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 various Capital Improvement Projects of the Lexington-Fayette Urban County Government. [Dept. of Finance, Hensley]
Summary
Authorization to approve the Reimbursement Resolution to allow approved spending of capital improvement bond projects which was Budgeted and approved in the FY2023 Budget. Projects include Mason Headley Road construction/improvements ($1,372,000.00); High Street Road improvements ($5,000,000.00); paving/ resurfacing/ maintenance/ crack seal/ rejuvenation ($11,500,000.00); detention center roof repair and replacement ($10,000,000.00); public art project ($1,500,000.00); and PDR agricultural land easement acquisition ($2,000,000.00). This is a supplemental Resolution to the previously approved Fleet Reimbursement Resolution (142-2022). (L0661-22) (Hensley)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by David Barberie, June 16, 2022
Risk Management: No
Fully Budgeted: Yes
Account Number: 1101-141401-1680-78401
This Fiscal Year Impact: $4,600,000 in Debt Service
Annual Impact: $4,600,000 yearly Debt Service for 10 years
Project:
Activity:
Budget Reference:
Current Balance:
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 141 to 150 of the Code and therefore, not further subject to any other requirements or restrictions under those secti...
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