HomeMy WebLinkAbout1060 - DECLARING official intent to reimburse Boulder County for $5,000,000 with proceeds from future bond sale
RESOLUTION No. 1060
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BOULDER,
COLORADO, DECLARING ITS OFFICIAL INTENT TO REIMBURSE
ITSELF OR OTHERS WITH THE PROCEEDS OF A FUTURE TAX-EXEMPT
BORROWING; IDENTIFYING SAID CAPITAL EXPENDITURES 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 or cause to be made certain capital expenditures to acquire real property which generally
consists of acquiring approximately 9.7 acres of land located in the NWl/4 of Section 35,
Township 1 North, Range 70 West of the 61h P.M., City of Boulder, County of Boulder, State of
Colorado (the "Property"); and
WHEREAS, the Property is expected to be acquired by the City pursuant to a Purchase
Agreement of the County to be assigned to the City, with the County initially providing funds for
the acquisition of the Property; and
WHEREAS, the Governing Body currently intends and reasonably expects to participate
in a tax-exempt borrowing to finance a portion of the Property, including an amount which is
currently estimated not to exceed $5,000,000 (the "Financed Amount"), to reimburse the City or
repay the County for such capital expenditures 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 Property (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 or repay the County or a combination thereof 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 Property with legally available funds or funds provided by the
County.
4849-1549-8500.1
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 Property or the date upon which the Property is 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 the
Financed Amount to reimburse the City or the County for its expenditures in connection with the
Property.
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 Property, 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 18th day of August, 2009.
CITY OF BOULDER, COLORADO
bF Bp
tdzt
Mayor
[SEAL]
Attest:
Clerk
4849-1549-8500.1