HomeMy WebLinkAboutResolution #3690.._.
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RESOLUTION NO. 3~i9D
A RESOLUTION FOR REIMBURSEMENT FOR INTERNATIONAL HARVESTER
DEMOLITION INCLUDING TREASURY REGULATIONS.
WHEREAS, the City Council has authorized public capital infrastructure improvements
including but not limited to demolition of buildings on the International Harvester Site (the
"Project"); and
WHEREAS, in order to support the authority of the City to reimburse itself for certain
expenditures related to the Project from proceeds of bonds issued to finance the Project, it is
necessary for the City to declare its intent to make such a reimbursement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, FULTON COUNTY, ILLINOIS THAT the Mayor is hereby authorized
and directed to execute the Declaration of Official Intent (the "Declaration") attached hereto
labeled as "Exhibit A" and the City Clerk is hereby authorized to acknowledge filing of the
Declaration and its placement in the official records of the City.
PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting
this 18thday of May , 2004, upon a roll call vote as follows:
AYES: Aldermen Sarff, Fillingham_, Molleck, Harn, Carl, Hartford, Reed,
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NAYS: None
ABSENT: None,
APPROVED
t G-~--~~
erry M. Bohler, Mayor
Attest:
Nancy White ,City Clerk
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EXHIBIT A
DECLARATION OF OFFICIAL INTENT REGARDING CERTAIN CAPITAL
EXPENDITURES TO BE REIMBURSED FROM PROCEEDS OF AN OBLIGATION
WHEREAS, the City of Canton, Fulton County, Illinois (the "Issuer"), has identified a
capital project consisting of the demolition of buildings on the International Harvester Site and
related appurtenances and improvements (the "Project"); and
WHEREAS, all or a portion of the expenditures relating to the Project (the
"Expenditures°) (i) have been paid within the sixty days prior to the date of this Declaration or (ii)
will be paid on or after the date of this Declaration; and
WHEREAS, the Issuer reasonably expects to reimburse itself for the Expenditures with
the proceeds of an obligation:
NOW, THEREFORE, BE IT AND IT IS HEREBY DECLARED BY THE COUNCIL OF
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, AS FOLLOWS:
Section 1. The Issuer reasonably expects to reimburse the Expenditures with proceeds
of an obligation.
Section 2. The maximum principal amount of the obligations expected to be issued for
the Project is not in excess of $1,200,000.
Section 3. All actions of the officers, agents and employees of the Issuer that are in
conformity with the purposes and intent of this Declaration, whether taken before or after the
adoption hereof, are hereby ratified, confirmed and adopted.
Section 4. This Declaration is made pursuant to Treasury Regulations Section 1.150-2.
Section 5. This Declaration shall be filed immediately in the office of the City Clerk.
Made this /~' 'day of May, 2004.
May City o Canton, Fulton
Coun , Illinois
Filing Acknowled ed this la ay of May, 2004.
City Clerk, ty of Canton, Fulton County, Illinois