HomeMy WebLinkAboutResolution 97-103 request for federal reimbursement for capital improvement projectsMARANA RESOLUTION NO. 9%103
A RESOLUTION OF TH~ MAYOR AND COUNCIL OF THE TOWN OF MARANA,
ARIZONA, DECLARING FOR PURPOSES OF SECTION 1.150-2 OF THE FEDERAL
TREASURY REGULATIONS OFFICIAL INTENT TO BE REIMBURSED IN CONNECTION
WITH CERTAIN CAPITAL EXPENDITURES AND DECLARING AN EMERGENCY.
WHEREAS, the Town of Mararia, Arizona, a municipality of the State of Arizona (the
"Town"), is authorized and empowered pursuant to law to issue or cause to be issued obligations to
finance the costs of various capital facilities owned or to be owned by the Town; and
WHEREAS, it is contemplated that certain expenditures made by the Town with regard to
capital facih'ties owned or to be owned by the Town will be reimbursed from the proceeds of the sale
of obligations to be issued in the future by or on behalf of the Town.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Town of
Marana, Arizona, as follows:
Section 1. The following terms shall have the meanings assigned thereto as follows:
"Official intent" means a declaration of intent of the Town to
reimburse an original expenditure with proceeds of an obligation.
"Original expenditure" means an expenditure for a governmental
purpose that is originally paid from a source other than a
reimbursement bond.
"Reimbursement bond" means the portion of an issue of obligations
allocated to reimburse an original expenditure that was paid before the
issue date of such issue.
Section 2.
This Resolution is official intent relating to reimbursement for the original
expenditures indicated in Exhibit A hereto which are capital expenditures (being any
cost of a type that is properly chargeable to a capital account [or would be so
chargeable with a proper election] under general federal income tax principles).
Section 3.
The project for which such original expenditures are to be paid are for the
construction of certain roadway improvements, and the maximum principal amount
of obligations ('including the reimbursement bonds for such purposes) to be issued for
such project shall not exceed $8,140,000.
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Section 4.
On the date of this Resolution, the Town has a reasonable expectation (being that a
prudent person in the same circumstances as the Town would have based on all the
objective facts and circumstances) that it will reimburse such original expenditures
with proceeds of such obligations. (Official intents have not been declared by the
Town as a matter of course or in amounts substantially in excess of the amounts
expected to be necessary for such project. Moreover, the Town does not have a
pattern [other than in extraordinary circumstances ] of failure to reimburse actual
original expenditures covered by official intents.)
Section S.
This Resolution shall be included as of the date hereof in the publicly available official
records of the Town, such records being maintained and supervised by the Clerk of
the Town, being the main administrative office of the Town, and shall remain available
for public inspection on a reasonable basis.
Section 6.
All resolution or ordinances, or parts thereof,, in conflict with the provisions of this
Re~olution are, to the extent of such conflict, hereby repealed.
Section 7.
The immediate operation of this Resolution is necessap] of the preservation of the
public peace, health and safety, and an emergency is hereby declared to exist, and this
Resolution shah be in full force and effect fi-om and after its passage, adoption and
approval bythe Mayor and Council of the Town, as required by law, and it is hereby
exempt from the referendum provisions of the Constitution and the laws of the State
of Arizona.
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, this
7~ day of October, 1997.
Mayor ORA MAE ~
Town Attorney
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