Town Commissioners Code — Resolution-21-105
Code Date unknown · 1 page(s) in the original
This is the document's text, extracted automatically. Headings and paragraphs are inferred from the original's layout, so the arrangement may differ from the published version — the words do not. Where it matters legally, the original governs.
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