Minutes 03/25/1997 - Laserfiche WebLink

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TUESDAY, MARCH 25, 1997 which date is no more than 60 days prior to the date hereof. The Issuer reasonably expects on the date hereof that it will reimburse the Expenditures with the proceeds of the Bonds. Section 2. Each Expenditure was and will be either (a) of a type properly chargeable to capital account under general federal income tax principles (determined in each case as of the date of Expenditure), (b) a cost of issuance with respect to the Bonds, (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 amount to or for the benefit of the Issuer. Section 3. On February 25, 1997 the City Council adopted a resolution determining that a new 208 bed jail facility should be constructed to replace the current jail and jail farm to meet the projected needs of the community through 2006 at a budget of $10,600,000. Therefore, the maximum principal amount of the Bonds expected to be issued for the Project is up to and not more than 810,600,000. 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 Bonds to reimburse an Expenditure, no later than 18 months after the later of the date on which the Expenditure is paid or the Project is placed in service or abandoned, but in no event more than three 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 amounts, expenditures by "small issuers" (based on the year of issuance and not the year of expenditure) and expenditures for construction projects of at least 5 years. Section 5. passage. This resolution shall take effect immediately upon its Council acknowledged a financial report for the month ending February 28, 1997. Upon motion, duly seconded and by unanimous vote, Council appropriated 8176,000, to be taken from the Refuse Fund unexpended fund balance and transferred to the Capital Reserve Fund, to be expended from the Capital Reserve Fund to pay the costs of purchasing the old hospital property on Starling Avenue. Director of Finance Richard Fitts explained these funds needed to be appropriated in order to write off the back taxes owed on the property, even though the City was essentially paying itself for the property.