HomeMy WebLinkAboutResolution 2010 - 15 Pre-spending Sewer BondC I T Y OF
REXBURG
Americo Family Community
RESOLUTION NO. 2010-15
A RESOLUTION OF THE CITY OF REXBURG, IDAHO, EXPRESSING
OFFICIAL INTENT, PURSUANT TO SECTION 1.150-2 OF THE FEDERAL
INCOME TAX REGULATIONS, TO REIMBURSE THE CITY, FROM THE
PROCEEDS OF THE CITY'S WASTEWATER REVENUE PROMISSORY NOTE,
SERIES 2010, CERTAIN EXPENSES TO BE PAID FROM FUNDS OF THE
CITY; AND PROVIDING AN EFFECTIVE DATE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
REXBURG, Madison County, Idaho, as follows:
Section l: The City of Rexburg (the "City")
reasonably expects to reimburse the expenditures and other
costs described herein from the proceeds of the "City of
Rexburg Wastewater Revenue Promissory Note, Series 2010,"
(the "Reimbursement Bond"), which the City anticipates will
be issued before December 31, 2010.
Section 2: This declaration of official intention is
made pursuant to Section 1.150-2 of the Federal Income Tax
Regulations.
Section 3: The expenditures with respect to which the
City reasonably expects to reimburse the City from the
proceeds of the Reimbursement Bond is for the costs of the
payment of certain wastewater system construction expenses
of the City which would otherwise be paid from proceeds of
the Reimbursement Bond.
Section 4: The expenditures with respect to which the
City expects to reimburse the City from proceeds of the
Reimbursement Bond are being made from the Sewer Plant
Construction Fund and from the Capital Reserve Fund.
Section 5: The reimbursement allocation from the
proceeds of the Reimbursement Bond will be made not later
than 90 days after the date of issuance of the
Reimbursement Bond.
Page 1 of 2
Section 6: This resolution shall take effect and be
in force from and after its passage and approval.
DATED this loth day of November, 2010.
CITY OF REXBURG
Madison County, Idaho
By:
Richard Woodland, Mayor
ATTEST:
ZIA":-
Blair D. Kay, City C erk
Page 2 of 2