HomeMy WebLinkAboutResolution 2016-083 Reimburse in connection with certain Capital Expenditures relating to Wastewater Treatment FacilitiesRESOLUTION No. 2016 -083
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE TOWN
OF MARANA, ARIZONA, DECLARING, FOR PURPOSES OF SECTION
1.150 --2 OF THE FEDERAL TREASURY REGULATIONS, O F ICIAL
INTENT TO BE REIMBURSED IN CONNECTION WITH CERTAIN
CAPITAI..a EXPENDITURES RELATING To WASTEWATER TREATMENT
FACILITIES
WHEREAS, the Torn 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 contemplated that certain expenditures made by the Town with regard
to wastewater treatment facilities owned or to be owned by the Town with regard to the
wastewater treatment system of the Town (the "Project ") 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 COMMON
COUNCIL OF TOWN OF MARANA, ARIZONA, that:
Section 1. Definitions The following terms shall have the meanings assigned thereto as
f.o ows:
"ofr cial 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. official Intent This Resolution is official intent relating to reimbursement for
the original expenditures for the Project 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. Project Descri Lions. The projects for which such original expenditures are to
be paid are those related to the Project, and the maximum principal amount of obligations
(including the reimbursement bonds for such purposes) to be issued for such projects will not
exceed $3,250,000.
Marana Resolution No. 2016 --083
Section 4. Reasonableness of Official Intent. On the date of this Resolution. the Ma
and Common Council of the Town have a reasonable expectation (bein that a prudent person in
the same circumstances would have based on all the objective facts and circumstances) that it
will reimburse such ori expenditures with proceeds of such obli (Official intents
have not been declared b the Town as a matter of course or in amounts substantiall in excess
of the amounts expected to be necessar for such projects. Moreover, the Town does not have a
pattern (other than in extraordinar circumstances) of failure to reimburse actual ori
expenditures covered b official intents.
Section 5. Reimbursement Period. With certain exceptions, an allocation in writin that
evidences use of proceeds of the reimbursement bonds to reimburse the ori expenditures
shall be made not later than 18 months after the later of the date that the ori expenditure is
paid.
Section 6. Public Record. This Resolution shall be included as of the date hereof in the
publicl available official records of the Town, such records bein maintained and supervised b
the Clerk of the Town, bein the main administrative office of the Town, and shall remain
available for public inspection on a reasonable basis.
PASSED AND ADOPTED this 16t" da of Au 2016.
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ATTEST:
J el C. B nson, Town Clerk
APPROVED AS TO FORM:
331769487.1
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CERTIFICATION
I hereb certif that the fore Resolution No. -U -00as dul passed and
adopted b the Ma and the Common Council of the Town of Marana, Arizona at a re
meetin held on the / da of Otm , 2016, and the vote was a and
.-D... na and that the Ma and ........ Comqnon Councilmembers were present thereat.
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erk Tow f Marana 5 Arizona
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