HomeMy WebLinkAbout1302 - OF THE CITY COUNCIL OF THE CITY OF BOULDER, COLORADO (ACTING THROUGH ITS WATER UTILITY ENTERPRISE AND ITS WASTEWATER UTILITY ENTERPRISE), TO PARTICIPATE IN A FUTURE ISSUANCE OF WATER AND SEWER REVENUE BONDS AND TO REIMBURSE ITSELF FOR CAPITAL EXPE
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RESOLUTION 1302
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BOULDER,
COLORADO (ACTING THROUGH ITS WATER UTILITY ENTERPRISE
AND ITS WASTEWATER UTILITY ENTERPRISE), TO PARTICIPATE IN A
FUTURE ISSUANCE OF WATER AND SEWER REVENUE BONDS AND TO
REIMBURSE ITSELF FOR CAPITAL EXPENDITURES UNDERTAKEN IN
ADVANCE OF SUCH FINANCING IN CONNECTION WITH THE
CONSTRUCTION OF THE PROJECTS
WHEREAS, the City of Boulder (the “City”), in the State of Colorado (the “State”), is a
municipal corporation of the State, duly organized and existing under and by virtue of a home
rule city charter (the “Charter”); and
WHEREAS, the City Council of the City (the “Governing Body”) is the governing body
of the City and the City’s Water Utility Enterprise and Wastewater Utility Enterprise; and
WHEREAS, the Governing Body has determined that it is in the best interest of the City
to make or cause to be made certain capital expenditures relating to the construction,
reconstruction, improvement, rehabilitation and equipping of certain treatment and storage and
transmission facilities in the City’s water system and wastewater system, including but not
limited to, the 63rd Street Water Treatment Plant and the Albion Lake Dam (collectively the
“Project”); and
WHEREAS, the Governing Body currently intends and reasonably expects to participate
in a tax-exempt borrowing to finance such capital expenditures for the Project, including an
amount not-to-exceed $10,000,000 for reimbursing the City for capital expenditures for the
Project incurred or to be incurred subsequent to a period commencing 60 days prior to the date
hereof, and ending prior to the later of 18 months of the date of such capital expenditures or the
placing in service of the Project (but in no event more than 3 years after the date of the original
expenditure of such moneys); 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 with the proceeds of the
City’s future tax-exempt borrowing.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BOULDER, COLORADO THAT:
Section 1. Declaration of Official Intent. The City shall, presently intends, and
reasonably expects to finance the Project in part with proceeds of tax exempt bonds to be issued
by the City at a later date.
Section 2. Dates of Capital Expenditures. All of the capital expenditures covered by
this Resolution 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 tax-exempt borrowing within 18 months of the date of
the expenditure of moneys on the Project or the date or dates upon which the Project are placed
in service, whichever is later (but in no event more than 3 years after the date of the original
expenditure of such moneys), and to allocate from said borrowing an amount not to exceed
$10,000,000 of the proceeds thereof 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.
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PASSED AND ADOPTED at a regular meeting this day of January, 2022.
CITY OF BOULDER, COLORADO
______________________________
[SEAL]
Attest:
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