AgdaPkt 2000-12-18 - Laserfiche WebLink

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/a —�s� SECTION 9. Reimbursement Allocation The Council will make a reimbursement allocation, which is a written allocation that evidences the City's use of proceeds of the Bonds to reimburse an Expenditure, no later than 18 months after the later of the date on which the Expenditure is paid or the Facilities are placed in service or abandoned, but in no event more than three years after the date on which the Expenditure is paid. The Council recognizes that exceptions are available for certain "preliminary expenditures," costs of issuance, certain de minimis amounts and expenditures for construction projects of at least 5 years. SECTION 10. Expenditure Type Each Expenditure will be either (a) of a type properly chargeable to a capital account under general federal income tax principles (determined in each case as of the date of the Expenditure), (b) a cost of issuance with respect to the obligation, (c) a nonrecurring item that is not customarily payable from current revenues, or (d) a grant to a party that is not related to or an agent of the City so long as such grant does not impose any obligation or condition (directly or indirectly) to repay any amount to or for the benefit of the City. SECTION 11. Budgetary Practices This resolution is consistent with the budgetary and financial circumstances of the City, as of the date hereof. No moneys from sources other than the Bond issue are, or are reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside by the City (or any related party) pursuant to their budget or financial policies with respect to the Facilities costs. To the best of our knowledge, the Council is not aware of the previous adoption of official intents by the City that have been made as a matter of course for the purpose of reimbursing expenditures and for which tax-exempt Bonds have not been issued. SECTION 12. Tax Compliance This resolution is adopted as official action of the Council in order to comply with Treasury Regulation § 1.150-2 and any other regulations of the Internal Revenue Service relating to the qualification for reimbursement of City expenditures incurred prior to the date of issue of the Bonds. SECTION 13. Financial Advisor Fees The Council has previously appointed William Euphrat Municipal Finance, Inc. as financial advisor to the City in connection with the establishment of the District and the issuance of the Bonds. In connection with such services the Council authorized the payment of a fee equal to $32,500. The Council hereby authorized payment to the financial advisor a fee of $45,000 for such services. SECTION 14. Official Action The Authorized Representatives, and any and all other officers of the City and the District, are hereby authorized and directed, jointly and severally, for and in the name and on behalf of the City or the District, as applicable, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to consummate the issuance, sale, and delivery of the Bonds and otherwise to carry out, give effect to, and comply with the terms and intent of this Resolution, the Bonds, the Fiscal Agent Agreement, the Bond Purchase Contract, the Official Statement, and the Continuing Disclosure Certificate, including but not limited to the purchase of municipal bond insurance for the Bonds if determined to be cost effective. SECTION I5. Effective Date This resolution shall be effective immediately upon its adoption. 4 DOCSSF\ 17384v5�22931.0003 _ _ _ .. _. _.. _.�...._