HomeMy Public PortalAboutResolution 21-23 Library Bond Fund City of McCall
RESOLUTION NO. 21-23
A RESOLUTION OF THE CITY OF MCCALL, VALLEY COUNTY, IDAHO,
DECLARING THE CITY'S OFFICIAL INTENT TO REIMBURSE CERTAIN
AUTHORIZED REIMBURSABLE EXPENDITURES FROM THE LIBRARY
BOND FUND OF THE CITY AND RELATING TO THE FINANCING OF THE
RENOVATION OF EXISTING LIBRARY FACILITIES AND
CONSTRUCTION OF A NEW ADDITION AND FURNISHING OF THE
LIBRARY FACILITIES, AND PROVIDING AN EFFECTIVE DATE HEREOF.
WHEREAS, the City Council (the "City Council") of the City of McCall, Valley County,
Idaho (the "City"), has determined and deemed it necessary and advisable to finance certain capital
improvements and equipment acquisitions in the City, for the purpose of renovating existing library
facilities, construction of a new addition, furnishing of the library facilities, as more fully described
in Section 3 of Ordinance No. 999 adopted by the City Council on March 11, 2021 (the "Election
Ordinance"), and all other related costs, items and appurtenances (collectively, the"Project"); and
WHEREAS, the City Council and the Mayor have recommended that the financing,
acquisition, and construction of said Project be accomplished by the issuance of general obligation
bonds of the City in one or more series in a total aggregate amount of up to $4,200,000 (the
"Bonds"), pursuant to the provisions of Sections 50-1019 and 50-1026, Idaho Code, and Chapter 2,
Title 57, Idaho Code; and
WHEREAS, the City Council, by the Election Ordinance, ordered a special bond election to
be held within the City on May 18, 2021, for the submission to the voters of the City the question of
whether or not the City should issue the Bonds in one or more series, in an aggregate principal
amount for all such Bonds of up to $4,200,000 for the purpose of defraying, in part, the cost of the
Project; and
WHEREAS, on May 24, 2021, the Valley County Commissioners canvassed the returns of
said special bond election and determined that the requisite two-thirds (2/3) majority of the
qualified electors of said City had cast votes in the affirmative and that said proposition for the
issuance of general obligation bonds in the amount of up to $4,200,000 had passed; and
WHEREAS, after the County Clerk had certified the above special bond election results to
the City Clerk, on May 24, 2021, the City took action to have the results of the special bond
election entered in the minutes of the Council and proclaimed as final; and
WHEREAS, the City reasonably intends to reimburse itself from proceeds of the Bonds for
certain expenditures on the Project (the "Reimbursable Expenditures") paid by the City from its
Library Bond Fund from April 12, 2021, a date that is 60 days prior to the adoption of this
Resolution, and after the date hereof; and
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RESOLUTION 21-23
June 10,2021
WHEREAS, the City expects such reimbursement to occur not later than 18 months
after the later of(i) the date of the Reimbursable Expenditures, or (ii) the date the Project is placed
in service,but no later than three years after the date of the Reimbursable Expenditures.
NOW,THEREFORE,IT IS RESOLVED as follows:
Section 1. The City intends to incur and pay for Reimbursable Expenditures from its
Library Bond Fund, and hereby declares its intent and reasonable expectation to reimburse itself
for those Reimbursable Expenditures from the proceeds of the Bonds. Further, that each
Reimbursable Expenditure was and will be either (a) of a type properly chargeable to a capital
account under general federal income tax principles (determined in each case as of the date of the
Reimbursable Expenditure), (b) a cost of issuance with respect to the Bonds or (c) a nonrecurring
item that is not customarily payable from current City revenues.
Section 2. The maximum principal amount of the Bonds expected to be issued in one or
more series to finance the Project is up to $4,200,000.
Section 3. This declaration of official intention is made pursuant to Section 1.150-
2, Code of Federal Regulations.
Section 4. This Resolution shall be in full force and effect from and after its passage
and approval, as provided by law.
PASSED AND APPROVED BY THE MAYOR AND THE CITY COUNCIL of the City of
McCall,Valley County, Idaho,this 1 Oth day of June 2021.
CITY OF MCCALL, a municipal corporation of the
State of Idaho
ry�•� By: ,
" SEAL x ROBERT S. GILES, Mayor
ATTEST: y�2r, Al
CIO
4
By:
BESSIE JO NER, Ci Clerk
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RESOLUTION 21-23
June 10,2021