HomeMy WebLinkAboutResolution 2012-053 reimbursement in connection with expenditures related to marana wastewater treatment plantMARANA RESOLUTItJN NO. 2012-53
RELATING TO FINANCE; DECLARING, FOR PURPOSE OF SECTION 1. l 50-2 OF THE FED-
ERAL TREASURY REGULATIONS, OFFICIAL INTENT TO BE REIlVIBURSED IN CONNEC-
TION WITH CAPITAL E�PENDITURES RELATED TQ ACQUISITION OF THE "MARANA
WASTEWATER FACILITY" AND RELATED IMPROVEMENTS
WHEREAS, the Town of Marana, Arizona, a municipal corporation of the State of Arizona
(hereinafter referred to as 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 cantemplated that certain expenditures made by the Town for acquisition of
the "Marana tVastewater Facility" will be reimbursed from the proceeds af the sale of c�bligations to
be issued in the future by ar on behalf af the Town; '
NOW THEREFORE, BE IT RESOL�ED BY THE MAYOR AND CONIMON COUNCIL
OF THE TC}�UN OF l�!IARANA, ARIZONA, THAT:
SECTION 1. Definitions. The following terms shall have the meanings assigned thereto as
fallows:
"Official intent" means a declaration of intent of the Tawn to reimburse an original expendi-
ture with proceeds of an obligation.
"Original expenditure" means an expenditure for a governmental purpase that is originally
paid from a source other than a reimbursement bond.
"R�imbursement bond" means the portion of an issue of obligations allocated to reimburse an
ariginal expenditure that was paid before the issue date of such items.
SECTIQN 2 . Official Intent This Resolution is official intent relating to reimbursement for
ariginal expenditures far the "Marana Wastewater Facility" and related impravements, 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. Obligations for Such Purpose. The maximum principal amount af obligations
(including reimbursement bonds) for such purpose will be $1,750,000.
SECTION 4 . Reasonableness af Official Intent On the date of this Resalution, the Town has
reasonable expectation (being that a prudent person in the same circumstances as the Town would
have based on all of the objective facts and circumstances) that it will reimburse such original expend-
Marana Resolution No. 2012-53
itures with proceeds of such obligations. (Official intents have not been declared by the Town as a
matter of course or in amount substantially in excess of the amounts expected to be necessary for
such projects.) Moreover, the Town does not have a pattern (other than in e�raordinary circum-
stances) of failure to reimburse actual original expenditures covered by official intents.
SECTION 5. Reimbursement Period. With certain exceptians, an allocation in writing that
evidences use of proceeds of the reimbursement bonds to reimburse the original expenditures shall be
made not later than 18 months after the later of the date that the original expenditure is paid.
SECTI4N 6 . Public Record This Resolution shall be included as af the date hereof in the
publicly available official records of the Town, such records being maintained and supervised by the
Clerk af the Town, being the main administrative office of the Town, and shall remain available for
public inspection on a reasonable basis.
PASSED and ADOPTED by the Mayor and Cauncil of the Town of arana, Arizona,
this 19`�' day of June, 2012.
ATTEST:
v
celyn C. ronson, Town Clerk
APPRO�VED ,��5 TO FORM: _
rik �assidy, Town
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Marana Resolution No. 2Q 12-53