Section 107-023; Res. 3-06; Declaring official intent to reimburse certain project costs with proceeds of bonds


Council Bill No.          R 3-06          


A RESOLUTION

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; 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 has paid within 60 days prior to the date hereof and/or intends to pay on or after the date hereof certain project costs, as herein described (hereinafter “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 City 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 Sec. 1.150-2 (or successor provisions) promulgated under the Internal Revenue Code of 1986, as amended (the “Treasury Regulations”).

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

    SECTION 1.  The City of Columbia, Missouri, reasonably expects to advance funds for Original Expenditures to pay costs in connection with the expansion, improvement and equipping of the City-owned electric utility (the “Project”).

    SECTION 2.  The City of Columbia, Missouri, 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 $13,000,000.

    ADOPTED this 3rd day of January, 2006.