HomeMy WebLinkAboutCouncil Resolution 1053RESOLUTION NO. %G5.7
A RESOLUTION AUTHORIZING THE REIMBURSEMENT OF
EXPENDITURES WITH REIMBURSEMENT OBLIGATION PROCEEDS
WHEREAS, the City Council of the City of Central Point, Oregon {the "City"} finds:
A. The City has made and expects to make expenditures from its available
funds to finance Scenic, Upton and Tenth Street improvements, and related costs (the "Public
Improvements"}between the date that is sixty days prior to the date of this Resolution and May
30, 2007.
B. The City reasonably expects to issue bonds, bond anticipation notes, or
other obligations (the "Reimbursement Obligations"} and to use the proceeds of the
Reimbursement Obligations to reimburse the City for the expenditures i# makes from its
available funds for the Public Improvements.
C. To permit interest on the Reimbursement Obligations to be excludable
from gross income, the Internal Revenue Code of the United States requires that the City declare
its intent to reimburse itself from Reimbursement Obligation proceeds within 60 days after the
expenditures are made.
D. The City expects that the principal amount of the Reimbursement
Obligations will not exceed one million eight hundred and then thousand dollars ($1,814,000).
NOW, THEREFORE, BE IT RESOLVED, by the City Council that the City hereby
declares its official intent pursuant to Section 1.150-2 of the Federal Income Tax Regulations to
reimburse itself for expenditures it makes for the Public Improvements with the proceeds of the
Reimbursement Obligations.
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c3t.cl~lratic~ns of it]ter~t to re~mb~ltsc, ~~~i[houl adcl~tional action by ll]c ('~lv {;ol]>>cil,
I'assa~ by tl]c ~..UU]lcal an~i signed by 11]c in auLhcnlit;atzon t~t~ its passa.;c dli;; _th day ~-f
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ATTLS'T:
(,.it} J~~ ~~order -
Approved by il]e this _ ,~
~1a~~i; ; I~~CL: ~V111i~~~r~:~,
day c~ i _ ~ ~0~5.
1VTa~.~~`~r ~~iluk ~~illiarns
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