HomeMy WebLinkAbout1992-57 Reimburse Capital Exp.RESOLUTION NO. 92-~7
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 Railroad Park.
Bo
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 Railroad Park
with the proceeds of Reimbursement Bonds in the principal amount estimated to be $150,000.
The foregoing resolution was READ and DULY ADOPTED at a regular meeting of the City Council of the City of
Ashland on the r/.~' day of J_~J,~'M.?/~.'~-'~'-~-.'', 1992.
Nan Franklin
City Recorder
SIGNED and APPROVED this~-,~day of ~'~-~//',~'~-~"-'i; 1992.
Catherine M. Golden, Mayor
Paul Nolte, City Attorney
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