HomeMy WebLinkAbout2006-R-32COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE
RESO iON NO.
A SO TION THE CO ON COUNCI
THE CITY OF JEFFERSONVILLE~ INDIANA AUTHORIZING
THE REIMBURSEMENT OF CERTAIN EXPENDITURES
MADE PRIOR TO THE ISSUANCE OF LONG-TERM FINANCING
WHEREAS, the City of Jeffersonviile, Indiana (the "City") desires to make certain
capital improvements and land acquisitions in 2006 and 2007 ("Project"); and,
WHEREAS, the scope of the Project includes the construction of two (2) fire stations, a
maintenance building and related land acquisitions with each phase of the Project; and,
WHEREAS, it is the present intent that these improvements will be financed through a
lease purchase and bonds; and,
WHEREAS, certain expenditures need to be made before the final financing package is
in place; and,
WHEREAS, Sections t. 142-4 and 1; 150-2 of the Treasury Regulations on Income Tax
(collectively, the "Reimbursement Regulations'') specify conditions under which a
reimbursement allocation may be treated as an expenditure of bond proceeds, and the Common
Council of the City ("Council"), intends bY this resolution to qualify amounts advanced by it
or the Board of Directors of the Jeffersonville Building Corporation ("Board") to the Project
for reimbursement from proceeds of the bonds in accordance with the requirements of the
Reimbursement Regulations.
WHEREAS, it is anticipated that bonds in a principal amount not to exceed
$10,000,000 will be issued and proceeds thereof will be used for purposes of financing the
Project including paying the costs of issuing the bonds; provided that the appropriate actions
are taken pursuant to Indiana Code, the Internal Revenue Code of 1986 and applicable
securities laws as may be required to implement the aforesaid financing.
NOW THEREFORE, Be It ResOlved By the Common Council of the City of
Jeffersonville, Indiana:
Section 1. Costs incurred in connection with the above-described Project prior to the
completion of the final financing package for said Project shall be reimbursed through such
financing. Such costs may include all costg associated with land acquisition, engineering fees,
consultant fees and legal fees.
Section 2. This Resolution is in full fOrce and effect after the date of its passage.
Passed and adopted by the f;~nmon Council of the City of deffersonville, Clark County,
Indiana on this /~'day of ~ ~ ~ , 2~0~~
Robert L.~-~z, jr/ ~
Presiding Officer/
ATTEST:
Peggy VC~Pd~r
Clerk and Treasurer
Presented by
day of
Approved
me as Clerk and Treasurer to the Mayor of said City of Jeffersonville this
/')Qfl,/ ,2006 at t).',.aJd> ~, m.
Pegg3~ t/qCllder
Clerk and Treasurer
andm. signed by me this--i/~ d~~,._~ , 2006 at
Robert I~. Waiz,/Jr., Mayor
1029580