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RESOLUTION 13-98
U8/25/9512:10‘Q’JOJ8660200liMODENVER4100300RESOLUflONNO.13-98(RED{BVRSEMEWJRESOLUHON)WHEREAS,theTownofEstesPark,Colorado(“theTown”).expectstoincurandpayfromthegeneralfundcertainexpenditures(“Expenditures”),includingpreliminaryexpendinres,foracquisition,design,andconsuiiaiouofcertainpublicftnpmvenaitswithintheboundariesofaspecialimprovementdistricttobecreatedintheTownandtobedesignated“TownofEatsParlçColorado,SpecialImprovementDistrictNumber1998-1”(referredtointhisRasolufionusthe“Sm”),suchpubllcimpxoisemcntsmayincludebutshallnotbeiimisedtosweetandparbnglotpaving,curbandgutters,sidewalks,stormththiageimprovements,streetlighting,trafficsignals,andtheextensionofanynecessaryutilitylinesbeneaththestreet,togetherwithallnecessaiy,appropriate,incidental,convenient,orappurtenantfacilities,land,andcasementsinconnectiontherewith,withintheTown’sSpecialImprovementDistrictNo.1998-1(the“Project”);andWHEREAS,theBoardreasonablyexpectstoreimburseitselfforanyExpenditureswiththeproceedsofatax-exemptspecialassessmentbondissue;andWHEREAS,theInternalRevenueService(“IRS”)hasissuedregulations(the“Regulations”)underSection103oftheInternalRevenueCode(the“Code”)clariidngwhentheallocationofbondproceedstoreimbursee’pendiuuesmadebyanaititywillbeueatedasanexpenditureofbondproceedswithinthemeaningofSection103oftheCode;andWHEREAS,tosatisfyIRSrequirementswithrespecttotheforegoing,theBoardorTrusteesoftheTown(the“Board”)desirestodeclareirs“officialthtentincompliancewiththeRegulations,toreimburseitselffortheExpcnthwresfromproceedsoftax-exemptspecialassessmentbondsexpectedtobeissuedinamaximumprincipalamountofSl,spqOo;1,950,&*CTHEREFORE,BEifRESOLVED,thattheBoardherebydeclaresits“o1alintent”toreimburseitselffortheExpaidinnesinamaximtprincipalamountof$300,000bycausingtheTowntoincurobligations,theinterestonwhichisexcludablefromcrossincomeunderSection103oftheCode(‘ReimbursementObligations”).FURThERRESOLVED,thattheTownexpectstopaythedebtserviceontheReimbursementObligatictssolelyfloraspecialassessmentsimposedonpropertieswithintheSD,whichpropertiesarespeciallybenefitedbythepublicimprovementsconstructedtherelaFURTHERRESOLVED,thatallxesolutioftheBoardincrzsisteritinththeseResolutionsarcherebyrepealedtotheextentofsuchina,nsistencyandallactionsotheofficers,agentsandemployeesoftheTownwhichaxeinfurtheranceof&inconlomrnncewiththepurposesandintentoftheseResolutionsareherebyinallrespectsratified,approvedandcon&med.TownClerkMayor(SEAL)ff430-al 00