HomeMy WebLinkAbout1997-02 Reimburs. Bond - FloodRESOLUTION NO. 97-03---'
A RESOLUTION OF THE CITY OF ASHLAND, JACKSON COUNTY,
OREGON, DECLARING OFFICIAL INTENT TO ISSUE REIMBURSEMENT
BONDS TO REIMBURSE EXPENDITURES INCURRED FOR FLOOD
DAMAGE
RECITALS:
A. The City of Ashland, Oregon, (the"City") expects to cause certain capital
expenditures to be incurred for the restoration of city facilities damaged in the New
Year's Day flood, 1997, including, but not limited to damage to the city's water, sewer,
electrical, storm sewer and transportation systems including the water and wastewater
treatment plants, city streets, bridges and sidewalks; watershed roads and bridges;
streambanks and channels; removal of present and continuous accumulations of silt in
the city's water reservoir; and Lithia Park.
B. The City intends to reimburse itself for such capital expenditures with the proceeds
of borrowings incurred by the City (the "Reimbursement Bonds").
C. United 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 repair, restoration and rehabilitation of the city's water, sewer, electrical, storm
sewer and transportation systems including the water and wastewater treatment
plants, city streets, bridges and sidewalks; watershed roads and bridges; streambanks
and channels; removal of present and continuous accumulations of silt in the city's
water reservoir; and Lithia Park with the proceeds of Reimbursement Bonds in the
principal amount estimated to be $2,600,000.
This resolution was read by title only in accordance with Ashland Municipal Code
§ 2.0.4~90, duly PASS~ D and ADOPTED~this
Barbara Christensen, City Recorder
SIGNED and APPROVED this Yday of
day of January, 1997.
',~~" ,~ ,1997.
Catherine M. Golden, Mayor
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