2007-0071
INTRODUCED BY: ALBERT D. LAQUE, PARISH PRESIDENT
(BOND COUNSEL)
RESOLUTION NO. ________
Title
A resolution declaring the intention of the Parish of St. Charles, State of Louisiana, that certain expenditures made in connection with fire house improvements construction project be reimbursed with the proceeds of tax-exempt borrowings.
Body
WHEREAS, The Parish intends to finance the development, construction, and acquisition of a fire station building in Des Allemands, Louisiana, and the acquisition and installation of certain equipment in connection therewith (the "Project"); and,
WHEREAS, the cost of the Project is to be funded by tax-exempt obligations of the Parish secured by the Parish's sales and use tax (the "Bonds"); and,
WHEREAS, it is anticipated that the Parish may incur obligations or may make certain expenditures in connection with the Project prior to the proceeds being available from the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Parish Council of the Parish of St. Charles, State of Louisiana, that:
SECTION 1. Prior to the delivery of the Bonds, it is anticipated that the Parish may pay or incur the obligation to pay a portion of the costs of the Project (estimated not to exceed $800,000). Any payment may be made from general fund or other available moneys. The anticipated Bonds will be issued for the purposes set forth in the preamble to this resolution. Upon the issuance of the Bonds, the Issuer reasonably expects to reimburse any such expenditures of other available funds from a portion of the proceeds of the Bonds. Any such allocation of proceeds of the Bonds for reimbursement will be with respect to capital expenditures (as defined in United States Treasury Regulation 1.150-1[b]) and will be made upon the delivery of the Bonds and not later than one year after the later of (i) the date such expenditure was paid or (ii) the date on which the Project was placed in service.
SECTION 2. This resolution is in...
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