Admin Order 44-02-04 - Laserfiche WebLink

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ADMINISTRATIVE ORDER NO. 44-02-04 of the City Manager pro tern City of Eugene, Oregon Declaring Official Intent to Reimburse Expenditures from Bond Proceeds. The City Manager pro tern of the City of Eugene finds that: A. Federal tax law requires an issuer of tax-exempt bonds to declare its intention if the issuer expects to spend its funds on a project and later reimburse itself for those expenditures from the proceeds of tax-exempt bonds. B. The City is authorized to issue tax-exempt bonds and other obligations (the "Obligations") to finance a new library to be built in the downtown area (the "Project"). The City may expend funds on hand to pay for the costs of the Project before the City issues the Obligations. The City reasonably expects to reimburse the expenditures it makes for the Proj ect from the proceeds of the Obligations. C. The City estimates that approximately $4.4 million principal amount of Obligations will be issued and the maximum amount used for reimbursement is $4.4 million. D. Under the provisions of Chapter IV, Section 16 of the Eugene Charter of 1976, the City Manager is designated as the administrative head of the City. In addition to that authority, on July 8, 2002 the City Council adopted Resolution No. 4727 specifically authorizing the City Manager to make future declarations of the City's intent to reimburse itself, without further action by the City Council. NOW, THEREFORE, THE CITY MANAGER PRO TEM OF THE CITY OF EUGENE ORDERS AND DIRECTS THAT: Based on the above findings, which are hereby adopted, the City Manager pro tern hereby declares on behalf of the City of Eugene the official intent of the City to reimburse itself for Project expenditures from the proceeds of the Obligations. Dated this 5 day of l1u.tud , 2002. J a es . Carlson, City Manager pro tern Administrative Order r:\adminord\adm\02cmoreimbado. wpd(07 /31/02)