Minutes 05/12/1998 - Laserfiche WebLink

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TUESDAY~ MAY 12, 1998 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 the Expenditures), (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. The maximum principal amount of the Bonds expected to be issued for the Project is $7,500,000.00. 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 at~er 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 amotmts, expenditures by "small issuers" (based on the year of issuance and not the year of expenditure) and expenditures for construction projects of at least five years. Section 5. This Resolution shah take effect immediately upon its passage. Council next considered adoption of a Resolution authorizing the City Manager to execute a Continuing Disclosure Agreement in connection with the issuance by the V'trginia Public School Authority of its school financing and refunding bonds (1997 Resolution) Series 1997-I, certain of the proceeds of which refunded City of Martinsville School Bonds, Series of 1991-A. Mr. Wade Bartlett, Director of Finance, explained that this action was necessary to meet a legal requirement of the Security and Exchange Commission relative to any community which had received financing of school projects with VPSA funds. Upon motion duly seconded, and upon unanimous vote Council adopted the following Resolution: RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT IN CONNECTION WITH THE ISSUANCE BY THE VIRIGNIA PUBLIC SCHOOL AUTHORITY OF ITS SCHOOL FINANCING AND REFUNDING BONDS (1997 RESOLUTION) SERIES 1997-I, CERTAIN OF THE PROCEEDS OF WINCH REFUPxYDED CITY OF MARTINS~vlLLE SCHOOL BONDS, SERIES OF 1991 A; AND AUTHORIzING ANY OTHER ACTIONS NECESSARY TO ACHIEVE THE OBJECTIVES CONTEMPLATED HEREBY