City of Ashland, Oregon / City Recorder / Documents / Resolutions / Year of 2002 / 07 Reimburse Expenditures

07 Reimburse Expenditures

RESOLUTION NO. 2002-07

A RESOLUTION OF THE CITY OF ASHLAND, OREGON, DECLARING
OFFICIAL INTENT TO REIMBURSE EXPENDITURES

Recitals:

A. The City of Ashland, Oregon (the "City"), intends to finance the costs of improvements to the Hillah Temple property (the "Hillah Project") and the costs of improvements for a fiber-optic network, cable television and telecommunications system (the "AFN Project") with tax-exempt obligation; and

B. Federal tax law requires an issuer of tax-exempt obligations to declare its intention if the issuer expects to spend its funds on a project and later reimburse itself for those expenditures from the proceeds of tax-exempt obligations; and

C. The City reasonably expects to reimburse the expenditures it incurs for the Projects by issuing tax-exempt obligations; and

D. The maximum principal amount of bonds which the City will issue and use to reimburse itself for the Hillah Project is $1.9 million and for the AFN Project is $9 million, of which $6 million has been previously designated by council for reimbursement through tax-exempt obligations.

THE CITY COUNCIL OF THE CITY OF ASHLAND, OREGON, RESOLVES:

SECTION 1. The City of Ashland, Oregon, declares its official intent to reimburse its expenditures on the Hillah Project and the AFN project with the proceeds of the tax-exempt obligations; and

SECTION 2. The Finance Director is authorized to make future declarations of intent to reimburse, without additional action by the City.

SECTION 3. This resolution takes effect upon signing by the Mayor.

This resolution was read by title only in accordance with Ashland Municipal Code Section 2.04.090

duly PASSED and ADOPTED this 16th day of April, 2002.
Barbara Christensen, City Recorder

SIGNED and APPROVED this 17 th day of April, 2002:
Alan W. DeBoer, Mayor

Reviewed as to form:
Paul Nolte, City Attorney

.

End of Document - Back to Top

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