HomeMy WebLinkAbout1999-20 Bryant Bond ReimburseRESOLUTION NO.
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 1. The City of Ashland, Oregon, (the "City") expects to use
available funds to pay for the costs of the Bryant Family Trust park land and
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
excluded 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 $599,000.
The foregoing resolution was read by title only in accordance with Ashland
Municipal Code §2.04.090 duly PASSED and ADOPTED this .2~ day of/~r~ ,
1999.
Barbara Christensen, City Recorder
SIGNED and APPROVED this ~'~ day of April, 1999
Catherine M. Shaw, Mayor
,T,~,Ted as to form:
Paul Nolte, City Attorney