HomeMy WebLinkAbout1992-23 Reimburse Capital Exp.R .SOnUT O
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 projects
described on the attached Exhibit A.
Be
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 of such requirements 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 CITY COUNCIL OF ASHLAND RESOLVE AS FOLLOWS:
SECTION 1. It is the reasonable intent of the City to
reimburse the capital expenditures for the projects described on
the attached ]Exhibit A with the proceeds of Reimbursement Bonds
in the principal amount estimated to be $579,000.
The foregoing resolution was READ and DULY ADOPTED at a
regular meeting of the City Council of the City of Ashland on the
~~ day of ~~'~J , 1992.
SIGNED and APPROVED this
~~day of ~ , 1992.
~~s~~orm:
Paul Nolte, City Attorney
EXHIBIT A
Name of Improw~ment
Peachey/Paradise Sewer
Lori Lane Paving
Tolman Creek Road Paving
Tolman Creek Signal
Ashland Loop Road Paving
TOTAL
Amount
$ 31,000
57,000
295,000
156,000
40,,000
$579,000