Resolution - 1997 - 10 - Authorizing Acquistion Of Real Property/Reimbursement With Go Bonds - 07/08/1997
RESOLUTION NO. 97-10
A RESOLUTION OF THE CITY OF EAGLE, ADA COUNTY, IDAHO, AUTHORIZING
THE EXPENDITURE OF $343,731. 44 FROM FUNDS OF THE CITY FOR THE
ACQUISITION OF REAL PROPERTY; EXPRESSING OFFICIAL INTENT, PURSUANT
TO SECTION 1.150-2 OF THE FEDERAL INCOME TAX REGULATIONS, TO
REIMBURSE THE CITY FROM THE PROCEEDS OF GENERAL OBLIGATION BONDS,
SERIES 1998, OF THE CITY, FOR CERTAIN EXPENSES TO BE PAID FROM
FUNDS OF THE CITY PENDING THE AUTHORIZATION AND ISSUANCE OF BONDS;
AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Eagle, Ada County, Idaho (the "City") is
a municipal corporation duly organized and operating under the laws
of the state of Idaho; and
WHEREAS, the Mayor and City Council (the IICouncil") of the
City has determined to purchase real property for the construction
of a City library as set forth in an Option to Purchase Real
Property dated October 8, 1996 (the "property"); and
WHEREAS, at a special City Council meeting of June 2, 1997,
the Council ratified the action that was taken on May 30, 1997, by
the Council to authorize the purchase of the Property; and
WHEREAS, the Council desires to authorize the Mayor of the
City to purchase the Property by payment in the amount of
$343,731.44, plus costs associated thereto; and
WHEREAS, it is the intent of the Council to pay certain
capital expenditures incident to the acquisition of land for a City
library facility to be financed by the proceeds of the bonds from
the general funds of the City pending the authorization, sale, and
delivery of the bonds and the receipt of the proceeds thereof, and
to reimburse the funds of the City from the proceeds of such bonds,
when authorized, issued, sold, and delivered;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE
CITY OF EAGLE, IDAHO, as follows:
Section 1: The Council hereby authorizes the Mayor of the
City to purchase said real property by payment in the amount of
$343,731.44, plus closing costs, costs for environmental
assessment, and other necessary costs associated with the
acquisition of the Property; and
Section 2: The Board reasonably expects to reimburse the
capital expenditures described herein with the proceeds of the City
of Eagle General Obligation Bonds, Series 1998, in the principal
amount of $350,000 (hereinafter, the "Reimbursement Bonds"), if the
Reimbursement Bonds are approved and authorized by the electors of
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the City at a special bond election to be held and conducted on
November 5, 1997.
Section 3: This declaration of official intention is made
pursuant to Section 1.150-2 of the Income Tax Regulations
promulgated by the United States Department of the Treasury.
Section 4: The maximum principal amount of Reimbursement
Bonds expected to be issued for capital improvement purposes is
$350,000.
Section 5: The expenditures with respect to which the City
reasonably expects to be reimbursed from the proceeds of the
Reimbursement Bonds are for the costs of acquiring land for a
public library facility and related improvements and costs and fees
related thereto.
Section 6: The expenditures with respect to which the
District reasonably expects to be reimbursed from the proceeds of
the Reimbursement Bonds will be made from the Capital Outlay/
Capital Expenditures Fund of the City.
Section 7: The City intends to issue its Reimbursement Bonds
within one year of the date such capital expenditures described
herein are paid or placed in service.
Section 8: The City will allocate the Reimbursement Bond
proceeds to the capital expenditures described herein not later
than 18 months after the later of (a) the date the original
expenditure is made; or (b) the date the project is placed in
service, but in no event later than three (3) years after the
original expenditure is paid.
Section 9: This Resolution shall take effect and be in force
from and after its passage and approval.
DATED this 8th day of July, 1997.
CITY OF EAGLE
Ada County, Idaho
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