HomeMy WebLinkAboutResolution 2013 (17)
Resolution No. 17 (2013)
RESOLUTION DESIGNATING OFFICIAL AUTHORIZED TO
DECLARE OFFICIAL INTENT UNDER REIMBURSEMENT
BOND REGULATIONS
1 WHEREAS, the Internal Revenue Service has promulgated regulations (the
2 "Regulations") with respect to proceeds of tax-exempt borrowings used to reimburse
3 prior capital expenditures; and
4
5 WHEREAS, one of the requirements of the Regulations is that an issuer must
6 timely declare an intention to reimburse itself for the expenditure from proceeds of a tax-
7 exempt borrowing ("Official Intent"); and
8
9 WHEREAS, the Regulations permit an issuer to designate an official who would
10 have authority to declare Official Intent on behalf of the issuer; and
11
12 WHEREAS, this governing body finds and determines that designating an official
13 (or officials) with the authority to declare Official Intent will facilitate compliance with the
14 Regulations.
15
16 THEREFORE, be it resolved by the County Board of St. Croix County, Wisconsin
17 pursuant to Internal Revenue Code Regulation §1.150-2, that
18
19 1. The following officials are hereby authorized and designated to declare
20 Official Intent pursuant to the above-referenced regulation- County
21 Administrator or Finance Director (including subsequently titled offices
22 performing similar functions).
23
24 2. Any declaration of Official Intent shall be made in a format substantially
25 similar to the form attached hereto.
26
27 3. Any declaration of Official Intent shall be maintained in the files of the
28 above-designated officials and shall be considered a public record
29 available for public inspection pursuant to Subchapter II of Chapter 19 of
30 the Wisconsin Statutes.
Sponsored By: Administration Committee on July 15, 2013
Legal - Fiscal - Administrative Approvals:
Legal Note: None
Fiscal Impact: This resolution allows the County flexibility to reassign a cash purchase of a capital
asset to a tax-exempt bond debt payable over time and authorizes the County
Administrator or County Finance Director to declare "Official Intent".
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St. Croix County Board of Supervisors Action:
Roll Call - Vote Requirement - Majority of Supervisors Present
RESULT: ADOPTED [UNANIMOUS]
MOVER: Travis Schachtner, Supervisor
SECONDER: Tom Hawksford, Supervisor
AYES: Travis Schachtner, Agnes Ring, Daryl Standafer, Fred Yoerg, Buck Malick, Richard Ottino, Torn Hawksford,
Dave Ostness, Roger Larson, Fred Horne, Ron Kiesler, Andy Brinkman, Joe Hurtgen, Brian Hurtgen, Duane Russett,
William Peavey
ABSENT: Tim Hood, Chris Kilber, David Peterson
This Resolution was Adopted by the St. Croix County Board of Supervisors on August 6, 2013
Cindy Campbell, County Clerk