HomeMy WebLinkAbout2004-047-04/06/2004-DECLARING THE OFFICIAL INTENT OF THE CITY TO USE PROCEEDS OF TAX-EXEMPT OBLIGATIONS TO REIMBURSE ITS RESOLUTION 2004-047
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DECLARING THE OFFICIAL INTENT OF THE CITY TO
USE PROCEEDS OF TAX-EXEMPT OBLIGATIONS TO REIMBURSE ITSELF FOR
CERTAIN CAPITAL EXPENDITURES MADE FROM OTHER SOURCES
WHEREAS, the City of Fort Collins, Colorado ("City") reasonably expects that within
the next ensuing year the City will issue certain tax-exempt obligations in one or more series in
the maximum aggregate principal amount of $55,000,000 ("Obligations") in order to provide for
the acquisition, construction, installation and improvement of certain public improvements for
the City, including, but not limited to a police services building, land conservation for natural
areas and community separators, improvements in the Downtown Development Authority
District, a library and a transportation facility (collectively, the 'Projects"); and
WHEREAS, the City reasonably expects that prior to the issuance of the Obligations the
City will make certain expenditures for or in connection with the Projects with the expectation of
reimbursing itself from proceeds of the Obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
FORT COLLINS, COLORADO, that the City Council hereby declares the official intent of the
City to use proceeds of the Obligations to reimburse itself for certain capital expenditures made
for or in connection with the Projects, provided that (a) the Obligations will not be used to
reimburse any expenditure made more than 60 days prior to the present date; (b) the Obligations
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 Obligations or (ii) the date the Projects are placed into
service; and (c) in no event may the Obligations be issued more than three years after the date of
the first expenditure to be reimbursed with the proceeds of the Obligations, and provided further
that the limitations hereof will not apply to qualified "preliminary expenditures" as permitted by
Treasury Regulations § 1.150-2(f).
Passed and adopted at a regular meeting of the City Council held 's 6th day of April,
A.D., 2004.
Mayor
ATTEST:
City Clerk