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Resolution 2002-119 16C15 RESOLUTION NO. 20Q2., 119 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 ~ 1.150-2 (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 ofthe 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 the Reimbursement Regulations; NOW, THEREFORE, be it resolved by the Board of COlmty Commissioners of Collier County (the "Borrower") as follows: Section 1. Definitions. The following definitions apply to the terms used herein: "Authorized Officer," means the Administrator of Public Utilities or any person designated for the purpose by the Administrator of Public Utilities. "Declaration of Official Intent" means a declaration of intent, in the form, marmer 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 shows 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. 16C15 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 marmer 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 to 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. PASSED AND ADOPTED this ~ day of ./..d.. , 2002 after majority vote in favor of adoption. .,' " .' .,\' ..Iof::ll,~.'i'l. BOARD OF COUNTY COMMiS~NERS '0' "/" COLLIER COUNTY, FLO~A', AS EX-OFFICO THE GOVERNING BOARD OF THE COLLIER COUNfy w ATER-~ . , SEWERDIS~~ " """",i'" BY: ~ . "'Ill;:! JAMES N. COLETTA, Chairman j\1ti~fT: "~ ,tiwlgb\ E.~rock, Clerk -, 'By~J/~~,;r~ _/ r:; J . eputy Clerk . .~Alt:i..'Ca~ ~ CMt..... S1~.". Approved as to forp-rd legal sufficiency: /n~ ~)~ Tom Palmer, Assistant County Attorney 16C15 DECLARATION 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 to 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 $8,258,000. 2. Description of capital and other expenditures to be reimbursed. Expenditures for (insert a general functional description of property, project, program or purpose): Water Pollution Control hnorovements The undersigned has been authorized by the Borrower to make and sign this Declaration on behalf of the Borrower. Date of Declaration: tf"~ /::J-- , 2002 Collier County ~47J2J;j (Signature) By Tom Wides, Interim Administrator-Public Utilities 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 Project described above ~ 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.