HomeMy WebLinkAbout844 - DECLARING the Citys official intent to reimburse itself with the proceeds of a future tax-exemRESOLUTION NO. 844
A RESOLUTION OF THE CITY OF BOULDER DECLARING ITS OFFICIAL
INTENT TO REIMBURSE ITSELF WITH THE PROCEEDS OF A FUTURE
TAX-EXEMPT BORROWING FOR CERTAIN OPEN SPACE ACQUISITION
EXPENDITURES; 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 Boulder (the "City"), in the County of Boulder and the State of
Colorado (the "State"), is a municipal corporation duly organized and exisCing pursuant to
constitution and laws of the State; and
WHEREAS, the City Cauncil 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 open space capital expenditures (the "Project"); and
WHEREAS, a portion of such capital expenditures are to be initially financed with moneys
that are not, and are not reasonably expected to be, allocated to such capital expenditures on a
long-term basis; 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
$20,000,000 for reimbursing the City for the portion of such capital expenditures to be incurred
subsequent to the date which is 60 days prior to the date hereof but before such borrowing and
within eighteen months of the date of such capital expenditures or the placing in service of the
open space acquisition, as hereinafter defined, which ever is later, but in no event mora than three
years from the date after the original expenditure is made; 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.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOULDER THAT:
Section 1. DeclaraYion of Official Intent. The City shall, presently intends and
reasonably expects to finance up to $20,000,000 to be spent for the open space property
acquisitions, which funds have not been, and are not reasonably expected to be, allocated to the
Project or budgeted to be available for such capital expenditures and are not available to finance
such capital expenditures on a long-term basis. 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 2. Issuance of Bonds. The City presently intends and reasonably expects to
participate in atax-exempt borrowing within eighteen months of the date of the expenditure of
moneys on the open space acquisitions or the date upon which the open space acquisition is placed
in service, whichever is later, but in no event more than three years from the date after the
original expenditure is made, and to allocate an amount of not to exceed $20,000,000 of the
proceeds thereof to reimburse the City for its expenditures in connection with the Project.
Section 3. 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 open space acquisitions, shall be and the same hereby are
in all respects ratified, approved and confirmed.
Section 4. Repeal of Inconsistent Resolutions. All other resolutions of the Council,
or parts or resolutions, inconsistent with this Resolution are hereby repealed to the extend of such
inconsistency.
Section 5. Effective Date of Resolution. This Resolution shall take effect immediately
upon its passage.
PASSED AND ADOPTED at a regular meeting held this 15"' day of February, 2000.
SEAL
Attest:
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City Clerk
City of Boulder
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Mayor