HomeMy WebLinkAbout1992-37 Sewer Fund Loan RESOLUTION NO. 92-J7
A RESOLUTION OF THE CITY OF ASHLAND, OREGON EVIDENCING ITS INTENT TO
REIMBURSE CAPITAL EXPENDITURE AND TO APPROVE A LOAN TO THE SEWER FUND.
RECITALS'
A.
The City of Ashland, Oregon (the"city") expects to cause certain capital expenditures to be incurred for
the waste water digester roof.
B.
C.
The City intends to reimburse itself for such capital expenditures with the proceeds of borrowings
incurred by the City (the "Reimbursement Bonds").
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.
D. Ors 294.460 requires an ordinance or resolution to permit a loan from one loan to another.
THE MAYOR AND THE CITY OF ASHLAND RESOLVES AS FOLLOWS:
SECTION 1. It is the reasonable intent of the City to reimburse the capital expenditure for the projects
described on the attached Exhibit A with the proceeds of Reimbursement Bonds in the principal amount
estimated to be $579,000.
SECTION 2. That the City Recorder- Treasurer is authorized to loan the sewer fund up to $450,00 during the
1992-93 fiscal year. The loan will be made from the Cemetery Trust fund and shall pay interest quarterly at the
rate of one tenth percent (10 basis points) above the local governmental investment pool rate.
The foregoing resolution was READ and DULY ADOPTED at a regular meeting of the City Council of the City of
Ashland on the"/__~d k~--C_.4~ct.~¢.~
ay of ., 1992.
SIGNED and APPROVED this .7'~ day of ~ , 1992.
f
Catherine M. Golden, Mayor
Paul Nolte, City Attorney
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