Resolution - 2006 - 18 - Expressing Official Intent/Federal Income Tax Regulations/To Reimburse The City From Proceeds Of City's Water Revenue Promissory Note - 04/18/2006
RESOLUTION NO. 06-18
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EAGLE, ADA
COUNTY, IDAHO, EXPRESSING OFFICIAL INTENT, PURSUANT TO SECTION
1.150-2 OF THE FEDERAL INCOME TAX REGULATIONS, TO REIMBURSE THE
CITY, FROM THE PROCEEDS OF THE CITY'S WATER REVENUE PROMISSORY
NOTE, CERTAIN EXPENSES PAID FROM FUNDS OF THE CITY PENDING
ISSUANCE OF THE WATER REVENUE PROMISSORY NOTE; AND PROVIDING AN
EFFECTIVE DATE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EAGLE, Ada
County, Idaho, as follows:
Section 1: The City Council of the City of Eagle, Ada
County, Idaho (the "City"), reasonably expects to reimburse the
capital expenditures and other costs described herein from the
proceeds of the "City of Eagle Water Revenue Promissory Note"
(the "Reimbursement Bond"), which the City reasonably anticipates
to issue on or before May 1, 2007.
Section 2:
made pursuant
Regulations.
to
This declaration of
Section 1.150-2 of
official intention
the Federal Income
is
Tax
Section 3: The expenditures with respect to which the
City reasonably expects to reimburse the City from the proceeds
of the Reimbursement Bond are for the costs of the water system
improvement project authorized by the District Court of the
Fourth Judicial District of the State of Idaho, in and for Ada
County, on April 7, 2006, Case No. CV-OT-0600971.
Section 4: The expenditures with respect to which the
City reasonably expects to reimburse the City from the proceeds
of the Reimbursement Bond are for the payment of original
expenditures made no more than 60 days prior to the date of the
adoption of this Resolution.
Section 5:
City expects to
Reimbursement Bond
of the City.
The expenditures with respect to which the
reimburse the City from proceeds of the
were made and will be made from the Water Fund
Section 6: The reimbursement allocation from the
proceeds of the Reimbursement Bond will be made not later than 18
months after the date the project is placed in service, but in no
event more than 3 years after the original expenditure is paid.
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Section 7: This resolution shall take effect and be in
force from and after its passage and approval.
DATED this ~ day of April, 2006.
CITY OF EAGLE
Ada County, Idaho
ATTEST:
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