CCR1993239COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #239-93
RESOLUTION DESIGNATING OFFICIALS
REIMBURSEMENT BOND REGULATIONS
AUTHORIZED TO DECLARE OFFICIAL INTENT UNDER
WHEREAS, on January 27, 1992, the Department of the Treasury
issued final regulations (26 CFR Section 1.103-18)(the
"Reimbursement Bond Regulations") that, for the purpose of
determining whether interest on certain obligations of a state or
tax purposes, permit the use of the proceeds of tax-exempt
local government is excluded from gross income for federal income
date such obligations are issued only if the state or local
obligations to reimburse capital expenditures made prior to the
government, prior to the date of expenditure, declares its
official intent to reimburse the expenditure with proceeds of a
borrowing; and
WHEREAS, the Reimbursement Bond Regulations apply to tax-exempt
obligations issued after March 2, 1992, except that the
requirements of the Reimbursement Bond regulations do not apply
to preliminary expenditures (such as architectural, engineering,
surveying, soil testing and other similar costs but not including
land acquisition, site preparation and similar costs incident to
project or program so long as such preliminary expenditures are
less than 20% of the issue price of the obligations issued for
such property, project or program; and
WHEREAS, the Reimbursement Bond Regulations require that if a
current expenditure is to be permanently financed by a later
issue of tax-exempt obligations a state or local government must
declare its intention to reimburse itself for the expenditure
from proceeds of a borrowing before the expenditure is made (the
"Declaration of Official Intent"); and
WHEREAS, the Reimbursement Bond Regulations permit a state or
local government to designate an official or employee to make a
Declaration of Official Intent on its behalf; and
WHEREAS, the Common Council (the "Governing Body") of the City of
Muskego, Wisconsin (the "Issuer") deems it necessary, desirable
and in the best interest of the Issuer to authorize officials or
employees of the Issuer to make a Declaration of Official Intent
on its behalf when the Issuer reasonably expects to reimburse
itself from the proceeds of a borrowing for capital expenditures
other funds prior to the receipt of the proceeds of the borrowing for a specific property, project or program which it pays from
0 the commencement of construction) for a specific property,
a with respect to such expenditures; and
Resolution #239-93
Page 2
WHEREAS, the Governing Body hereby finds and determines that
designating officials or employees with the authority to make a
the Reimbursement Bond Regulations.
NOW, THEREFORE, BE IT RESOLVED, by the Governing Body of the
Issuer, pursuant to Internal Revenue Code Regulation Section
Declaration of Official Intent will facilitate compliance with
1.103-18(f), that:
Section 1. Authorization to Declare Official Intent. The Mayor
Declarations of Official Intent pursuant to the above-referenced
and City Clerk of Issuer are authorized and designated to make
Reimbursement Bond Regulations.
Official Intent shall be made in substantially the form attached
Section 2. Form of Declaration. Any such Declaration of
hereto.
Section 3. Public Availability. Any Declaration of Official
Intent shall be maintained in the files of the Issuer and shall
be made available for public inspection in compliance with
official acts of the Governing Body including Subchapter I1 of
applicable State law governing the availability of records of
Chapter 19 of the Wisconsin Statutes (the "Public Records Law")
Section 4. Further Authorizations. The Mayor and City Clerk are
further authorized to take such other actions as may be necessary
or desirable to comply or evidence compliance with the .
Reimbursement Bond Regulations.
Section 5. Effective Date. This Resolution shall take effect
immediately upon its adoption.
DATED THIS 12TH DAY OF OCTOBER , 1993.
SPONSORED BY:
FINANCE COMMITTEE
Ald. Patrick A. Patterson
Ald. Edwin P. Dumke
Ald. David J. Sanders
This is to certify that this is a true and accurate copy of
Resolution #239-93 which was adopted by the Common Council of the
City of Muskego.
10/93 jmb
NO.
DECLARATION OF OFFICIAL INTENT
This is a Declaration of Official Intent of the , Wisconsin (the
"Issuer") to reimburse an expenditure with proceeds of a borrowing or borrowings authorized
by the Issuer. This Declaration is made under and pursuant to Income Tax Regulation Section
1.103-1 8. The undersigned has been designated as an official or employee authorized by the
Issuer to make this Declaration of Official Intent pursuant to a Resolution adopted on
, 19-. This Declaration of Official Intent is a public record maintained in
the files of the Issuer and is available for public inspection pursuant to Subchapter II of
Chapter 19 of the Wisconsin Statute.
The undersigned hereby declares that it is the reasonable expectation of the Issuer to
use proceeds of a borrowing or borrowings to be incurred by the Issuer to reimburse
expenditures for,the property, project or program described below from the fundkdlaccountls)
described below:
1. Project ' description:
2. Identify fund(s)/account(s~:
IProrld. a ganalal IunCllonal darcr,pl#an 01 !ha pwpo'e 01 ?he lund 01 LIcCounI IlDm which the expand#lvra Io be ralmburrad 8s pajd.
".E. -~onsfru~tion fund- and .parks and recleation lund' and 'hmghway lund-.l
The maximum principal amount of the borrowing or borrowings to be incurred to
reimburse expenditures for the above-described purposes is reasonably expected, on the date
hereof, to be $
The Issuer intends to reimburse itself from borrowed funds within (1 ) one year after
the expenditure is made or (2) one year after the facility is placed in service, whichever is
later.
No money from sources other than the anticipated borrowing or borrowings is, or is
reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside
by the Issuer with respect to the expenditure, pursuant to the budgetary and financial
circumstances of the Issuer as of the date of this Declaration.
1 Each of the expenditures described must be a cost of the type that is properly chargeable
to capital account (or would be so chargeable with a proper election) under general federal
income tax principles. Capital expenditures include costs incurred to acquire, construct or
improve land, buildings and equipment and exclude current operating expenses.
Dated this day of I 19-.
- ,.
By: 0
Title: