Title
Adoption of Resolution declaring Official Intent to Reimburse Project Expenditures with Bond Proceeds and authorizing Publication of Notice of Intent to issue Bonds.
Body
Whereas, the City of Rochester Hills (the "City") proposes to issue its tax-exempt bonds (the "Bonds") under Act 34, Public Acts of Michigan, 2001, as amended ("Act 34"), to finance the hereinafter described capital improvements in the City (collectively the "Project"); and
Whereas, it is anticipated that the City will advance a portion of the costs of the Project prior to the issuance of the Bonds, such advance to be repaid from proceeds of the Bonds upon the issuance thereof; and
Whereas, Section 1.150-2 of the Treasury Regulations on Income Tax (the "Reimbursement Regulations") specifies conditions under which a reimbursement allocation may be treated as an expenditure of bond proceeds, and the City intends by this resolution to qualify amounts advanced by the City to the Project for reimbursement from proceeds of the Bonds in accordance with the requirements of the Reimbursement Regulations.
Now, Therefore, Be It Resolved by the City Council of the City of Rochester Hills, Oakland County, Michigan, as follows:
1. The Project shall consist of the following capital improvements: (i) acquiring, constructing and equipping a new Department of Public Services building, including any related site improvements, such building to be located on Auburn Road just east of Barclay Circle, and (ii) acquiring and constructing two water storage reservoirs, including any related site improvements.
2. The maximum principal amount of Bonds expected to be issued for the Project is $24,000,000.
3. The City hereby declares its official intent to issue the Bonds to finance the costs of the Project, and hereby declares that it reasonably expects to reimburse the City's advances to the Project as anticipated by this resolution.
4. The Bonds shall be authorized by proper proceedings subsequent to t...
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