HomeMy WebLinkAbout1038 - DECLARING the city's official intent to reimburse itself with the proceeds of a future borrowing for certain capital expend...d land purchases not to exceed $5,475,000. RESOLUTION NO. 1038
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BOULDER, COLORADQ DECLARING THE CITY'S OFFICIAL
INTENT TO REIMBURSE ITSELF WITH THE PROCEEDS OF A
FUTURE BORROWING FOR CERTAIN CAPITAL EXPENDITURES
AND LAND PURCHASES TO BE UNDERTAKEN BY THE CITY;
IDENTIFYING SAID CAPITAL EXPENDITURES AND LAND
PURCHASES AND THE FUNDS TO BE USED FOR SUCH
PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH.
WHEREAS the City Council finds that:
1. the 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
2. the City Council of the City (the "Governing Body") is the governing body of the
City; and
3. 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 "Project"); and
4. the Governing Body currently intends and reasonably expects to participate in a
taxable ortax-exempt borrowing to finance such capital expenditures and land
purchases constituting the Project, including an amount which is currently
estimated not to exceed $5,475,000 (the "Financed Amount"), 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
5. 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 taxable ortax-exempt borrowing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOULDER, COLORADO THAT:
Section 1. Declaration of Officiallntent. 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 16th day of September 2008.
'~s`~"` CITY OF BOULDER, C LO O
V OF ~ip~`~~'~
Cry/'~
~J''• Mayor
~r~
[SEAL]
Attest:
-
City Clerk on behalf of the Di cto of
Finance and Record
z