HomeMy WebLinkAboutResolution No. 4727
RESOLUTION NO. 4727
A RESOLUTION DELEGATING AUTHORITY TO DECLARE
OFFICIAL INTENT TO REIMBURSE EXPENDITURES.
The City Council of the City of Eugene finds as follows:
A. The City routinely undertakes capital projects that the City intends to finance with
tax-exempt obligations.
B. Federal tax law requires an issuer of tax-exempt obligations 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 obligations.
NOW, THEREFORE, based upon the above findings,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a
Municipal Corporation of the State of Oregon, as follows:
In addition to the City Manager's authority contained in the Eugene Charter 1976, the City
Manager is specifically authorized to make future declarations of intent to reimburse without
additional action by the City Council.
The foregoing Resolution adopted the 8th day of July, 2002.
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City Recorder
Resolution - 1