Laserfiche WebLink
RESOLUTION NO. <br /> <br />6813-93 <br /> <br /> BY: Boscia, Gallagher, <br />George, Gibbons, Roth, Seelie,'Smith <br /> <br /> AN EMERGENCY RESOLUTION authorizing possible expenditures <br />for sewer improvements for which reimbursement will be made from <br />proceeds of notes or bonds. <br /> <br /> WHEREAS, this resolution constitutes an emergency measure <br />providing for the immediate preservation of the public health, safety <br />and welfare, and for the usual daily operation of a municipal depart- <br />ment and for the further reason that the "declaration of official <br />intent" set forth below must take effect immediately in order to <br />preserve the tax-exempt status of the notes or bonds referred to <br />below; now, therefore, <br /> <br />BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO: <br /> <br /> Section 1. In the unlikely event the City constructs <br />improvements to the sewerage system of the City with funds drawn <br />temporarily from the waste water improvement fund, then the City <br />reasonably expects that the cost of such expenditures will ultimately <br />be reimbursed not later than one year after the date of such expendi- <br />tures with proceeds from the City's issuance of tax-exempt notes or <br />bonds (or other long-term financing of such expenditures) in a prin- <br />cipal amount that is not anticipated to exceed $600,000. <br /> <br /> Section 2. With respect to any such tax-exempt notes or <br />bonds issued by the City to reimburse such expenditures, this Resolu- <br />tion is intended to constitute a "declaration of official intent" <br />within the meaning of Section 1.103-18 of the Treasury Regulations <br />adopted under Section 103(a) of the Internal Revenue Code of 1986, as <br />amended. <br /> <br /> Section 3. It is found and determined that all formal <br />actions of this Council concerning and relating to the passage of <br />this resolution were adopted in an open meeting of this Council, and <br />that all such deliberations of this Council and of any of its commit- <br />tees that resulted in such formal action were in meetings open to the <br />public in compliance with all legal requirements. <br /> <br /> Section 4. That this resolution is hereby declared to be <br />an emergency measure for the reasons stated in the preamble hereof <br />and provided it receives the affirmative vote of two-thirds of all <br />members elected to Council, it shall take effect and be in force <br />immediately upon its adoption and approval by the Mayor; otherwise, <br />it shall take effect and be in force after the earliest period al- <br />lowed by law. _ <br /> <br />Adopted: ~~Z~/~, 1 ¢3 <br /> <br />Approved:3~ /~, /~Z3 <br /> <br />CLERK <br /> <br />MAYOR <br /> <br /> <br />