HomeMy WebLinkAboutResolution 2014 (42) Resolution No. 42 (2014)
RESOLUTION DESIGNATING OFFICIAL AUTHORIZED TO
ST. 0 Y.NTY DECLARE OFFICIAL INTENT UNDER REIMBURSEMENT
BOND REGULATIONS
1 WHEREAS, the Internal Revenue Service has promulgated regulations (the "Regulations")with
2 respect to proceeds of tax-exempt borrowings used to reimburse prior capital expenditures,
3
4 WHEREAS, one of the requirements of the Regulations is that an issuer must timely declare an
5 intention to reimburse itself for the expenditure from proceeds of a tax-exempt borrowing ("Official
6 Intent"),
7
8 WHEREAS, the Regulations permit an issuer to designate an official who would have authority
9 to declare Official Intent on behalf of the issuer, and
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11 WHEREAS, this governing body finds and determines that designating an official(or officials)
12 with the authority to declare Official Intent will facilitate compliance with the Regulations.
13
14 NOW, THEREFORE, BE IT RESOLVED by the County Board of St. Croix County, Wisconsin
15 pursuant to Internal Revenue Code Regulation §1.150-2, that:
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17 1. The following officials are hereby authorized and designated to declare Official Intent
18 pursuant to the above-referenced regulation: County Administrator or Finance Director
19 (including subsequently titled offices performing similar functions).
20
21 2. Any declaration of Official Intent shall be made in a format substantially similar to the
22 form attached hereto.
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24 3. Any declaration of Official Intent shall be maintained in the files of the above-designated
25 officials and shall be considered a public record available for public inspection pursuant
26 to Subchapter II of Chapter 19 of the Wisconsin Statutes.
Legal—Fiscal—Administrative Approvals:
Legal Note:
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".
Elizab 0LR hl, Assistant Corpo rat i&4l000W at a attseti, Fin<ntce 1 ireetor l0/10 20.14
Pa rick ` orttp,Wn, C OUnty A(nminis
10/15/14 Administration Committee APPROVED
RESULT: APPROVED [UNANIMOUS]
MOVER: Travis Schachtner, Chair
SECONDER: Judy Achterhof, Supervisor
AYES: Schachtner, Sjoberg, Berke, Kiesler, Achterhof
10/15/14 Adopted
RESULT: ADOPTED [UNANIMOUS]
MOVER: Jill Ann Berke, Supervisor
SECONDER: Travis Schachtner, Supervisor
AYES: Schachtner, Ring, Babbitt, Novotny, Sjoberg, Nielsen, Kilber, Nelson, Berke,
Ostness, Larson, Hansen, Kiesler, Brinkman, Peterson, Anderson, Achterhof,
Leibfried, Peavey
Vote Confirmation.
Im vus ,wer, Su er t 10/lta/2014
St. Croix County Board of Supervisors Action:
Roll Call -Vote Requirement—
RESULT: ADOPTED [UNANIMOUS]
MOVER: Jill Ann Berke, Supervisor
SECONDER: Travis Schachtner, Supervisor
AYES: Schachtner, Ring, Babbitt, Novotny, Sjoberg, Nielsen, Kilber, Nelson, Berke,
Ostness, Larson, Hansen, Kiesler, Brinkman, Peterson, Anderson, Achterhof,
Leibfried, Peavey
This Resolution was Adopted by the St. Croix County Board of Supervisors on November 6, 2014
Cindy Campbell, County Clerk
DECLARATION OF OFFICIAL INTENT
This Declaration of Official Intent is made under and pursuant to Internal Revenue Code
Regulation §1.150-2. The undersigned has been designated as an official authorized to declare
official intent pursuant to Resolution No. adopted on , 2014. This
Declaration of Official Intent is a public record maintained in the files of the undersigned official
and available for public inspection pursuant to Subchapter 11 of Chapter 19 of the Wisconsin
Statutes.
The undersigned hereby declares that it is the reasonable intention of St. Croix County,
Wisconsin (the "Issuer") to use proceeds of debt to be incurred by the Issuer to reimburse
expenditures on the project(s) or from the fund(s)/account(s) described below.
1. Project(s) description:
(Provide a general functional description of the project for which the expenditure to be
reimbursed is paid, e.g., "highway capital improvement program", "hospital equipment
acquisition", "school building renovation", etc.)
OR
2. Identify funds(s)/accounts:
(Provide a general functional description of the purpose of the fund or account from which
the expenditure to be reimbursed is paid, e.g., "parks and recreation fund--recreational
facility capital improvement program".)
The maximum principal amount of debt to be issued for the above-described purposes is
reasonably expected, on the date hereof, to be $
Dated this day of 20 .
By:
Title:
9000639_1