Minutes 05/12/1998 - Laserfiche WebLink

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TUESDAY, MAY 12, 1998 specific amount of expenditure for the Albert Harris project at this time. Mr. Reynolds stated that this action would simply allow the City to reimburse itself from any future bond funds for any expenditures made on the project prior to bonds being issued, and would meet Federal requirements regarding such reimbursement. Council Member Teague asked Mr. Reynolds whether the use of the figure of $7.5 million as a maximum bond amount in the Resolution would lock the Council into this amount, and was told that it would not. Mayor Adams noted that this action was necessary so that the City could be reimbursed for such expenses as architectural and engineering work prior to the issuance of bonds. Upon motion duly seconded, by unanimous vote, Council approved the Reimbursement Resolution as follows: RESOLUTION OF THE CITY COUNCIL OF THE C1TY OF MARTINSVILLE, VIRGINIA, DECLARING ITS INTENTION TO REIMBURSE ITSELF FROM THE PROCEEDS OF ONE OR MORE TAX- EXEMPT FINANCINGS FOR CERTAIN EXPENDITURES MADE AND/OR TO BE MADE IN CONNECTION WITH THF~ ACQUISITION, CONSTRUCTION AND EQUIPPING OF CITY OF MARTINSVILLE AI,RERT HARRIS ELEMENTARY SCHOOL CAPITAL IMPROVEMENTS WHEREAS, the City of Martinsville, Virginia (the 'slssuer") is a political subdivision organized and existing under the laws of the Commonwealth of Virginia; and WHEREAS, the Issuer has paid, beginning no earlier than March 13, 1998, and will pay, on and after the date hereof; certain expenditures (the '~xpenditures") in connection with the acquisition, construction and/or equipping of a City of Martinsville Albert Harris Elementary School capital project (the "Project'), as more fully described in Exhibit A attached hereto; and WHF, REAS, the City Council of the Issuer (the "Council') has determined that those moneys previously advanced no more than 60 days prior to the date hereof and to be advanced on and after the date hereof to pay the Expenditures are available only for a temporary period and it is necessary to reimburse the Issuer for the Expenditures from the proceeds of one or more issues of tax-exempt bonds (the '~onds"); now, therefore, BE IT RESOLVED by the Council of the City of Martinsville, Virginia, in regular session assembled May 12, 1998, that: Section 1. The Council hereby declares the Issuer's intent to reimburse the Issuer with the proceeds of the Bonds for the Expenditures with respect to the Project made on and after March 13, 1998, 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.