HomeMy WebLinkAbout12-037RESOLUTION DECLARING THE OFFICIAL INTENT
OF THE COUNTY OF BUTTE
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the County of Butte (the "Issuer"} intends to finance, acquire, construct and improve
certain capital improvement and facilities known as the Butte County Hall of Records, as more particularly
described in Exhibit A hereto (the "Project"); and
WHEREAS, the Issuer expects to pay, and will pay, on and after the date hereof, 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; and
WHEREAS, the Issuer has determined that those moneys to be advanced on and after the date hereof to
pay the Reimbursement Expenditures need to be expended in order to avoid costly delays in the implementation
of the Project, and it is necessary to reimburse the Reimbursement Expenditures from the proceeds of one or
more issues oftax-exempt obligations (the "Certificates") to be issued by the Issuer; and
WHEREAS, the Issuer reasonably expects that Certificates in an amount not to exceed Eight Million
Dollars ($8,000,000) will be issued, in one or more series, and that certain of the proceeds of such debt
obligations will be used to reimburse the Reimbursement Expenditures; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the Issuer to declare its reasonable
official intent to reimburse prior expenditures for the Project with proceeds of a subsequent borrowing;
NOW, THEREFORE, BE IT RESOLVED BY the Board of Supervisors of the County of Butte as
follows:
Section 1. The Board finds and determines that the foregoing recitals are true and correct.
Section 2. This declaration is made solely for purposes of establishing compliance with the
requirements of Section 1.150-2 of the Treasury Regulations. This declaration does not bind the Issuer to make
any expenditure, incur any indebtedness, ar proceed with the Project.
Section 3. The Issuer hereby declares its official intent to use proceeds of indebtedness to reimburse
Reimbursement Expenditures.
Section ~. This declaration shall take effect from and after its adoption.
PASSED AND .ADOPTED at a regular meeting of the Board of Supervisors of the County of Butte,
held on April 10, 2012, by the following vote:
AYES: Supervisors Connelly, Wahl, Kirk, Yamaguchi and Chair Lambert
NOES: None
ABSENT: None
ABSTAINING: None
ATTEST:
Clerk of the Board of Supervisors
By
CHAT
Board of pervisars
County of Butte
State of California
By