HomeMy WebLinkAbout1996-08 Reimburse Cap. Expendit soLtrrxoN NO. 96- 0g
A RESOLUTION OF THE CITY OF ASHLAND, OREGON EVIDENCING ITS
INTENT TO REIMBURSE CAPITAL EXPENDITURES
RECITALS:
A. The City of Ashland, Oregon (the"City") expects to cause certain capital expenditures to be
incurred for the Purchase of Ashland Life Support.
B. The City intends to reimburse itself for such capital expenditures with the proceeds of
borrowings incurred by the City (the "Reimbursement Bonds").
Unit~l States Treasury Regulation 1.103-18 sets forth certain requirements that must be
complied with in order for the proceeds of Reimbursement Bonds to qualify as an expenditure
of bond proceeds. One such requirement is that on or before the date the expenditure that is
being reimbursed is paid, the issuer of Reimbursement Bonds must declare a reasonable
official intent to reimburse itself for the capital expenditure.
THE MAYOR AND THE CITY OF ASHLAND RESOLVE AS FOLLOWS:
SECTION 1. It is the reasonable intent of the City to reimburse the capital expenditure for the
purchase of Ashland Life Support with the proceeds of Reimbursement Bonds in the principal
mount estimated to be $150,000.
This resolution was read by rifle only in accordance with Ashland Municipal Code §2.04.090 duly
PASSED and ADOPTED this//~ day of d/b%~ , 1996.
Barbara Christensen, City Recorder
SIGNED and APPROVED this//7 day of dff-/~ , 1996.
Catherine M. Golden, Mayor
(g:jill\wp\caiacilXreimburs)