1994 033 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 94- 33 PAGE 2 "Reimbursement Bonds" means Bonds the proceeds of which are to be used for reimbursement of such capital or other qualifying expenditures paid before issuance of the Bonds. . "Reimbursement Regulations" means Treasury Regulations Section 1.150-2 and any amendments thereto or superseding regulations, whether in proposed, temporary or final form, as at the time applicable, prescribing conditions under which the proceeds of Reimbursement Bonds when allocated or applied to a reimbursement will be treated as expended for all or any purposes of Sections 103 and 141 to 150 of the Internal Revenue Code. Section 2. Authorization and Requirement of Declarations of Official Intent. Each Authorized Official is authorized to prepare and sign Declarations of Official Intent wrth respect to capital and other expenditures to which the Reimbursement Regulations apply (and including any costs of issuance of the Reimbursement Bonds) to be made from money temporarily available and which are reasonably expected to be reimbursed (in accordance with applicable authorizations, policies and practices) from the proceeds of Reimbursement Bonds, to make appropriate reimbursement and timely allocations from the proceeds of the Reimbursement Bonds to reimburse such prior expenditures, and to take any other actions as may be appropriate, all at the times and in the manner required under the Reimbursement Regulations to satisfy the requirements for the reimbursement to be treated as an expenditure of such proceeds for purposes of Sections 103 and 141 to 150 of the Internal Revenue Code of 1986. No advance from any fund or account or order for payment may be made for expenditures (other than expenditures excepted from such requirement under the Reimbursement Regulations) that are to be reimbursed subsequently from proceeds of Reimbursement Bonds unless a Declaration of Official Intent with respect thereto is made within the time required by the Reimbursement Regulations. All Declarations of Official Intent heretofore made on behalf of the Village are hereby ratified and adopted. Section 3. Public Inspection. Each Declaration of Official Intent shall be made available for reasonable public inspection not later than 30 days after the date of the Declaration of Official Intent, and shall be available for reasonable public inspection continuously during normal business hours on every business day to and including the date of issuance of the Reimbursement Bonds. Section 4. Open Meeting. This Council finds and determines that all formal actions of this Council concerning and relating to the passage of this ordinance were in an open meeting of this Council, and that all deliberations of this Council and of any committees that resulted in those formal actions were in meetings open to the public, in compliance with the law. Section 5. Effective Date. This ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of the Village, and for the further reason that this ordinance must be immediately effective to protect the credit of the Village by ensuring the ability of the Village to reimburse from the proceeds of notes, bonds or other obligations capital expenditures that are made froin moneys only temporarily