CC - Agendas - City Council - REGULAR - 11/4/2008

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RESOLUTION NO. 3910-0916 RESOLUTION OF THE MAYOR AND COUNCIL OF THE CITY OF PRESCOTT, YAVAPAI COUNTY, ARIZONA, DECLARING, FOR PURPOSES OF SECTION 1.150-2 OF THE FEDERAL TREASURY REGULATIONS, OFFICIAL INTENT TO BE REIM- BURSED IN CONNECTION WITH CERTAIN CAPITAL EXPENDITURES RELATING TO THE "WASTEWATER SYSTEM FUND - COLLECTION AND TREATMENT SYSTEM PROGRAM" AND "WATER SYSTEM FUND — PRODUCTION AND DISTRIBUTION SYSTEM PROGRAM" RECITALS: WHEREAS, the City of Prescott, a municipal corporation of the State of Arizona (hereinafter referred to as the "City"), is authorized and empowered pursuant to law to issue or cause to be issued obligations to finance the costs of various capital facilities owned or to be owned by the City; and WHEREAS, it is contemplated that certain expenditures made by the City with regard to capital facilities owned or to be owned by the City with regard to certain wastewater and water system improvements will be reimbursed from the proceeds of the sale of obligations to be issued in the future by or on behalf of the City; ENACTMENTS: NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF CITY OF SEDONA, ARIZONA, that: Section 1. Definitions. The following terms shall have the meanings assigned thereto as follows: "official intent" means a declaration of intent of the City to reimburse an original expenditure with proceeds of an obligation. "original expenditure" means an expenditure for a governmental purpose that is originally paid from a source other than a reimbursement bond. "reimbursement bond" means the portion of an issue of obligations allocated to reimburse an original expenditure that was paid before the issue date of such issue. Section 2. Official Intent. This Resolution is official intent relating to reimbursement for the original expenditures indicated in Exhibit A hereto which are capital expenditures (being any cost of a type that is properly chargeable to a capital account (or would be so chargeable with a proper election) under general federal income tax principles).