WASHINGTON, as follows:
Section 1. Description of Project for Which Expenditures are to be Made. The
County intends to make or, not more than 60 days before the date of this declaration, has made,
expenditures from the Stadium and REET Fund(s), and reasonably expects to reimburse itself for
those expenditures from proceeds of bonds, to demolish and reconstruct the grandstands at the
Kittitas County Fairgrounds and the acquisition and/or construction of other associated
infrastructure or capital improvements (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 $8,100,000.
Section 3. Declaration Reasonable. The Board of County Commissioners has
reviewed its existing and reasonably foreseeable budgetary 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 year 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 a manner that results in those amounts being treated as
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FG: 104278250.1
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.
Section 5. Date of Declaration. This declaration of official intent shall be dated as of
the date of adoption of this resolution.
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 ratified and
confirmed.
Section 7. Effective Date. This resolution shall be in full force and effect from and
after its adoption and approval.
ADOPTED by the Board of County Commissioners of Kittitas County, Washington at a
regular meeting held this day of , 2025.
BOARD OF COUNTY COMMISSIONERS,
KITTITAS COUNTY, WASHINGTON
Laura Osiadacz, Chair
Cory Wright, Vice-Chair
❑ Clerk of the Board Brett Wachsmith, Commissioner
❑ Office Administrator
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FG: 104278250.1
CERTIFICATION
1, the undersigned, Clerk of the Board of County Commissioners of Kittitas County,
Washington (herein called the "County") and keeper of the records of the Board of County
Commissioners (herein called the "Board"), DO HEREBY CERTIFY:
1. That the attached Resolution is a true and correct copy of Resolution No.
of the County (herein called the "Resolution"), as finally passed at a regular meeting of the
Board of the County held on the day of , 2025, and duly recorded in my office.
2. That said meeting was duly convened, held and included an opportunity for public
comment, in all respects in accordance with law, and to the extent required by law, due and
proper notice of such meeting was given, including access options for remote attendance; that a
quorum of the Board was present throughout the meeting and a legally sufficient number of
members of the Board voted in the proper manner for the passage of said Resolution; that all
other requirements and proceedings incident to the proper adoption or passage of said Resolution
have been duly fulfilled, carried out and otherwise observed; and that I am authorized to execute
this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of
the County this day of , 2025.
Clerk of the Board
FG: 104278250.1