HomeMy WebLinkAbout98-12RESOLUTION 98-12
Resolution Of The Council Of The Town Of Pulaski, Virginia, Declaring Its
Intention To Reimburse Itself From the Proceeds of Bonds For Certain
Expenditures To Be Made In Connection With Certain Town Projects
WHEREAS, The Town of Pulaski, Virginia (the "Town"), will make capital
expenditures (the "Expenditures") in connection with improvements to Calfee Park and
other public improvements; and,
WHEREAS, The Council of the Town (the "Council") has determined that the funds to
be advanced to pay Expenditures are or will be available for only a temporary period and
it will be necessary or advisable to reimburse the Town for Expenditures from the
proceeds of an issue or issues of obligations (the "Bonds").
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE TOWN
OF PULASKI, VIRGINIA, AS FOLLOWS:
1. The Council hereby finds and declares that the Town reasonably expects to
reimburse itself for Expenditures with respect to the Projects with the proceeds of the
Bonds.
2. The maximum principal amount of the Bonds expected to be issued for the
Projects is $1,000,000.
3. The Town will make a reimbursement allocation, which is a written allocation
by the Town that evidences the Town's use of proceeds of the Bonds to reimburse and
Expenditure, no later than 18 months after the latter of (a) the date on which the
expenditure is paid or (b) any Project is placed in service or abandoned, but in no event
more than three (3) years after the date on which the Expenditure is paid. The Council
recognizes that exceptions are available for certain "preliminary expenditures", costs of
issuance, certain de minimis amounts, expenditures by "small issuers" and expenditures
for construction projects of at least five years.
4. This resolution is intended to constitute the "official intent" of the Council
under Regulation 1.150-2 promulgated under the Internal Revenue Code of 1986, as
amended.
Adopted by the Council of the Town of Pulaski, Virginia on March 17, 1998.
ATTEST:
_ L ~ C
• Patricia Pendergrast, rk of Council