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. [Council Office, Maynard]
Summary
Authorization to execute a reimbursement resolution to allow approve spending on the attached list of capital improvement bond projects which was budgeted and approved in the FY 2018 Budget. This resolution provides a mechanism for the projects to move forward prior to the sale of the associated bonds. The cost is $1,750,000 for FY 2018 and $3,500,000 annually for the following twenty (20) years. Funds are budgeted in the FY 2018 budget. (L0759-17)(O'Mara)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Yes, Completed by [Attorney Barberie, June 2017]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number:
1101-141401-1680-78401
This Fiscal Year Impact: $ 1,750,000
Annual Impact: $3,500,000 annual debt service for 20 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 sections of the Code; and
WHEREAS, such Reimbursement Regulations require that an Issuer (as hereinafter defined) make a Declaration of Official Intent (as...
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