Title
Declaration of Official Intent with respect to Reimbursement of temporary advances made for capital expenditures to be made from subsequent borrowings, with respect to the Town Branch waterway. [Dept. of Finance, O'Mara]
Summary
Authorization to approve the Reimbursement Resolution which will allow for spending of funds prior to the receipt of Bond proceeds. The Federal TIGER Grant match process is unique, requiring up front commitment of 100% of the match even though the expenditure of funds will be over several years. Adopting a Reimbursement Resolution meets Grant match guidelines and allows the actual expenditure of funds to match project timelines. Approval of bond proceeds of $3,523,971.75 are requested by the Department of Finance to provide Grant match funding as part of the TIGER Grant Agreement with the Federal Government for Town Branch Commons Project. No cost for this Fiscal Year. The cost for future Fiscal Year is $240,000.00 annual debt services for 20 years. Budget amendment in process. (L1282-16) (O'Mara)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: {Yes, Completed by [Attorney Name, Date]}
Risk Management: {No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number: 2608 303202 3225 78201
This Fiscal Year Impact: $
Annual Impact: $240,000 (annual debt service for 20 years)
Project:
Activity:
Budget Reference:
Current Balance: BA 7951 in process
Body
WHEREAS, Treasury Regulation ? 1.150-2 (the "Reimbursement Regulations"), issued pursuant to Section 150 of the Internal Revenue Code of 1986, as amended, (the "Code") prescribes certain requirements by which proceeds of tax-exempt bonds, notes, certificates or other obligations included in the meaning of "bonds" under Section 150 of the Code ("Obligations") used to reimburse advances made for Capital Expenditures (as hereinafter defined) paid before the issuance of such Obligations May be deemed "spent" for purposes of Sections 103 and ...
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