HomeMy WebLinkAboutResolution 4251 Relating to Financing of Certain Proposed ProjectsCERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE
I, the undersigned, being the duly qualified and acting recording officer of the City of
Bozeman, Montana (the "City"), hereby certify that the attached resolution is a true copy of a
Resolution entitled: "RESOLUTION RELATING TO FINANCING OF CERTAIN
PROPOSED PROJECTS; ESTABLISHING COMPLIANCE 'WITH REIMBURSEMENT
BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE" (the "Resolution"), on
file in the original records of the City in my legal custody; that the Resolution was duly adopted
by the City Commission of the City at a meeting on March 29, 2010 and that the meeting was
duly held by the City Commission and was attended throughout by a quorum, pursuant to call
and notice of such meeting given as required by law; and that the Resolution has not as of the
date hereof been amended or repealed.
1 further certify that, upon vote being taken on the Resolution at said meeting, the
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folIowing Commissioners voted in favor thereof
voted
against the same: abstained from
voting thereon: SI. or were absent:
WITNESS my hand officially this
day of March, 2010
B
1. Recitals.
0F�|
RESOLUTION NO. �x�.�|
RESOLUTION RELATING TO FINANCING OF CERTAIN
PROPOSED PROJECTS; ESTABLISHING COMPLIANCE
WITH REIMBURSEMENT BOND REGULATIONS UNDER
THE JNTERNAL REVENUE CODE
BE IT RESOLVED by the City Commission o[ the City o[ Bozeman, Montana (the
(a) The United States Department of Treasury has promulgated final regulations
governing the use of proceeds of tax-exempl bonds, all or a portion portion of which are to he used to
reimburse the City for project expenditures paid hytbe City prior to the date of issuance ofsuch
bonds. Those regulations (Treasury Regulations, Section 1.150-2) (the "Regulations") require
that the City adopt a statement ofofficial intent to reimburse an original expenditure not later
than 60 days aftei payment ofthe original expenditure. The Regulations also generaily require
that the bonds be issued and the reimbursernent allocation made from the proceeds of the honds
within 18 months (or three years, if the reimbursement bond issue qualifies for the "small issuer"
cnccp1ionDruru/be arbitrage rebate requirement) after the later of(i) the date the expenditure is
paid or (ii) the date the p 'eotiap)aoediomervlcooruhondoouJ,bu1(unlenmtbeiomuegun\ifics
for the "small issuer" exception from the arbitrage rebate requirement) in no event rnore than
three years after the date the expenditure is paid. The Regulations generally permit
reirnbursernent ofcapital expenditures and costs of issuance ofthe honds.
(b) The City desires to comply with requirements n[the Regulations with respect to
certain projects hereinafter identified.
2. Official Intent Declaration.
(a) The City POPOSCS 10 undertake certain projects, which projects and the estimated
costs thereof are generally described ou Exhibit A hereto, which is hereby incorporated herein
and made a part hereof (the "Projects").
(b) Other than (i) expenditures to he paid or rciinhursed from sources other than the
Bonds (as hereinafter defined). (ii) expenditures perrnitted to he reimbursed omdczdze
transitional provision contained in Section 1.150-20)(2) of the Regulations, (iii) expenditures
constituting preliminary expenditures within the meaning of Section 1.150-2(0(2) of the
Regulations, or (iv) expenditures in a "de minimus" amount (as defined in Section 1.150-2(0(1)
of the Regulations), no expenditures for the Projects have heretofore been paid by the Ci and
no expenditures will be paid by the City until after the date of this Resolution.
(b) The City reasonahly expects to reimburse the expenditures made for costs of the
Projects out of the proceeds of debt in an estimated maximum aggregate principal amount of
$5`l03,0D0 (the ^Bnods after the date ofpainent of all 01 a portion ofihe Lots of the P1oJLct Projects.
Ali reimbursed expenditures shali be capital cxpcodbureo,ucovLnfissoaoconftheRoodavr
other expenditures eligib!e fir reimhursement undei Section /.l5U-Z(d)(3) ofthe Regulations.
3. Budgetary Matters. As of the date hereoL there are no Ci funds reserved, allocated
on a long-term basis or otherwise set aside (or reasonably expected to be reserved. allocated on a
long-term basis or otherwise set aside) to provide pen financing for the expenditures
related tn the Projects, other tban pursuant to the issuanee ofthe Bonds. The statement oi^intent
contained in this resolution, therefore, is deterrnined to be consistent with the City's budgetury
and financial circumstances as they exist or are reasonably foreseeable on the date hereof
4. Reimbursement Allocations. The City Director of Finance shal! be responsihle for
making the "reirnbursement allocations described in the Regulations, being generally the
transfer of the appropriate amount ot proceeds ofthe Bonds to reimburse the source of ternporary
financing used by the City (n make prior payment n{ the costs of the Projects. Each allocation
shall be evidenced by an entry on the official hooks and records of the City maintained Ibr the
Bonds or the Projects and shall specifically identify the actual original expenditure being
Adopted this 29th day of March, 2010
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EXHIBIT A
Description of Projects
Construction and installation of digester, its supporting
building, and dewatering facilities
Estimated Cost
$6,088,000.00