HomeMy WebLinkAboutRes 2013-58RESOLUTION NO. 2013-58
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF
FOUNTAIN HILLS, ARIZONA DESIGNATING THE FINANCE DIRECTOR
TO DECLARE OFFICIAL INTENT ON BEHALF OF THE TOWN WITH
RESPECT TO REIMBURSEMENT FROM PROCEEDS OF TAX - EXEMPT
OBLIGATIONS PURSUANT TO TREASURY REGULATIONS SECTION
1.150 -2.
WHEREAS, the Town of Fountain Hills, Arizona (the "Town ") may from time to time
make expenditures with the intent that such expenditures will be reimbursed from the proceeds
of tax - exempt obligations (the "Reimbursement Obligations "); and
WHEREAS, in order to treat such reimbursements as an expenditure of proceeds of the
Reimbursement Obligations for the purpose of applying Sections 103 and 141 through 150 of the
Internal Revenue Code of 1986, as amended, the Town may be required, pursuant to Treasury
Regulation Section 1.150 -2, to declare its intention to reimburse an expenditure with proceeds of
a Reimbursement Obligation; and
WHEREAS, such declaration of intention to reimburse an expenditure must be made not
later than sixty (60) days after the payment of such expenditure; and
WHEREAS, the Town may designate an officer or officers to declare such official intent
on its behalf; and
WHEREAS, the appropriate officer of the Town to make such declaration on behalf of
the Town is the Finance Director.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE TOWN OF FOUNTAIN HILLS as follows:
SECTION 1. The recitals above are hereby incorporated as if fully set forth herein.
SECTION 2. For the purposes of the Treasury Regulation Section 1.150 -2, the Finance
Director is hereby designated to declare the official intent of the Town to reimburse an
expenditure with the proceeds of a Reimbursement Obligation. Such declaration of official
intent shall be signed by the designated officer and shall be in substantially the form of Exhibit A
attached hereto or such other form as may be necessary to comply with the provisions of the
Treasury Regulation Section 1.150 -2. The declaration of intent shall be effective when executed.
SECTION 3. Upon the issuance of Reimbursement Obligations, the Finance Director
shall cause a written allocation to be made that evidences the Town's use of proceeds of the
Reimbursement Obligations to reimburse a prior expenditure.
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SECTION 4. The Finance Director shall not permit proceeds of a Reimbursement
Obligation to be used to reimburse a prior expenditure unless such reimbursement is made within
the reimbursement time period set forth in Treasury Regulation Section 1.150 -2 or unless the
requirements of such section are otherwise satisfied.
SECTION 5. The Finance Director is authorized to take any other appropriate actions
which are necessary to meet the requirements of Treasury Regulation Section 1.150 -2.
PASSED AND ADOPTED by the Mayor and Council of the Town of Fountain Hills,
December 5, 2013,
FOR THE TOWN OF FOUNTAIN HILLS:
Linda M. Lava gh, Ma Mayor
REVIEWED BY:
A -,JJ ,Lj BUC.Gj�A� -
Kenneth W. Buchanan, Town Manager
ATTESTED TO:
CERTIFICATION
AS TO FORM:
Town Attorney
I, Bevelyn J. Bender, the duly appointed and acting Town Clerk of the Town of
Fountain Hills, Arizona, do hereby certify that the above and foregoing Resolution Number 2013 -58
was duly passed by the Town Council of the Tow of Fountain Hills, Arizona, at a regular meeting
held on December 5, 2013, and the vote was / aye's and _j nay's and that the Mayor and
6 Council Members were present thereat.
2080964.1 -2-
EXHIBIT A
TO
RESOLUTION NO. 2013-58
[Declaration of Official Intent]
See following page.
2080964.1
DECLARATION OF OFFICIAL INTENT UNDER TREASURY
REGULATION SECTION 1.150 -2 TO REIMBURSE AN
EXPENDITURE WITH PROCEEDS OF TAX- EXEMPT OBLIGATIONS
The undersigned is the Finance Director of Town of Fountain Hills, Arizona (the "Town ")
and has been designated by the Mayor and Council of the Town to declare official intent on behalf
of the Town with respect to the reimbursement of expenditures with proceeds of tax - exempt
obligations.
Section 1. Declaration of Official Intent. The undersigned hereby declares under
Treasury Regulation Section 1.150 -2 the official intent of the Town to reimburse capital
expenditures with respect to the Project described below with the proceeds of tax - exempt
obligations.
Section 2. Timeliness of Declaration. This declaration is being made not later than
sixty (60) days after payment of the expenditure(s) to be reimbursed.
Section 3. Proiect Description. The Project for which expenditures were, or will be,
made is the design, improvement, construction, reconstruction and rehabilitation of Saguaro
Boulevard, including any curb, gutter, sidewalks, traffic signal /control systems, underground
utility lines, landscaping, and other improvements appurtenant or adjacent thereto.
Section 4. Maximum Principal Amount. The maximum principal amount of
obligations expected to be issued for the Project described in Section 3 above is $8,200,000.
Section 5. Reasonable Expectation to Reimburse. This Declaration as of its date is
consistent with the budgetary and financial circumstances of the Town and the Town reasonably
expects to reimburse the expenditures with respect to the Project described in Section 3 with
proceeds of tax - exempt obligations.
Dated:
am
2080964.1 A -1
Finance Director, Town of Fountain Hills,
Arizona