Agenda 12/09/2008 (2) - Laserfiche WebLink

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November 25, 2008 WHEREAS, the City Council of the Issuer (the "City Council") has determined that those moneys previously advanced no earlier than September 26,2008 (60 days prior to the date of adoption of this resolution) and to be advanced on and after the date hereofto pay the EJqJenditures are available only for a temporary period and it is necessary to reimburse 1he Issuer for the Expenditures from the proceeds of one or more issues of tax- exempt fmancing (the "Obligations"). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL AS FOLLOWS: Section I. The City Council hereby declares the Issuer's intent to reimburse the Issuer with the proceeds of the Obligations for the Expenditures with respect to the Project made on and after the date referenced above The Issuer Ieasonably expects on the date hereof that it will reimburse the Expenditures with the proceeds of the Obligations. Section 2. Each Expenditure was and will be either (a) ofatype properly chargeable to c~ital account under general federal income tax principles (determined in each case as of the date of the Expenditures), (b) a cost of issuance with respect to the Obligations, (c) a nonrecurring item that is not customarily payable from current revenues, or (d) a grant to a party that is not related to or an agent of the Issuer so long as such grant does not impose any obligation or condition (directly or indirectly) to repay any amowi to or for the benefit of the Issuer. Section 3. The maximum principal amount of the Obligations expected to be issued for the Project is $990,000. Section 4. The Issuer will make a reimbursement allocation, which is a written allocation by the Issuer that evidences the Issuer's use of proceeds of the (llligations to reimburse an !;xpenditure, no later than 18 months aller the later of dle date on which the Expenditure is paid or the Project is placed in service or abandoned, but in no event more 1han tJlree years after the date on which the Expenditure is paid The Issuer recognizes that exceptions are available for certain "preliminary expenditures," costs of issuance, certain de minimis anl0ll.l1ts, expenditures by "small issuers" (based on the year of issuance and not the year of expenditure) and expcnditures for construction projects of at least 5 years Section 5. The employees, representatives and agents of the Issuer, including the City Manager, the Finance Director, the Assistant Finance Director, the City Attorney, Sands Anderson Marks & Miller as bood cowlsel to the City, and Davenport and Company LLC as Financial Advisor to 1he City, are authorized and directed to take such other actions a~ they may deem necessary or appropriate to effectuate the fimUlcing and the transactions described in this Resolution, including requesting proposals from financial institutions for the financing and publication of notice of public hearing if deemed necessary. Section 6. This resolution shall take effect immediately upon its pa<;sage. Thc members ofthe City Council voted as follows: Yes Lawson, Reynolds, Teague, Stroud No Turner Abscnt Abstained PASSED AND ADOPTED T! lIS 25th day of Novembcr, 2(J()8. Attested to: Mayor, City of Mmtinsville, Virginia Scott Coleman, PIO, announced the city's new website has been launched noting the convenience features available to citizen for Clerk, City Council of City of Martinsville, Virgin~l Business from the floor: making payments online. Rev. Tyler Millner thanked Council for recognizing J. B. Travis; encouraged Council participation and leadership with the Martin Luther King Unity breakfast. Mayor Lawson noted information she has received on this event will be forwarded to Council members for further discussion. Council continued discussion of the city's 2009 legislative agenda. Attorney Eric Monday presented the following draft for Council approval: City The City of Martinsville appreciates the efiorts its legislators undertake at both the state and federal level on behalf of its citizens. Listed below are the City's priorities requested of its legislative delegation in 2009. General Assembly Transportation 1. Urge the CTS to reach a final conclusion on the 1-73 corridor. 2. In the short term, upgrade those portions of Route 220 overlaying 1- 73 to interstate standards. Any construction or upgrades to the 1-73 corridor should begin on those sections passing through Henry County. 3. Continue to place priority on Route 58 improvements, particularly the section between Stuart and Hillsville, Virginia. 4. Endorse the rapid development of the Trans-Dominion Express. with particular emphasis on extension of passenger rail service to Roanoke. 5. Request that the Trans-Dominion Express be extended to include a spur from Lynchburg to Danville. 6. Encourage the enactment of a long-term capital funding formula for the future transportation needs of the Commonwealth. Education