HomeMy WebLinkAbout2007-04 Intent to Reimburse Expenditures
RESOLUTION NO. 2007-04
A RESOLUTION OF THE CITY OF ASHLAND, OREGON, DECLARING
OFFICIAL INTENT TO REIMBURSE EXPENDITURES
Recitals:
A. The City of Ashland, Oregon (the "City"), intends to finance the costs of
building/installing Solar Energy Generation with a minimum of 60 kW capacity at 90 North
Mountain (the Project") with a Clean Renewable Energy Bond (CREB) authority tax-exempt
obligation; and
B. Federal tax law requires an issuer of tax-exempt obligations to declare its intention
if the issuer expects to spend its funds on a project and later reimburse itself for those
expenditures from the proceeds of tax-exempt obligations; and
C. The City reasonably expects to reimburse the expenditures it incurs for the Project
by issuing CREB tax-exempt obligations; and
D. The maximum principal amount of bonds which the City will issue and use to
reimburse itself for the Project is $500,000 and has been previously designated by Council
for reimbursement through tax-exempt obligations.
THE CITY COUNCIL OF THE CITY OF ASHLAND, OREGON, RESOLVES:
SECTION 1. The City of Ashland, Oregon, declares its official intent to reimburse its
expenditures on the Project with the proceeds of the tax-exempt obligations; and
SECTION 2. This resolution takes effect upon signing by the Mayor.
This resolution was read by title only in accordance wit
duly PASSED and ADOPTED this At; day of
~~
Barbara Christensen, City Recorder
SIGNED and APPROVED this .2/ day of ~ ' 2007.
land Municipal Code 92.04.090
,2007.
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