HomeMy WebLinkAbout2003-058-01.21.2003 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2003-58
RESOLUTION DECLARING AN OFFICIAL INTENT UNDER
TREASURY REGULATION 1 . 150-2 TO ISSUE DEBT TO
REIMBURSE THE CITY FOR CERTAIN ORIGINAL
EXPENDITURES PAID IN CONNECTION WITH
RENOVATION OF FIVE SULLIVAN BROTHERS
CONVENTION CENTER.
WHEREAS, the City anticipates making cash expenditures for
renovation of Five Sullivan Brothers Convention Center, generally
described below (each of which shall hereinafter be referred to
as a "Project" ) ; and
WHEREAS, the City reasonably expects to issue debt to
reimburse the costs of a Project; and
WHEREAS, the Council believes it is consistent with the
City' s budgetary and financial circumstances to issue this
declaration of official intent .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA:
Section 1 . That this Resolution be and does hereby serve as
a declaration of official intent under Treasury Regulation 1 . 150-
2 .
Section 2 . That it is reasonably expected that capital
expenditures will be made in respect of the foregoing Project (s) ,
from time to time and in such amounts as this Council determines
to be necessary or desirable under the circumstances then and
there existing.
Section 3 . That the City reasonably expects to reimburse
all or a portion of the foregoing expenditures with the proceeds
of bonds, notes or other indebtedness to be issued or incurred by
the City in the future .
Section 4 . That the total estimated costs of the
Project (s) , the maximum principal amount of the bonds, notes or
other indebtedness to be issued for the foregoing Project (s) and
the estimated dates of completion of the Project (s) are
reasonably expected to be as follows :
Fund from
which
original
expenditures Total Amount of Estimated
are to be Estimated Borrowing Date of
Project Advanced Cost Anticipated Completion
Renovation
of Five
Sullivan
Brothers General Fund $605, 000 $ 605, 000 6-30-03
Convention
Center
Resolution No. 2003-58
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o Section 5 . That this Resolution be maintained by the City
lek `in3 an Official Intent File maintained in the office of the
U a Clerk and available at all times for public inspections, subject
to such.,revisions as may be necessary.
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CO .PASSED AND APPROVED this 21st day of January, 2003 .
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Nancy Eck , City Clerk