1997.07.21 RESO 1997-0015 - Laserfiche WebLink

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(b) Each Declaration shall specifically contain the following statement: "This Declaration is a declaration of official intent under Treasury Regulations Section 1.103-18." (c) Each Declaration shall and is hereby declared to be made and filed in the publicly available official books, records, or proceeding of the City, which shall be reasonably available for public 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. (d) Each Declaration shall, at a minimum, contain a general functional description of the property, project, or program for which the expenditure to be reimbursed is paid (for example, 111997 Bald Eagle Industrial Park Acquisition and Improvement Project" or other specific, identifiable project of the City) or, in the alternative, shall identify the particular fund or account of the City from which the expenditure to be reimbursed is paid, including a description of the general functional purpose of that fund or account (for example, "Sewer Construction Fund"). (e) Each Declaration shall also contain a statement of the maximum principal amount of the debt expected to be issued for the subject project. (f) Care shall be taken so that the City, or its authorized representatives under this Resolution, not make Declarations in cases where the City does not reasonably expect that it will ultimately issue 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. It is the Council's intention that Declarations not be made (i) when available funds of the City have been or are reasonably expected to be dedicated or otherwise reserved to fund on a long-term basis the particular expenditures involved or (ii) when it is not reasonably expected that reimbursement bonding will occur. (g) The Council shall be advised from time to time on the desirability and timing of the issuance of reimbursement bonds relating to project expenditures for which the City has made Official Intent Declarations, including recommendations on the timing of the issuance of such bonds so that the "reimbursement allocation" described in the Regulations and in paragraph 3 below can be made within the 1 year time limits prescribed in the Regulations. (h) This Resolution shall supplement and amend all prior determinations and policies adopted by the City in regard to complying with the Regulations, as initially proposed, and in the event of any inconsistency between the terms provided in this Resolution and said prior determinations or policies, the provisions of this Resolution shall govern.