HomeMy WebLinkAbout1357 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BOULDER, COLORADO (ACTING THROUGH ITS STORM WATER AND FLOOD MANAGEMENT UTILITY ENTERPRISE), TO PARTICIPATE IN A FUTURE ISSUANCE OF STORM WATER AND FLOOD MANAGEMENT REVENUE BONDS AND TO REIMBURSE ITSERESOLUTION 1357
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BOULDER,
COLORADO (ACTING THROUGH ITS STORMWATER AND FLOOD
MANAGEMENT UTILITY ENTERPRISE), TO PARTICIPATE IN A FUTURE
ISSUANCE OF STORMWATER AND FLOOD MANAGEMENT REVENUE
BONDS AND TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES
UNDERTAKEN IN ADVANCE OF SUCH FINANCING IN CONNECTION
WITH THE CONSTRUCTION OF THE PROJECT; AND SETTING FORTH
RELATED DETAILS
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 Stormwater and Flood Management Utility Enterprise; and
WHEREAS, the Governing Body has determined that it is in the best interest of the City
to construct, acquire, improve and equip certain stormwater and flood mitigation improvements in
the City and any other capital improvements with respect to the Flood Control System (as defined
in the applicable bond ordinance) (collectively, the “Project”); and
WHEREAS, capital expenditures for the Project are currently expected to equal
approximately $66,000,000 and 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 $20,000,000 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.
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
$20,000,000 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.
PASSED AND ADOPTED at a regular meeting this 5th day of December 2024.
CITY OF BOULDER, COLORADO
________________________________________
Aaron Brockett, Mayor
Attest:
_________________________________
Elesha Johnson, City Clerk