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CITY COUNCIL AGENDA ITEM NO. 08

Meeting Date: March 27, 2001

Subject/Title: Approve a Resolution declaring official intent to reimburse improvement expenditures for the property located at 101 West Sand Creek Road from proceeds of indebtedness.

Submitted by: Pamela Ehler, Director of Finance & Information Systems

Approved by: Jon Elam, City Manager


RECOMMENDATIONS
Approve a Resolution declaring official intent to reimburse $2.5 million in capital expenditures for the property located at 101 West Sand Creek Road from proceeds of indebtedness.

PREVIOUS ACTION
On October 26, 1999, Council adopted Resolution No. 99-217 evidencing the intent of the City of Brentwood to reimburse certain expenditures for the acquisition of property located at 101 Sand Creek Road.

BACKGROUND
The City is now considering paying certain costs in connection with the improvement, renovation, remodeling and construction of certain buildings and other facilities (the “Project”) located at 101 Sand Creek Road. In order to reimburse itself or pay for costs of the Project, the City reasonably expects that it will issue debt obligations in an amount not reasonably expected to exceed $2,500,000 for the purpose of financing the costs of the Project on a long-term basis. 

Section 1.150-2 of the Treasury Regulations requires the City to declare its reasonable official intent to reimburse prior expenditure for the Project with the proceeds of a borrowing.




RESOLUTION NO. 

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD DECLARING THE OFFICIAL INTENT OF THE CITY TO REIMBURSE CERTAIN CAPITAL EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS


WHEREAS, this Council previously adopted Resolution No. 99-217 evidencing the intent of the City of Brentwood (the “City”) to reimburse certain expenditures for the acquisition of property located at 101 Sand Creek Road in the City (the “Site”) from the proceeds of tax-exempt indebtedness; and

WHEREAS, the City is now considering paying certain costs in connection with the improvement, renovation, remodeling and construction of certain buildings and other facilities (the “Project”) located at the Site; and

WHEREAS, in order to reimburse itself or pay for costs of the Project, the City reasonably expects that it will issue debt obligations in an amount not reasonably expected to exceed $2,500,000 for the purpose of financing the costs of the Project on a long﷓term basis; and

WHEREAS, Section 1.150-2 of the Treasury Regulations requires the City to declare its reasonable official intent to reimburse prior expenditures for the Project with the proceeds of a borrowing; and

NOW, THEREFORE, BE IT RESOLVED by the CITY COUNCIL OF THE CITY OF BRENTWOOD, as follows:

Section 1. The City finds and determines that the foregoing recitals are true and correct.

Section 2. This resolution is adopted by this City for purposes of establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations, and does not bind the City to incur any indebtedness.

Section 3. The City hereby declares its official intent to use proceeds of indebtedness to reimburse itself for expenditures for the Project.

Section 4. This resolution shall be reasonably available for inspection by the general public during normal business hours at the office of the City Clerk commencing on the date of adoption hereof.
Section 5. This resolution shall take effect from and after its adoption.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held March 27, 2001 by the following vote:

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