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File #: R-154-21    Version: 1 Name:
Type: Resolution Status: Passed
File created: 11/22/2021 In control: Budget Committee
On agenda: 12/16/2021 Final action: 12/16/2021
Title: A RESOLUTION OF OFFICIAL INTENT OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT TO FINANCE THE ACQUISITION, CONSTRUCTION, RENOVATION, AND IMPROVEMENT OF A MUNICIPAL BUILDING FOR VARIOUS METRO AGENCIES, INCLUDING THE LOUISVILLE METRO POLICE DEPARTMENT, FROM THE PROCEEDS OF ONE OR MORE PROPOSED ISSUES OF GENERAL OBLIGATION BONDS AND GENERAL OBLIGATION NOTES.
Sponsors: Bill Hollander (D-9), David James (D-6)
Attachments: 1. R-154-21 V.1 120221 Intent to Finance Properties for Various Metro Agencies.pdf, 2. RES 127 2021.pdf
RESOLUTION NO. ______________, SERIES 2021
Title
A RESOLUTION OF OFFICIAL INTENT OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT TO FINANCE THE ACQUISITION, CONSTRUCTION, RENOVATION, AND IMPROVEMENT OF A MUNICIPAL BUILDING FOR VARIOUS METRO AGENCIES, INCLUDING THE LOUISVILLE METRO POLICE DEPARTMENT, FROM THE PROCEEDS OF ONE OR MORE PROPOSED ISSUES OF GENERAL OBLIGATION BONDS AND GENERAL OBLIGATION NOTES.
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SPONSORED BY: COUNCIL MEMBER HOLLANDER AND PRESIDENT JAMES

WHEREAS, Treasury Regulations ?1.150-2 (the "Reimbursement Regulations"), issued pursuant to ?150 of the Internal Revenue Code of 1986, as amended (the "Code") prescribes certain requirements by which proceeds of tax-exempt bonds, notes, certificates or other obligations included in the meaning of "bonds" under ?150 of the Code ("Obligations") used to reimburse advances made for Capital Expenditures (as hereinafter defined) paid before the issuance of such Obligations may be deemed "spent" for purposes of ??103 and 141 through 150 of the Code are not subject to any other requirements or restrictions under those sections of the Code; and
WHEREAS, such Reimbursement Regulations require that an issuer or borrower make a Declaration of Official Intent (as hereinafter defined) to reimburse any Capital Expenditure paid prior to the issuance of the Obligations intended to fund such Capital Expenditure and require that such Declaration of Official Intent be made no later than sixty (60) days after payment of the Capital Expenditure and further require that the Allocation (as hereinafter defined) of the proceeds of such Obligations to reimburse such Capital Expenditures occur no later than eighteen (18) months after the later of the date the Capital Expenditure was paid or the date the property acquired with the Capital Expenditure was placed in service, except that any such Allocation must be made no later than three (3) years ...

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