HomeMy Public PortalAbout2001-019 Resolution Declaring the Official Intent of the City of Medina to Reimburse Certain Expenditures from the Proceeds of Bonds to be Issued by the CityMember Carolyn Smith introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.01-19
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: April 3, 2001
Attest:
Paul Robinson, Administrator -Clerk -Treasurer
RHB-183385v1
ME230-313
1
01-19
April 2001
The motion for the adoption of the foregoing resolution was duly seconded by member Bruce
Workman and upon vote being taken thereon, the following voted in favor thereof:
Ferris, Lane, Smith, Workman, and Zietlow
and the following voted against same: None
Whereupon said resolution was duly passed and adopted.
RHB-183385v1
ME230-313
2
01-19
April 3 2001
Date of
Declaration
April 3, 2001
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED APRIL 3, 2001
Description of Project
Signal, intersection, and road
improvements related to the
intersection of TH55 and
Willow.
Maximum Principal
Amount of Debt
for Projects
$1,600,000
RHB-183385v1
ME230-313
3
01-19
April 3 2001