CCP 04-14-1997 - Laserfiche WebLink

Home Browse Search

- Resolution No. 97 - 19 April 14, 1997 Page Two .- C. The City's Bond Counsel has advised the City that the Regulations do not - apply, and hence the provisions of this Resolution are intended to have no application, to payments of City project costs first made by the City out of I the proceeds of bonds issued prior to the date of such payments. 2. Official Intent Declaration. - The Regulations, in the situations in which they apply, require the City to have made an official declaration of its reasonable intention (hereinafter referred to as I the "Official Intent Declaration" or the "Declaration") to reimburse itself for previously paid project expenditures out of the proceeds of subsequent bonds or other borrowings. The Council hereby authorizes the City Administrator to make I the City's Official Intent Declarations or to delegate from time to time that responsibility to other appropriate City employees. Each Declaration shall comply with the requirements of the Regulations, including without limitation the I following: A. Each Declaration shall be made on or before the date the City pays the - applicable project cost and shall state that the City reasonably intends and expects to reimburse itself for the expenditure with proceeds of a borrowing. Each Declaration may be made substantially in the form of the eI "Declaration of Official Intent" which is attached to and made a part of this Resolution. B. Each Declaration shall specifically contain the following statement: "This - Declaration is a declaration of official intent under Treasury Regulations, I Section 1.103-18." C. Each Declaration shall and is hereby declared to be made and filed in the - publicly available official books, records, or proceedings of the City, which shall be reasonably available for public inspection at City Hall during normal business hours of the City on every business day during the I period beginning on the earlier often (10) days after the making of the Declaration or the date of issuance of the reimbursement bonds and ending on the day after the issuance of such bonds. - D. Each Declaration shall, at a minimum, contain a general functional description of the property, project, or program for which the expenditure I to be reimbursed is paid (for example, "1992 Street Improvement Project" or other specific, identifiable project of the City) or, in the alternative, - .. I