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2007-64RESOLUTION NO. 2007-64 COUNCIL MEMBER ABBOTT INTRODUCED THE FOLLOWING RESOLUTION: A RESOLUTION OF THE CITY OF BLAIR, NEBRASKA DECLARING ITS OFFICIAL INTENT TO REIMBURSE CERTAIN EXPENSES INCURRED IN CONNECTION WITH THE CONSTRUCTION, INSTALLATION, EQUIPPING, AND FURNISHING OF CERTAIN PAVING, STORM SEWER, AND OTHER PUBLIC IMPROVEMENTS BEING MADE WITHIN THE DOWNTOWN REDEVELOPMENT AREA FROM THE PROCEEDS OF A TAX - EXEMPT BONDS, IN SATISFACTION OF CERTAIN REQUIREMENTS OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE REGULATIONS PROMULGATED THEREUNDER WHEREAS, the City of Blair, Nebraska (the "City ") intends to construct, install, equip, and furnish certain paving, storm sewer, and other public improvements within the Downtown Redevelopment Area legally described on the attached Exhibit A (collectively, the "Project "); and WHEREAS, the City expects to issue a tax - exempt bond in a principal amount not to exceed $1,140,000 (the "Bond ") for the purpose of financing its portion of the costs of the Project, but anticipates incurring a portion of the costs of the Project prior to the issuance of the Bond and desires to preserve its ability to reimburse such costs under the applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code "), and the United States Treasury Regulations promulgated thereunder (the "Regulations "); and WHEREAS, the Regulations govern the City's use of proceeds derived from the sale of the Bond to reimburse "original expenditures" made by the City prior to the issuance of the Bond by requiring (1) that the City declare its official intent to reimburse original expenditures made in furtherance of the Project not later than 60 days after payment of such original expenditures, and (2) that the Bond be issued and a reimbursement allocation be made from the proceeds of the Bond within 18- months after the later of the date the original expenditure is paid or the Project is placed in service or abandoned, but in no event more than 3 years after the date the original expenditure is paid; and WHEREAS, it is necessary, desirable, advisable and in the best interests of the City that the requirements of the Regulations be satisfied to preserve the ability of the City to reimburse costs of the Project incurred by the City from and after the date of the passage and adoption of this Resolution from the proceeds of the Bond. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF BLAIR, NEBRASKA: Section 1. In accordance with the provisions of this Resolution and Section 1.150 -2 of the Regulations, the Mayor and Council of the City hereby declare the official intent of the City to reimburse some or all of the costs of the Project through the issuance of the Bond, the interest on which will be excludable from gross income for federal income tax purposes under Section 103 of the Code. Prior to the issuance of the Bond, the City is authorized to advance money in an amount not to exceed $1,140,000 for the purposes hereinbefore described. Section 2. Except for (1) expenditures to be paid or reimbursed from sources other than the Bond (2) "de minimus expenditures" defined under Section 1.150- 2(f)(1) of the Regulations, and (3) "preliminary expenditures" defined under Section 1.150- 2(f)(2) of the Regulations, no expenditures made in furtherance of the Project have been paid by the City more than 60 -days prior to the adoption of this Resolution. Section 3. Payment of the debt service on the Bond will be made from tax increment generated from ad valorem taxes levied upon the taxable value of all of the taxable property in the Downtown Redevelopment Area over and above a fixed base valuation and, to the extent necessary, from ad valorem taxes levied upon the taxable value of all of the taxable property in the City, in accordance with the Article VIII, Section 12 of the Nebraska Constitution and Chapter 18, Article 21, Reissue Revised Statutes of Nebraska, as amended, all of which shall be deposited into a separate sinking fund and pledged to the payment of the principal of and interest on the Bond. Section 4. The Bond will be issued in the amount and upon the terms and conditions agreed to between the City and the purchaser(s) thereof, as authorized by the Mayor and Council at a meeting to be held for such purpose. Section 5. As of the date of this Resolution, there are no funds of the City reserved, allocated on a long -term basis or otherwise set aside (or reasonably expected to be reserved, allocated on a long -term basis or otherwise set aside) to provide permanent financing for the expenditures related to the Project, other than the contemplated issuance of the Bond. Section 6. The Mayor and President of the Council are hereby authorized to take any further action necessary to preserve the ability of the City to reimburse original expenditures made in furtherance of the Project from and after the date of the passage and approval of this Resolution from the proceeds of the Bond, including, without limitation, the execution and delivery of any required documents, instruments, or certificates. Section 7. The City Treasurer shall be responsible for making the "reimbursement allocations" described in Section 1.150 -2 of the Regulations by transferring the appropriate amount of proceeds received from the sale of the Bond to the City accounts used to temporarily fmance all or any portion of the Project. Each allocation must be evidenced by an entry on the official books of the City maintained for the Project and must specifically identify the original expenditure being reimbursed. Section 8. Ratification. All acts and deeds heretofore done by any officer, employee or agent of the City, on behalf of the City, to preserve the City's ability to reimburse expenditures made in furtherance of the Project with the proceeds of the Bond are hereby ratified, confirmed and approved. Section 9. Conflicting