HomeMy Public PortalAbout2014-091 Resolution Declariing the Official Intent of the City of Medina to ReimburseMember Pederson introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2014-91
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE
CITY OF MEDINA TO REIMBURSE
CERTAIN EXPENDITURES FROM THE PROCEEDS
OF BONDS TO BE ISSUED BY THE CITY
WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150-2 providing that
proceeds of tax-exempt bonds used to reimburse prior expenditures will not be deemed spent unless
certain requirements are met; and
WHEREAS, the City expects to incur certain expenditures which may be financed
temporarily from sources other than bonds, and reimbursed from the proceeds of a bond;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MEDINA (THE "CITY") AS FOLLOWS:
1. The City reasonably intends to make expenditures for the project described in
Exhibit A (the "Project"), and reasonably intends to reimburse itself for such expenditures from the
proceeds of debt to be issued by the City in the maximum principal amount described in Exhibit A.
2. The City Administrator -Clerk -Treasurer is authorized to designate appropriate
additions to Exhibit A in circumstances where time is of the essence, and any such designation shall
be reported to the city council at the earliest practicable date and shall be filed with the official
books and records of the city.
3. This resolution is intended to constitute a declaration of official intent for purposes
of Treas. Reg. § 1.150-2 and any successor law, regulation, or ruling.
Dated: December 2, 2014
Attest:
Scott T. Johnson, Administrator -Clerk -Treasurer
Resolution No. 2014-91
December 16, 2014
1
r
42/ 1- .
Er a eth Weir, Mayor
The motion for the adoption of the foregoing resolution was duly seconded by member Anderson
and upon vote being taken thereon, the following voted in favor thereof:
Anderson, Martin, Martinson, Pederson, Weir
And the following voted against same:
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2014-91 2
December 16, 2014
Date of
Declaration
December 2, 2014
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED DECEMBER 16, 2014
Description of Project
Water, Sewer, Storm Sewer
and road improvements
related to the Tower Drive
Improvement Project.
Resolution No. 2014-91 3
December 16, 2014
Maximum Principal
Amount of Debt
for Proiects
$2,200,000