HomeMy WebLinkAboutRES 10-45RESOLUTION NO. 10-45
RESOLUTION OF THE MAYOR AND COUNCIL OF THE CITY OF APACHE
JUNCTION, ARIZONA, DECLARING, FOR PURPOSES OF SECTION
1.150-2 OF THE FEDERAL TREASURY REGULATIONS, OFFICIAL
INTENT TO BE REIMBURSED IN CONNECTION WITH CERTAIN CAPITAL
EXPENDITURES RELATING TO STREET AND ROAD IMPROVEMENTS.
WHEREAS, the City of Apache Junction, Arizona, a municipal
corporation of the State of Arizona (hereinafter referred to as
the "City"), is authorized and empowered pursuant to law to
issue or cause to be issued obligations to finance the costs of
various capital facilities owned or to be owned by the City; and
WHEREAS, it is contemplated that certain expenditures made
by the City with regard to capital facilities owned or to be
owned by the City with regard to constructing, improving,
upgrading, and rehabilitating streets for the City will be
reimbursed from the proceeds of the sale of obligations to be
issued in the future by or on behalf of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
CITY OF APACHE JUNCTION, ARIZONA, that:
Section 1.Definitions.The following terms shall have
the meanings assigned thereto as follows:
"official intent" means a declaration of intent of the City to
reimburse an original expenditure with proceeds of an
obligation.
"original expenditure" means an expenditure for a governmental
purpose that is originally paid from a source other than a
reimbursement bond.
"reimbursement bond" means the portion of an issue of
obligations allocated to reimburse an original expenditure that
was paid before the issue date of such issue.
Section 2.Official Intent.This Resolution is official
intent relating to reimbursement for the original expenditures
indicated in Exhibit A hereto which are capital expenditures
(being any cost of a type that is properly chargeable to a
capital account (or would be so chargeable with a proper
election) under general federal income tax principles).
RESOLUTION NO. 10-45
PAGE 1 OF 3
Section 5.Public Record
included as of the date
official records of the
supervised by the Clerk
Section 3.Project Descriptions.The projects for which
such original expenditures are to be paid are for those
described on Exhibit A attached hereto and the maximum principal
amount of obligations (including the reimbursement bonds for
such purposes) to be issued for such projects will not exceed
$10,000,000.
Section 4.Reasonableness of Official Intent.On the date
of this Resolution, the Mayor and Council of the City have a
reasonable expectation (being that a prudent person in the same
circumstances would have based on all the objective facts and
circumstances) that it will reimburse such original expenditures
with proceeds of such obligations.(Official intents have not
been declared by the City as a matter of course or in amounts
substantially in excess of the amounts expected to be necessary
for such projects.Moreover, the City does not have a pattern
(other than in extraordinary circumstances) of failure to
reimburse actual original expenditures covered by official
intents.)
Public Record.This Resolution shall be
hereof in the publicly available
City, such records being maintained and
of the City, being the main
administrative office of the City, and shall remain available
for public inspection on a reasonable basis.
PASSED AND ADOPTED BY THE MAYOR AND COUNCIL OF THE CITY OF APACHE
JUNCTION, PINAL AND RARICOPA COUNTIES, ARIZONA, THIS 7°DAY OF
DECEMBER, 2010.
SIGNED AND ATTESTED TO THIS 7m DAY OF DECEMBER, 2010.
MN S. INSALACO
Mayor
ATTEST:
KATHLEEN CONNELLY
City Clerk
RESOLUTION NO. 10-45
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APPROVED AS TO FORM:
.cf /2-1/Jo
RICHARD J. STERN
City Attorney
RESOLUTION NO. 10-45
PAGE 3 OF 3
EXHIBIT A
ORIGINAL EXPENDITURES INTENDED. TO BE REIMBURSED
Description of Orignal Amount of Dates of Original
Expenditures Expenditures Expenditures
Feasibities studies,Not to September 8, 2010
appraisals, legal fees,exceed
consultant fees, financial $10,000,000
advising fees, staff time, and
other expenses related to
constructing, improving,
upgrading, and rehabilitating
streets.
EXHIBIT A-1