Title
Reimbursement Resolution for Municipal Projects
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA (the "City") as follows:
Section 1. The City has found and determined, and does hereby find, determine and declare, as follows:
(a) For purposes of this resolution:
Code shall mean the Internal Revenue Code of 1986, as amended.
Project shall have the meaning assigned in Section 1(b).
Reimbursement Regulations shall mean Treas. Reg. 1.150-2.
Warrants shall mean "tax-exempt bonds" as defined in Section 150(a)(6) of the Code and Treas. Reg. 1.150-1.
(b) The City has determined to acquire, construct and install capital improvements to certain public facilities within the City, consisting of the facilities and improvements described on Exhibit A hereto (collectively the "Project").
(c) The City expects to finance the Project by the issuance of General Obligation Warrants by the City and the proceeds of various governmental grants.
(d) In order to proceed with acquisition and construction of the Project, pending the issuance of Warrants to pay the costs thereof, it may be necessary for the City to use its own funds to pay certain expenses in connection with the Project and the financing thereof.
(e) If the City is required to spend its own funds on the Project pending the issuance of such Warrants, as may be required to provide temporary or long-term financing for the Project, it is the City's official intent to reimburse the City for such expenditures out of proceeds of such Warrants.
Section 2. The City hereby declares its official intent to reimburse the expenditures made by the City with respect to the Project and all related improvements thereto, in whole or in part, from the proceeds of Warrants which may be issued hereafter by the City. Pending the issuance of the Warrants for the Project, any funds of the City spent on the Project will be expended from the capital funds thereof.
Section 3. The amount for which the City expects to reimburse the City from the proceeds of the Warrants will not exceed $10,000,000.
Section 4. Any reimbursement to the City, for amounts spent for the Project, from the proceeds of Warrants shall be made in accordance with the Reimbursement Regulations.
Section 5. All ordinances, resolutions, orders, or parts of any thereof, of the City in conflict, or inconsistent, with any provision of this resolution hereby are, to the extent of such conflict or inconsistency, repealed.
Section 6. This resolution shall take effect immediately.