HomeMy WebLinkAbout1994-55 Reimburse from BondsRESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASHLAND AUTHORIZING
REIMBURSEMENT OF F.,XPENSES FROM PROCEEDS OF WATER RI~VENUE BONDS.
BE IT RESOLVED by the City Council of the City of Ashland that:
Se~tlnn 1. F~ndings.
The City Council of the City of A~hland finds:
L! . The City e, xpe~ts to isle t~x-exempt water rcvenue bonds to pay for capital improvements
to the City~s w~ter system.
1.2. The City may pay for a portion of the costs of those capital improveonto before the water
revenue bonds are issued.
1.3. Federal la~v requires the City to declare its inten~ to reimburse expenditures, if the
reimbursement will be made from the proceeds of tax-exempt obligations.
Section 2. Declaration.
The CiW ~ereby declares that it reasonably expects to reimburse any expenditures for capital
improvements to the City's water system which the City has made within the last 6o days, and any
such expenditures it may make in the future, wi~ the proceeds of the City'a proposed water
revenue bonds. The City expects that the vater revenue bonds will be i~uod in ~ principal
amount of no more than $3,800,000.
Considered and enmed by the City Council of the CiW of Ashland at a regular
meeting held on the/~lay of August. 1994.
Attest:
Mayor
City Recorder