MWRA Bond Authorization — File 202629

AN ORDER MAKING AN APPROPRIATION OF $1,660,000 FOR THE COST OF WATER MAIN REPLACEMENT AND ASSOCIATED ENGINEERING SERVICES ON PROPERZI WAY BETWEEN BEACON STREET AND SOMERVILLE AVENUE, AND CLEANING AND LINING WATER MAINS ON POWDER HOUSE BOULEVARD, AND AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $1,660,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION Ordered: Section 1. That the Mayor’s request for approval of the Board of Aldermen to appropriate $1,660,000 for the cost of water main replacement as well as associated engineering services on Properzi Way, between Beacon Street and Somerville Avenue, and for costs of cleaning and lining water mains on Powder House Boulevard, including the payment of all costs incidental and related thereto; to authorize the Mayor and the City Treasurer to issue not exceeding $1,660,000 bonds of the City to the Massachusetts Water Resources Authority and pending the issuance thereof the making of temporary borrowings for such purposes to meet said appropriation is hereby approved, and further, that the Mayor and the City Treasurer are the officers authorized to issue and sell said bonds or bond anticipation notes in accordance with the provisions set forth herein and in Chapter 44 of the General laws of Massachusetts. Section 2. The bonds shall be issued to the MWRA at a zero interest rate and such bonds shall be repaid to the MWRA within ten years from their dates. They shall be general obligations of the City and each of the bonds shall recite that every requirement of law relating to its issue has been duly complied with and that such bond is within every debt and other limit subscribed by law and that the full faith and credit of the City are pledged to the payment of the principal thereof and interest thereon. Section 3. The City hereby expresses its official intent pursuant to §1.150-2 of the Federal Income Tax Regulations, Title 26 (the “Regulations”), to reimburse expenditures paid sixty days prior to and anytime after the date of passage of this ordinance in the maximum amount and for the projects defined in Section 1 with the proceeds of bonds, notes, or other obligations authorized to be issued by the City. The bonds shall be issued to reimburse such expenditures not later than 18 months after the later of the date of the expenditure or the substantial completion of the project, or such later date the Regulations may authorize. The City hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The City Treasurer or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds, and to amend this declaration. AM 64400402.1