RES 2003_2026010509170700 - Laserfiche WebLink

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.8ection 5.. Reimbursement of Costs under the Code S-:O I .. The..l ni. ted States Department of the Treasury has promulgated final. regulations.governidg.the.use. of the proceeds of tax=exemptbonds, all or a -portion of which are to be used to reimburse the. .City or a borrower:from the City for project expenditures..paid prior -to the date of issuance of such bonds. Those regulations (Treasury Regulations; Section. l .150-2) (the "Regulations") require. that the City adopt a statement of official. intent to reimburse an original expenditure not laterthan.sixty days after paymentofthe original expenditure; Tlie.Regttlations also.geitorally require. that the bonds be. issued and the reimbursement allocation made from tite proceeds of the:bonds occur within eighteen months:after the later of (i) the date the expenditure is paid; .or (A) -the. -date the project is placed in service or abandoned, but in no event more *th n three years after the date-theexpenditure is paid. The. Regulations. generally Perin it :reinibut'sement of`capital expenditures and:bosts of -issuance of the bonds. 5.02. TO..I e.extent anyportion.of die proceeds .ofthe Bonds will be applied to expenditures with respect to the Proiect, the City reasonably expects to reimburse the Borr6wr for the expenditures made. for costs of the Project from the proceeds of the Bonds after the date. of .payment of all or a portion of such expenditures, All reimbursed expenditures shall be capital expenditures, a cost of issuance of tile. Bonds,. or other expenditures eligible for reinibuisentent:under Section -L-150-2(d)(3) of the Regulations and also qualifying expenditures tinder the Act. 5.01. Based on representations by the Borroiver;-other than (i) expenditures to.be.paid.or reimbursed.from miurces other than the Bonds,.(ii) expenditur4 permitted to -be reimbursed. under prior regulations pursuant to the transitional provision contained .in Section .1.150-20)(2){'iX.B) of the Regulations, (M) expenditures constitutint; pre Iiminaiyexpend itureswithinthe. mean 1ngofSection 1.i5Q-2(t)(2)ofthe.Regulation.s,.or.(iv)expenditures ina"de m:inin,us" ainount(as defined in Section 1..1`500-2(f)(I) of.the Regulations), no expenditures with respectto.the Project have .been made: uy. tlie: Borrower more than sixty days,ltefore the. date of adoption of thisresoltitipm 5..44.. Based on representations by.tfig Botrowerr.as of the date hereof, there are no .funds of the Borrower* reserved, al located on:a long teen -basis or otherwise set aside (or-reasonablyexpected to be reserved, allocated fin a Inng-term basis or otherwise set: aside) to provide permanent finaneing%r theexpenditures related to the Project to -be financed 1i om proceeds of the Bonds, other than Pursuant to the issuance of the Bonds. This resolution; therefore; is determined to be consistent With the.budgetary and financial circumstances of the Borrower as they exist or are reasonably foreseeable on the. date Hereof.. Section.6.. Costs. 6,01. The Borrower will pay all administrative fees of the City.and pay, or; upon demand., reimburse the City for paymentof .any and All costs.incurred by the City in connection with the Project and.die.issuance:of the Bonds; whether or not the Bonds are issued. 6.02 The Borrower or the Foundation will deposit a check:.jn the amount -of $5,000 (the "Initial Deposit") with the City Clerk (tile "City Clerk") of the. City. The Initial Deposit will be used. by the City to cover .its adniin istt-ative and staff costs, -but not the adm inistrative.fee;xelated to the issuance ofthe Bonds. The .Botrower further agrees to. deposit additional sums, if needed, with the.City.Clerk- if the Initial Deposit is, insufficient to-fUljycover the ,a im inistrative and.statTcosts of the City. Tlte. City will refund any part ofth.e.Initial Deposit to the Borrower That is not required to cover administrauve*and staff costs. of the City. Section 7. Commitment Conditional. 7.01. Theadoption of this resolution does not constitute a guatintet ora firm commitmeiitthattlie-City will :isspe-tlie Bonds.as requested. by the Borrower.. If, based on comments received at the public hearing to.belie.ld pursuant to this resolution, or other information made available to or obtained by the City during its review of the Project. it appears that the Project or the issuance of.Bonds to finance the costs thereof is:not in the public interest or inconsistent with tli.e.purposes of the Act,. the City reserves the right not to give final approval to the issuance of the Bonds. The City also retains the right. in its. sole discretion, to withdraw fronpticipation and.accordinglynot issue the Bonds should the:City.Council, at anytime prior to the issuance thereof, determine that it iS-in.the best interests of the City .not to issue -3-