HomeMy WebLinkAbout2001-600-10.22.2001 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street,
Waterloo, Iowa.
RESOLUTION NO, 2001-600
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 LUMP SUM
RETIREMENT PAYOUTS .
WHEREAS, the City anticipates making cash expenditures for
Lump Sum Retirement Payouts, 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
Lump sum
Retirement General Fund $414, 000 $414, 000 June 30, 2002
Payouts
Section 5 , That this Resolution be maintained by the City
Clerk in an Official Intent File maintained in the office of the
Clerk and available at all times for public inspections, subject
to such revisions as may be necessary.
PASSED AND APPROVED this 22 day of October, 2001 .
: (0tlion No. 2001-600
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