HomeMy WebLinkAboutCouncil Resolution 1028RESOLUTION NO. (~,~` J
A RESOLUTION AUTHORIZING THE REIMBURSEMENT OF
EXPENDITURES WITH REIMBURSEMENT OBLIGATION 1?ROCEEDS
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 library consh~uction, improvements, and related costs (the "Public
Improvements") between the date that is sixty days prior to the date of this Resolution and June
30, 2006.
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 it 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 nine hundred and fifty thousand dollars ($1,950,000).
NOW, THEREFORE, BE IT RESOLVED, by the City Council that the City hereby
declares its official intent pursuant to Section L 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.
BE IT FURTHER RESOLVED that the Finance Director is authorized to make future
declarations of intent to reimburse, without additional action by the City Council.
_ Passed by the Council and signed by me in authentication of its passage this~~th day of
-~~~ ~~'__ > 2004.
City of Central Point
Jackson County, Oregon
\,
ri
y
Mayor Hank Williams
ATTEST:
./
City Recorder
A roved b me this ~' ~ ~~
pp y ~ ~ day of '~ ca ~~c _ , 2004.
r///~ /'r/ /`
Mayor Hank Williams
Resolution No. ~C.l,~• b`~