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HomeMy WebLinkAbout7832RESOLUTION NO. 7832 A RESOLUTION OF THE CITY OF PUEBLO, COLORADO DECLARING ITS OFFICIAL INTENT TO REIMBURSE ITSELF WITH THE PROCEEDS OF A FUTURE TAX - EXEMPT BORROWING FOR CERTAIN CAPITAL EXPENDITURES TO BE UNDERTAKEN BY THE CITY; IDENTIFYING SAID CAPITAL EXPENDITURES AND THE FUNDS TO BE USED FOR SUCH PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH. WHEREAS, the City of Pueblo, Colorado (the "City "), in the County of Pueblo and the State of Colorado (the "State "), is a municipal corporation duly organized and existing pursuant to the Constitution and laws of the State; and WHEREAS, the City Council of the City (the "Council ") is the governing body of the City; and WHEREAS, the City has determined that it is in the best interest of the City to make certain capital expenditures on the Project defined in this Resolution; and WHEREAS, the City currently intends and reasonably expects to participate in a tax - exempt borrowing to finance such capital expenditures, including an amount not to exceed $3,000,000 for reimbursing the City for the portion of such capital expenditures incurred or to be incurred subsequent to the date which is 60 days prior to the date hereof but before such borrowing, within 18 months of the date of such capital expenditures or the placing in service of the Project as hereinafter defined, whichever is later (but in no event more than 3 years after the date of the original expenditure of such moneys); and WHEREAS, the Council hereby desires to declare its official intent, pursuant to 26 C.F.R. §1.150 -2, to reimburse the City for such capital expenditures with the proceeds of the City's future tax - exempt borrowing. THAT: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO Section 1. Declaration of Official Intent. The City shall, presently intends and reasonably expects to finance certain capital improvements in and around the former Arkansas River channel as part of the Historic Arkansas River Project ( "HARP ") (collectively, the "Project ") with moneys currently contained in its General Fund. Section 2. Dates of Capital Expenditures. All of the capital expenditures covered by this Resolution were made not earlier than 60 days prior to the date of this Resolution or will be made hereafter, although certain capital expenditures for the HARP Project were made 02/96662.2 pursuant to Resolution No. 7753, adopted on November 27, 1995, and Resolution No. 7772, adopted on December 11, 1995 (together, the "Previous Reimbursement Resolutions "). Section 3. Issuance of Bonds or Notes. The City presently intends and reasonably expects to participate in a tax - exempt borrowing within 18 months of the date of the expenditure of moneys on the Project or the date upon which the Project is placed in service or abandoned, whichever is later (but in no event more than 3 years after the date of the original expenditure of such moneys), and to allocate an amount of not to exceed $3,000,000 of the proceeds thereof to reimburse the City for its expenditures in connection with the Project pursuant to this Resolution. Section 4. Resolution Number. This is the third reimbursement resolution of the City concerning all or a portion of the Project described in paragraph 1 hereof adopted on or after July 1, 1993, after the first two Previous Reimbursement Resolutions. Section 5. Confirmation of Prior Acts. All prior acts and doings of the officials, agents and employees of the City which are in conformity with the purpose and intent of this Resolution, and in furtherance of the Project, shall be and the same hereby are in all respects ratified, approved and confirmed. Section 6. Repeal of Inconsistent Resolutions. All other resolutions of the Council, or parts of resolutions, inconsistent with this Resolution are hereby repealed to the extend of such inconsistency. 02196662.2 2 Section 7. Effective Date of Resolution. This Resolution shall take effect immediately upon its passage. [SEAL] Attest: 'J21 City Cle Approved as to Form by City Attorney: City Attorney INTRODUCED March 25 , 1996, By Cathy Garcia Councilperson APPROVED: L Presid5pl, City Council 02/966612