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HomeMy WebLinkAbout09-457NOVEMBER 24, 2009 09 -457 RESOLUTION (CARRIED 7 -0 LOST LAID OVER WITHDRAWN PURPOSE: AUTHORIZE CITY MANAGER AND DIRECTOR OF FINANCE CITY TREASURER TO EXPRESS OFFICIAL INTENT REGARDING CAPITAL EXPENDITURES TO BE REIMBURSED FROM THE PROCEEDS OF OBLIGATIONS INITIATED BY: CITY ADMINISTRATION WHEREAS, the City of Oshkosh, Winnebago County, Wisconsin (the "Issuer) wishes from time to time to advance moneys from available funds of the Issuer to pay the costs of capital projects to be undertaken by the Issuer and approved by the City Council of the Issuer (the "Projects'); and WHEREAS, all or a portion of the expenditures relating to the Projects may be made from available funds of the City (the "Expenditures'); and WHEREAS, the Issuer reasonably expects to reimburse itself or pay for the Expenditures with the proceeds of general obligation bonds or notes or revenue bonds of the City (the "Obligations'); and WHEREAS, under federal tax law, in order for the Issuer to reimburse itself for such Expenditures from the proceeds of tax exempt obligations of the Issuer and some taxable obligations of the Issuer, a declaration of official intent must be made by the Issuer (i) within the sixty (60) days after the date of such declaration, or (ii) on or before the date of such Expenditures; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Oshkosh, Winnebago County, Wisconsin, as follows: SECTION 1. The Issuer reasonably expects to reimburse or pay the Expenditures with proceeds of the Obligations. SECTION 2. The Obligations will be issued to finance, and the Expenditures will be made to pay for the cost of Projects approved by the City Council of the Issuer. SECTION 3. The City Manager and the Director of Finance /City Treasurer are, and each of them is, hereby authorized to execute from time to time declarations of official intent on behalf of the Issuer, expressing the intent of the Issuer to reimburse the Expenditures for the Projects with the proceeds of the Obligations. NOVEMBER 24, 2009 09 -457 RESOLUTION CONT'D SECTION 4. All actions of the officers, agents and employees of the Issuer that are in conformity with the purposes and intent of this Resolution, whether taken before or after the adoption hereof, are hereby ratified, confirmed and approved. SECTION 5. This Resolution shall be in full force and effect immediately upon its adoption.