HomeMy WebLinkAboutResolution 08-37 07/21/2008
RESOLUTION NO. 08-37
A RESOLUTION OF THE CITY OF SPRINGFIELD, LANE
COUNTY, OREGON DECLARING AN INTENT TO
REIMBURSE AND AUTHORIZING FUTURE
l)ECLARA TIONS
WHEREAS, the City of Springfield (the "City") has made and expects to make
expenditures from its available funds ~o finance two projects: I) improvements to the City's
wastewater and storm water system, including but not limited to la) rehabilitation of
approximately 40,000 linear feet of existing piping and accompanying design and engineering
costs; and I b) the extension of approximately 23,000 feet of wastewater piping for the Jasper-
Natron region and other local development projects included design and engineering costs; and
2) the construction of fire station, including design and related costs. These projects are
collectively referred to as the "Public Improvements" in this resolution; and
WHEREAS, 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; and
WHEREAS, to permit interest on the Reimbursement Obligations to be
excludable from gross income, the IntemalRevenue Code of the United States (the "Code")
requires that the City declare its intent to reimburse itself from Reimbursement Obligation
proceeds within 60 days after the expenditures are made; and
WHEREAS, the City expects that the principal amount of the Reimbursement
Obligations will not exceed twenty-five million eight hundred thousand dollars ($25,800,000);
and;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Springfield, Oregon as follows:
Section I. Declaration of Intent to Reimburse. 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.
Section 2. Future Declarations. The Finance Director is hereby authorized to make future
declarations of intent to reimburse under Section 1.150-2 of the Federal Income Tax Regulations,
on behalf of the City and without further action by the City 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.
Attachment A Page I of 2
Adopted by the City Council of the City of Springfield at a regular meeting held on the
21st day of July, 2008.
Ayes: 5
Nays: 0
ATTEST:
CityReco~~~
City of Springfield, Lane County, Oregon
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Attachment A Page 2 of 2
RESOLUTION NO. 08-37