HomeMy WebLinkAbout1999-10 Library Bond ReimburseRESOLUTION NO. ¢f 1_ / e
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 I. The City of Ashland, Oregon (the "City") expects to make
expenditures from its available funds to pay for the costs of Library Improvements (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 $4 million.
The foregoing resolution was READ BY TITLE ONLY and DULY
ADOPTED at a regula meeting of the City Council of the City of Ashland on the 2nd
day of February, ~ ~
Barbara Christensen, City Recorder
SIGNED and APPROVED this Z) day of February, 1999
Catherine M. Shaw, Mayor
__ed~,~s to form:
Paul Nolte, City Attorney