HomeMy WebLinkAboutResolution 49-1998 . ' ��
RESOLUTION NO. 49-98
DECLARING OFFICIAL INTENT TO REIMBURSE
WHEREAS, the City of Brookings, a municipal corporation, (hereinafter the"City")has
determined to proceed with a project(as described in Exhibit A hereto, the "Project"), and
intends to obtain financing with respect to the Project as least in part through the issuance of tax-
exempt debt;
WHEREAS,the City desires that all permitted Project costs paid prior to the issuance of
tax-exempt bonds qualify for reimbursement from the proceeds of issuance of such tax-exempt
bonds under the applicable Treasury regulations.
WHEREAS, the City wishes to amend and restate Resolution No. 46-97
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. It is desirable that certain expenditures for or in relation to the Project be incurred and paid
prior to the issuance to tax-exempt bonds to finance such expenditures commencing on
March 1, 1997.
2. Such expenditures are expected to be made in the foreseeable future with respect to the
Project
3. The City reasonably expects to reimburse the above-described expenditures by incurring debt
in the form of tax-exempt bonds in an amount not exceeding$7,500,000 and reasonably
expects that actual project costs to be reimbursed from such bond proceeds will probably be
less, depending on the date on which such bonds are issued and the completion schedule for
the Project.
4. No funds(from sources other than such debt) are, or are reasonably expected to be, allocated
on a long-term basis,reserved or otherwise set aside pursuant to the corporation's budget or
financial policies for such expenditures at this time;
5. In connection with the Project, authority is hereby specifically conferred on the City Finance
Officer of the City to make such further declarations of official reimbursement intent on .
behalf of this corporation it may be necessary or desirable and as may be consistent with
then-existing budgetary and financial circumstances of the City.
Passed and approved this 19th day of May 1998.
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EXHIBIT A-1
(Description of Project)
The acquisition, construction, equipping and furnishing of the City's pending MultiPlex
project,to include the exposition center, approximately 71,000 square feet, research center,
approximately 27,500 square feet, and the County resource facility, approximately 11,000 square
feet, and located in the Wiese Industrial Park.