HomeMy WebLinkAbout962170.tiff RESOLUTION
RE: REIMBURSEMENT
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, Weld County, Colorado (the "County"), in the State of Colorado (the
"State"), is a political subdivision of the State, duly organized and existing pursuant to the
Constitution and laws of the State, and
WHEREAS, the Board of County Commissioners (the "Board") is the governing body of
the County, and
WHEREAS, the County has determined that it is in the best interest of the residents of
the County to make certain capital expenditures in acquiring, constructing, improving and
equipping the Project defined in this Resolution, and
WHEREAS, the County currently intends and reasonably expects to conduct a
tax-exempt borrowing to finance such capital expenditures, in an amount not to exceed
$7,000,000 to reimburse the County for the portion of such capital expenditures incurred or to
be incurred subsequent to the date which is 60 days prior to the date hereof, but before such
borrowing, within 18 months of the date of such capital expenditures or the placing in service of
the Project as hereinafter defined, whichever is later (but in no event more than 3 years after
the date of the original expenditure of such moneys), and
WHEREAS, the Board hereby desires to declare its official intent, pursuant to 26 C.F.R.
§1.150-2, to reimburse the County for such capital expenditures with the proceeds of the
County's future tax-exempt borrowing.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado:
Section 1. Declaration of Official Intent. The County shall, presently intends, and
reasonably expects to finance at least a portion of certain capital improvements, consisting of a
new county jail, a new health department building and a new public works building (collectively,
the "Project') with moneys currently contained in its Capital Expenditure Fund.
Section 2. Dates of Capital Expenditures. All of the capital expenditures covered by
this Resolution were made not earlier than 60 days prior to the date of this Resolution or will be
made hereafter, prior to the culmination of the tax-exempt borrowing from which reimbursement
will be made.
962170
CC ; 17;O9;772 F10022
RE: REIMBURSEMENT RESOLUTION
PAGE 2
Section 3. Issuance of Certificates of Participation in Lease Purchase Agreement. The
County presently intends and reasonably expects to participate in a tax-exempt borrowing,
within 18 months of the date of the expenditure of moneys on the Project or the date upon
which the Project is placed in service or abandoned, whichever is later (but in no event more
than 3 years after the date of the original expenditure of such moneys), and to allocate an
amount not to exceed $7,000,000 of the proceeds thereof to reimburse the County for its
expenditures in connection with the Project pursuant to this Resolution.
Section 4. Confirmation of Prior Acts. All prior acts and doings of the officials, agents,
and employees of the County which are in conformity with the purpose and intent of this
Resolution, and in furtherance of the Project, shall be, and the same hereby are, in all respects
ratified, approved, and confirmed.
Section 5. Repeal of Inconsistent Resolutions. All other resolutions, or parts of
resolutions, of the Board inconsistent with this Resolution are hereby repealed to the extent of
such inconsistency.
Section 7. Effective Date of Resolution. This Resolution shall take effect immediately
upon its passage.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 9th day of December, A.D., 1996.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST.
..� Barbara J. Kirkmeyer, air /
Weld ,ynti9(Cfdrk to the
Baxter, P •-TBY:
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�epu lest(to th= =t. •rd
Dale K. Hall
APP AS TO F •
Constance L. Harbert l
ounty Attorney 6 1,//l W. H. eb erg
962170
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