Town Commissioners Code — Resolution-21-105

Exactly as extracted, unformatted — for checking against the original. The readable version is easier to read.

RESOLUTION 21.105
A
RESOLUTION OF THE TOWN COMMISSIONERS OF
QUEENSTOWN TO DECLARE ITS OFFICIAL INTENT TO
REIMBURSE CERTAIN EXPENDITURES WITH PROCEEDS
OF DEBT TO BE ISSUED BY THE TOWN OF QUEENSTOWN
WHEREAS, The Town of Queenstown (the "Town") intends to expend money on the costs
of the upgrade of the Town water system for the Town and its environs, including (without
limitation ) construction of a new water tower, well and treatment facility, replacement of an
existing water tower, upgrading the existing water disinfection systern and the replacement of a
section of the water main running along Del Rhodes Avenue and Melvin Avenue, which costs
includes design, engineering, planning, construction, fiscal and legal expenses thereto (the
"Project"), prior to the issuance ofdebt for the Project; and
WHEREAS, the Town intends to reimburse a portion of such expenditures from the
proceeds of debt to be issued by the Town; and
WHEREAS, to comply with applicable provisions of the Internal Revenue Code of 1986,
as amended, and Section I.I50-2 of the Income Tax Regulations, it is necessary, in order to
reimburse such expenditures with the proceeds of tax-exempt debt, that the Town Commissioners
declare its official intent to make such a reimbursement of expenditures.
NOW, THEREFORE, BE IT RESOLVED bythe Town Commissioners that, as evidenced
by this Resolution, the Town intends to expend money on the costs of the Project prior to the
issuance of bonds or other debt obligations and to reimburse such expenditures. With respect to
the Project, the Town reasonably expects to issue debt obligations therefor in the estimated
maximum principal amount of One Million Eight Hundred Twenty-Eight Thousand Dollars
(s1,828,000).
ATTEST: APPROVED:
Aaron Homey illis. Jr.. Presi
Town Clerk-T
Alton Hardee, Jr.,
04170634