HomeMy WebLinkAbout2008-06-16-Resolutions 08-139_Reimburse for Expenditures - Declare Official IntentRESOLUTION 08-139
RESOLUTION DECLARING AN OFFICIAL INTENT UNDER
TREASURY REGULATION 1.150-2 TO ISSUE DEBT TO
REIMBURSE THE CITY FOR CERTAIN ORIGINAL EXPENDITURES
PAID IN CONNECTION WITH SPECiFIED PROJECTS
WHEREAS,the City anticipates making cash expenditures for one or more capital
improvement projects,generally described below (each of which shall hereinafter be
referred to as a "Project");and
WHEREAS,the City reasonably expects to issue debt to reimburse the costs of a
Project;and
WHEREAS,the Council believes it is consistent with the City's budgetary and
financial circumstances to issue this declaration of official intent.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WAUKEE,IOWA:
Section 1.That this Resolution be and does hereby serve as a declaration of
official intent under Treasury Regulation 1.150-2.
Section 2.That it is reasonably expected that capital expenditures will be made in
respect ofthe following Projects,from time to time and in such amounts as this Council
determines to be necessary or desirable under the circumstances then and there existing.
Section 3.That the City reasonably expects to reimburse all or a portion of the
following expenditures with the proceeds of bonds,notes or other indebtedness to be
issued or incurred by the City in the future.
Section 4.That the total estimated costs of the Projects,the maximum principal
amount of the bonds,notes or other indebtedness to be issued for the Projects and the
estimated dates of completion of the Projects are reasonably expected to be as follows:
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Fund from which
original expen-Total Amount of Estimated
ditures are to Estimated Borrowing Date of
Project be Advanced Cost*Anticipated Completion
Purchase of $233,500 plus
Property for closing costs and
Road Project General Fund property taxes -0-July 1,2008
*It is intended to seek grants and other contributions to reduce the amount of borrowing
required for the following Projects:NONE
If such grants are not received,it is intended that the costs to be financed will be
increased accordingly.
Section 5.That the City reasonably expects to reimburse the above-mentioned
Project costs not later than the later of eighteen months after the capital expenditures are
paid or eighteen months after the property is placed in service.
Section 6.That this Resolution be maintained by the City Clerk in an Official
Intent File maintained in the office of the City Clerk and available at all times for public
inspection,subject to such revisions as may be necessary.
PASSED AND APPROVED this 16th day ofJune,2008.
ATTEST:
ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Donald L.Bailey,Ir.X
Casey L.Harvey X
C.Isaiah McGee X
Darlene Stanton X
Mike Watts X
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