HomeMy WebLinkAboutC.054.93010_1099Section 3. Each Expenditure was and will be either (a) of a type properly chargeable to
capital account under general federal income tax principles (determined in each case as of the
date of the Expenditure), (b) a cost of issuance with respect to the financing, (c) a nonrecurring
item that is not customarily payable from current revenues, or (d) a grant to a parry that is not
related to or an agent of the Issuer so long as such grant does not impose any obligation or
condition (directly or indirectly) to repay any amount to or for the benefit of the County.
Section 4. The County will make a reimbursement allocation, which is a written
allocation by the County that evidences the County's use of proceeds of the financing to
reimburse an Expenditure, no later than 18 months atter the later of the date on which the
Expenditure is paid or the Projects are placed in service or abandoned, but in no event more
than three years after the date on which the Expenditure is paid.
Section 5. This resolution shall take effect immediately upon its passage.
Adopted this 15" day of April 2003.
RESOLUTION OF THE IREDELL COUNTY BOARD OF COMMISSIONERS
DECLARING ITS INTENTION TO REIMBURSE ITSELF FROM THE PROCEEDS
OF ONE OR MORE TAX-EXEMPT FINANCINGS FOR CERTAIN EXPENDITURES
TO BE MADE IN CONNECTION WITH THE CONSTRUCTION, FURNISHING AND
EQUIPPING OF THE NEW MOORESVILLE INTERMEDIATE SCHOOL
WHEREAS, Iredell County will make expenditures on and after the date hereof with
respect to expenses incurred and to be incurred (the "Expenditures") in connection with the
construction, furnishing and equipping of a building to be known as the new Mooresville
Intermediate School (the "Project"); and
WHEREAS, the Iredell County Board of Commissioners (the "Board") has determined
that the funds advanced from the General Fund and to be advanced to pay expenditures are or
will be available for a temporary period and it is necessary to reimburse the Issuer for
Expenditures made on and after the date hereof with respect to the Project from the proceeds of
one or more County tax-exempt financings under Section 160A-20 of the General Statutes.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD AS FOLLOWS:
Section 1. The Board hereby adopts this declaration of official intent under Treasury
Regulation Section 1.150-2 and declares its intent to reimburse the Issuer with the proceeds of a
tax-exempt financing for Expenditures made on and after the date hereof with respect to the
Project.
Section 2. The maximum principal amount of debt expected to be issued for the
expenditures of the Project is Twelve Million Two Hundred Thousand Dollars
($12,200,000.00).
Section 3. Each Expenditure was and will be either (a) of a type properly chargeable to
capital account under general federal income tax principles (determined in each case as of the
date of the Expenditure), (b) a cost of issuance with respect to the financing, (c) a nonrecurring
item that is not customarily payable from current revenues, or (d) a grant to a party that is not
related to or an agent of the Issuer so long as such grant does not impose any obligation or
condition (directly or indirectly) to repay any amount to or for the benefit of the County.
Section 4. The County will make a reimbursement allocation, which is a written
allocation by the County that evidences the County's use of proceeds of the financing to
reimburse an Expenditure, no later than 18 months after the later of the date on which the
Expenditure is paid or the Project is placed in service or abandoned, but in no event more than
three years after the date on which the Expenditure is paid.
Section 5. This resolution shall take effect immediately upon its passage.
Adopted this 15th day of April 2003.
# W # M Y
RESOLUTION OF THE IREDELL COUNTY BOARD OF COMMISSIONERS
DECLARING ITS INTENTION TO REIMBURSE ITSELF FROM THE PROCEEDS
OF ONE OR MORE TAX-EXEMPT FINANCINGS FOR CERTAIN EXPENDITURES
TO BE MADE IN CONNECTION WITH THE CONSTRUCTION, RENOVATION,