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Home My WebLink AboutRESOLUTION 19-99CRESOLUTIONNO.19-99WHEREAS,theTownofEstesPark,Colorado(the“Town),actingbyandthroughitsLightandPowerEnterprise,expectstoincurandpayfromtheLightandPowerEnterpriseFundcertainexpenditures(“Expenditures”),includingpreliminaryexpenditures,foracquisition,design,andconstructionofcertainimprovementstotheTown’selectricutilityfacilities,includingbutnotlimitedto:(i)thedesign,acquisitionandconstructionofanewsubstation;(H)otherimprovementsincludedinthelong-rangeplanoftheLightandPowerEnterprise;and(Hi)allnecessary,incidental,andappurtenantfacilities,land,andeasementsinconnectiontherewith(the“Project”);andWHEREAS,theBoardreasonablyexpectstoreimburseitselfforanyExpenditureswiththeproceedsofatax-exemptutilityrevenuebondissue;andWHEREAS,theInternalRevenueService(“IRS”)hasissuedregulations(the“Regulations”)underSection103oftheInternalRevenueCode(the“Code”)clarifyingwhentheallocationofbondproceedstoreimburseexpendituresmadebyanentitywillbetreatedasanexpenditureofbondproceedswithinthemeaningofSection103oftheCode;andWHEREAS,tosatisfyIRSrequirementswithrespecttotheforegoing,theBoardofTrusteesoftheTown(the“Board”)declaredits“officialintent,”inResolutionNo.11-98,toreimburseitselffortheExpendituresfromproceedsoftax-exemptutilityrevenuebondsexpectedtobeissuedinamaximumprincipalamountof$3,000,000;andWHEREAS,staffhasrecentlydeterminedthatthemaximumprincipalamountofsuchtax-exemptutilityrevenuebondsisnowexpectedtobe$4,000,000toallowfundingofissuancecostsaswellastheimprovementstotheTown’selectricutilityfacilities;andWHEREAS,tosatisfyIRSrequirementswithrespecttotheforegoing,theBoardnowdesirestoamenditsdeclarationofits“officialintent”and,incompliancewiththeRegulations,todeclareitsintenttoreimburseitselffortheExpendituresfromproceedsoftax-exemptutilityrevenuebondsexpectedtobeissuedinamaximumprincipalamountof$4,000,000.NOW,THEREFORE,BEITRESOLVEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADOthattheBoardherebyamendsitsoriginaldeclarationinResolutionNo.11-98andnowdeclaresits“officialintent”toreimburseitselffortheExpendituresinamaximumamountof$3,000,000bycausingtheTowntoincurobligations,theinterestonwhichisexcludablefromgrossincomeunderSection103oftheCode(“ReimbursementObligations”)inthemaximumprincipalamountof$4,000,000. BEITFURTHERRESOLVED,thattheTownexpectstopaythedebtserviceontheReimbursementObligationssolelyfromrevenuegeneratedbytheTown’selectricutilityfacilities.BEITFURTHERRESOLVED,thatallresolutionsoftheBoardinconsistentwiththeseResolutionsareherebyrepealedtotheextentofsuchinconsistencyandallactionsoftheofficers,agentsandemployeesoftheTownwhichareinfurtheranceoforinconformancewiththepurposesandintentoftheseResolutionsareherebyinallrespectsratified,approvedandconfirmed,INTRODUCED,READ,ANDPASSEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARKthis417‘dayofQu24-1999.aTOWNOFESTESPARK,COLORADOayorATTEST: