01/27/2026 Resolutions 2026-24 RESOLUTION NO.2026-24
A RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF
GRAND ISLAND, NEBRASKA, TO REIMBURSE CERTAIN EXPENDITURES
OF 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. (a) The City plans to (i) acquire and construct certain improvements to the
City's water park commonly known as Island Oasis; and (ii) renovate, improve, and the City's Heartland
Event Center, in the City (the "Project"), and the City anticipates spending funds in the amount of
approximately$23,500,000 to pay the costs of the Project.
(b) The City anticipates issuing bonds in the principal amount of not to exceed $23,500,000
(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 Bonds and reimbursing such costs from proceeds of the
Bonds.
(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 Internal Revenue Code of 1986, as amended, (the
"Code")and the applicable regulations thereunder, including but not limited to Section 1.150-2 thereof.
Section 2. (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 Code.
(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 future meeting. 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 with respect to the Project.
(c) The Mayor,City Administrator and City Clerk(each an"Authorized Officer")are hereby
individually authorized to take any further action as such Authorized Officer shall deem necessary or
desirable without further action by the Council to carry out the transactions contemplated by this Resolution.
Section 3. 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. 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 ,2-7 day of January, 2026.
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ATTEST:
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City Clerk