HomeMy WebLinkAboutURA Resolution No. 1042
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URBAN RENEW AL AGENCY
RESOLUTION NO. 1042
A RESOLUTION DELEGATING AUTHORITY TO
DECLARE OFFICIAL INTENT TO REIMBURSE
EXPENDITURES.
DATE SUBMITTED: January 8,2007
PASSED: 6:2
OPPOSED: Bettman, Taylor
ABSENT:
RECUSED:
REJECTED:
RESOLUTION NO. 1042
A RESOLUTION DELEGATING AUTHORITY TO
DECLARE OFFICIAL INTENT TO REIMBURSE
EXPENDITURES.
The Urban Renewal Agency of the City of Eugene finds as follows:
A. From time to time, the Urban Renewal Agency undertakes capital projects
that the Agency 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 URBAN RENEWAL AGENCY OF THE CITY
OF EUGENE, as follows:
The Agency Director is specifically authorized to make declarations of intent to
reimburse expenditures pursuant to Treasury Regulation 1.150-2 and any similar,
replacement provision without additional action by the Urban Renewal Agency.
The foregoing resolution adopted the 8th day of January, 2007.