R-24-05RESOLUTION NO. R-24-05
RESOLUTION DELEGATING AUTHORITY TO THE CITY MANAGER AND THE CHIEF
FINANCIAL OFFICER TO MAKE DECLARATIONS OF OFFICIAL INTENT ON BEHALF OF
THE CITY OF FAIRFAX, VIRGINIA, TO PRESERVE THE CITY'S RIGHT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF SUBSEQUENT TAX-EXEMPT BORROWINGS
WHEREAS, the City of Fairfax, Virginia (the "City"), expects to undertake from time to time
capital projects for various general governmental and enterprise -related purposes (collectively, the
"Projects");
WHEREAS, certain of the Projects may be financed in whole or in part with proceeds of bonds or
other obligations of the City (collectively, the "Obligations"), subject to the authorization of the issuance of
such Obligations by the City Council of the City (the "City Council');
WHEREAS, upon satisfaction of certain requirements set forth in Treasury Regulations Section
1.150-2, promulgated under the Internal Revenue Code of 1986, as amended, the City may determine to use
the proceeds of such Obligations to reimburse itself for certain expenditures made in connection with the
Projects;
WHEREAS, Treasury Regulations Section 1.150-2 requires, among other things, that the City make
a declaration of "official intent" (within the meaning of such section) prior to using proceeds of an Obligation
to reimburse itself for any such expenditures;
WHEREAS, each such declaration may be made in any reasonable form, including resolution of
the City Council, action by an appropriate representative of the City (e.g., a person authorized or designated
to declare "official intent" on behalf of the City) or specific legislative authorization for the issuance of an
Obligation for a particular Project; and
WHEREAS, the City Council desires to authorize each of the City Manager and the Chief Financial
Officer of the City to make declarations of "official intent" on behalf of the City, when and if appropriate, in
connection with any Project for which reimbursement from proceeds of an Obligation is reasonably expected;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX, VIRGINIA:
1. The City Manager and the Chief Financial Officer of the City, either of whom may act, are
hereby authorized to make declarations of "official intent" on behalf of the City from time to time, as
necessary, with respect to any Project for which (a) the City is advancing, or will advance, its own funds to
pay expenditures related to such Project prior to issuing an Obligation and (b) the City, as of the date of such
declaration, reasonably expects to receive reimbursement for such expenditures from proceeds of an
Obligation.
2. Such declarations shall be in substantially the form attached as Exhibit A and shall comply
in all respects with the requirements of Treasury Regulations Section 1.150-2.
3. Nothing herein constitutes the authorization for any Obligation to be issued, which shall
require subsequent action by the City Council.
This resolution shall take effect immediately upon its passage.
Adopted: March 26, 2024
Mayor
ATTEST:
City Clerk
The vote on the motion to approve was recorded as follows:
VOTE:
Councilmember Bates
Aye
Councilmember Doyle Feingold
Absent
Councilmember Greenfield
Aye
Councilmember Lim
Aye
Councilmember Ross
Aye
Councilmember Stehle
Aye