HomeMy WebLinkAbout1997-125-09/16/1997-FINANCE SYSTEM LEASE PURCHASE REIMBURSE RESOLUTION 97-125
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DECLARING THE OFFICIAL INTENT OF THE CITY TO USE PROCEEDS OF
TAX-EXEMPT LEASE PURCHASE TRANSACTIONS TO REIMBURSE ITSELF FOR
CERTAIN CAPITAL EXPENDITURES MADE FROM OTHER REVENUES
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 purchase agreements(the
"Agreements") in order to finance the acquisition, development, and installation of a financial
hardware and software system (the "System"); and
WHEREAS, the City reasonably expects that prior to the execution and delivery of the
Agreements the City will make certain capital expenditures for or in connection with the Project with
the expectation of reimbursing itself from proceeds of the Agreements.
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 Agreements to reimburse itself for certain capital expenditures made for or in
connection with the System, provided that: (a) the Agreements will not be used to reimburse any
expenditure paid more than 60 days prior to the present date; (b) the Agreements will not be
executed and delivered more than 18 months after the later of(i)the date of the first expenditure to
be reimbursed with the proceeds of the Agreements, or(ii)the date the System is placed in service;
(c) in no event may the Agreements be executed and delivered more than three years after the date
of the first expenditure to be reimbursed with the proceeds of the Agreements;and(d)the limitations
hereof will not apply to qualified `preliminary expenditures" as permitted by Treasury Regulation
Section 1.150-2(f).
Passed and adopted at a regular meeting of the City Council held this 16th day of September,
A.D. 1997.
CITY OF FORT COLLINS, COLORADO
'---Mayor
ATTEST:
Ais lit. :,f,.
City Clerk