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Resolution 2007-346 RESOLUTION NO. 2007 _ 346 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AUTHORIZING DECLARATIONS OF OFFICIAL INTENT UNDER U.S. TREASURY REGULATIONS WITH RESPECT TO REIMBURSEMENTS FROM NOTE AND BOND PROCEEDS OF TEMPORARY ADVANCES MADE FOR PAYMENTS PRIOR TO ISSUANCE, AND RELATED MATTERS. WHEREAS, United States Treasury Regulations !l1.150-2 (the "Reimbursement Regulations") prescribe conditions under which proceeds of bonds, notes or other obligations ("Bonds") used to reimburse advances made for capital and certain other expenditures ("Original Expenditures") paid before the issuance of such Bonds will be deemed to be expended (or properly allocated to expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, (the "Code"), upon such reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions under those sections of the Code; and WHEREAS, certain provisions of the Reimbursement Regulations require that there be a "Declaration of Official Intent" not later than 60 days following payment of the Original Expenditures expected to be reimbursed from proceeds of Bonds, and that the reimbursement occur within certain prescribed time periods after an Original Expenditure is paid or after the property resulting from that Original Expenditure is placed in service; and WHEREAS, Collier County wishes to take steps to comply with these Reimbursement Regulations. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY (THE "BORROWER") as follows: Section 1. Definitions. The following definitions apply to the terms used herein: "Authorized Officer" means the Chairman of the Board of County Commissioners or individual authorized by the Chairman of the Board of County Commissioners. "Declaration of Official Intent" means the declaration, in the form, manner and time contemplated in the Reimbursement Regulations, that the advances for expenditures referred to therein are reasonably expected to be reimbursed from the proceeds of Bonds to be issued after those expenditures are paid. "Reimbursement" or "reimburse" means the restoration to the Borrower of money temporarily advanced from its own funds and spent for Original Expenditures before the issuance of the Bonds, evidenced in writing by an allocation on the books and records of the Borrower that show the use of the proceeds of the Bonds to restore the money advanced for the Original Expenditure. "Reimbursement" or "reimburse" generally does not include the refunding or retiring of Bonds previously issued and sold to, or borrowings from, unrelated entities. Section 2. Authorization and Requirement of Declarations of Official Intent. Each Authorized Officer is authorized to prepare and sign Declarations of Official Intent in substantially the form attached with respect to Original Expenditures to which the Reimbursement Regulations apply, to be made from money temporarily advanced and that is reasonably expected to be reimbursed (in accordance with applicable authorizations, policies and practices) from the proceeds of Bonds, to make appropriate reimbursement and timely allocations from the proceeds of the Bonds to reimburse such prior expenditures, and to take any other actions as may be appropriate, all at the times and in the manner required under the Reimbursement Regulations in order for the reimbursement to be treated as an expenditure of such proceeds for purposes of Sections 103, and 141 through 150, of the Code. No advance from any fund or account or order for payment may be made for Original Expenditures (other than expenditures excepted from such requirement under the Reimbursement Regulations) that are to be reimbursed subsequently from proceeds of Bonds unless a Declaration of Official Intent with respect thereto is made within the time required by the Reimbursement Regulations. Section 3. The Board's Authorized Officer is hereby authorized to execute the Declaration of Official Intent" attached as Exhibit "A" to this Resolution. PASSED AND ADOPTED this 11 th day of December, 2007 after majority vote in favor of adoption. ATTEST: DWIGHT E. BROCK, Clerk D.C- BY Attdf:lUytil s4Q1lltw't 01111 Approved as to form and legal sufficiency: By: Tb\'\l\. ~~ Thomas C. Palmer, Assistant County Attorney BOARD OF COUNTY COMMISSIONERS'. COLLIER COUNTY, FLORIDA, AS EX-OFFICIO THE GOVERNING BOARD OF THE COLLIER COUNTY W A TER- ::WERDJSTR~~ J~LF:ITA' Ch"rm~ ATTACHMENT "A" TO RESOLUTION DECLARA TION OF OFFICIAL INTENT For Reimbursement of Expenditures from Bonds/Notes This is a Declaration of Official Intent under U.S. Treasury Regulations for purposes of Sections 103, and 141 through 150, of the Internal Revenue Code of 1986, as amended (the "Code"). 1. The undersigned, on behalf of Collier County (the "Borrower") declares that the Borrower reasonably expects that the capital and other expenditures described in paragraph 2 (the "Project") will be reimbursed with the proceeds of "bonds" (as defined in Section 150 of the Code). The maximum principal amount of bonds expected to be issued for the Project is $1,708,505. 2. Description of capital and other expenditures to be reimbursed. Expenditures for Water Pollution Control Project. The undersigned has been authorized by the Borrower to make and sign this Declaration on behal f of the Borrower. Date of Declaration: December j.{ ,2007 . "..." ATTEST: BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA, AS EX-OFFICIO THE GOVERNING BOARD OF THE COLLIER COUNTY W ATER- ::WER DffiTRr~~ JA~LF:ITA' Ch,'rm~ . DWIGHT E. BROCK, Clerk By:lu.-tu. ~~D.(. ~:. AftH,t~.1 cIl{)rwu, 11onatur't 011" Approved as to form and legal sufficiency: By: TOM. p~ Thomas C. Palmer, Assistant County Attorney Caution: This Declaration of Official Intent will not be effective unless the bonds providing Moneys for the reimbursement are issued and the reimbursement for the Proiect Described above is made (by an allocation on the books and records identifying the expenditures as in paragraph 2 above) within the applicable period prescribed In the Treasury Regulations - generally, 18 months after the later of the date of The expenditure or the date the Project is placed in service, but in no event later Than three years after the date of the expenditure.