HomeMy WebLinkAbout1998-008-01/20/1998-DECLARING THE OFFICIAL INTENT OF THE CITY TO USE PROCEEDS OF TAX-EXEMPT LEASE CERTIFICATES OF PARTIC RESOLUTION 98-8
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DECLARING THE OFFICIAL INTENT OF THE CITY
TO USE PROCEEDS OF TAX-EXEMPT LEASE CERTIFICATES
OF PARTICIPATION TO REIMBURSE ITSELF FOR
CERTAIN CAPITAL EXPENDITURES MADE FROM OTHER SOURCES
WHEREAS,the City of Fort Collins, Colorado(the "City"),reasonably expects that within
the ensuing year the City will execute and deliver certain tax-exempt lease certificates of
participation (the "Certificates") in order to provide for the acquisition, construction, and
installation of downtown parking and other related or adjoining facilities (the "Project"); and
WHEREAS, the City reasonably expects that prior to the execution and delivery of the
certificates the City will make certain capital expenditures for or in connection with the Project with
the expectation of reimbursing itself from proceeds of the Certificates.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO that the Council hereby declares the official intent of the City to use
proceeds of the Certificates to reimburse itself for certain capital expenditures made for or in
connection with the Project, provided that (a) the Certificates will not be used to reimburse any
expenditures paid more than 60 days prior to the present date; (b)the Certificates will not be issued
more than 18 months after the later of(i)the date of the first expenditure to be reimbursed with the
proceeds of the Certificates or(ii) the date the Project is placed in service; and (c) in no event may
the Certificates be executed and delivered more than three years after the date of the first
expenditure to be reimbursed with the proceeds of the Certificates; and provided further that the
limitations hereof will not apply to qualified "preliminary expenditures" as permitted by Treasury
Regulation § 1.150-2(f).
Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this
20th day of January, A.D. 1998. - c
Mayor Pi's. ,.
ATTEST:
- LL City Clerk `