HomeMy WebLinkAbout2019-001 Reimbursement of CostsCITY OF CHUBBUCK, IDAHO
RESOLUTION NO. 2019- o /
RESOLUTION RE: REIMBURSEMENT OF COSTS
[Official Intent pursuant to Section 1.150-2, Code of Federal Regulations]
A RESOLUTION OF THE CITY OF CHUBBUCK, IDAHO DECLARING ITS
OFFICIAL INTENT TO REIMBURSE CERTAIN REIMBURSABLE
EXPENDITURES RELATING TO CERTAIN PROJECTS FROM TAX
EXEMPT OBLIGATIONS AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Chubbuck, Idaho (the "City"), is a municipal corporation
operating and existing under and pursuant to the provisions of the Constitution and laws of the
State of Idaho;
WHEREAS, the City intends to finance the costs of (1) acquisition of certain land and
construction of a new City Hall on the same, (2) renovation and conversion of the City's existing
City Hall to police facilities, and (3) construction a new animal shelter on property currently
owned by the City (collectively, the "Project");
WHEREAS, to finance the Project, the City intends to either (i) issue a tax-exempt
obligation in the form of a lease agreement, subject to annual appropriation, or similar
obligation, including issuance and sale of certificates of participation (the "COP Structure"), or
(ii) request assistance from the Chubbuck Development Authority, an urban renewal agency of
the City of Chubbuck, Idaho (the "Agency"), pursuant to which the Agency would issue one or
more tax-exempt obligations in the form of Bonds, utilize the proceeds of the Bonds to acquire
and construct the Project, and lease the Project to the City subject to annual appropriation (the
"Conduit Structure") (the COP Structure and the Conduit Structure are interchangeably referred
to herein as the "Proposed Obligation");
WHEREAS, the City has incurred expenditures and expects to incur further expenditures
related to the Project prior to entering into the Proposed Obligation and the City reasonably
intends to reimburse itself or be reimbursed for such prior expenditures on the Project (the
"Reimbursable Expenditures") with the proceeds of the Proposed Obligation; and
WHEREAS, the City expects such reimbursement to occur not later than 18 months after
the later of the (i) the date of the Reimbursable Expenditures, or (ii) the date the Project is placed
in service, but no later than three years after the date of the Reimbursable Expenditures.
NOW THEREFORE, IT IS RESOLVED by the Mayor and City Council of the City as
follows:
Section 1. The purpose of this Resolution is to permit the City to reimburse itself or
be reimbursed for the Reimbursable Expenditures relating to the Project from the proceeds of the
Proposed Obligation.
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56125.0001.11626481.1
Section 2. The City intends to incur and pay for Reimbursable Expenditures with its
available funds, and hereby declares its intent and reasonably expects to reimburse itself or be
reimbursed for those Reimbursable Expenditures from the proceeds of the issuance of the
Proposed Obligation not later than 18 months after the later of (i) the date of the expenditure, or
(ii) the date the Project is placed in service, but no later than three years after the date of the
expenditure.
Section 3. This declaration of official intention is made pursuant to Sectiola 1.150-2,
Code of Federal Regulations.
Section 4. The maximum principal amount of the Proposed Obligation expected to be
issued to finance the Project is $15,000,000, plus costs.
Section 5. The officials of the City are hereby authorized and directed, for and in the
name and on behalf of the City, to take any and all actions and execute, acknowledge and deliver
any and all agreements, instruments or other documents and revisions or corrections thereof and
amendments thereto, as may in their discretion be deemed necessary or desirable to carry out the
terms, provisions and intent of this Resolution.
Section 6. This Resolution shall take effect and be in fall force from and after its
passage.
PASSED AND APPROVED BY THE MAYOR AND COUNCIL OF THE CITY OF
CHUBBUCK, IDAHO, THIS ZO'l— day of TQOory c, -v , 2019.
CITY OF CHUBBUCK, IDAHO
By: -
Kevin B. England, MYQNR
ATTEST:
Kw--I!� "� �- � -_
Richard Morgan, CIVY CLERK
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56125.0001.11626981.1
I, the undersigned, City Clerk of the City of Chubbuck, Idaho, hereby certify that the
foregoing Resolution is a full, true, and correct copy of a Resolution duly adopted at a regular
meeting of the City Council of the City of Chubbuck (the "City Council"); the meeting was duly
and regularly held at the regular meeting place of the City Council onbr,,,,,r� zo , 2019;
all members of the City Council had due notice thereof; and a majority of the members were
present.
The following is the vote upon the Resolution:
Councilmembers voting Yes:
Councilmembers voting No:
Councilmembers abstaining:
Councilmembers absent:
I further certify that the Resolution has not been amended, modified, or rescinded since
the date of its adoption, and is now in full force and effect.
IN WITNESS WHEREOF, I have set my hand and affixed the official seal of the City on
��� z 2-0, 2019.
CITY OF CHUBBUCK, IDAHO
By:a a
Richard Morgan, City(jerk
RESOLUTION NO. 2019- 01 — Page 3 of 3
56125.0001.11626981.1