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HomeMy WebLinkAboutResolution 05-14 03/21/2005 . . . ;; ;J CITY OF SPRINGFIELD LANE COUNTY STATE OF OREGON RESOLUTION NO. - 05-14 Recitals: WHEREAS, on November 02, 2004, the electors of the City of Springfield (the "City") authorized the City to issue its general obligation bonds in an amount not to exceed the principal sum of $28,650,000 (the "Bonds") in order to finance the construction of a Police/Court and Municipal Jail facility and related improvements (the Facility"); and WHEREAS, the City has incurred, or will incur in the future, preliminary expenditures relating to the designing, planning and feasibility of the Facility, all within the meaning of Treasury Regulations 1.150-2, and will continue to incur from time to time additional costs acquiring, designing and constructing the Facility (such preliminary expenditures together with such other costs of the Facility incurred and paid prior to the issuance of the Bonds being herein collectively called the "Pre-Issuance Expenditures"), in accordance with the budget for the Facility and the City's operating budget, will ultimately be financed out ofthe proceeds of the Bonds as and when the Bonds are issues; and WHEREAS, pending the issuance, of the availability of the proceeds derived from the issuance and sale of, the Bonds, the .pre-Issuance Expenditures have been and will be aid on an interim basis out of moneys which, in accordance with the City budget and budgetary practices, are not and will be available on a long-term basis to pay such costs (the Advances"), with the expectation and intent that the City will be reimbursed for all such Advances out of the proceeds of the Bonds as and when the same are issued; and, WHEREAS, the Common Council desires to declare its intent to reimburse the Advances with the proceeds of the Bonds, and the Common Council also desires to delegate to City staff the authority to make similar reimbursement declarations in the future; NOW THEREFORE, BE IT RESOLVED BY THE COMMON COUNCa OF THE CITY AS FOLLOWS: Section 1. The Common Council hereby declares its intent to finance all Pre-issuance Expenditures out of the proceeds of the Bonds as and when the same are issued, and to reimburse itself out of the proceeds of the Bonds for all Advances made for the purpose of paying on an . interim basis all Pre-issuance Expenditures. The City acknowledges that such requirements of Treasury Regulations 1.150-2 are met with respect to the Bonds, the Pre-issuance Expenditures, the sources of funds used to make the Advances and such reimbursement from Bond proceeds, but intends, and hereby directs all City officials and personnel, to take such lawful actions as may be necessary or appropriate in order to ensure that the Advances may be reimbursed from Bond proceeds to the fullest extent permitted by law. Section 2. This resolution is intended to constitute an official declaration on the part of the City to reimburse itself out of the proceeds of the Bonds, for all Advances made to pay Pre- issuance Expenditures, all within the meaning of and pursuant to Treasury Regulation 1.150-2. Section 3. Within 30 days after the date of adoption of this resolution, the recorder of the Common Council shall make a certified copy hereof available for public inspection at the main administrative offices of the City, and shall keep such certified copy available for public inspection at said administrative offices until all series of the Bonds have been issues. Section 4. The City Manager or the City Finance Director are hereby authorized to make future declarations of intent to reimburse under Treasury Regulations 1.150-2, on behalf of the City and without further action by the Common Council. All such future declarations shall be in writing and the original or a certified copy of each declaration shall be maintained in the public , records of the City. Section 5. Effectiveness of Resolution. This Resolution shall take effect immediately upon its adoption by the Common Council. -. ADOPTED BY THE COMMON COUNCIL OF CITY OF SPRINGFIELD AT A REGULAR MEETING HELD ON MARCH 21,2005, BY THE FOLLOWING VOTES: AYES: 6 NAYS: o ,~- ATTEST ~~ .