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02-26-1992 Additions
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02-26-1992 Additions
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(g) The Council shall be advised from time to time on <br />the desirability and timing of the issuance of reimbursement <br />bonds relating to project expenditures for which the City has <br />made Official Intent Declarations, including recommendations <br />on the timing of the issuance of such bonds so that the <br />"reimbursement allocation" described in the Regulations and in <br />paragraph 3 below can be made within the 1 year time limits <br />prescribed in the Regulations. <br />(h) This Resolution shall supplement and amend all prior <br />determinations and policies adopted by the City in regard to <br />complying with the Regulations, as initially proposed, and in <br />the event of any inconsistency between the terms provided in <br />this Resolution and said prior determinations or policies, the <br />provisions of this Resolution shall govern. <br />3. Reimbursement Allocations. The designated City officials <br />shall also be responsible for making the "reimbursement <br />allocations" described in the Regulations, being generally the <br />transfer of the appropriate amount of reimbursement bond proceeds <br />to reimburse the source of temporary financing used by the City to <br />make payment of the prior expenditure. Each allocation shall be <br />evidenced by an entry on the official books or records of the City <br />maintained for such reimbursement bonds; shall specifically <br />identify the actual prior expenditure being reimbursed or, in the <br />case of the reimbursement of a particular fund or account, the fund <br />or account from which the expenditure was paid; and shall be <br />effective to relieve the bond proceeds involved from any <br />restriction under the bond resolution or other relevant legal <br />documents for those bonds and under any applicable state statute <br />applicable to unspent proceeds of such bond issue. <br />Adopted this day of <br />Canada City Council. <br />28917 <br />Page 16 <br />, 1992, by the Little <br />
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