RES 00115 - Laserfiche WebLink

Resolution No. 00-115 Page Two Section 1: The City hereby declares its official intent to issue and sell the Bouds pursuant to applicable law in a principal amount of not to exceed $25,000,000 for the purpose of providing financing to the Developer, or its successors or assigns, as developer of the Project, for the acquisition and construction of the Project, including the reimbursement of certain expenditures. Section 2: The issuance and sale of the Bonds shall be upon such terms and conditions as may be mutually agreed upon by the City, the Developer and the purchaser of the Bonds, and subject to cotnpletion of proceedings for the issuance, sale and delivery of the Bonds by the City. Nothing in this Resolution shall in any way obligate the City to issue the Bonds, and the City may terminate proceedings to issue the Bonds at any time in its sole discretion. Section 3: Section 4: Section 5: The proceeds of the Bonds shall include such related and necessary issuance expenses, administrative costs, debt service reserves end interest payments as may be required to successfully accomplish the financing of the Project. The City hereby finds that the issuance of the Bonds is a substantial inducement to the Developer to acquire and constract the Project and that the Project will further the public purposes of the City. The Developer expects to incur costs with respect to the Project prior to the issuance of the Bonds. The City hereby declares its intention, and reasonably expects. to rehnburse the Developer for such costs with proceeds from the sale of the Bonds; provided, however, that nothing herein obligates the City to issue the Bonds or provides the Developer with any legal right to compel the issuance of the Bouds. Section 6: This Resolution is adopted as "official action" of the City in compliance with and within the meaning of Treasury Regulation 1.103-8(a)(5) and Treasury Regulation 1.150-2 and any other regulations of the Internal Revenue Service relating to the qualification for reimbursement of expenditures incurred prior to the date of issuance of the Bond.s, is part of the CityIs official proceedings, and will be available thr inspection by the general public at die mah~ administrative office of the City.