HomeMy WebLinkAbout1998-26 Reimbursment BondRESOLUTION NO.
A RESOLUTION OF THE CITY OF ASHLAND, OREGON
AUTHORIZING THE REIMBURSEMENT OF
EXPENDITURES WITH REIMBURSEMENT BOND
PROCEEDS
THE CITY COUNCIL OF THE CITY OF ASHLAND, OREGON, RESOLVES:
Section 1. The City of Ashland, Oregon (the "City") expects to make
expenditures from its available funds to pay for the costs of a fiber-optic network, cable
television and telecommunications system (the "Project").
Section 2. The City reasonably expects to issue bonds or other
obligations (the "Reimbursement Bonds") and to use the proceeds of the
Reimbursement Bonds to reimburse the City for the expenditures it makes from its
available funds for the Project,
Section 3. To permit interest on the Reimbursement Bonds to be
excludable from gross income, the Internal Revenue Code of the United States requires
that the City declare its intent to reimburse itself from Reimbursement Bond proceeds
within 60 days after the expenditures are made.
Section 4. The City expects that the principal amount of the
Reimbursement Bonds will not exceed $6 million.
The foregoing resolution was READ BY TITLE ONLY and DULY
ADOPTED at a regular meeting of thee City Council of the City of Ashland on the 15th
Barbara Christensen, City Recorder
SIGNED and APPROVED this//~ day of September, 1998
Paul Nolte, City Attorney
Catherine M. Shaw, Mayor