HomeMy WebLinkAbout1992-128-08/04/1992-REIMBURSEMENT BONDS STREETS FACILITY TAX-EXEMPT BONDS TRANSPORTATION FUND RESOLUTION 92-128
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DECLARING THE OFFICIAL INTENT OF THE CITY OF FORT COLLINS,
COLORADO, TO REIMBURSE ITSELF FOR CERTAIN CAPITAL EXPENDITURES FROM
THE PROCEEDS OF BONDS HEREAFTER TO BE ISSUED; SPECIFYING THE MAXIMUM
PRINCIPAL AMOUNT OF SUCH CAPITAL EXPENDITURES; IDENTIFYING THE SOURCE
OF FUNDS FOR THE PAYMENT OF SAID CAPITAL EXPENDITURES; SPECIFYING
THE NATURE OF SAID CAPITAL EXPENDITURES; AUTHORIZING THE PUBLIC
AVAILABILITY OF THIS RESOLUTION; AUTHORIZING INCIDENTAL ACTION; AND
REPEALING PRIOR INCONSISTENT RESOLUTIONS
WHEREAS, the City of Fort Collins, Colorado (the "City") , expects to incur
significant costs for the acquisition, construction, installation and equipping
of the Streets Department facility described in Exhibit A hereto (the "Project") ;
and
WHEREAS, the City intends to finance the cost of the Project by issuing
long-term bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS,
COLORADO, THAT:
Section 1 . Official Intent to Finance Capital Expenditures; Maximum
Principal Amount of Capital Expenditures. The City hereby declares its intention
pursuant to Treas. Reg. §1 .103-18 (the "Regulations") to reimburse itself for the
costs of the Project from the proceeds of tax-exempt bonds hereafter to be issued
(the "Reimbursement Bonds") . The City intends that the Reimbursement Bonds shall
be issued, and the reimbursements made, by the later of one year after the
payment of the costs or one year after the Project is placed in service. The
City anticipates that the maximum amount of such capital expenditures that it
expects to reimburse will not exceed $3,600,000.
Section 2. Source of Funds. The City expects that the source of funds
that will be used to pay Project costs to be reimbursed from proceeds of the
Reimbursement Bonds will be the Transportation Fund of the City. Funds are
available for this purpose only on a temporary and short-term basis, and there
are no other funds which are reasonably expected to be reserved, allocated, or
otherwise set aside for this purpose on a long-term basis pursuant to the budget
and financial policies of the City.
Section 3. Nature of Project Costs. The Project consists entirely of
property having a useful life of more than one year, and no cost of the Project
to be reimbursed with the proceeds of the Reimbursement Bonds is a cost of
working capital .
Section 4. Public Availability of Resolution. This Resolution will be
made continually available for inspection by the general public during normal
business hours of the City during the period beginning 30 days after the date of
adoption of this Resolution and extending through, and including, the date of
issue of the Reimbursement Bonds. This Resolution will be kept for such purposes
at the office of the City located at 300 West LaPorte Avenue, Fort Collins,
Colorado.
Section 5. Incidental Action. The appropriate officers of the City are
hereby authorized and directed to take, or approve the taking of, such actions
as may be necessary or appropriate in order to preserve the ability of the City
to finance its capital expenditures in accordance with the Regulations and this
Resolution.
Section 6. Effective Date: Repeal . This Resolution shall take effect
immediately. All prior resolutions or portions thereof inconsistent herewith are
hereby repealed.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held the 4th day of August, A.D. 1992.
�I
ar ProTem
ATTEST: p�
City Clerk
Exhibit A
(Project Description)
Acquisition of land and construction, installation, and equipping of a
street maintenance, vehicle storage, and incidental administration building,
together with all necessary incidental and appurtenant properties, facilities,
equipment, and costs.