HomeMy WebLinkAbout996 - DECLARING the intent for the City Council of the City of Boulder to reimbuse itself with the pRESOLUTION 996
A RESOLUTION OF THE CITY COLTNCIL OF THE CITY OF
BOULDER, COLORADO, DECLARING ITS OFFICIAL INTENT TO
REIMBURSE ITSELF WITH THE PROCEEDS OF A FUTLJRE
BORROWING FOR CERTAIN CAPITAL EXPENDITURES AND
LAND PURCHASES TO BE UNDERTAKEN BY THE CITY;
IDENTIFYING SAID CAPITAL EXPENDITLJRES AND LAND
PURCHASES AND THE FUNDS TO BE USED FOR SUCH
PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH.
WHEREAS, City of Boulder, (the "City"), in the State of Colorado (the "State"),
is a political subdivision duly organized and existing pursuant to the constitution and
laws of the State; and
WHEREAS, the City Council of the City (the "Governing Body") is the
governing body of the City; and
WHEREAS, the Governing Body has determined that it is in the best interest of
the City to make certain capital expenditures on the acquisition of open space real
property or interests (the "ProjecY'); and
WHEREAS, the Governing Body currently intends and reasonably expects to
participate in a tasable or ta~c-exempt bonowing to finance such capital expenditures and
land purchases constituting the Project, including an amount which is currently estimated
not to exceed $9,OOQ000 (the "Financed AmounY'), to reimburse the City for the portion
of such capital expenditures and land purchases incurred or to be incurred with respect to
the Project within the period commencing 60 days prior to the date hereof, and ending 18
months after the date of such capital expenditures; and
WHEREAS, the Governing Body hereby desires to declare its official intent,
pursuant to 26 C.F.R. § 1.150-2, to reimburse the City for such capital expenditures on
the Project with the proceeds of the City's future ta~cable or ta~c-exempt borrowing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOULDER, COLORADO THAT:
Section 1. Dec[aration of Official Intent. The City shall, presently intends, and
reasonably expects to finance the Project with legally available funds.
Section 2. Dates of Capital Expenditures. All of the capital expenditures
covered by this Resolution were or will be made on and after the date which is 60 days
prior to the effective date of this Resolution.
Section 3. Issuance of Bonds, Notes or Other Obligations. The City presently
intends and reasonably expects to participate in a taxable or tax-exempt borrowing within
18 months of the date of the expenditure of moneys on the Project, and to allocate from
said borrowing an amount not to exceed the Financed Amount to reimburse the City for
its expenditures in connection with the Project.
Section 4. 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 5. Effective Date of Resolution. This Resolution shall take effect
immediately upon its passage.
PASSED AND ADOPTED at a regular meeting this 20th day of March 2006.
CITY OF BOULDER, COLORADO
Mayor
[SEAL]
Attest:
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.~C. t_(J.Gd~,~
City Clerk on behal of the Director of
Finance and Record