Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
RESOLUTION 11-98
08/25/9515:015’3038660200HRODENVERL002I0RESOLUTIONNO.11-98(REIMBURSEMENTRESOLUTION)WHEREAS,theTownofEstesPark,Colorado(the“Town”),actingbyandthroughitsLightandPowerEnterprise,expectstoincurandpayfromthelightandpowerenterpriseflmdcertainexpenditures(“Expenditures”),includingpreliminaryexpenditures,foracquisition,design.andccnstmctionofcertainimprovementstotheTown’selectricutilityfdilides,includingbutnotlimitedto:(I)thedesign,acquisitionandconstructionofanewsubstation;(ii)otherimprovementsincludedinthelong-rangeplanoftheLightandPowerEnterprise;and(ill)allnecessazy,incidental,andappurtenantfacilities,land,andeasementinconnectiontherewith(the“project”);andWHEREAS,theBoast!reasonablyexpectstoreimburseitselfforanyExpendiwrecwiththeproceedsofalax-exemptutilityrevenuebondissue;andWHEREAS,theInternalRevenueService(“IRS”)hasissuedregulations(the“Regulations”)underSection103oftheInternalRevenueCode(the“Code”)clarifyingwhentheallocationofbondproceedstoreimburseexpendituresmadebyanentitywillbenestedasanexpenditureofbondproceedswithinthemeaningofSection103oftheCode;andWHEREAS,tosatisfyIRSrequirementswithrespecttotheforegointheBoardofTnisteesoftheTown(the“Board”)desirestodeclareits“officialintent,”incompliancewiththeRcgulation3,toreimburseitselffortheExpendituresfromproceedsoftax-exemptutijityrevenuebondsexpectedtobeissuedinamaximumprincipalamountof$3,000,000;THEREFORE,BEifRESOLVED,fltattheBoardherebydeclaresits“officialintent”toreimburseitselffortheExpendituresinamaximumprincipalamountof$3,000,000bycausingtheTowntoincurobligations,theinterestonwhichisexcludablefromgrossincomeunderSection103oftheCode(“ReimbursementObligations”).FURTHERRESOLVED,thattheTownexpectstopaythedebtserviceontheReimbursementObligationssolelyfromrevenuegeneratedbytheTown’seleefficutilityfacilities.FURTHERRESOLVED,thatallresolutionsoftheBoardinconsistentwiththeseResolutionsareherebyrepealedtotheextentofsuchinconsistencyandallactionsoftheofficers,agentsandemployeesoftheTownwhichareiiifurtheranceoforinconformancewiththepurposesandintentoftheseResolutionsareherthyinallrespectsratified,approvedandconfirmed.//A-&1U)LfLA]TownClerkMayor(SEAL)#4309h1 0