Resolutions Repealed. All resolutions of the Mayor and Council, or parts thereof, in conflict with the provisions of this Resolution are, to the extent of such conflict, hereby repealed. Section 10. Effective Dates. This Resolution will be in full force and effect from and after its passage and approval by the Mayor and Council. [The remainder of this page intentionally left blank.] COUNCIL MEMBER WOLFF MOVED THAT THE RESOLUTION BE ADOPTED AS READ, WHICH SAID MOTION WAS SECONDED BY COUNCIL MEMBER FANOELE. UPON ROLL CALL, COUNCIL MEMBERS STEWART, SCHEVE, SHOTWELL, FANOELE, ABBOTT, WOLFF, CHRISTIANSEN AND BIFFAR VOTING "AYE" AND COUNCIL MEMBERS NONE VOTING "NAY ", THE MAYOR DECLARED THE FOREGOING RESOLUTION PASSED AND APPROVED THIS 13TH DAY OF NOVEMBER, 2007. ATTEST: (SEAL) Kio BRENDA R. WHEELER, CITE' CLERK STATE OF NEBRASKA ) ) :ss: WASHINGTON COUNTY ) BRENDA R. WHEELER, hereby certifies that she is the duly appointed, qualified and acting City Clerk of the City of Blair, Nebraska, and that the above and foregoing Resolution was passed and adopted at a regular meeting of the Mayor and City Council of said City, held on the 13th day of November, 2007. Signature Page — Reimbursement Resolution CITY OF BLAIR, NEBRASKA S -1 . REALPH, MAYOR BRENDA R. WHEELER, CITY CLERK EXHIBIT A LEGAL DESCRIPTION OF DOWNTOWN REDEVELOPMENT AREA Beginning at the northeast corner of Tax Lot 600 of Section 11, Township 18 north, Range 11 East of the 6th P.M., this point being the point of beginning; thence easterly to the northwest corner of Tax Lot 592 of said Section 11; thence easterly along the north lot line of said Tax Lot 592 crossing to Tax Lot 521 of said Section 11 to the northeast corner of said Tax Lot 521; thence southerly along the east lot line of said Tax Lot 521 to the northwest corner of Tax Lot 520 of said Section 11; thence easterly to the northeast lot corner of said Tax lot 520, this point also being on the westerly right -of -way line of 17th Street, a platted street in Blair, Washington County, Nebraska; thence easterly to the northwest lot corner of Tax Lot 455 of said Section 11; thence easterly along the north lot line of said Tax Lot 455 crossing to Tax Lot 497 and Tax Lot 496 both of said Section 11, to the northeast lot corner of said Tax Lot 496, this point also on the west right -of- way line of 16th Street, a platted street in Blair, Washington County, Nebraska; thence easterly to the northwest lot corner of Tax Lot 86 of Section 12, Township 18 North, Range 11 East of the 6th P.M.; thence easterly along the north lot line of said Tax Lot 86 crossing to Tax Lot 125 of said Section 12 to the northeast lot corner of said Tax Lot 125, this point also being on the west lot line of Tax Lot 230 of said Section 12; thence northerly along the west lot line of said Tax Lot 230 to the northwest lot corner of said Tax Lot 230; thence easterly along the north lot line of said Tax Lot 230 crossing to 231 of said Section 12 to the southeast lot corner of said Tax Lot 231, this point also being on the north right -of -way of Front Street, a platted street in Blair, Washington County, Nebraska; thence easterly along the north right -of -way of said Front Street to the northwest lot corner of Tax Lot 106 of said Section 12; thence easterly along the north lot line of said Tax Lot 106 to the northeast lot corner of said Tax Lot 106, this point also being on the west right -of -way line of 12th Street a platted street in Blair, Washington County, Nebraska; thence easterly to the northwest lot corner of Tax Lot 237 of said Section 12; thence easterly along the north lot line of said Tax Lot 237 crossing to Tax lots 238, 208, 128, 139, 221, 246, all of said Section 12, to the northeast lot corner of said Tax Lot 246, this point also being on the west right -of -way line of 10th Street a platted street in Blair, Washington County, Nebraska; thence easterly to the northwest lot corner of Tax Lot 186 of said Section 12; thence easterly along the north side of said Tax Lot 186 crossing to Tax Lot 224 of said Section 12 to the northeast lot corner of said Tax Lot 224; thence southerly along the east line of said Tax Lot 224 to the northeast lot corner of Tax Lot 225 of said Section 12; thence southerly to the southeast lot corner of said Tax Lot 225, this point also on the north lot line of Tax Lot 187 of said Section 12; thence easterly along the north line of said Tax Lot 187 to the northeast lot corner of said Tax Lot 187; thence southerly to the southeast corner of said Tax Lot 187, this point also being on the north right -of -way of US Highway 30; thence southerly to the southeast corner of the intersection of US Highway 30 and 9th Street, a platted street in Blair, Washington County, Nebraska; thence southerly along the east right -of -way line of 9th Street to the southeast corner of the intersection with Lincoln Street; thence westerly along the south right -of -way line of Lincoln Street to the southeast corner of the intersection of 15th and Lincoln Streets; thence southerly along the east right -of -way line of said 15th Street to the southeast corner of the intersection of 15th and Grant Streets; thence westerly along the south right -of -way line of Grant Street to the southwest corner of the intersection of 17th and Grant streets; thence northerly along the west right -of -way A -1 line of 17th Street to the southwest corner of the intersection of 17th and Lincoln Streets; thence westerly along the south right -of -way line of Lincoln Street to the southwest corner of the intersection of Highway 30 and Lincoln Street; thence northerly along the west right -of -way line of Highway 30 to the northwest corner of the intersection of Highways 30 and 75; thence continuing northerly along the west right -of -way line of Highway 75 to the northeast corner of said Tax Lot 600, this being the point of beginning, all within the City of Blair, Washington County, Nebraska.