Council Bill No.          R 26-01          

declaring official intent to reimburse certain project costs with proceeds of bonds.

    WHEREAS, the City of Columbia, Missouri (the “City”), is a duly organized and created constitutional home rule charter city and political subdivision under the Constitution and laws of the State of Missouri, acting by and through its City Council (the “Council”); and

    WHEREAS, under the Constitution and laws of the State of Missouri, the City is authorized to borrow moneys from time to time to fund certain projects; and

    WHEREAS, the City intends to pay after the date hereof certain project costs, as herein described (hereinafter sometimes called “Original Expenditures”), and to reimburse the payment of such Original Expenditures with the proceeds of bonds or other evidence of borrowing (the “Bonds”) to be issued subsequent to the payment of such Original Expenditures; and

    WHEREAS, the Council has determined that the funds to be advanced to pay Original Expenditures will be available only on a temporary basis and that it is necessary and desirable to declare the “official intent” of the City to reimburse Original Expenditures with the proceeds of such Bonds and otherwise to meet the requirements of Treasury Regulations § 1.150-2 (or successor provisions) promulgated under the Internal Revenue Code of 1986, as amended.

    NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    1.    The City reasonably expects to advance funds for Original Expenditures to pay costs in connection with the acquisition of certain generators and related equipment for the City-owned water works and electric system (the “Project”).

    2.    The City reasonably expects to issue the Bonds for the purpose of financing the Project, with the maximum principal amount of the Bonds reasonably expected to be $1,000,000.

    ADOPTED this 5th day of February, 2001.