08/13/2019 Resolutions 2019-232RESOLUTION 2019-232
A RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY
OF GRAND ISLAND, NEBRASKA TO REIMBURSE CERTAIN
EXPENSES IN CONNECTION WITH ACQUIRING AND
CONSTRUCTING STREET IMPROVEMENTS IN THE CITY FROM
THE PROCEEDS OF BONDS ISSUED BY THE CITY
BE IT RESOLVED by the Council (the "Council") of the City of Grand Island,
Nebraska (the "City") as follows:
Section 1. Findings.
(a) The City has begun the planning for acquiring and constructing certain street and
related improvements in the City (the "Project"), and the City anticipates spending funds in the
amount of approximately $39,000,000 to pay the costs of the Project.
(b) The City anticipates issuing bonds in the principal amount of not to exceed
$15,000,000 (the "Bonds") to finance all or a portion of the costs of the Project. The City
anticipates incurring a portion of the costs of the Project prior to the issuance of the Bonds and
desires to preserve its ability to reimburse such costs under the provisions of the Internal
Revenue Code of 1986, as amended (the "Code"), and the applicable regulations thereunder,
including but not limited to Section 1.150-2 thereof (the "Regulations").
(c) It is necessary, desirable, advisable and in the best interests of the City that it
declare its official intent to permit the City to reimburse costs of the Project made by the City
from the proceeds of the Bonds in accordance with the requirements of the Code and
Regulations.
Section 2. Declaration of Intent and Related Matters.
(a) The Council hereby declares the official intent of the City to reimburse all or part
of the costs of the Project through the issuance of Bonds, the interest on which may be
excludable from gross income for federal income tax purposes under Section 103 of the Internal
Revenue Code of 1986, as amended.
(b) The Bonds will be issued in the amount and upon the terms and conditions
provided in a bond ordinance to be passed by the Council at a meeting held for such purpose.
Notwithstanding any other provision of this Resolution, nothing contained herein is intended to
obligate the City to issue the Bonds or to reimburse any particular expenditure.
(c) The Mayor, City Administrator and Finance Director (each an "Authorized
Officer") are hereby individually authorized to take any further action as such Authorized
Officer sha11 deem necessary or desirable without further action by the Council to carry out the
transactions contemplated by this Resolution.
Approved as to Form tt
August 12, 2019 � City Attorney
Section 3. Effective Dates. This Resolution will be in full force and effect from and
after its passage and adoption by the Council and approval by the Mayor.
Section 4. Conflicting Resolutions Repealed. All resolutions of the Council, or
parts thereof, in conflict with the provisions of this Resolution are, to the extent of such conflict,
hereby repealed.
ADOPTED this 13th day of August, 2019.
ATTEST:
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RaNae Edwards, City Clerk
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