HomeMy WebLinkAbout06-099Resolution
RESOLUTION DECLARING OFFICIAL INTENT
OF COUNTY OF BUTTE
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the County ofButte (the "County"} intends to provide for the
acquisition, renovation and constriction of certain capital improvements for the County's
solid waste enterprise, including, but not limited to, module closures as mandated, expansion
and improvement of landfill areas, the acquisition of additional land associated with landfill
use, environmental mitigation, construction of facilities, purchase of equipment, and related
improvements (the "Project"),
WHEREAS, the County expects to pay certain expenditures (the
"Reimbursement Expenditures"} in connection with the Project prior to the issuance of
indebtedness for the purpose of financing costs associated with the Project on a long-term
basis;
WHEREAS, the County reasonably expects that debt obligations for the
Project in an amount not expected to exceed $12,500,000 will be issued and that certain of
the proceeds of such debt obligations wi11 be used to reimburse the Reimbursement
Expenditures;
WHEREAS, proceeds of such debt obligations will be allocated to
Reimbursement Expenditures no later than 1 S months after the later of (i) the date the cost is
paid, or (ii) the date the project is placed in service or abandoned (but in no event more than
three years after the cost is paid); and
WHEREAS, the County may issue debt obligations for the Project in
connection with obligations for other projects;
NOW, THEREFORE, THE BOARD OF SUPERVISORS OF THE
COUNTY OF BUTTE, in regular session assembled on June 27, 2006, resolves, finds,
determines and orders as follows.
Section 1. The County finds and determines that the foregoing recitals are
true and correct.
Section 2. This resolution is made solely for purposes of establishing
compliance with the requirements of Section l .l 50-2 of the Treasury Regulations. This
resolution does not bind the County to make any expenditure, incur any indebtedness, or
proceed with the Project.
Section 3. The County hereby declares its official intent to use proceeds of
indebtedness to reimburse itself far Reimbursement Expenditures.
Section 4. This resolution shall take effect from and after its adaptian.
PASSED AND ADOPTED by the Butte County Board of Supervisors this
27th day of June, 2006, by the following vote:
AYES: Supervisors Connelly, Dolan, Yamaguchi and Chair Josiassen
NOES: Supervisors None
ABSENT: Supervisors Houx
NOT VOTING: Supervisors None
C ssa sen, Chair
my Board of Supervisors
ATTEST:
PAUL MCENTOSH
Chief Administrative Officer
and Clerk of the Board of Supervisors
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