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Referred to FINANCE COMMITTEE 3/4/96. <br /> <br />RESOLUTION NO. 7154-96 <br /> <br />BY: Boscia, Corrigan, Flannery, <br /> George, Roth, Seelie, Smith <br /> <br /> A RESOLUTION authorizing the expenditure of $10,000 for the City's <br />Reforestation Program with funds drawn temporarily from the General Fund in <br />anticipation.of reimbursement from the proceeds of tax-exempt notes. <br /> <br />BE IT RESOLVED BY THE CITY OF LAKEWOOD, CUYAHOGA COUNTY, OHIO <br /> <br /> Section 1. That the City provide $10,000 for the City's 1996 <br />Reforestation Program from funds drawn temporarily from the General Fund, <br />inasmuch as the City reasonably expects that the cost of such expenditures <br />will ultimately be reimbursed not later than one year after the date of such <br />expenditures with proceeds from the City's issuance of tax-exempt notes in a <br />principal amount that is not anticipated to exceed $90,000. <br /> <br /> Section 2. That, with respect to such tax-exempt notes issued by <br />the City to reimburse such expenditures, the foregoing Resolution is intended <br />to constitute a "declaration of official intent" within the meaning of <br />Section 1.103-18 of the Treasury Regulations adopted under Section 103(a) of <br />the Internal Revenue Code of 1986, as amended. <br /> <br /> Section 3. It is found and determined that all formal actions of <br />this Council concerning and relating to the adoption of this Resolution were <br />adopted in an open meeting of this Council, and that all such deliberations of <br />this Council and any of its committees that resulted in such formal action, <br />were in meetings open to the 'public, in compliance with all legal requirements <br />including the City's Charter and Codified Ordinances. <br /> <br /> Section 4. This Resolution shall take effect and be in force <br />after the earliest period allowed by law. <br /> <br />Adopted: <br /> <br />Approved: ~ ~/~ ~~' <br /> <br />President of Council <br /> <br /> <br />