Resolution of Intent to Reimburse_Kittitas County_LTGO Bond 2025

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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 -1- FG: 104278250.1