007-19 - Resolution - Approving the Reimbursement of Equipment Expenditures Paid by the City Prior to Financing Expend.RESOLUTTON NO. 007-19
A RESOLUT ON OF THE C TY OF PORT ORCHARD, WASHINGTON, APPROV NG
THE RE MBURSEMENT OF EQUIPMENT EXPEND TURES PA D BY THE C TY PR OR
TO THE FINANCING OF SUCH EXPENDITURES.
WHEREAS, the City of Port Orchard (the "Local Agency") reasonably expects to
reimburse to itself the expenditures described herein with the proceeds of various financing
contracts to be entered into by the Local Agency (the "Reimbursement Obligations"); and
WHEREAS, the expenditures with respect to which the Local Agency reasonably expects
to be reimbursed from the proceeds of Reimbursement Obligations are for acquisition of police
vehicles, public works trucks, water trucks, sewer trucks, CCTV truck, vactor truck, storm
vehicles, administrative vehicles and corresponding equipment needed for the operation of the
city; and
WHEREAS, the expenditures with respect to which the Local Agency reasonably expects
to be reimbursed from the proceeds of Reimbursement Obligations will be made from Fund
500, Equipment Rental and Revolving Fund used for the acquisition, maintenance, and
operations of the City's Fleet; and
WHEREAS, the maximum principal amount of Reimbursement Obligations expected to
be issued for the property described in Section 2 is 5I,226,000, now therefore;
THE CITY COUNCTL OF THE C W OF PORT ORCHARD, WASHINGTON, HEREBY RESOLVES
AS FOLLOWS:
THAT: The reimbursement to the City of equipment expenditures paid prior to
the financing of such expenditures, to be made from the borrowed funds, is
approved.
PASSED by the City Council of the City of Port Orchard, SIGNED by the Mayor and attested
by the City Clerk in authentication of such passage this 26th day of February 20L9.
Mayor
ATTEST:
Brand Rin rson, MM C, City Clerk
Robert Puta ansuu,
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