1992-003 Council Resolution - Laserfiche WebLink

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other borrowings. The Council hereby authorizes the City Administrator to make the City's Official Intent Declarations or to delegate from time to time that responsibility to other appropriate City employees. Each Declaration shall comply with the requirements of the Regulations, including without limitation the following: (a) Each Declaration shall be made prior to the time the City pays the applicable project cost and shall state that the City intends to reimburse itself for the expenditure out of the proceeds of a taxable or tax exempt" bond issuance, debt, or similar borrowing. Each Declaration may be made substantially in the form of the Exhibit A which is attached to and made a part of this Resolution. (b) Each Declaration shall and is hereby declared to be made and filed in the publicly available official books, records, or proceedings of the City, which shall be continuously available for inspection by the general public and maintained or otherwise supervised by the officials authorized herein to make such Declarations. (c) Each Declaration shall be available for inspection at City Hall during normal business hours of the City on every business day during the period beginning on the earlier of 10 days after the making of the Declaration or the date of issuance of the reimbursement bonds and ending on the day after the issuance of such bonds. Each Declaration shall contain a reasonably accurate general functional description of the type and use of the property for which the expenditure to be reimbursed is paid, including sufficient information so that a person who is not familiar with the property would generally understand the nature and function of that property. (d) Each Declaration shall identify the reasonably expected source or sources of funds that will be used by the City to pay the reimbursement expenditure (prior to and in anticipation of the issuance of the reimbursement bonds), together with the reasonably expected source or sources of funds to be used by the City to pay the debt service on the reimbursement bonds (for example, project revenues, ad valorem tax revenues, special assessments, grant and loan receipts, utility revenues, tax increments, and/or other revenues). (e) Care shall be taken so that the City, or its authorized representatives under this Resolution, not make Declarations in cases where the City will not ultimately be issuing reimbursement bonds to provide long term financing for the subject project costs, and the City officials are hereby authorized to consult with bond counsel to the City concerning the requirements of the Regulations in general and their application in particular circumstances.