HomeMy WebLinkAbout1999-25 Bond Proceeds Reimbursntso vnor r o.
A RESOLUTION 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 water system and fire station improvements (the "Projects")
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 Projects.
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 amotmt of the Water System
Reimbursement Bonds will not exceed $2,500,000.
Section 5. The City expects that the principal amount of the Fire Station Bonds
will not exceed $4,000,000.
This resolution was read by title only in accordance with Ashland Municipal Code §2.04.090 duly
Barbara Christensen, City Recorder
SIGNED and APPROVED this
. day of May, 1999:
Catherine M. Shaw, Mayor
Rev,,~ed as to [orm:
Paul Nolte, City Attorney
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