HomeMy WebLinkAboutResolution 10-34 06/07/2010
RESOLUTION NO. 10-34
A RESOLUTION OF THE CITY OF SPRINGFIELD, LANE
COUNTY, OREGON DECLARING AN INTENT TO
REIMBURSE AND AUTHORIZING FUTURE
DECLARATIONS
WHEREAS, the City of Springfield (the "City") has made andexpect~ to make
expenditures from its available funds to finance improvements to the City's storm water system,
including but not limited to providing new stormwater management facilities and modernizing
and rehabilitating existing stormwater management facilities. 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 oft~e .
Reimbursement Obligations to reimburse the City for the expenditures it makes from its
available funds for the-Public Improvements; and
WHEREAS, ,the Internal Revenue Code of the United States (the "Code")
requires that the City declare its intent to reimburse itself from Reimbursement Obligation
proceeds if it intends to use the proceeds of certain types of tax-advantaged Reimbursement
Obligations to reimburse the City for expenditures it make for the Public Improvements; and
WHEREAS, the ~ity expects that the principal amount of the Reimbursement
Obligations will not exceed ten million dollars ($10,000,000); and;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Springfield, Oregon as follows:
Section 1. 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
or similar laws, on behalf of the City and without further action by the Gity 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 3. Effective Date. This resolution shall take effect on its date of adoption.
Adopted by the City Council of the City of Springfield at a regular meeting held on the
7th day of June, 2010.
Ayes: 5
\.
/ 1
Nays: 0
City of Springfield, Lane County, Oregon
ATTEST:
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RESOLUTION NO. 10-34