HomeMy WebLinkAboutResolution No. 4570
RESOLUTION NO. ~
A RESOLUTION OF THE CITY OF EUGENE, LANE COUNTY, OREGON,
DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES FOR A
NEW LIBRARY.
The City Council of the City of Eugene finds as follows:
A. 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 urban renewal district (the
"Proj ect").
B. The City may expend funds on hand to pay for the costs of the Project before the City
issues the Obligations.
C. 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.
D. The City reasonably expects to reimburse the expenditures it makes for the Project
from the proceeds of the Obligations.
E. The City estimates that approximately $18,000,000 principal amount of bonds will
be issued and the maximum amount used for reimbursement is $18,000,000.
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal
Corporation of the State of Oregon, that the City of Eugene hereby declares its official intent to
reimburse its expenditures on the Project with the proceeds of the Obligations.
The foregoing Resolution adopted on the~day of July, 1998.
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City Recorder
Resolution