Minutes 11/08/1994 - Laserfiche WebLink

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TUESDAY, NOVEMBER 8, 1994 WHEREAS, the City Council of the Issuer (the "City 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 "bonds"); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL AS FOLLOWS: Section 1. The City 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 September 8, 1994, 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 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 principle amount of the Bonds expected to be issued for the Project is $5,760,000. 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 Expenditures, 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 PASSED AND ADOPTED THIS 8th day of November, 1994. 1.71 Upon motion, duly seconded and by unanimous vote, Council adopted the following Resolution: WHEREAS, the City Council of the City of Martinsville, Virginia (the "City Council"), has determined after request from the City's School Board that the City of Martinsville (the "City") has an immediate need for certain school system capital projects relating to the construction and equipping of a classroom addition and cafeteria/media center, (ii)